“We forgot about free markets a long time ago. We’ve been in [a] quantitative easing market ever since the 2008 financial crisis,” says Simon Dixon, CEO and co-founder of BnkToTheFuture.com. “What’s really been exposed is the fragility of the financial system… when you try to reverse any centrally planned, low-interest-rate, central-bank-subsidized stock market,” he tells Daniela Cambone. “Banks have been broken based on a product that has become more volatile than bitcoin, which is straight up treasuries,” Dixon argues. “There seems to be a theme and U.S. regulators seem to treat these blowups as a fine rather than prevent it in the first place. It’s a regulatory failure,” he continues. “Money at a bank is money I’m lucky to get back. That’s how I’ve always looked at it and obviously that’s not how most people look at it,” Dixon says. “Bitcoin is a great mechanism for saving, but it’s not very useful for spending. However, throughout this whole system shakedown, bitcoin has just worked,” he concludes.
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00:00 Simon’s takes on the banking sector
3:17 The lack of risk management at banks
5:26 What went wrong with Credit Suisse?
8:27 Who’s next?
10:47 What is the Fed to do?
12:41 Traditional banking system v.s. bitcoin
15:38 Are CBDCs a part of a bigger plan?
16:49 FedNow payment service launch
19:33 Can the big banks fail?
20:54 Simon’s story
25:07 The news cycle is moving quick
26:10 Simon’s final thoughts
