The World Economic Forum presents its annual Global Risks Report for 2022 at a news conference.

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There are three billion working people on this planet, and only 40 percent of them report being happy at work. Michael C. Bush shares his insights into what makes workers unhappy — and how companies can benefit their bottom lines by fostering satisfaction.

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Episode 6 of the series covers the Bull Run of 2020. During this period, the role of Bitcoin and other cryptocurrencies as a hedge to inflation is discussed.

TRANSCRIPT:

Hello. I’m Edward Lehner, and I’m a researcher with Captura Fund and we’re in the middle of this series called The Short and Evolving History of Cryptocurrency Funds. We’re trying to understand capital formation in this space. Today’s conversation which is our last content video, focuses on the bull run of 2020 and beyond. Since this video focuses on the bull run of 2020, we need to set a framework and a type of context in which to understand what’s going on.

Firstly, this time period needs to be situated within the framework of COVID-19 and the massive monetary policy changes that we see in 2020 and, more specifically, we need to discuss the idea of inflation and the ways that it becomes a macro conversation started in 2020 and continuing through today there’s really so much to discuss about this time frame.

I already mentioned the idea of COVID-19. I briefly mentioned massive monetary changes, but what I didn’t mention with you was the changes to the American economy or the divisive election for the Office of President in 2020. I also didn’t discuss Fed Chairman Jerome Powell, his first very liberal monetary policy that we saw in 2018 to 2020 but also the beginnings of a more hawkish Fed that we see in 2021 reminiscent of the decisions that Jerome Powell and the Federal Reserve made in 2018.

There’s really a significant amount to discuss but what really is our central point of this conversation is BTC as an inflation hedge. When we think about the bull run of 2020 and beyond the conversation really comes to the fore and whether BTC is an inflation hedge so contrary to our previous videos where we really focus on spark contracts the focal point of the bull run of 2020 really needs to put BTC at the fore primarily from 2020 and beyond.

BTC is becoming a mainstream conversation focus on the US Dollar and comparing the US Dollar to BTC and which instrument can be a hedge against inflation. Each additional thing that we begin seeing in 2020 is a conversation on whether BTC will be added to corporate balance sheets. A focal point of today’s conversation is illustrating that BTC began being added to some corporation’s balance sheets and this was a very new idea.

And although the idea is not new to crypto, the conversation of Bitcoin being a reserve asset has been a conversation ongoing in the BTC community. However, it is a new phenomenon within corporations and although it would be an overstatement to note that other than Tesla that there are very few corporations that are adding BTC to their balance sheets.

This is, however, a very important conversation. However, the discussion of whether BTC could be a hedge against inflation did become a major talking point and began to be a type of way to critique what was going on with surging prices and inflation in ways that we weren’t able to have this conversation prior to BTC involvement or its bull run in 2020 so firstly, let me illustrate this with an example.

There are many examples of corporations coming in and in taking action and purchasing BTC and putting it onto its balance sheets. For example, Michael Saylor surges on to the scene in 2020 and talks very persuasively about how BTC is a very strong form of money, very much in the framework of an Austrian economists understanding of what of what money is.

That is money is decided by the market. So BTC surging onto the scene as an inflation hedge is a conversation that’s really central to 2020 also in 2020 to 2021 BTC begins being accepted by Tesla as a way to purchase their vehicles. But also Tesla puts BTC onto its balance sheets as we start thinking about BTC prices when the full market sell off was happening in March of 2020 BTC retraced to roughly $3,000.

However at multiple times in 2021 it hovered over $65,000 and began to test points at $70,000. So we really needed to have the level of analysis for this the entry of you of it into the US economy. This idea of inflation as a macro conversation becomes a testing point for what BTC maximalists have long argued that is that BTC is the hardest form of money it is their version of the Austrian economist phrase that markets decide what money is.

This begins to be tested in 2020. It may be one of the underlying drivers of the bull market of 2020. Whether BTC will be held on corporate balance sheets still fully remains to be realized. So as we move towards summary, it’s hard to say what will happen with inflation in the minor world. However, the last bull run started in 2020 showed to the world that BTC may be a safe haven asset whether BTC can be a long term inflation hedge remains to be seen.

However, the bull run of 2020 did show resilience and the growth of this asset. Please join me in our last video video where we will summarize this series. Thank you.

Central banks are holding more gold than in nearly a half century. And European central banks are encouraging the ownership of gold. “Gold is going to be the underpinnings of a new system,” says Andy Schectman, CEO & president of Miles Franklin, and he notes it is imperative to own gold to prepare for a new system.

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