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With Accelerating China Issues, What Is Bitcoin’s Place In Macro?

13/08/2022 by Idelto Editor

Pakistan is facing a similar fate as Sri Lanka and the Taiwan situation is heating up. Geopolitics can give us a glimpse into bitcoin’s role in macroeconomics.

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“Fed Watch” is a macro podcast, true to bitcoin’s rebel nature. Each episode we question mainstream and bitcoin narratives by examining current events in macro from across the globe, with an emphasis on central banks and currencies.

In this episode, Christian Keroles and I go through several charts, giving market updates on bitcoin, the dollar index (DXY) and the Hong Kong dollar. Next, we examine the deteriorating situation in Pakistan and ask the question, “Is it the next Sri Lanka?” Lastly, we discuss the Taiwan/China situation and I read several important snippets, one from Chinese foriegn minister Wang Yi and the other from think tank expert Wang Wen.

Bitcoin And Other Currencies

We open by looking at a weekly chart of bitcoin. We’ve done this for the last few shows because it is a good way to anchor our conversation. As you can see below, the price has been very stable, sitting on the fence in regards to the volume-by-price indicator on the right.

If we zoom out, the last period with weekly candles similar to the time of recording was back in September-October 2020, right before the monster rally from $10,000 to $40,000. Of course, we aren’t saying that it will happen again exactly like that, but it is possible.

The dollar index (DXY) is the other major currency we take a look at today. I believe it is important to check the dollar almost every episode because it is the main competition for bitcoin.

It does seem as though it has peaked for the time being, but there is no sign that it will crash. Instead, the dollar is most likely to form a new elevated range above 100 for the next few years. This is similar to how it formed a new higher range from 2015 to 2021.

I’ll add that a strong dollar is not bearish for bitcoin. Perhaps initially, a strong dollar is correlated to lower bitcoin, but after the dollar has stabilized in a higher range is when bitcoin has traditionally rallied.

Below is a screenshot from the Hong Kong Monetary Authority website. Each month they release statistics on their foreign currency reserves, which they use to stabilize their peg. On August 3, 2022, I speculated that maintaining the Hong Kong dollar (HKD) peg was rapidly draining their reserves. However, according to this press release, they only used slightly more than 1% of their reserves in July to maintain the peg. That means the HKD is likely able to keep the peg (if they want to) for several years.

Pakistan On The Brink

The developing situation in Pakistan has a lot of things in common with the recent collapse in Sri Lanka. In the podcast, I point to their involvement with the World Economic Forum (WEF). Pakistan has received hundreds of millions of dollars in funding to revamp their agricultural sector and add national parks.

Another similarity between Pakistan and Sri Lanka is the important role Chinese funding has played in the last decade. Sri Lanka lost control of their major port because they couldn’t pay back Chinese loans and now Pakistan is saddled with approximately $20 billion in high-interest loans to China and Chinese companies.

Pakistan has only two months left in the budget and are desperately courting new lenders. The Chinese have turned them down, the Arab states are thinking twice. The only place to turn is back to the IMF — and that means harsh austerity.

Perhaps unsurprisingly, both Sri Lanka and Pakistan are important nodes in China’s Belt and Road Initiative (BRI).

As I’ve said on many occasions, the BRI is doomed to failure. They are attempting to make places and routes economically viable where the long span of history hasn’t already done on its own. No amount of money can overturn millennia of culture and eons of geography.

Once again, one of the important links in the BRI has been bankrupted by the Chinese central planners.

Taiwan/China Situation

I’ve been discussing the Nancy Pelosi situation and the Chinese response for days on my Telegram live streams.

In this episode of the podcast, I read some excerpts from a noted Chinese minister and a Chinese think-tank expert. You can read Wang Yi’s full comments here. Suffice it to say for this article, he repeated “One China” many times and said the U.S. is the side trying to change the status quo. He also had very harsh words for Tsai Ing-wen, the sitting President of Taiwan. He said she “betrayed the ancestors.” In another translation, I heard Yi’s original comments also said she betrayed her ancestors [and her race].

The next comments I read were from Wang Wen, executive dean of the Chongyang Institute for Financial Studies at Renmin University of China (RDCY) and the executive director of the China-U.S. People-to-People Exchange Research Center. He tries to explain why China’s response was so weak and that China should not provoke an armed conflict with the U.S. until it can “outperform the U.S. in terms of economic power, attain financial and military strength comparable to that of the U.S. and develop an overwhelming capacity to counter international sanctions.”

