Location: New York Date: Wednesday 27th October Company: Equity Management Associates Role: Investment Manager

Bitcoin is decentralised sound money whose supply cannot be arbitrarily expanded. It’s a system where no one has an advantage or disproportionate control.

The ability to increase the supply of money is a very powerful tool to wield. Through monetary policy, orthodox economists aim to promote growth and mitigate crises.

However, the Austrian school of economics explains instead that central banks create the environment for crises in the first place.

In the Great Financial Crisis, trillions of dollars were printed to bail out failing banking institutions and stimulate the economy. Instead of repercussions, many bankers received millions in bonuses. While credit markets rebounded, many average Americans lost their homes, their jobs and received no bailouts.

So can Bitcoin help by aligning incentives in society? And what will happen to gold?

In this interview, I talk to Investment Manager and Austrian Economist Lawrence Lepard. We discuss sound money as a moral issue, the monetary role of gold, and why bitcoin is the most important invention in history.