Our thesis was the secular trend of global currency debasement would continue — if not accelerate — and...If global currency debasement was the virus, bitcoin was the most effective antidote.

The reason for adoption might vary, be it diversification or hedging against the dollar debasement, but...

But what began as a macro hedge against fiat debasement has since evolved into a repeatable capital structure...

Our underlying thesis of continued currency debasement remains firmly intact despite short-term fluctuations...

In a world where the Fed — and other central banks — are driving 5-7% annual debasement of their currencies...Global Liquidity → Currency Debasement Marches On On the macro front, reality has been falling in line...value proposition is ultimately the purest expression of it — the most pure hedge on global currency debasement...

...mailing list has morphed into an asset colloquially known as ‘digital gold’, a hedge against global fiat debasement...

Fed Liquidity is essentially a tracker on US monetary growth — and monetary growth drives currency debasement...In a world where the Fed — and other central banks — are driving 5-7% annual debasement of their currencies...

...decent time horizon, it is hard to be bearish an asset class programmed to move higher the more that debasement...

...really stimulus and liquidity growth that we expect from all these bigger macro factors and currency debasement...

Bitcoin is the purest hedge on currency debasement — an important distinction, and one we’ve been harping...Monetary inflation drives currency debasement — which in turn boosts asset prices as the denominator...With the path for future fiscal deficits all but inevitable, we’re finally seeing the currency debasement...

The currency debasement narrative is taking hold, sparking demand for assets that can fight back....We see a similar relationship if we swap in BTC — the highest beta bet on currency debasement and monetary...

...because the 401K, if it’s in the S&P 500, goes up about 12% a year, which is the same as global debasement...

“outside money”: a tool to push hard-won property beyond the reaches of increasingly profligate and debasement-prone...

...in anticipation of these easing conditions, as crypto is one of the purest bets on global currency debasement...Historically, if an investor wanted to hedge against currency debasement, they only had a few choices...

...price, but it falls short of telling the bigger story at play right now — the story of global currency debasement...

You have to believe that currency debasement. trend, the secular trends going to reverse course.

Many investors view crypto as a high-beta play on currency debasement.

Uh, you know, monetary debasement, global liquidity, it’s, it’s just a very easy, clean narrative for...And as this whole, you know, monetary debasement thing continues to play out over the next decades, or...

And so in that window, this whole point about currency debasement around deficits, we’ve added in the...stark sign around what’s happening, what really matters, liquidity, the outlook for liquidity, monetary debasement...

...does that coexist with a lot of what we’ve talked about for arguably years now with the big currency debasement...the bigger picture thesis we’ve had around monetary inflation. [00:12:51] Raoul Pal: So the monetary debasement...But I realized from the debasement of currency that I’ve talked a lot about that actually That was not...