Macroeconomics & On-Chain Data with Nik Bhatia & Willy Woo - WBD Live in Sydney

 
 

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“We know from history that increased trade reduces the likelihood of armed conflict…so what if Bitcoin can contribute to world peace?”
— Nik Bhatia

SHOW DESCRIPTION

On September 9th What Bitcoin Did hosted a live show in Sydney. In this second of two podcasts, the guests were the founder of The Bitcoin Layer & Author of Layered Money Nik Bhatia, & and Bitcoin analyst & partner at Crest Willy Woo. Across these interviews, we discussed various topics related to Bitcoin, including its Bitcoin's volatility, its potential as a global currency and the prospects for Bitcoin's global adoption. The show includes the Q&A from the event.

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This is the second of two podcasts sharing interviews from What Bitcoin Did’s first Australian live show that was recorded in Sydney. However, this show is with 2 regular guests of the podcast who always bring unique and invaluable insights into Bitcoin’s evolution: Nik Bhatia and Willy Woo.

Nik is an adjunct Professor of Finance at the University of Southern California. We talk about how he has introduced Bitcoin into the curriculum following the success of his book “Layered Money”. Nik’s course covers the technical aspects of Bitcoin, starting with the white paper and delving into topics like blockchain, mining, and cryptography. He also contextualizes Bitcoin within the broader financial world and discusses its valuation and differences from other cryptocurrencies.

Nik also highlights his divergent opinions about Bitcoin. He doesn’t think it is a magic bullet: Nik believes it will take mass adoption for it to start fixing things in the economic system. And yet, Nik is passionate about Bitcoin’s incredible potential, particularly in non-US and non-western countries. The discovery of Bitcoin as a tool for financial empowerment in these regions is arguably the most exciting thing about Satoshi’s innovation.

Willy has long provided great analysis of Bitcoin’s price performance. In this show, he discusses the volatility of Bitcoin returns. Willy explains that Bitcoin has historically had high volatility but is now converging with other macro assets in terms of trading range. He attributes this to the financialization of Bitcoin, with the introduction of futures and other paper markets. However, he expresses concern about the control these paper markets have over the price of Bitcoin.

The conversation with Willy then shifts to Bitcoin's potential as a global currency. While lower volatility may be desirable for stability, it may not be ideal for Bitcoin's growth and adoption as a global currency. We discuss the current state of the fiat system and the potential collapse of traditional currencies, which could further drive the adoption of Bitcoin. Then, the floor was open to a Q&A with all five of my live show guests, which made clear there's always plenty to discuss!

TIMESTAMPS

00:02:12: Introductions
00:03:04: Nik on teaching Bitcoin
00:18:28: What Bitcoin means to Nik
00:30:05: Quickfire questions with Nik
00:36:38: What Bitcoin means to Willy
00:40:48: Current status of Bitcoin, and the next halving
00:51:00: Deviation from previous cycles
00:59:21: Growing Bitcoin, and diversified investments
01:07:58: Q&A 1: deflationary Bitcoin and credit
01:10:09: Q&A 2: paper Bitcoin
01:13:43: Q&A 3: Instant settlement
01:16:42: Q&A 4: Lightning Network
01:19:28: Q&A 5: the future of mining in Australia
01:21:52: Q&A 6: Bitcoin ETF
01:27:04: Q&A 7: What the panel is excited about with Bitcoin
01:29:49: Final comments

 

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SHOW NOTES

PodcastPeter McCormack