How Lyn Alden Will Take on Bitcoin DATs and Private Equity With Orange Juice
Lyn Alden raised $40M to launch Orange Juice, a holding company that buys cash-flowing businesses and layers Bitcoin on top, not another pure-play treasury bet.
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Lyn Alden just raised $40 million to launch a Bitcoin-backed holding company that skips the trade most of crypto is chasing. Rather than build another pure-play Bitcoin treasury stock, Orange Juice buys cash-flowing, unglamorous businesses and layers a Bitcoin treasury on top at the parent-company level.
Lyn Alden, cofounder of Orange Juice and a partner at Ego Death Capital, frames it as a countercyclical alternative to procyclical treasury companies, and she does not spare Strategy from criticism.
She compares Orange Juice's structure to Berkshire Hathaway and argues Strategy let its dollar reserve fall too far, weighing in as Laura invokes Michael Saylor's 'sell a kidney' line and STRC's slide to near $85 against its $100 target. She also addresses BIP-110's inscription debate and Bitcoin's quantum computing threat, questioning whether the community’s resistance to change is a strength or a liability.
Host:
Laura Shin, Host / Unchained
Guests:
Lyn Alden - Cofounder of Orange Juice and Partner at Ego Death Capital
Timestamps
🍊 00:56 Lyn Alden lays out the $40M raise behind Orange Juice's core thesis
💵 08:06 Why Lyn Alden targets cash-flowing firms over VC backed startups
📱 11:17 Cape: get 33% off your first six months with code unchained at https://cape.co/unchained
🏦 12:16 How keeping the Bitcoin treasury at the parent level avoids procyclical risk
🪖 25:37 How Orange Juice handles a bleeding company and Ruben Zweiban's Navy SEAL background
📈 32:15 Why Lyn says going public aids liquidity, retail access, and tax deferral
⚠️ 39:15 Why Lyn is critical of Strategy's capital structure and Saylor's kidney line
🗑️ 47:40 Why Lyn views Bitcoin inscriptions as spam despite BIP 110's technical limits
⚛️ 50:47 How Lyn assesses the quantum computing threat to Bitcoin's security
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Lyn Alden: How to Survive The Gradual Print Era — Fed Chair Warsh, Gold & Bitcoin
Lyn Alden joins us to make sense of the “everything, everywhere, all at once” macro moment.
A fourth-turning-style unwind of the long-term debt cycle, rising fiscal dominance, and a rare, headline-level clash over Fed independence—plus what a Kevin Warsh Fed might actually do under real-world constraints.
We dig into the “gradual print” era, why gold is ripping, how a more multipolar monetary order could emerge (gold, bitcoin, and stablecoins in different roles), and what trade war dynamics mean for the dollar’s privilege.
Lyn also explains why Bitcoin has lagged gold this cycle, how much the four-year crypto cycle still matters, the risks around treasury companies and quantum narratives, and how she’s thinking about portfolio construction in 2026.
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TIMESTAMPS
0:00 What’s Happening?
6:23 The Fourth Turning
13:59 Fed Independence
30:40 New Fed Chair Kevin Warsh
37:46 The Gradual Print
42:16 Gold
53:56 China vs US
1:07:14 Bitcoin vs Gold
1:12:37 Crypto 4-Year Cycles
1:23:26 Proof-of-Work vs Proof-of-Stake
1:28:12 Frontier Tech
1:35:11 Lyn Alden’s 2026 Portfolio
1:39:24 Cash Strategy
1:41:30 Closing & Disclaimers
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RESOURCES
Lyn Alden
https://x.com/LynAldenContact
Lyn Alden Newsletter
https://www.lynalden.com/
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Trump, Tariffs & The Dollar’s Fate: Lyn Alden’s Macro Predictions for 2025
The 2024 U.S. election has reshaped the macro landscape, and few understand its implications better than Lyn Alden.
She joins Bankless to discuss the impact of Trump’s policies on the dollar, Bitcoin, and global markets. From fiscal dominance and trade wars to the possibility of a new Plaza Accord and the role of Bitcoin in sovereign reserves, this episode covers the key macro trends that will shape 2025 and beyond.
Will Trump’s economic agenda lead to a weaker dollar and lower interest rates? What does it mean for Bitcoin and risk assets? Tune in to find out.
