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App\Entity\Article {#1094
  -id: 6047
  -title: "Banking on Bitcoin — Pandemic Stimulus Debt & Keeping Score"
  -slug: "banking-on-bitcoin-pandemic-stimulus-debt-keeping-score"
  -introtext: "<p><span style="color: #000000;">The unprecedented levels of stimulus debt will haunt our global economy for decades to come — in a post coronavirus landscape, can cash still be used to keep score? Or should we be banking on Bitcoin instead?</span></p>\r\n"
  -content: """
    \r\n
    <p id="6efe" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny nz hb" data-selectable-paragraph><span style="color: #000000;"><span class="y od oe of og oh oi oj ok ol cx">T</span>he alarm on Timothy Lansing’s alarm buzzed noisily — it was 5 am. His eyes weary with sleep, Tim switched off the alarm on his clock and rubbed his face before heading off into his bathroom to wash up and get ready for his daily soccer training ritual.</span></p>\r\n
    <p id="c0f4" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">Every morning, without fail since the age of four, Tim would wake up at 5 am, no matter how tired he was, or how late he had slept the night before, to head down to his backyard, run laps, do practice drills and dribble his well-worn soccer ball.</span></p>\r\n
    <p id="c9ce" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">Tim ate, breathed and slept soccer.</span></p>\r\n
    <p id="ebce" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">And in an age when kids hardly kept posters on their wall anymore, Tim had three posters proudly dedicated to his favorite soccer players of all time — David Beckham, Cristiano Ronaldo and Pele.</span></p>\r\n
    <p id="6188" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">So when Tim entered first grade, he was one of the first to sign up for soccer tryouts and quickly made it into the team.</span></p>\r\n
    <p id="8b47" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">On this particular autumn morning, Tim had a little extra spring in his step and he set himself a far more challenging practice routine — today was the big autumn friendly match against another elementary school.</span></p>\r\n
    <p id="b65a" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">Sporting his lucky “Number 7” jersey with “Lansing” embroidered in bold fonts across the back, Tim could hardly wait for school to be over so he could get down on the soccer pitch.</span></p>\r\n
    <p id="fe65" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">And when the match whistle finally blew, Tim performed like someone had set him on fire, weaving and darting between the opposing team’s players, Tim scored five goals, helping his school to a 7–2 victory.</span></p>\r\n
    <p id="1a5b" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">His proud parents standing on the sideline were euphoric as he ran up to hug them tightly.</span></p>\r\n
    <p id="1fd4" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">“What do you think Mom? I know it’s just a friendly match but do you think they’ll give us a trophy? Oh, I so want a trophy.”</span></p>\r\n
    <p id="8820" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">“Now son, you know that the key to the game is participating right? It’s not about who wins or loses.”</span></p>\r\n
    <p id="cb17" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">“But we won! Look at that score. It was amazing Mom, all my practice paid off.”</span></p>\r\n
    <p id="2b01" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">So when both teams lined up to receive their trophies, imagine Tim’s surprise to see that the other school received the exact same trophy that he did.</span></p>\r\n
    <p id="e653" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">And consider Tim’s shock when the announcer declared both teams “winners” for doing their best on the field.</span></p>\r\n
    <p id="eb24" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">Tim was enraged — surely&nbsp;<em class="ph">both&nbsp;</em>teams can’t be winners! What an outrage!</span></p>\r\n
    <p id="e1cf" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">Indignant, he ran up to his coach, tears welling in his young idealistic eyes,</span></p>\r\n
    <p id="d08c" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">“But coach! It’s not fair! We beat them fair and square! Why do they get a trophy too?”</span></p>\r\n
    <p id="63d5" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">Tim’s coach, a twice-divorced volunteer who only signed up because he was interested in dating one of his team member’s recently-divorced mom, just shrugged his shoulders and said,</span></p>\r\n
    <p id="d2e7" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">“What can I tell you son? It’s not whether you win or lose, but that you all played the game.”</span></p>\r\n
    <p id="d7bf" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">“Yes, but we won! Look at the scoreline, what’s the point in keeping score if we all get the same trophy.”</span></p>\r\n
