What Bitcoin Did

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Bitcoin is the Answer with Preston Pysh

Peter McCormack

Interview | Description | Timestamps | Show Notes

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Bitcoin is the Answer with Preston Pysh - WBD581 Peter McCormack

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Preston Pysh is a co-founder of The Investor Podcast Network. In this interview, we discuss the ongoing trauma following FTX’s unprecedented fall from grace, the implications for Bitcoin, and the ever-worsening macro situation where central banks are losing the battle to protect society from excessive government spending.

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The FTX drama is still being played out, and it will continue to do so for the weeks, months and years ahead. It feels as though we’re still in the shock stage, trying to wrap our heads around not only what happened, but how such a seemingly fragile situation was allowed to get so out of control. Fingers are being pointed, defences prepared, and, even whilst we’re still very early in this process, histories are already being rewritten.

And yet, the broader economic picture remains the same: a conveyer belt of crises continue to buffet the global economy. Stagnation, growing inflation, mountainous debt, extreme stress in the bond markets, globalisation, and currencies under strain; there is a wall of mounting issues that are building into what seems to be an existential situation for the fiat system.

The fundamental issue at hand is that nobody can tell what is up or down in relation to our economy. Price and value have been artificially inflated that they lack any purposeful meaning. Cheap money has enabled massive consolidation making the business environment top-heavy. And inflation has directed citizens to engage in rampant consumption, which results in a myriad of adverse downstream consequences.

Both situations, i.e. the imploding of cryptocurrency and the mess of the global economy, have the same mitigation. Reaffirmation of the Bitcoin ideology will enable those with true convictions to begin repairing the damage caused by FTX. Bitcoin will also help the economies to align with reality, thereby facilitating better decisions. Whilst Bitcoin doesn’t necessarily fix everything, it is the path to creating a better world.

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00:01:59: Introductions
00:02:50: Reaction to the FTX fraud
00:12:27: Implications for the crypto market
00:28:15: Central bankers battling government excess
00:38:04: Lack of diversity of businesses, and consolidation of enterprise
00:41:43: Decades of systemic supply chain destruction
00:49:54: Bitcoin fixes this
00:55:21: Where will the next Bitcoin adoption come from?
00:59:55: Producers vs consumers and worthless paper payments
01:06:11: Controlled transition to Bitcoin
01:12:50: Final comments

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