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Lower Rates Aren’t a Prerequisite for Bitcoin’s Success, Sam Callahan Says

Sam Callahan says financial repression is underway, citing a 20% drop in dollar purchasing power over five years and bitcoin’s independence from lower rates.

20/10/2026 12:447 min read

The Fed’s preferred inflation gauge shows the U.S. dollar has shed at least 20% of its buying power in just five years. Sam Callahan makes the case that financial repression is already under way, pointing to core PCE averaging 3.7% and a record drawdown for U.S. bonds. In his telling, the policy is “working great. It’s just not working for the people.”

Chapter guide:
At 0:00, Callahan examines why Brazil was ready for a Bitcoin Treasury Company.
At 2:05, MSCI’s exclusion and the reasoning that “Bitcoin Is Permanent” are covered.
At 4:18, the global debt binge is discussed along with debasement as the simple fallback.
At 5:55, the dollar’s 20% purchasing-power decline over five years comes into focus.
At 7:03, financial repression is portrayed as working for the government, not the people.
At 8:17, the conversation moves to the BIS, gold’s “Monetary Protest,” and central bank credibility.
At 12:13, the question of when central banks will adopt bitcoin is raised.
At 14:10, gold, bitcoin and the dollar form the three pillars of reserves.
At 16:50, the discussion covers whether bitcoin needs lower rates and the greater importance of fiscal dominance.
At 19:00, the conclusion is that every path leads to currency debasement.

DISCLAIMER: The opinions and views heard in this program belong to its participants and do not necessarily align with the official policy or position of BTC Inc., Bitcoin Magazine, or any related entities. This material is supplied for informational and educational purposes only and should not be treated as investment, legal, tax, or accounting advice. Nothing in this program is a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Anyone watching should consult their own advisors before making financial or business decisions.

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Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.

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