Sounds a long way off to me. I’ll simply advise the reader to not get caught up in fear-baiting rhetoric about Taiwan and China. They are disciples of Sun Tzu, who said “appear strong when you are weak.” Wen also quoted Sun Tzu.

“A major military clash with the US is not the goal of China’s foreign policy, nor is it the path to a better life for the common people. Recall what Sun Tzu wrote in The Art of War: ’Do not act unless there is something to gain 非利不动; do not use military force without the certainty of victory 非得不用; do not go to war unless the situation is critical 非危不战.’”

We wrapped up the podcast talking about the upcoming consumer price index data release and other things pertinent to bitcoin. Overall, a must listen episode!

That does it for this week. Thanks to the watchers and listeners. If you enjoy this content please subscribe, review and share! Don’t forget to check out Fed Watch Clips on YouTube. Liking and sharing videos is the best way for us to reach new people.

This is a guest post by Ansel Lindner. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.

The Globalists Are Bluffing And It’s Time To Call Them Out

05/08/2022 by Idelto Editor

Though the Biden administration demonstrates globalist tendencies, Nancy Pelosi’s trip to Taiwan brings up some nuances to the geopolitical chessboard.

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“Fed Watch” is a macro podcast, true to bitcoin’s rebellious nature. Each episode, we question mainstream and Bitcoin narratives by examining current events in macro from across the globe, with an emphasis on central banks and currencies.

In this episode of “Fed Watch,” Christian Keroles and I go through several charts, using them to springboard into different topics. We cover the bitcoin chart, the U.S. dollar, the Hong Kong dollar, U.S. Treasury yields and energy charts like oil, gasoline and natural gas.

Bitcoin And Other Currencies

We start our discussion with a very simple chart of the bitcoin price. The indicator on the right is volume-by-price, and it shows the trade volume at each price level. This volume tends to attract bids and asks like a Schelling point. I expect the price to move up into the low-volume gap in the mid-$20,000s.

Next is the U.S. dollar, and this is where the “Fed Watch” podcast has been way ahead of the curve. We’ve been saying the dollar will strengthen during all of 2021, while most others in Bitcoin and macro were screaming about a dollar crash.

As you can see on the chart, the dollar has broken its recent parabolic trend, signaling its rise will likely slow into a period of consolidation.

Below is a monthly long-term chart of the dollar index (DXY). I’ve added shaded boxes to indicate a stair-step upward move in the dollar post-Global Financial Crisis (GFC). I expect the dollar to move into the next higher range over the coming years.

I included a chart of the Hong Kong dollar (HKD) to demonstrate the currency pressure in China. As you can see, it is at the top of the range, meaning the HKD wants to depreciate against the dollar, but the Hong Kong Monetary Authority is using its U.S. dollar reserves to buy HKD instruments in order to keep the peg.

The last currency chart we have is the Japanese yen (JPY). It is currently 6% off its recent low against the dollar (on this chart, the yen falling is shown as the dollar strengthens).

One fascinating thing I point out on the podcast is that the very top of the chart corresponds to the Japanese elections they just had. These recent elections also saw the very unusual assassination of Shinzo Abe. That is two very unusual events around the election: crashing yen and the assassination of a popular leader.

The result of the election was that the conservative party marginally increased their number of seats in the government. On the podcast, I speculate about the conservative versus globalist perspective of these unusual events surrounding the election.

U.S. Treasury Yields

We quickly take a look at the two charts below and have a discussion about yield curves and what they could be telling us right now.

Everyone is so enamored by the Federal Reserve, fully believing in its mythological powers. However, you would understand the macro economy better if you forgot the Fed existed at all and simply looked at the charts to see what they are trying to tell you.

Yields and inversions are telling us that the largest, most sophisticated market in the world is increasingly and rapidly hedging against a near-term risk. As the curves approach zero (see the second chart above) and eventually go negative, the probability of an acute credit event is becoming more and more likely.

Energy Charts

A large portion of the rise in the consumer price index (CPI) is due to energy prices and supply shocks. On the podcast, we breakdown U.S. oil and gasoline, then European natural gas.

The above chart is West Texas Intermediate (WTI) oil. As you can see, it is right on support. If it breaks lower here, we could see a fall into much lower levels.

