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The Bitcoin funeral march is kicking up memes and honorable mentions of a fad-gone-bad with critics calling BTC’s latest plunge below $8,000 the beginning of a death spiral to $1,000 and beyond.

As traders, investors and critics alike eye technical analysis charts, zooming in and out on triangles and candles, macro analysts are trying to make sense of Bitcoin’s role in a changing global economy.

Beyond the price hype, Charles McGarraugh, head of markets for Blockchain, buys the Bitcoin narrative, calling it “100% investible.”

Joined by Bloomberg’s Alastair Marsh and guests John Pfeffer, founder of Pfeffer Capital, and Travis Kling, founder of Ikigai Asset Management, at The Future of Digital Assets briefing in London, McGarraugh, a former partner at Goldman Sachs, breaks down key factors indicating Bitcoin’s strength as an asset on a world stage populated by trade wars, geopolitical uncertainties, fears of recession and central banks engaged in quantitative easing.

“Bitcoin is awesome because your property rights are an operational fact of possessing the private key rather than a jurisdictional artifact of recourse to a legal system that may or may not retrade you at some future date…

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From a policy perspective, my strong view is that what’s going on in the world in most of the Western system is we’re pivoting toward a war on inequality. The policymakers have been working for capital for too long and this pendulum is going to swing back to working for labor.

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And when you get things like redistribution, more progressive taxation, trade policy, beefing up of the welfare state – all of these things will ultimately create an inflection in inflation expectations long term, and inelastically supplied bearer assets that are incredibly liquid are just a very, very attractive allocation option in that world, particularly in the context of a place to put your capital. The market penetration is low. The adoption is low. And so the convexity in the asset as an allocator is very, very high – because the market is not yet mature or allocated to.”

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