Monetary Matters with Jack Farley AI Euphoria Is Rolling Over | Lyn Alden on Bitcoin Correction, Who Satoshi Is, Data Center CapEx, and Whether AI Is A Bubble
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Nov 19, 2025 
Lyn Alden, a macro investor and founder of Lyn Alden Investment Strategy, shares her insights on AI and Bitcoin. She discusses how AI is currently driving U.S. economic growth but warns of potential bubbles as overspending might mask underlying weaknesses. Lyn also delves into Bitcoin’s dynamic, explaining its correction and future potential, related to mining economics and the difficulty adjustment mechanism. Additionally, she speculates on Satoshi's identity and discusses the intertwining futures of Bitcoin and gold amidst economic shifts.
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ETF Demand Was A One-Time Surge
- ETFs and corporate treasuries were the largest demand drivers this cycle, but that surge likely peaked.
- Expect Bitcoin inflows to become more gradual and organic going forward.
Holders, Not Halvings, Move Price
- Halving cycles matter less than the supply available from long-term holders who sell into rallies.
- Price pressure often comes from distribution by early holders, not just scheduled halvings.
Difficulty Adjustment Keeps Bitcoin Secure
- Bitcoin's difficulty adjustment preserves network function by easing when miners drop out and tightening when hashpower increases.
- Mining naturally migrates to nearly-free or stranded energy sources and flexible buyers.