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------ ✨ Mint the episode on Zora ✨ https://zora.co/collect/base:0x4be6cd4d402fed49eb2de95fbc8e737e8ffd3e7f/30?referrer=0x077Fe9e96Aa9b20Bd36F1C6290f54F8717C5674E
------ TIMESTAMPS
0:00 Intro 4:03 Trump’s Policies 15:52 Dollar Strength 24:11 Plaza Accord 2.0 29:59 Inflation 33:25 Tariffs 37:50 Interest Rates 47:32 Monetary Policy 56:06 Impact on Stocks & Crypto 59:33 Bitcoin as a Reserve Asset 1:06:32 Energy Policy 1:07:58 Closing Thoughts
------ RESOURCES
Lyn Alden https://x.com/LynAldenContact
Lyn Alden Newsletter https://www.lynalden.com/
------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
Why Lyn Alden Isn't a Fan of Trump’s Memecoins, but Neutral on a Strategic Bitcoin Reserve - Ep. 768
The crypto world was shaken this weekend when Donald Trump and Melania Trump launched their own memecoins, ahead of Trump’s inauguration as president.
Financial analyst Lyn Alden joins Laura to explain why she’s not a fan of memecoins, neutral on a U.S. strategic bitcoin reserve, and doubtful the U.S. can disrupt itself even as Bitcoin, crypto and blockchain technology hold the possibilities of upending the geopolitical world order.
Discussing everything from rising tariffs to reshoring strategies, Lyn offers a sharp analysis of the U.S. fiscal and monetary outlook and explains why she believes fiscal policy now overshadows monetary policy. Plus, hear her take on the TikTok ban debate, her skepticism that Bitcoin’s future security could be at risk as the block subsidy decreases, and her Bitcoin projection for 2025.
Show highlights:
02:13 Why Lyn is not supportive of the launch of Trump’s and Melania’s memecoins
10:01 Whether Trump should airdrop his memecoin to U.S. citizens
11:47 Why a U.S. strategic bitcoin reserve sparks debate over its potential to devalue the dollar, reshape trade deficits, and challenge the global reserve currency system
25:09 How bitcoin’s rise as a neutral reserve asset could shape a multi-polar world
27:23 Why she thinks addressing U.S. fiscal issues may require the reshoring of industry and rethinking the dollar system
31:22Why Lyn thinks rising tariffs could disrupt global trade, but might also make the government less able to rely on taxation in a world of portable capital and growing privacy tools
35:16 Whether DOGE will be bearish for bitcoin
39:39 Why Lyn feels that Scott Bessent’s “3-3-3 Plan” faces challenges
42:29 Why fiscal policy now overshadows monetary policy, according to Lyn
48:21 What the TikTok ban debate reveals to Lyn about government control and the push for decentralized social media
52:31 Lyn’s take on MSTR’s plan to increase the number of shares
54:56 Lyn’s view on OP_CAT and bitcoin soft forks
57:20 Why Lyn doesn’t think that declining subsidies pose a problem for bitcoin’s security
1:05:59 Why Lyn doesn’t see value in other sectors of crypto, such as DeFi, aside from Bitcoin and stablecoins
1:09:15 Lyn’s projection for the price of bitcoin in 2025
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Somnia Network
Polkadot
Guest:
Lyn Alden, founder of Lyn Alden Investment Strategy
Previous appearances on Unchained:
Does Maximalism Help or Hurt Bitcoin? Lyn Alden and Udi Wertheimer Debate
How Will Inflation Impact Crypto?
Is Ethereum a Good Investment?
Why Bitcoin Now: Meltem Demirors and Lyn Alden on the Perfect Conditions for Bitcoin
Links
Trump’s announcement of a memecoin
Unchained: TRUMP Memecoin Soars Then Sinks as MELANIA Launches
Balaji’s tweet on the proposal of airdropping $TRUMP
Unchained: A Bitcoin Strategic Reserve for the U.S.? Senator Cynthia Lummis Reveals Her Bill
Bloomberg: MicroStrategy May Soon Rival Amazon, Alphabet in Common Shares -
Unchained: What Is the OP_CAT Bitcoin Improvement Proposal? - Unchained
Unchained: Bitcoin Layer 2s Aim to Attract Ethereum-Like Dapps. Will They Succeed? - Ep.638
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“Nothing Stops This Train” | Lyn Alden on Fiscal Dominance
✨ DEBRIEF | Ryan & David unpacking the episode: https://www.bankless.com/debrief-the-lyn-alden-interview
------ Bankless listener, if you want to survive this decade as an investor, as a market participant or even just as a citizen, you have to tune in to this episode with author and investor, Lyn Alden.
We’re entering a new era. “Nothing Stops this Train” as Lyn would say. We’ve entered the Era of Fiscal Dominance.
- What era is this? - Who will be the winners and losers? - What about capital controls? - How can you prepare? - How will Crypto perform?
