What a New Era of Big Government Could Mean for Bitcoin
Yesterday i was asking the question about whether this bitcoin bull market is at its end and part of what i said felt very important to understand before we really know whether that's the case is if in how. The macro environment has shifted the landscape the inflation narrative has been such a huge part of driving this bitcoin bowls cycle that the unwinding of that the changing of that. Would you would imagine naturally have some consequences for where. Bitcoin crypto fit in the larger world. We've been in a period of waiting of wait to see of wondering if there was going to be a transition. It has felt too many like the economy was heating up in such a way that inflation was naturally going to follow an interest rates. Were going to have to rise. Because of that in consequence the riskiest tech stocks that had the highest valuations have been in retreat for a couple months roughly the same period that bitcoin has been idling or going down. There is however a narrative counterweight that whatever the case in the short term of monetary policy fiscal spending has entered a fundamentally new era. A fundamentally new era in which bitcoin could be more relevant than ever. The potential for that new era is exactly what david morris explored in a recent op. Ed on queen does called covid. Nineteen made biden's big-spending the new normal. This came out just after biden's budget was released and explores some of these questions. President joe biden today unveiled a budget proposal that would increase federal spending to levels not seen since world war two as usual. The new president's proposed budget has already triggered a fierce debate but while we can expect usual. Scrum overspending details. The biden budget is an attempt to push forward and leverage a much broader ideological shift. The coronavirus pandemic has made government spending in program significantly more appealing to americans. It's something of a perfect storm. The budget arrives. After pandemic relief proved hugely popular and seemingly effective long-term rising inequality and other serious social problems have created more space for pro government. Voices like us senator bernie sanders.