    <p id="3e48" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">In a fit of pique, Tim threw his trophy down on the ground and stomped on it hard with his soccer cleats, sending bits of cheap “Made in China” gold-colored shards of plastic splintering in many different directions.</span></p>\r\n
    <p id="ff31" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">And that’s really the point isn’t it? What’s the point in playing if the score doesn’t matter?</span></p>\r\n
    <p id="e027" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">Which is precisely the problem that the global economy will need to deal with at some stage.</span></p>\r\n
    <h2 id="9f81" class="oo hv av ce cd ey op oq or os ot ou ov ow ox oy oz" data-selectable-paragraph><span style="color: #10228b;">Money For Nothing &amp; Your Chicks For Free</span></h2>\r\n
    <p id="ea74" class="nn oa av ce np b lr pa ob lt pb oc ns pc md nu pd me nw pe mf ny hb" data-selectable-paragraph><span style="color: #000000;">Whilst no one is suggesting for one minute that both monetary and fiscal policy measures are needed to shore up the global economy because of the coronavirus pandemic —that stimulus has created a problem that will plague us for decades down the road because it fundamentally distorts established incentive structures and undermines our global system of capitalism.</span></p>\r\n
    <p id="fbee" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">To be sure, the global economy was in pretty bad shape even going into this pandemic.</span></p>\r\n
    <p id="802f" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">Global debt levels were already beyond historical record, but with inflation so low, it almost felt as if the global economy had left the demons that had caused the last financial crisis behind.</span></p>\r\n
    <p id="82ec" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">Maybe we really could have our money for nothing and our chicks for free.</span></p>\r\n
    <p id="cc8f" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">After all, companies were issuing more debt than ever before, using that debt to fund share buybacks, causing stocks to soar in value, enabling them to issue more debt, in what can only be described of as a Ponzi scheme that would have made even Bernie Madoff blush.</span></p>\r\n
    <p id="bbc2" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">But it’s not just corporate debt, it’s sovereign debt as well and there is every indication that all of this debt will come back to haunt us.</span></p>\r\n
    <p id="d54f" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">Speaking with the&nbsp;<em class="ph">Financial Times</em>&nbsp;during an interview (online of course), OECD secretary general Angel Gurría noted,</span></p>\r\n
    <p id="6478" class="nn oa av ph np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">“We are going to be heavy on the wing because we are trying to fly and we were already carrying a lot of debt and now we are adding more.”</span></p>\r\n
    <p id="5092" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">Gurría who has run the Paris-based OECD, a club of mostly rich nations, for 14 years now, said governments may eventually need to “capitalize” some of this extra debt load by bailing out companies or writing off some of the vast loan guarantees that they have extended to keep banks lending — both of which are anathema to what it means to run a capitalist system.</span></p>\r\n
    <p id="610f" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">According to traditional capitalist economics — it’s the market that decides winners and losers — but by essentially handing out money to everyone, there are technically no losers.</span></p>\r\n
    <p id="47c3" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">If governments need to convert some of their debt to equity, essentially they will be using the word that is almost never uttered in conservative capitalist circles — “nationalize.”</span></p>\r\n
    <p id="4ff3" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">Blasphemy I hear you say.</span></p>\r\n
    <p id="c0fa" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">Indeed.</span></p>\r\n
    <p id="e021" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">Nationalization is right up there with socialism and capitalism’s arch-nemesis — communism.</span></p>\r\n
    <p id="6747" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">But it’s not just nationalization that threatens to upend what every grade school child learns about the American system of capitalism — by backstopping a large swathe of companies — the government is essentially taking risk out of the capitalist system.</span></p>\r\n
    <h2 id="cad9" class="oo hv av ce cd ey op oq or os ot ou ov ow ox oy oz" data-selectable-paragraph><span style="color: #10228b;">No Risk, Only Reward</span></h2>\r\n
    <p id="5c72" class="nn oa av ce np b lr pa ob lt pb oc ns pc md nu pd me nw pe mf ny hb" data-selectable-paragraph><span style="color: #000000;">To the uninitiated, here’s how a capitalist system was originally designed to work.</span></p>\r\n
    <p id="edd8" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">And essentially every investor, entrepreneur and firm is saying to the market, “F*ck you, pay me.”</span></p>\r\n
