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Does Macroeconomics Matter in Cryptocurrency?

Originally aired on May 16, 2023

Nick Black discusses the importance of macroeconomics in the cryptocurrency market, highlighting the risks associated with illiquid assets and the instability of regional banks.

Why is Macro Important in Crypto?

  • Cryptocurrency is an illiquid asset traded on sketchy exchanges with no regulation
  • Regional banks are in a bad spot, with deposits being someone else’s liability
  • The risks of mismatched maturity in banks can cause instability in the financial system

Other topics in this episode include:

  • Large language models have limitations and are not a substitute for artificial general intelligence
  • Sam Altman’s Open AI is not likely to be the entity that ushers in true AGI