What an Increasingly Booming Economy Means for Bitcoin
What's going on guys. It is thursday april twenty ninth and tenth day we are asking the question of what an increasingly booming economy means for bitcoin. So the setup for this. Is that obviously for. Bitcoin and bitcoin has always been a macro asset in the sense that it is fundamentally about reorganizing the global economy in some way when it comes to the rest of the world however it's really only been in the last year that that idea of bitcoin as a meaningful player on the macro stage has come to the fore. The connection was made first and most profoundly by. Paul tudor jones with his great monetary inflation thesis. And since then. Bitcoin has been tied up in its digital gold narrative as an inflation hedge. Right there's no way to deny looking at micro strategy getting in and michael sailor talking about the melting ice cube of cash as a treasury reserve asset and stanley druckenmiller seeing five to ten percent inflation over the next few years. There's no way to deny that bitcoins. Narrative has been tied up in the fear of looming inflation. The question then becomes. What if that starts to withdraw. What if the macro narrative shifts. Where does that leave bitcoin so today. That's what we're going explore. And i think the start. Let's start with this idea of it. Being a booming economy one of the wall street journal's lead headlines today is. Us economy appears to be lifting off. Economists are projecting a quote robust consumer led recovery. Gdp grew at six point. Four percent seasonally adjusted in q one which is almost exactly what economists had predicted. What's more consumer confidence is approaching pre pandemic levels. In fact it's the highest. It's been in fourteen months and it's done nothing but increase for months in a row in particular a low income band people and families earning between twenty five and thirty five thousand dollars. A year has increased dramatically in march. Nine hundred thousand new jobs created an unemployment went down six percent.