    <p id="ec16" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">The government pays no matter what.</span></p>\r\n
    <p id="6055" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">“Business bad? F*ck you, pay me.”</span></p>\r\n
    <p id="1b3c" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">“Oh you had a fire? F*ck you, pay me.”</span></p>\r\n
    <p id="d7fa" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">“Place got hit by lightning huh? F*ck you, pay me.”</span></p>\r\n
    <p id="114b" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">And now,</span></p>\r\n
    <p id="4eb5" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">“Business got hit by the coronavirus? F*ck you, pay me.”</span></p>\r\n
    <p id="993b" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">But this approach has long term consequences whether we like it or not, because it fundamentally removes all of the incentives and disincentives that allow for the capitalist system to function.</span></p>\r\n
    <p id="186f" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">Suddenly investors are not penalized if their bets go bad.</span></p>\r\n
    <p id="1ed6" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">Firms don’t go bankrupt during tough times.</span></p>\r\n
    <p id="b14d" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">But wait, isn’t it the job of the government to step in when the market seizes up, otherwise how do we prevent another recession?</span></p>\r\n
    <p id="d3c2" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">You’re right — the swift work of both central bankers and governments everywhere may have helped to stave off what would otherwise have been a far more immediate and deeper recession.</span></p>\r\n
    <p id="22ac" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">But as with all things — there is a spectrum of intervention.</span></p>\r\n
    <h2 id="a010" class="oo hv av ce cd ey op oq or os ot ou ov ow ox oy oz" data-selectable-paragraph><span style="color: #10228b;">Needle’s Broken, Do Not Fix</span></h2>\r\n
    <p id="f202" class="nn oa av ce np b lr pa ob lt pb oc ns pc md nu pd me nw pe mf ny hb" data-selectable-paragraph><span style="color: #000000;">While students of the Great Depression will no doubt note that central banks and governments did too little during that time, it’s entirely possible that the needle has swung far too hard to the left during our current time.</span></p>\r\n
    <p id="bdf5" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">Because when the incentive mechanism that underpins our very capitalist system is undermined — can we even call it a “capitalist system” anymore?</span></p>\r\n
    <p id="0b33" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">And it’s not as if central bank intervention is new — not by a longshot.</span></p>\r\n
    <p id="a9ec" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">Central banks have been muddying market waters for the better part of almost two decades already.</span></p>\r\n
    <p id="2990" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">Just consider that since the last financial crisis, every time markets threatened to tank, what did the U.S. Federal Reserve do?</span></p>\r\n
    <p id="518f" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">Intervene.</span></p>\r\n
    <p id="fbe6" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">Whether it was through cutting rates, making policy statements, or opening the spigot on the Fed’s overnight lending window — investors have been drenched in the Fed’s firehose of liquidity, whereas savers have been left hanging to dry.</span></p>\r\n
    <p id="bd04" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">But when governments and companies pile on the debt, with either no ability or intention to ever pay them down, except with the issuance of more debt — at some point the logical conclusion must be that the very thing that we’re using to keep score on that debt — the dollars — don’t matter anymore.</span></p>\r\n
    <p id="f303" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">Because just like the trophy that everyone gets for playing grade-school soccer — the points don’t matter if the outcomes don’t either.</span></p>\r\n
    <p id="950d" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">And therein lies the biggest risk from all this debt that we’re piling on — that the very thing we use to keep score no longer matters.</span></p>\r\n
    <h2 id="e2ab" class="oo hv av ce cd ey op oq or os ot ou ov ow ox oy oz" data-selectable-paragraph><span style="color: #10228b;">Banking On Bitcoin</span></h2>\r\n
    <p id="8548" class="nn oa av ce np b lr pa ob lt pb oc ns pc md nu pd me nw pe mf ny hb" data-selectable-paragraph><span style="color: #000000;">Going back to Bitcoin’s origin story (gotta love a good origin story), many interpreted that appended to Bitcoin’s genesis block (the very first Bitcoin block ever mined) was the raison d’etre for Bitcoin’s very existence — a response to the debasement of fiat currencies with a cryptic message to a newspaper article in&nbsp;<em class="ph">The Times</em>, which read simply,</span></p>\r\n