We get into all this and much more in what is a must-listen Fiscal Dominance Masterclass.
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🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION https://bankless.cc/toku
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------ TIMESTAMPS
0:00 Intro 5:25 Nothing Stops This Train 15:15 Fiscal Dominance vs Monetary Dominance 34:23 A World of Fiscal Dominance 46:39 Federal Reserve Role 50:34 Fiscal Dominance Indicators 1:08:06 Winners & Losers 1:18:29 Living in a Fiscal Dominance Era 1:24:16 Capital Controls 1:33:06 Federal Reserve Signals 1:36:14 How to Prepare 1:40:19 How Will Crypto Perform? 1:42:52 Closing & Disclaimers
------ RESOURCES
Lyn Alden https://twitter.com/LynAldenContact
Lyn Alden Newsletter https://www.lynalden.com/
------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
193 - Lyn Alden's Masterclass On Money
When we think of people to walk us through the history of money and where it's all headed, it's hard to think of a guest more qualified than Lyn Alden.
This episode is a masterclass where we answer seemingly simple questions like "What is Money?" to the future of money and how Lyn thinks the next great transfer of wealth will play out. ------ ✨ DEBRIEF | Ryan & David unpacking the episode: https://www.bankless.com/debrief-lyn-alden-and-the-history-of-money ----- 🏹 Airdrop Hunter is HERE, join your first HUNT today https://bankless.cc/JoinYourFirstHUNT ------ BANKLESS SPONSOR TOOLS:
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⚖️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum
🔗 CELO | CEL2 COMING SOON https://bankless.cc/Celo ------ CHAPTERS 0:00 Intro 6:34 What is Money? 10:03 Double Coincidence of Wants 14:18 How Does Money Emerge? 19:46 Progression Of Money Over Time 28:00 Society vs Society 33:14 The Transition to Fiat 39:07 Settlement Time Of Gold 47:53 What Are Banks? 59:14 The Technology Arc 1:04:26 How Nation States Impact Money 1:13:33 Ledger's and Army's 1:16:36 Bretton Woods 1:31:01 Is The Fiat Era Ending? 1:38:13 The Crypto Future 1:44:05 Future Predictions ----- RESOURCES
Lyn Alden https://twitter.com/LynAldenContact
Broken Money https://www.lynalden.com/broken-money/ ----- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
Should Bitcoin Embrace New Use Cases? | Lyn Alden, Jordi Alexander
Today we are joined by Lyn Alden and Jordi Alexander to discuss the Bitcoin blockspace debate, Bitcoin's long-term security and money vs tech crypto. Lyn and Jordi are two of the most prominent macro and Bitcoin investors. You don't want to miss their hot (and often conflicting) takes on the evolution and future of Bitcoin!
- -
Timestamps:
(00:00) Bitcoin Blockspace Debate
(10:59) The Bear Case and Long-Term Security
(36:03) Quicknode
(37:50) Kwenta
(38:45) Money Crypto vs Tech Crypto
(51:53) Bitcoin's Attack Vectors
(57:56) Incentives for Bitcoin Development
(01:09:29) Macro’s Impact on BTC
(01:14:45) The Bitcoin Halvening
- -
Follow Lyn: https://twitter.com/LynAldenContact
Follow Jordi: https://twitter.com/gametheorizing
Follow Jason: https://twitter.com/JasonYanowitz
Follow Santi: https://twitter.com/santiagoroel
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Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
- -
This episode is brought to you by Quicknode. QuickNode is an end-to-end blockchain developer platform that makes building Web3 apps easy. Go to QuickNode.com and use code Empire for a free month on their feature-packed Build Plan!
- -
This episode is brought to you by Kwenta, the premier derivatives trading platform on Optimism that offers deep liquidity, low fees and up to 50x leverage across 24+ assets. Go to Kwenta.io and start trading today!
- -
Resources
Lyn Alden's website
https://www.lynalden.com/
Selini Capital
https://www.selinicapital.com/
- -
Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
Prof G Markets: Liquidity and Portfolio Management in an Inflationary Decade — With Lyn Alden
This week on Prof G Markets, Scott speaks with Lyn Alden, an independent analyst and full time investor, about banking regulations, the promises of borderless bitcoin technology, and her three pillar investment strategy. They also discuss the productivity gains of AI, opportunities in mispriced assets, and how commercial real estate is unraveling like a slow motion train wreck.
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165 - Death of the Dollar?! with Lyn Alden
Lyn Alden is one of crypto’s favorite macro commentators and also a frequent returning guest to the Bankless program. When Lyn comes on Bankless, you know it’s because Macro is confusing, and we need help navigating these chaotic waters.
