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In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann are joined by Sam Callahan of The NewsBlock to explore how macroeconomic factors and liquidity conditions are driving Bitcoin’s price. They dive into the Federal Reserve's recent rate cuts, the impact of Solana's token unlocks, and why many investors are concerned about a potential liquidity crunch. Plus, the panel discusses whether Bitcoin’s price is increasingly dependent on global M2 money supply, and how BlackRock’s Bitcoin ETF options could impact the market.

Is Bitcoin simply a leveraged macro bet? And could Solana’s unlocks cause a price squeeze?

Show highlights:

Alex and Joe’s takeaways from Token 2049 and Solana Breakpoint
Why there’s so little attention on Bitcoin at these conferences
The SOL vs. ETH trade debate
Why Sam thinks that the Fed cut rates to help the Treasury
Whether they think inflation will persist
How China's rate cuts aim to boost its economy amidst export challenges
How Bitcoin's correlation with global liquidity can break down during speculative bull runs, despite its typical sensitivity to liquidity conditions
The pros and cons of the approval of Bitcoin ETF options
Why fears about BlackRock and Coinbase's bitcoin holdings are unfounded, according to James

Sponsors:

Hosts:

James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Joe McCann, Founder, CEO, and CIO of Asymmetric

Guest:

Sam Callahan, Current Free Agent Analyst & Scribe of the NewsBlock
Sam’s research post with Lyn Alden

Links

Coverage of Unchained on Token 2049 and Solana Breakpoint:

SOL vs. ETH

Unchained: SOL on Course to Flip ETH, Says Multicoin Capital’s Kyle Samani
Alex’s tweet: “Ironically $SOLETH is barely up in 2024”

Rate cuts and macro:

Fed Cuts Rates for First Time Since 2020

China:

Reuters: China's central bank unveils most aggressive stimulus since pandemic |

ETF options:

Kamala Harris:

Timestamps:

00:00 Intro
02:55 Takeaways from Token 2049 and Solana Breakpoint
07:14 Little Bitcoin interest me at conferences
12:23 The SOL vs. ETH trade debate
17:32 Sam’s view on the Fed’s rate cuts
28:55 Will inflation persist?
41:14 China’s rate cuts and economic boost
49:44 Bitcoin’s correlation with global liquidity
1:02:43 Pros and cons of Bitcoin ETF options
1:13:23 BlackRock and Coinbase Bitcoin holdings fears

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Bits + Bips: Why Bitcoin Is a Leveraged Bet on Global Liquidity - Ep. 710 01:18:04 Share

Unchained

Shownotes Transcript

Bits + Bips: Why Bitcoin Is a Leveraged Bet on Global Liquidity - Ep. 710