Today on the Brief:

• Why bitcoin sold off
• A bank-the-unbanked narrative for the digital dollar
• It’s Dave Portnoy’s world and we’re all just living in it

Today’s main topic: Why inflation isn’t the only bitcoin narrative that matters.

When bitcoin’s halving coincided with the most aggressive central bank policy of all time, it set a clear narrative framework for bitcoin as an inflationary hedge. This was captured by people like legendary hedge fund investor Paul Tudor Jones, who warned of a “great monetary inflation.” 

In this episode, NLW argues 1) that inflation could be a dangerous narrative to focus on too closely due to a number of countervailing deflationary forces, and 2) there are a variety of other narratives that are just as important to bitcoin, including:

• Censorship resistance 
• Seizure-resistant asset
• Currency controls and reshoring 
• Nations looking to escape USD system
• Independent banking 
• Peaceful protest