Inflation! Bank run! Insolvency! Recession! Everyone’s yelling things! But what’s going to happen? Lyn has the answers.
------ ✨ DEBRIEF | Unpacking the episode: https://www.bankless.com/debrief-lyn-alden ------ In today’s episode, Lyn covers whether or not the Fed Balance sheet is expanding to infinity, what’s even on the Fed Balance sheet, how the Fed actually works, why a regional bank crisis might domino to the Dollar losing world reserve currency status, and how that same bank crisis might impact the 2024 US Election.
This is a Lyn Alden episode you don’t want to miss.
------ Topics Covered
0:00 Intro 5:09 Summary of Last Few Weeks 6:19 Speed Bump or Phase Change? 7:55 Nobody Knows What Happens Next 10:10 The Balaji to Ben Spectrum 18:14 Fed Balance Sheet Timeline 24:08 Run on the Fed? 31:05 U.S. Treasuries Value 41:31 Impact of the Economy Post-Sucking 47:31 Innovation Damper 49:18 Rethinking the Dollar’s Role in the World 52:52 Bull Case for Non-U.S. Dollar Supremacy 57:38 More Division in the Economy? 1:01:38 Loss of the Dollar? 1:08:00 Reserve Currency Predictions 1:12:47 Bitcoin Liquidity Profile 1:15:46 What Do We Do Lyn? 1:18:14 Is Crypto the Ultimate Tail Risk? 1:20:19 Closing & Disclaimers
------ Resources:
Lyn Alden Twitter https://twitter.com/LynAldenContact
Lyn Alden https://www.lynalden.com/
Links to our recent macro series https://youtu.be/pP_HHE0kFhA https://youtu.be/E8lxrsF29u0 https://youtu.be/-DzY_pCFGbI https://youtube.com/live/eregdZPLYjg
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://www.bankless.com/disclosures
Does Maximalism Help or Hurt Bitcoin? Lyn Alden and Udi Wertheimer Debate - Ep. 417
Lyn Alden, founder of Lyn Alden Investment Strategy, and Udi Wertheimer, a recovering Bitcoin maxi, talk about Bitcoin Maximalism, how Bitcoin is developing, and what’s the future of Bitcoin’s security model.
Show highlights:
What the definition of Bitcoin maximalism is
whether BTC maximalism is toxic
whether Vitalik Buterin is still a bitcoiner and how Bitcoiners became the 'token police', according to Udi
why Lyn thinks Bitcoin has been attacked by the media since the beginning
the attacks by Bitcoin maximalists on Nic Carter and Andreas Antonopoulos
how adoption kicked in during previous cycles and why it benefitted BTC
what the different types of Bitcoiners are
what developments are being made around Bitcoin
the importance of Bitcoin being permissionless
what the use cases for Bitcoin are and whether it’s still a highly speculative asset
whether people care about using decentralized payment tools
how Lyn defines ‘ultra sound money’ and why she thinks that Bitcoin is better at that than ETH
whether Bitcoin’s security model needs to be fixed
why being able to run a node is essential for censorship resistance
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Udi:
Twitter
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Previous Unchained episodes:
Why Bitcoin Maximalism Is ‘Like a Shitcoin Community’
Lyn:
Twitter
Website
Previous Unchained episodes:
How Will Inflation Impact Crypto?
Is Ethereum a Good Investment?
Why Bitcoin Now: Meltem Demirors and Lyn Alden on the Perfect Conditions for Bitcoin
Episode Links
Previous Coverage of Unchained:
Is Bitcoin Doomed to Fail? Eric Wall and Justin Bons Face Off
Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH
With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold?