Next, taking a look at the long term WTI price chart (below), you see that the recent spike did not match the spike from the GFC. Historical support sits below the current price at around $75-80 per barrel.

U.S. gasoline futures, however, did reach a new high this time, when compared to the GFC. Despite this, it too has pulled back and is threatening to drop lower.

The moral of this energy story in the U.S. is that global demand is shrinking while global supply is relatively stable. Even U.S. production is stable and growing, despite the attempts by the current administration to humble the energy industry.

The next two charts we covered on the podcast briefly. They are both European natural gas futures; Dutch contracts, to be specific.

I pointed out during the episode that the July 2023 contract is now above where the current price was just a couple months ago. Things can obviously change before the middle of 2023, but what this chart is telling us is if nothing changes soon, crippling energy prices will only continue for Europe. The ball is in the globalists’ court.

Russian Sanctions Soften

The heat is being turned up on the globalists sanctioning Europe. In the podcast, I read through a recent article from the Financial Times, that goes through how the recent sanctions package from July effectively removes many of the sanctions. Once again, objective reality wins and the fake reality sold to us by the globalists is falling apart.

“European governments have eased back on efforts to curb trade in Russian oil, delaying a plan to shut Moscow out of the vital Lloyd’s of London maritime insurance market and allowing some international shipments amid fears of rising crude prices and tighter global energy supplies. […]

“However, the EU has amended part of its own sanctions to permit European companies to deal with some Russian state-owned entities, such as Rosneft, for the purpose of transporting oil to countries outside the bloc.

“European companies will no longer be blocked from paying the likes of Rosneft, ‘if those transactions are strictly necessary,’ for the purchase or transport of crude or petroleum products to third countries, a European Commission spokesperson told the FT.

“The EU said in a statement that the measures were taken to ‘avoid any potential negative consequences for food and energy security around the world.’”

Nancy Pelosi’s Taiwan Trip And China’s Bluff

“Fed Watch” is no fan of the current globalist administration in the U.S., however, Representative Pelosi’s trip to Taiwan brings up some important nuances to the current geopolitical chessboard.

China is the biggest beneficiary of globalization today. If you are on the side of the people against the globalists and statists, you would have to be against the Chinese Communist Party (CCP). Also, in this specific incident, the U.S. is playing the role of the anti-globalist power because through the world’s current perverse geopolitical incentive structure, backing Taiwan is the populist move.

The lasting effect of Pelosi’s trip is going to be the humiliation of the CCP. Before she went, I said on several occasions that the tough rhetoric from China showed they were actually unable to do anything about it. The “Art of War” says to look strong where you are weak. So, the CCP ramped up their aggressive rhetoric to look strong. The U.S. called its bluff.

Other ramifications of this move include the bolstering of the U.S.’s greatest ally in the region, Japan, the arch-rival of China.

That does it for this week. Thanks to the readers and listeners. If you enjoy this content please subscribe, review and share! Don’t forget to check out the Fed Watch Clips channel on YouTube.

This is a guest post by Ansel Lindner. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.

What Is The Definition Of Recession?

29/07/2022 by Idelto Editor

The danger of letting political interests control supposedly neutral data and science is obvious when terms are made subjective to fit the current narrative.

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“Fed Watch” is a macro podcast with a true and rebellious Bitcoin nature. Each episode, we question mainstream and Bitcoin narratives by examining current events in macro from across the globe with an emphasis on central banks and currencies.

In this episode, I’m joined by Q and Chris Alaimo of the Bitcoin Magazine livestream crew to talk about the “recession” versus “not a recession” versus “depression” debate. I also dive into understanding the temporary effects of fiscal spending by governments and the brick wall facing the global economy, demonstrated through yield curves. We finish up with a Q and Ansel (question and answer) from the guys and community.

You can find the slide deck for this episode here.

Recession Debate

In recent days, many people have started to notice the National Bureau of Economic Research (NBER) has changed the definition of what constitutes a recession. Outrage at the blatant sleight of hand has come to a fever pitch. Common sentiment is, “How dare they change the definition to save the reputation of an unpopular president?”

Few people realize that the definition had already changed back in 2020 with the COVID-19 recession. It was the shortest recession on record, only lasting from March to April 2020. The definition changed to be more subjective in order to narrow what a recession is and to place one on the previous president’s record. Now, this more subjective measure is being used to broaden the definition to keep a recession off this president’s record.

