Macro, Fed Pivot & Bitcoin with Steven McClurg - WBD738

Steven McClurg is a Co-Founder of Valkyrie Investments. In this
interview, we discuss the North American Bitcoin Summit,
speculation about SEC approval of Bitcoin ETFs, and the potential
advantages of having the first approved ETF. The conversation
also covers the US government's debt and its effect on the
economy, the concept of inflation and its potential impact, the
influence of BlackRock and state involvement in Bitcoin, and
future Bitcoin adoption.


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One of the hot topics at the North American Bitcoin Summit was
the speculation surrounding the approval of Bitcoin ETFs by the
SEC. I was fortunate to be able to have a new interview with
Valkyrie Investments CIO Steven McClurg, who provided insight
into the SEC's decision-making process, how the SEC will likely
batch the approval of ETFs, the role of BlackRock in changing the
SEC's stance, and the impact of the speculation on Bitcoin’s
price.


Our conversation moved on to cover the US government's debt and
its impact on the economy. The elephant in the room is the
increasing pressure debt servicing applies to the US government
finances, particularly in the wake of interest rate rises. Steve
focused on the concern that the government seems to have little
political incentives to solve the debt problem, as politicians
are focused on getting reelected rather than addressing long-term
issues.


We discussed the compounding effect of inflation, and how even a
small increase in inflation can have significant consequences
over time. The rising costs of groceries, fuel, and housing, are
materially affecting people's ability to invest and save. Whilst
we are veterans of believing Bitcoin provides financial
protection, it seems like prominent financiers such as Larry
Fink, BlackRock’s CEO, are also considering Bitcoin as a solution
to the current economic situation.


The podcast concluded with a discussion on the potential for
government investment in Bitcoin. We speculated on the amount of
Bitcoin owned by El Salvador and its potential value. We touched
on the seizure of Bitcoin by US police and how the government has
dealt with these seizures. Finally, Steve and I talked about
whether other countries are likely to be acquiring Bitcoin. It
may be very soon that all countries realise that they don’t have
enough!


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Show notes:
https://www.whatbitcoindid.com/podcast/macro-fed-pivot-bitcoin


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