Davos Dispatch

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The World Economic Forum held in Davos last week, produced a remarkable set of exchanges. Bitcoin, sovereign debt, and the stability of the monetary order featured prominently in conversations among central bankers, hedge fund managers, and heads of state.

A few moments worth noting...

Armstrong vs. France's Central Banker

During a panel on tokenization, Bank of France Governor François Villeroy de Galhau offered a familiar defense of the status quo: "I trust more independent central banks with a democratic mandate than private issuers of bitcoin."

Coinbase CEO Brian Armstrong corrected the framing: "There's actually no issuer of it. So, in the sense that central banks have independence, bitcoin is even more independent. No country, company, or individual controls it in the world."

It was a rare moment. Bitcoin itself, not blockchain infrastructure or regulated stablecoins, was debated head-on at Davos. Armstrong added that bitcoin "doesn't have a money printer" and that people move to it during times of uncertainty, "similar to how they historically turned to gold."

Griffin on Fiscal Fragility

Citadel's Ken Griffin pointed to this week's violent selloff in Japanese government bonds, where 30- and 40-year yields spiked more than 25 basis points in a single session, as an "explicit warning" to U.S. lawmakers.

"What happened in Japan is a very important message to the House and to the Senate: You need to get our fiscal house in order."

Griffin noted that governments are, "with little exception, all spending beyond their means," and that the current administration is making a "major bet" by hoping to grow its way out of the fiscal situation.

Dalio on the Monetary Order

Ray Dalio offered his characteristic bluntness: "The monetary order is breaking down."

He explained that fiat currencies and sovereign debt are "not being held by central banks in the same way," pointing to gold's outperformance last year as evidence of shifting reserve behavior. "The biggest market to move last year was the gold market, far better than the tech markets and so on."

Dalio warned that in times of geopolitical conflict, "even allies do not want to hold each other's debt. They prefer to go to a hard currency."

Trump on Market Structure

President Trump, speaking to a packed audience, reiterated his desire for America to remain "the crypto capital of the world" and said he hopes to sign the market structure bill "very soon, unlocking new pathways to reach financial freedom."

The legislation, which would clarify jurisdiction between the SEC and CFTC, hit a snag last week when Coinbase withdrew support over concerns about banking lobby influence. Armstrong acknowledged "there was a little bit of a blow-up last week" but said discussions remain constructive.

Connecting the Dots

What stood out from Davos wasn't any single statement. It was the convergence of themes. Griffin warning about fiscal sustainability. Dalio describing a breakdown in the monetary order. Armstrong making the case for bitcoin as a neutral, issuer-less alternative. Central bankers defending their independence while acknowledging the political pressures bearing down on them.

These conversations would not have happened at Davos five years ago. That they're happening now tells you something about where we are.

Podcast Of The Week

Bitcoin For Professionals: The Psychology of Bitcoin: Why Smart People Still Say "No"

Most people think investing is about intelligence, but Bitcoin challenges something deeper: your psychology. In this episode, we explore how Bitcoin confronts fear, belonging, and identity, featuring insights from a psychologist.

From learned helplessness to FOMO and low time preference, it’s a raw look at why conviction in Bitcoin is often more emotional than rational.

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