Once again, the danger of letting political interests control supposedly neutral data and science is plainly obvious.

Leading us into a discussion about the U.S. consumer and the weak state of the economy, I read from a Walmart financial release, which is important because they are the largest retailer in the world by a long margin.

“Operating income for the second-quarter and full-year is expected to decline 13 to 14% and 11 to 13%, respectively.”

Lance Roberts put together some excellent charts to refute the apparatchiks’ new party line: that there is no recession. First is deficit spending. On the podcast, I used this chart to show how fiscal spending is not money printing, it simply pulls demand forward. If it is not sustained, there is a gaping hole of demand coming behind it.

We can see the economy racing toward this gaping hole in the yield curves. The first chart below goes all the way back to the 1981-1982 recession, showing many selected yield curves. Notice the steady cascade toward inversion (negative on the chart) that usually characterizes the march into recession. However, this chart shows an almost immediate dive into inversion as if hitting a brick wall.

Below is a zoomed-in chart that we looked at on the podcast. I selected a few yield curves for the 10-year and five-year Treasurys. Again, the abrupt nature of the current crash is like hitting a brick wall.

At this point in the podcast, I felt like I was being a little bit alarmist, and I did just write a blog post condemning the “fear hustlers and alarmist pimps,” so I used the following chart from Jeff Snider, in which he shows we haven’t returned back to previous growth trends and possible outcomes of this recession. I expect the outcome of this recession in the U.S. to be generally light, similar to the dot-com-type recession.

Behind all this controversy about the word “recession,” we are left with the realization that it doesn’t matter anyway. We are going to have a slight downturn and return to the post-Global Financial Crisis normal of low growth and low inflation.

Bitcoin, The Dollar And Rate Hikes

Next, we talk about bitcoin and rate hikes. I think it is very interesting that, at the June 2022 Federal Open Market Committee (FOMC) policy announcement of a hike of 75 basis points, bitcoin is at very nearly the same level as today.

To be exact, at 2 p.m. ET on June 15, 2022, the bitcoin price was $21,505. As I wrote this at 11 a.m. ET on July 27, 2022, the price was $21,440. Very interesting that despite the negative news around Bitcoin, and the hawkishness from the Federal Reserve, the bitcoin price remains extremely strong.

The last image for this week was the Chicago Mercantile Exchange’s FedWatch Tool (which took our podcast’s name!). At the time of recording, it was showing a 75% chance of a 75 bps hike and a 25% chance of a 100 bps hike.

That does it for this week. Thanks to the readers and listeners. Don’t forget to check out the Fed Watch Clips channel on YouTube. If you enjoy this content, please subscribe, review and share!

This is a guest post by Ansel Lindner. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.

What China’s Alarming Financial Crisis And A Strengthening US Dollar Means For Bitcoin

22/07/2022 by Idelto Editor

China’s banks face insolvency risks with widespread mortgage boycotts. The U.S. dollar is strengthening and bringing bitcoin down in the process.

“Fed Watch” is a macro podcast with a true and rebellious bitcoin nature. In each episode we question mainstream and Bitcoin narratives by examining current events from across the globe, with an emphasis on central banks and currencies.

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In this episode, Christian Keroles and I catch up on the week, go through an update on the evolving Chinese financial crisis, talk about why fiat money today should rightly be called credit-based money and the side effects of that fact. Last, we dive into the bitcoin chart.

You can access this episode’s slide deck of charts here or below.

China

First up is the situation in the Chinese economy. They are facing some major issues in their real estate market, economy and banking system. Currently, 28 of the top 100 real estate developers have defaulted on or restructured their debts. There is a growing “mortgage boycott,” where purchasers of unbuilt housing units in projects that are now delayed due to the pandemic, developers’ financial situation and the country’s zero-COVID policy, have refused to pay their mortgages. The boycott started with 20 projects and has since grown to 235 projects.

The rhetoric around this mortgage crisis is eerily similar to that in the U.S. in 2007. Excuses such as, “It is a small number of mortgages” and “Effects are contained” are being offered.

As a result of the developer and mortgage problems, small- and medium-sized banks are running into solvency issues. Chinese banks have $9 trillion in exposure to real estate. If there was a problem with perpetually falling home prices, it could very quickly cause a solvency issue for banks. Indeed, that is exactly what we are seeing.

