Jeff Park

But deep down, like we all know the current system is not on a good path and we have to start like ripping the bandaid a little bit.

I think all of that points towards a pretty positive, healthy mood for Bitcoin in the future.

What's going on with Bitcoin, guys?

Yeah, so for sure what Warsh has shown is Bitcoin's correlation to risk assets in general are at an all-time high.

Because I think what happened with the Warsh announcement wasn't necessarily a Bitcoin sell-off, but it was actually a risk sell-off.

And that correlation has increased pretty dramatically, I would say, since last summer and got accentuated even with the news flow today.

So I think there's two versions of the story, right?

Because on one hand,

There is this hawkish version of balance reduction as a journey that we have not ventured into beyond what the sample reserve system could look like.

And there's a lot of uncertainty about this, which which is why I think you can see risk assets generally being sold off.

And Bitcoin just is now correlated to that dynamic because it's owned by the same portfolio managers in a multi-asset framework where they're underwriting that to be a risk asset.

But the thing that I'm long term really bullish about Warsh is if he actually is able to be what I call like a very pragmatic economist to like rewriting the engines of what Fed independence should look like.

There's a version where the whole monetary setup as we know it is finally going to evolve into something that is a little bit more anti-fragile.

And in that world, there's a restoration of what

true store of value could look like as a reserve asset.

So long-term, I do feel like it's a little bit painful always to kind of introduce volatility to change from an institution that we've gotten very comfortable with.

But deep down, like we all know the current system is not on a good path and we have to start like ripping the bandaid a little bit.

But long-term, like his holy grail towards what he wants the Fed to be and what he thinks the role of like the interest rate should be is

I think all of that points towards a pretty positive, healthy mood for Bitcoin in the future.

Absolutely.