Bitcoin’s culture and security
Bitcoin Maximalism Is Dead, Long Live Bitcoin Maximalism by Pete Rizo
Setting the record straight by Nic Carter
The Rise and Fall of Bitcoin Culture by Paul J. Dylan-Ennis
Geeks, MOPs, and sociopaths in subculture evolution by David Chapman
Surprisingly, Tail Emission Is Not Inflationary by Peter Todd
Justin Bons’ thread on BTC security model
A (brief and incomplete) history of censorship in /r/Bitcoin by John Blocke
Ultra sound money
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How Will Inflation Impact Crypto? Lyn Alden and Mauricio Di Bartolomeo Explain - Ep.380
Lyn Alden, founder of Lyn Alden Investment Strategy, and Mauricio di Bartolomeo, cofounder of Ledn, discuss how inflation could affect the digital asset industry. Show highlights:
how Mauricio’s upbringing in Venezuela and firsthand experience with inflation led him to Bitcoin
what a “long-term debt cycle” is and why Lyn thinks the 2020s could be similar to the 1930s and 1940s
the difference between inflation and hyperinflation
how inflation changes consumer investing and purchasing decisions
what the impact of inflation is on Bitcoin
how Russia’s war on Ukraine will continue to impact inflation
how rising interest rates will affect Bitcoin and stablecoin adoption
what type of economic environment is worst for BTC growth
whether Bitcoin is an inflation hedge
why Lyn is long-term bullish on stablecoins and Bitcoin
what effect a global recession would have on Bitcoin
how global inflation has changed adoption rates for BTC in developing economies
how Venezuelans use and perceive Bitcoin
why Lyn and Mauricio are excited about Lightning Network in developing countries
what Lyn and Mauricio think about El Salvador’s adoption of BTC and its billion dollar BTC bond
how Ledn, as a lending company, was able to navigate the Celsius/Voyager crash
how Lyn analyzes the risks associated with firms like BlockFi
what lessons Lyn and Mauricio have learned in 2022 about digital assets and the economy
Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Ava Labs: https://www.avax.network/
Oasis: https://oasisprotocol.org/grant-programs?utm_source=unchained&utm_medium=partnership&utm_campaign=podcast-oasis-grants-program
Episode Links
Lyn Alden Twitter: https://twitter.com/LynAldenContact
Website: https://www.lynalden.com/
Previous Unchained episodes:
Is Ethereum a Good Investment: https://unchainedpodcast.com/lyn-alden-and-raoul-pal-is-ethereum-a-good-investment/
Why Bitcoin Now: https://unchainedpodcast.com/why-bitcoin-now-meltem-demirors-and-lyn-alden-on-the-perfect-conditions-for-bitcoin/
Mauricio di Bartolomeo Twitter: https://twitter.com/cryptonomista
LInkedIn: https://www.linkedin.com/in/mauricio-di-bartolomeo-780284101
Recommended Lyn Reading on Inflation https://www.lynalden.com/ecb-trapped/
https://www.lynalden.com/investing-during-stagflation/
https://www.lynalden.com/may-2022-newsletter/
https://www.lynalden.com/the-area-under-the-curve/
https://www.lynalden.com/blockfi/
Ledn Information
https://ledn.io/
https://www.coindesk.com/business/2022/07/01/blockfi-approached-with-ledn-led-funding-offer-amid-ftx-acquisition-talks-report/
El Salvador https://www.nytimes.com/2022/07/02/opinion/bitcoin-el-salvador-bukele-crypto.html?searchResultPosition=1
https://unchainedpodcast.com/bitcoin-in-el-salvador-why-would-cypherpunks-support-government-mandated-bitcoin-adoption-ep-375/
Inflation https://twitter.com/nic__carter/status/1538909209022058498
https://www.reuters.com/business/imf-cuts-global-growth-forecasts-warns-high-inflation-threatens-recession-2022-07-26/
https://www.youtube.com/watch?v=hGCxEMgnMco&list=PL9flMWibV82fmwt5vd0YROikG2msYYphX
Learn more about your ad choices. Visit megaphone.fm/adchoices
127 - Is this the End? | Lyn Alden
✨ DEBRIEF ✨ | Ryan & David's Unfiltered Thoughts on the Episode https://shows.banklesshq.com/p/127-lyn-alden-debrief
Lyn Alden is the Founder of Lyn Alden investment strategy and is a leading expert in macro markets. She focuses on long-term debt cycles and how it’s impacting crypto, fiat, bonds, and equities markets. This is Lyn’s third appearance on Bankless. Each time she’s on, it usually means something is breaking in the macro markets. And something definitely is.
Lyn thoroughly explains everything from whether we’re repeating history to what would turn this recession into a depression to whether or not we’re going to be okay. Don’t worry, Lyn shares her advice on how to be exactly that and more.
Her superpower is to provide clarity during unclear times and this episode is no different.
