James Mackintosh
speaker
379 appearances
7 recordings
1 series
first heard Nov 2017
last heard Nov 2024
James Mackintosh’s voice in public audio — every appearance, attributed to the second.
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Appearances
On the other hand, if the government were to go out and borrow a
or print a load of money via the Fed in order to buy Bitcoin, that would have quite dramatic economic impacts, both of which would probably be quite bad for the dollar, but would be very good for Bitcoin.
Well, it hasn't been a very good hedge against inflation in the past.
So it doesn't tend to move closely with inflation, doesn't tend to move closely with expectations of inflation or with other things that are good hedges against inflation.
I think the bigger picture is that the people who talk about it as a hedge against inflation tend to think of it as
Well, I want to protect my savings for the next 30 years against inflation.
And they worry that the dollar is going to be inflated away.
There are, let's say, lots of different interpretations here.
But one way to think about it is that they're, in the short term, quite similar.
They're both driven by how interested people are in buying them.
They're driven by supply and demand in the short run.
But in the long run, stocks are driven by their fundamentals.
How profitable is the business?
How well run is it?
What's the growth in profits in the future?
So in that sense, it's speculative and always will be.
Well, at the moment, Bitcoin actually is regulated with legal action.
But there are Bitcoin ETFs already.
The SEC eventually allowed those.
Bitcoin is treated as a commodity, not treated like a stock.
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