What Bitcoin Did

The Fed Pivot, Bitcoin vs Gold & The Return Of QE | Lawrence Lepard

84 snips
Jan 22, 2026
Lawrence Lepard, an investment manager and author of The Big Print, discusses the Federal Reserve's anticipated pivot back to money printing amid structurally embedded inflation. He argues that both gold and Bitcoin are crucial responses to monetary decay, predicting Bitcoin's dramatic rise as debasement accelerates. The conversation dives into yield curve control, the shifting dynamics of national reserves, and the intricate relationship between physical demand and the paper markets. Lepard warns of political pressures on the Fed and the implications for individual custody of assets.
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INSIGHT

Yield Curve Control Is The Likely Next Step

  • If U.S. 10-year yields break higher, Lepard expects yield curve control and big Fed balance sheet expansion.
  • He views yield curve control as buying bonds with newly printed money, driving further debasement.
INSIGHT

Gold Leads, Bitcoin Follows Rapidly

  • Lepard expects gold to lead and Bitcoin to follow strongly after a major debasement wave.
  • He forecasts Bitcoin could 3x from current levels within six to twelve months after the move starts.
INSIGHT

Physical Demand Is Breaking Paper Markets

  • Paper precious-metals contracts vastly exceed physical production, creating delivery stress.
  • Lepard says buyers are increasingly demanding real metal rather than paper claims, exposing manipulation limits.
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