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🔐LEDGER | SECURE STAKING https://bankless.cc/Ledger
------ Topics Covered:
0:00 Intro 6:12 Is this the End? 11:08 Debt Cycle Arc 15:40 The Dollar Milkshake Theory 20:05 Historial Analogs 30:35 How Do We Get Stable? 38:30 Weak Market Links 48:24 Raising Rates 55:03 Deflation & Softer Landings 1:00:19 Fed Meme & Competency 1:07:52 Recession vs. Depression 1:13:06 Markets to Watch 1:18:15 Are We Going to be Okay? 1:22:58 Energy, Food, & Fertilizer Markets 1:29:21 The New Normal 1:36:02 Mental Health 1:38:37 Closing & Disclaimers
------ Resources:
Lyn Alden https://www.lynalden.com/
The Death of the Dollar Dominance https://youtu.be/_Kqcrz3u8rQ Inflation in 2021 https://youtu.be/dyDsQ-XCoNo
Fed Meme https://twitter.com/cobie/status/1542562195573297153
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures
The PoW vs. PoS Debate | Lyn Alden & Justin Drake
Lyn Alden is the Founder of Lyn Alden Investment Strategy and an expert in macro markets who’s also a strong Bitcoin, proof-of-work proponent. Her friendly counterpart, Justin Drake is a researcher at the Ethereum Foundation and is pro proof-of-stake. Both are recurring guests on Bankless!
The two experts debate which is better: proof-of-work or proof-of-stake for creating a global-crypto money system? Other topics include: economic security, deterrence and recoverability in the face of the dreaded 51% attack, minimization of governance power, economic fairness, commodity vs. equity money, and so much more!
Which is your preference, proof-of-work or proof-of-stake? Warning: after this debate, your preference may change.
------ ✨ DEBRIEF ✨ | Ryan & David's Unfiltered Thoughts on the Episode https://shows.banklesshq.com/p/debrief-the-pow-vs-pos-debate-lyn
------ 📣 ZERION | Trade Across 7 Networks and 500+ protocols https://bankless.cc/Zerion
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------ Topics Covered:
0:00 Intro 6:15 Backgrounds 8:12 The Better Monetary Premium 11:00 Equity, PoS, Commodity, PoW? 23:30 Hypothetical PoS Bitcoin 30:25 Lyn’s Rebuttal to Multiple Justin Claims 36:05 Justin’s Rebuttal to Multiple Lyn Claims 44:50 Inherently Fair or Unfair? 53:27 Different Kinds of Risk 57:30 Client Diversity 1:03:00 Lyn’s Macro Perspective 1:13:00 Justin’s Technical Perspective 1:17:42 Governance & Memes 1:29:55 The Rich Get Richer? 1:32:35 Closing Arguments
------ Resources:
Lyn’s Proof of Stake Article https://www.lynalden.com/proof-of-stake/
Economic Security & Efficiency https://docs.google.com/spreadsheets/d/1KdzhgbTqhRd0LndK4R8c50OK-s6W568Ydd1aytokwbs/edit#gid=0
Lyn’s Twitter https://twitter.com/LynAldenContact
Justin’s Twitter https://twitter.com/drakefjustin
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures
America’s Debt Cycle, Bitcoin, and Bubbles — with Lyn Alden
Lyn Alden, a full-time investor and independent analyst, joins Scott to discuss the symptoms of an economic bubble and America’s debt cycle. Lyn also explains why she’s bullish on Bitcoin and shares her investment strategy, including why she’s paying attention to the Russian equity market. Follow Lyn on Twitter, @LynAldenContact.
Scott opens with his thoughts on how there’s a record decline in the number of men attending college.
Algebra of Happiness: open yourself to new experiences, friendships, and opportunities.
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76 - Inflation in 2021 | Lyn Alden
Lyn Alden returns to the podcast, this time to discuss Inflation. Founder of Lyn Alden Investments, we keep coming back to Lyn because of her sharp analysis and compelling macro takes.
We explore the three types of inflation, how they intersect and affect one another, and what this means for the global outlook of crypto and society.
