All Roads Lead to Bitcoin with Checkmate

 
 

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“.1% to 1% is gargantuan numbers, just extraordinary numbers, if bitcoin does in fact achieve 1% balance sheet capacity everywhere…it makes a lot of sense, it’s the perfect currency to settle between enemies for oil, which creates enemies.”
— Checkmate

SHOW DESCRIPTION

Checkmate is Glassnode’s Lead On-chain Analyst and creator of checkonchain. In this interview, we discuss Bitcoin investing and market analysis, Bitcoin as a hedge against inflation and housing market bubbles, the current economic situation, the potential future role of Bitcoin as a settlement currency for nation-states, and the power and unstoppable nature of Bitcoin.

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Checkmate is one of the best on-chain analysts, leading Glassnode’s on-chain research and data analysis, and also creating checkonchain to provide a suite of Bitcoin on-chain charts. This show’s discussion therefore focused on the Bitcoin market and trends, including the impacts of Luna and FTX on market sentiment. We also delved into the concept of profit and how it can be measured, and the importance of understanding market indicators and making informed decisions.

Our conversation also took in the macroeconomic situation. We discussed the housing market and the potential risks involved in buying a house. We discussed the high ratio of median house prices to median income in Australia, Canada, and New Zealand, referring to it as a "Ponzi scheme." We also considered the current economic situation: its challenges and the need for individuals to be aware of how the system works.

Specifically, people need to be aware of the impact of inflation and taxes on their finances. Whilst Bitcoin is a hedge for some, others feel the need to speculate and gamble on markets in the fiat system. Argentina is a valuable example in this context, as Argentinians need to manage their money in the face of triple-digit inflation. As people’s wealth can rapidly evaporate in such circumstances, it brings into sharp relief the concept of money as a proxy for time.

Towards the end of our conversation, we talked about the power and unstoppable nature of Bitcoin: Bitcoin's design assumes human greed and self-interest, which makes it a powerful and unstoppable organism. Checkmate also provided his opinion on the potential future role of Bitcoin as a settlement currency for nation-states, speculating that nation-states may start testing Bitcoin as a liquid layer on top of their gold reserves, driven by the involvement of oil producers.

TIMESTAMPS

00:02:41: Introductions
00:10:26: Glassnode trading data
00:19:19: Bitcoin becoming a unit of account
00:22:55: The psychology of buying and selling
00:37:40: What causes the price changes?
00:47:00: Hedging with Bitcoin, and inflation
00:57:41: Argentina, and taxes
01:07:29: Economic self-education, and the scarcity of time
01:21:14: Escaping COVID
01:29:29: Where has the money gone?
01:32:11: A political shift is coming
01:45:03: Incentives of Bitcoin, and Bitcoin vs gold
01:53:39: What Bitcoin means to Checkmate
01:56:11: Final comments

 

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SHOW NOTES

PodcastPeter McCormack