New unit home prices in China have fallen for the 10th straight month in June 2022.

Gross domestic product crashed in Q2 2022 to 0.4%.

The GDP chart nicely supports my personal macro predictions that the major economies are going to return to the post-Global Financial Crisis (GFC) “normal.” Since the GFC, growth in China has been slowly trending downward. Then there was the violent economic disruption and whiplash effect in the economy, followed by a return to slowing growth.

At the end of the China segment of the podcast, I read through a fascinating article from Nikkei Asia on the situation around recent bank runs in the Henan province. The article highlighted the abusive response to the bank run and the growing dangers of a full-blown financial crisis in China.

Bitcoin Charts

Next, we go through a couple of bitcoin charts. The first two charts highlight the similarities and differences in the chart during periods that resembled today’s price action. I pointed out that the current flat consolidation differs because it has higher highs and higher lows, where the previous breakout attempts did not.

There are also some very interesting observations from Twitter on cash positions in hedge funds and the bitcoin market.

Kuppy is pointing out that the percentage of hedge fund portfolios that are holding cash is higher than any period since the dot-com bubble back in 2000. When these peaks happen and hedge funds rotate back into stocks, the market bottoms and has a nice rally.

We can also see this effect in the bitcoin market.

This chart is a little busy, but the top panel is the “stablecoin dominance,” as I’ve called it, the ratio between the stablecoin market cap and bitcoin’s market cap. It is a proxy for a “cash position” in the bitcoin market. The bottom panel is the bitcoin price. At relative tops in the stablecoin ratio, bitcoin bottoms in price because those stablecoins can rotate into buying bitcoin and vice versa.

The U.S. Dollar

There has been a lot of talk about the strengthening dollar. We are the only bitcoin podcast that unequivocally called for a strong dollar over the last two years, and boy have we been right on that.

I do not expect the dollar to sell off dramatically after its parabolic rise, but to establish a new higher range, perhaps between 100-115 on the U.S. Dollar Index (DXY).

I stress that bitcoin does not need a weakening dollar to explode higher. In fact, if you look at the history of bitcoin charted with the DXY, you can see the dollar establishes a new higher range where bitcoin does sell off. After periods of a rising dollar, bitcoin tends to take off. I didn’t have a chart prepared to show this during the live stream, but it’s included below.

The pink zones indicate periods of rising dollar and falling bitcoin. The black arrows indicate rising bitcoin amid a steady dollar at a higher range. Important to note, bitcoin and the dollar have both stair-stepped higher over the last 10 years, only on slightly different schedules.

Last, we take a look at the euro and discuss how and why it is in the most trouble out of the major currencies. We mention fragmentation risk several times. I did a podcast episode dedicated to that topic recently.

Please check out the Fed Watch Clips channel on YouTube, subscribe and share.

This is a guest post by Ansel Lindner. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.

Bitcoin Fixes The Economic Hurricane Happening Around The World

01/07/2022 by Idelto Editor

With the Bank of Japan trying yield curve control, negative GDP growth in the United States and cracks showing in the eurozone, bitcoin looks like a smart bet.

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“Fed Watch” is the macro podcast for Bitcoiners. Each episode we discuss current events in macro from across the globe, with an emphasis on central banks and currencies.

In this episode, Christian Keroles and I cover developments in Japan, in regards to yield curve control (YCC); in the U.S., in regards to growth and inflation forecasts; and in Europe, in regards to the concern about fragmentation. At the end of the episode, we celebrate the 100th episode of “Fed Watch” by reviewing some of the guests and calls we have made throughout the show’s history.

Big Trouble In Japan

The economic troubles in Japan are legendary at this point. They have suffered through several lost decades of low growth and low inflation, addressed by the best monetary policy tools of the day, by some of the best experts in economics (maybe that was the mistake). None of it has worked, but let’s take a minute to review how we got here.

Japan entered their recession/depression in 1991 after their giant asset bubble burst. Since that time, Japanese economic growth has been averaging roughly 1% per year, with low unemployment and very low dynamism. It’s not negative gross domestic product (GDP) growth, but it’s the bare minimum to have an economic pulse.

To address these issues, Japan became the first major central bank to launch quantitative easing (QE) in 2001. This is where the central bank, Bank of Japan (BOJ), would buy government securities from the banks in an attempt to correct any balance sheet problems, clearing the way for those banks to lend (aka print money).