------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/ 🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/ 🎖 CLAIM YOUR BADGE: https://newsletter.banklesshq.com/p/-guide-2-using-the-bankless-badge ------ BANKLESS SPONSOR TOOLS:
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Topics Covered:
0:00 Intro 6:00 Lyn Alden & Overview 10:08 Fiscal Policies & COVID 19:02 3 Types of Inflation 27:22 Ordering & Measuring 32:50 The Long Arc of History 40:57 Transitory or Permanent? 49:22 Wages vs Assets 56:08 The Effects of Inflation 1:00:00 Winners and Losers 1:09:40 A Global Perspective 1:16:40 The Death of Dollar Dominance 1:23:03 Multi-Polar Reserve Currency 1:27:50 COVID Delta Variant 1:32:57 Where Crypto Comes In 1:39:12 Ethereum & The Bull Market 1:45:34 Advice for Listeners 1:48:34 Closing & Disclaimers
------ Resources:
Lyn on Twitter: https://twitter.com/LynAldenContact?s=20
Lyn's Website & Newsletter: https://www.lynalden.com/
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures
Lyn Alden and Raoul Pal: Is Ethereum a Good Investment? - Ep.211
Lyn Alden, CEO and founder of Lyn Alden Investment Strategies, and Raoul Pal, CEO & cofounder of Real Vision Group & Global Macro Investor, explain their thinking about Ethereum and its native token, and talk about their perspective on GameStop. In this episode, we discuss:
why Raoul views ether as similar to bitcoin at a macro level (1:25)
why Lyn decided ETH was not currently investable (5:06)
an analysis of utility protocols (John Pfeffer’s paper) (6:55)
counterarguments to John Pfeffer’s paper (9:31)
how to allocate between BTC and ETH (11:22)
why Raoul also invested in other coins beyond BTC and ETH (11:47)
whether Metcalfe's law applies equally to all kinds of networks (13:35)
why Lyn views Ethereum’s use case as circular, and why that makes it less investable (15:09)
whether Ethereum 2.0 and Ethereum Improvement Proposal 1559, and whether that could make ETH more investable (21:20)
the impact of fees on the value of Ethereum (23:36)
Raoul's views on what S-Curves and the Lindy Effect indicate about the development of a currency (25:22)
how high fees make DApps less attractive, while low fees potentially decrease demand for ETH (27:06)
how Lyn believes demand for DeFi is to circumvent compliance and know-your-customer processes, and she doesn't also see that as a downside for Bitcoin (33:10)
how the regulators are behind innovation in cryptocurrencies, particularly around taxation (36:32)
Raoul's and Lyn's predictions for the ETH price by end of 2021 (41:45)
what GameStop says about the democratization of financial information (45:32)
whether smart contracts could play in preventing situations similar to what happened with GameStop and/or Robinhood (49:03)
how blockchain technology could be used to prevent a situation in which the hedge funds could short more shares than existed (54:03)
how the GameStop/Robinhood saga is a giant advertisement for self-custody (54:53)
whether r/WallStreetBets' behavior was market manipulation or not (56:53)
Thank you to our sponsor!
Crypto.com: http://crypto.com
Episode links:
Lyn Alden: https://twitter.com/LynAldenContact
Lyn Alden Investment: https://www.lynalden.com/
Raoul Pal: https://twitter.com/RaoulGMI
Real Vision: https://www.realvision.com/contributor/raoul-pal
Global Macro Investor: https://www.globalmacroinvestor.com
Raoul's tweet storm on Ethereum: https://twitter.com/RaoulGMI/status/1347013567799848961?s=20
Lyn Alden’s research paper on Ethereum: https://www.lynalden.com/ethereum-analysis/
Raoul Pal’s tweet: ETH equals BTC: https://twitter.com/raoulgmi/status/1347013567799848961?lang=en
John Pfeffer’s paper: https://s3.eu-west-2.amazonaws.com/john-pfeffer/An+Investor's+Take+on+Cryptoassets+v6.pdf
Network effects and Metcalfe’s Law: https://saylordotorg.github.io/text_developing-new-products-and-services/s04-12-there-is-power-in-numbers-netw.html
Quantity Theory of Money: https://saylordotorg.github.io/text_economics-theory-through-applications/s30-01-the-quantity-theory-of-money.html
How Will the Government React to GameStop?: https://www.coindesk.com/gamestop-regulators-response
GameStop and Crypto trading: https://cryptonews.com/exclusives/are-gamestop-style-surges-in-crypto-any-different-from-old-p-9151.htm
Robinhood Raises Extra funds: https://www.theblockcrypto.com/linked/93258/report-robinhood-billions-raised-investors-1
Possible role of blockchain in trading: https://cointelegraph.com/news/cardano-foundation-ceo-says-blockchain-could-prevent-gme-type-showdowns
Caitlin Long: https://www.forbes.com/sites/caitlinlong/2019/05/16/naked-shorting-in-the-uber-ipo-it-couldnt-happen-on-a-blockchain/?sh=f2a0dcd4737d
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48 - Death of Dollar Dominance | Lyn Alden
🚀 SUBSCRIBE TO NEWSLETTER: http://bankless.substack.com/ ✊ STARTING GUIDE BANKLESS: https://bit.ly/37Q17uI ❤️ JOIN PRIVATE DISCORD: https://bit.ly/2UVI10O 🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/ 👕 BUY BANKLESS TEE: https://merch.banklesshq.com/ ----- DEBRIEF OF THIS EPISODE (Member-only): https://shows.banklesshq.com/p/exclusive-lyn-alden-debrief
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------ 48 - Death of Dollar Dominance | Lyn Alden
Lyn Alden of Lyn Alden Investment Strategy has quickly risen to fame in the Bitcoin universe for her sharp analysis on long-term macro trends and brings plenty of data to back up her analysis.
