The Pomp Podcast Will Money Printing End Bitcoin Bear Market? | Lyn Alden
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Feb 17, 2026 
Lyn Alden, macro strategist and independent researcher, explains why deflationary forces may beat inflation and how AI-driven productivity reshapes the economy. She contrasts gold’s rally with bitcoin tracking tech, explores why retail stayed away from bitcoin, and discusses energy’s central role in whether high growth can coexist with low inflation.
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Balance Sheet Moves Aren't Always Inflationary
- Current balance sheet increases and rate cuts aren't necessarily inflationary because they don't always grow money supply.
- Fiscal deficits and cheap energy matter more for near-term inflation dynamics according to Lyn Alden.
Debasement Versus Productivity
- Inflation equals money supply growth minus productivity growth; productivity is a persistent deflationary force.
- Debasement shows up primarily in assets and goods that aren't getting cheaper via productivity.
Gold Up, Bitcoin Tracking Tech Stocks
- Gold demand has risen as countries diversify away from treasuries and momentum compounds that move.
- Bitcoin has correlated closely with software stocks and lacks broad retail participation this cycle.