That first attempt at QE failed miserably, and in fact, caused growth to fall from 1.1% to 1%. The Japanese were convinced by Western economists, like Paul Krugman, who claimed the BOJ failed because they had not “credibly promise[d] to be irresponsible.” They must change the inflation/growth expectations of the people by shocking them into inflationary worry.

Round two of monetary policy in 2013 was dubbed “QQE” (quantitative and qualitative easing). In this strategy, the BOJ would cause “shock and awe” at their profligacy, buying not only government securities, but other assets like exchange-traded funds (ETFs) on the Tokyo Stock Exchange. Of course, this failed, too.

Round three was the addition of YCC in 2016, where the BOJ would peg the yield on the 10-year Japanese Government Bond (JGB) to a range of plus or minus 10 basis points. In 2018, that range was expanded to plus or minus 20 basis points, and in 2021 to plus or minus 25 basis points, where we are today.

The YCC Fight

As the world is now dealing with massive price increases due to an economic hurricane, the government bond yield curve in Japan is pressing upward, testing the BOJ’s resolve. As of now, the ceiling has been breached several times, but it hasn’t completely burst through.

The BOJ now owns more than 50% of all government bonds, on top of their huge share of ETFs on their stock exchange. At this rate, the entire Japanese economy will soon be owned by the BOJ.

The yen is also crashing against the U.S. dollar. Below is the exchange rate for how many yen to a U.S. dollar.

Federal Reserve DSGE Forecasts

Federal Reserve Chairman Jerome Powell went in front of Congress this week and said that a U.S. recession was not his “base case,” despite nearly all economic indicators crashing in the last month.

Here, we take a look at the Fed’s own dynamic stochastic general equilibrium (DSGE) model.

The New York Fed DSGE model has been used to forecast the economy since 2011, and its forecasts have been made public continuously since 2014.

The current version of the New York Fed DSGE model is a closed economy, representative agent, rational expectations model (although we deviate from rational expectations in modeling the impact of recent policy changes, such as average inflation targeting, on the economy). The model is medium scale, in that it involves several aggregate variables such as consumption and investment, but it’s not as detailed as other, larger models.

As you can see below, the model is predicting 2022’s Q4 to Q4 GDP to be negative, as well as the 2023 GDP. That checks with my own estimation and expectation that the U.S. will experience a prolonged but slight recession, while the rest of the world experiences a deeper recession.

In the below chart, I point out the return to the post–Global Financial Crisis (GFC) norm of low growth and low inflation, a norm shared by Japan by the way.

European Anti-Fragmentation Cracks

Only a week after we showed watchers, listeners and readers of “Fed Watch” European Central Bank (ECB) President Christine Lagarde’s frustration at the repeated anti-fragmentation questions, EU heavyweight, Dutch Prime Minister Mark Rutte, comes through like a bull in a china shop.

I read parts of an article from Bloomberg where Rutte claims it’s up to Italy, not the ECB, to contain credit spreads.

What’s the big worry about fragmentation anyway? The European Monetary Union (EMU, aka eurozone) is a monetary union without a fiscal union. The ECB policy must serve different countries with different amounts of indebtedness. This means that ECB policy on interest rates will affect each country within the union differently, and more indebted countries like Italy, Greece and Spain will suffer a greater burden of rising rates.

The worry is that these credit spreads will lead to another European debt crisis 2.0 and perhaps even political fractures as well. Countries could be forced to leave the eurozone or the European Union over this issue.

A Look Back On 100 Episodes

The last part of this episode was spent looking back at some of the predictions and great calls we’ve made. It didn’t go according to my plan, however, and we got lost in the weeds. Overall, we were able to highlight the success of our unique theories put forward by this show in the Bitcoin space:

A strong dollar
Bitcoin and USD stablecoin dominance
The U.S.’s relative decentralization makes the country a better fit for bitcoin
Bearishness on China and Europe

We also highlight some specific calls that have been spot on, which you’ll have to listen to the episode to hear.

I wanted to highlight these things to show the success of our contrarian views, despite being unpopular among Bitcoiners. This show is an important voice in the Bitcoin scene because we are prodding and poking the narratives to find the truth of the global monetary system.

Charts for this episode can be found here.

That does it for this week. Thanks to the watchers and listeners. If you enjoy this content, please subscribe, review and share!

This is a guest post by Ansel Lindner. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.