She’s one of our favorite macro and economics minds. Global macro events have such a strong interplay with crypto. In order to understand crypto, we need to understand the big picture
We ask Lyn about the changes forces around the US Dollar, as demand and supply of the Dollar is less understood and less stable than ever before.
We also ask Lyn about the relationship between the position of the U.S. Dollar as the world reserve currency, and the social unrest found inside the U.S. borders. It turns out, that the U.S. Dollar as the world reserve currency is not the best situation for those that reside inside the country!
We bring up Ray Dalio's Long Term Debt Cycles mental model, and ask Lyn to connect it to the Fourth Turning Theory, in an attempt to discover some of the hidden forces behind the social unrest found in America.
Fourth Turning Theory: https://en.wikipedia.org/wiki/Strauss%E2%80%93Howe_generational_theory
Highly recommended Lyn Alden piece on the Future of the Dollar https://www.lynalden.com/fraying-petrodollar-system/
Sign up for Lyn’s monthly macro newsletter https://www.lynalden.com/january-2021-newsletter/
------ Don't stop at the video!
Subscribe to the Bankless newsletter program http://bankless.substack.com/
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----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time we may add links in this channel to products we use. We may receive commission if you make a purchase through one of these links. We'll always disclose when this is the case
Why Bitcoin Now: Meltem Demirors and Lyn Alden on the Perfect Conditions for Bitcoin - Ep.197
In this seventh installment of the Why Bitcoin Now series, Meltem Demirors, the chief strategy officer at Coinshares, and Lyn Alden, the founder of Lyn Alden Investment Strategy, discuss the state of Bitcoin since June, amidst the presidential election – which takes place on the date of publication of the show -- and a global pandemic. Topics discussed include:
the significance of bitcoin staying above $10k for over three months
why the pandemic has created the conditions for which Bitcoin was designed
how the markets may react to a Trump or Biden win
why they believe, no matter which party wins, there will be massive deficits and a money-printing debt spiral
why other countries see opportunities to erode the supremacy of the US dollar
why Bitcoin has shown that it’s possible to have money without state
how the current record unemployment and massive stimulus efforts during the pandemic have impacted Bitcoin
the increasing interest in Bitcoin from traditional investors
the IMF’s recent call for a “New Bretton Woods moment” and how it may impact crypto
China’s DCEP central bank digital currency and the effects it may have on increasing China’s trade leverage
why the pandemic has made clear the importance of bringing more Bitcoin mining onshore
whether or not Bitcoin will be able to remedy growing wealth inequality
why privacy/encryption will be the main issue Bitcoiners need to watch from the coming administration
Thank you to our sponsors!
Crypto.com: https://www.crypto.com
Episode links:
Lyn Alden: https://twitter.com/LynAldenContact
Lyn Alden Investment Strategy: lynalden.com
Meltem Demirors: https://twitter.com/Melt_Dem
Coinshares: https://www.coinshares.com/
Lyn’s post on how the economy and stock market perform under Democratic vs. Republican presidents: https://www.lynalden.com/presidential-elections/
US stimulus spending: https://datalab.usaspending.gov/federal-covid-funding/#section-tracking
IMF New Bretton Woods speech: https://www.imf.org/en/News/Articles/2020/10/15/sp101520-a-new-bretton-woods-moment
Stocks in a bubble: https://www.longtermtrends.net/sp500-price-earnings-shiller-pe-ratio/
Meltem on the financialization of internet infrastructure: https://medium.com/coinshares/the-financialization-of-compute-connectivity-66beaffe7501
BitOoda report on Bitcoin mining: https://bitooda.medium.com/bitcoin-mining-hashrate-and-power-analysis-bitooda-research-ebc25f5650bf
Bloomberg wealth report: https://www.bloomberg.com/news/articles/2020-10-08/top-50-richest-people-in-the-us-are-worth-as-much-as-poorest-165-million
Cash app’s Bitcoin sales: https://www.theblockcrypto.com/linked/74001/square-q2-bitcoin-cash-app
JPMorgan research note on Bitcoin: https://fortune.com/2020/10/26/jp-morgan-chase-bitcoin-predictions-analyst-jpm-cryptocurrency/
https://twitter.com/DTAPCAP/status/1319703750450302980?s=20
Forbes interview with Daniel Masters of Coinshares: https://www.forbes.com/sites/michaeldelcastillo/2020/10/24/jp-morgan-veteran-daniel-masters-explains-how-blockchain-will-end-commercial-banks/#77ec4f6a6bdd
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