    <p id="e978" class="nn oa av ph np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">“Chancellor Alistair Darling on brink of second bailout for banks.”</span></p>\r\n
    <p id="f856" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;"><em class="ph">The Times</em>&nbsp;article reads in its second paragraph,</span></p>\r\n
    <p id="daf2" class="nn oa av ph np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">The Chancellor will decide within weeks whether to pump billions more into the economy as evidence mounts that the £37 billion part-nationalisation last year has failed to keep credit flowing.</span></p>\r\n
    <p id="af37" class="nn oa av ph np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">Options include cash injections, offering banks cheaper state guarantees to raise money privately or buying up “toxic assets”, The Times has learnt.</span></p>\r\n
    <p id="1798" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">Now there were plenty of headlines in major newspapers that day in 2009, but given the content of the&nbsp;Bitcoin whitepaper&nbsp;and Bitcoin creator Satoshi’s Nakamoto’s penchant for paucity in choosing words, we’re going to go out on a limb and assume that the headline he appended to Bitcoin’s genesis block was not random.</span></p>\r\n
    <p id="2824" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">And&nbsp;<em class="ph">The Times</em>&nbsp;article selected by Nakamoto has aged incredibly well — given our current situation, the text of that article could just as easily have been taken from a newspaper printed today.</span></p>\r\n
    <p id="745a" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">Is it any wonder then that even legendary macro hedge fund investor Paul Tudor Jones has&nbsp;announced&nbsp;that he has almost 2% of his assets in Bitcoin, calling it a “great speculation”?</span></p>\r\n
    <p id="f66f" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">But Tudor Jones went even further. Speaking to&nbsp;<em class="ph">CNBC’s Squawk Box</em>, he said,</span></p>\r\n
    <blockquote>\r\n
    <p id="3003" class="nn oa av ph np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">“Every day that goes by that Bitcoin survives, the trust in it will go up.”</span></p>\r\n
    </blockquote>\r\n
    <p id="12eb" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">By all reasonable measurements, Bitcoin ought to have been dead by now, but it’s not, and in fact trading volumes have only been increasing.</span></p>\r\n
    <p id="de5c" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">By all reasonable measurements, Bitcoin should be worth zero dollars by now, but it’s not, and in fact at the time of writing, it’s trading around US$9,300.</span></p>\r\n
    <p id="620b" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">By all reasonable measurements, Bitcoin would have been forgotten by now, but it’s not, and in fact it still regularly hogs headlines.</span></p>\r\n
    <p id="5ee8" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">Bitcoin survives not because it’s an unreasonable measurement, but because in unreasonable times, it’s the only reasonable measurement — an algorithmically, computationally sacrosanct method of keeping score.</span></p>\r\n
    <p id="5195" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">No other representation of value in that sense comes even close.</span></p>\r\n
    <p id="9a1c" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">Not the yen, not the Swiss franc and not the dollar.</span></p>\r\n
    <p id="74e9" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">According to Paul Tudor Jones,</span></p>\r\n
    <p id="1549" class="nn oa av ph np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" style="padding-left: 30px;" data-selectable-paragraph><span style="color: #000000;">“If you take cash, on the other hand, and you think about it from a purchasing power standpoint, if you own cash in the world today, you know your central bank has an avowed goal of depreciating its value 2% per year.”</span></p>\r\n
    <p id="5407" class="nn oa av ph np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" style="padding-left: 30px;" data-selectable-paragraph><span style="color: #000000;">“So you have, in essence, a wasting asset in your hands.”</span></p>\r\n
    <p id="af12" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;">Because especially unreasonable times call for the consideration of especially unreasonable assets.</span></p>\r\n
    <p id="5635" class="nn oa av ce np b lr nq ob lt nr oc ns nt md nu nv me nw nx mf ny hb" data-selectable-paragraph><span style="color: #000000;"><em class="ph">Nullum magnum ingenium sine mixture dementia fuit.</em></span></p>
    """
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  -metakey: "Banking on Bitcoin"
  -metadesc: "The unprecedented levels of stimulus debt will haunt our global economy for decades to come — in a post coronavirus landscape, can cash still be used to keep score? Or should we be banking on Bitcoin instead?"
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