Today’s guest is investment manager and long-time sound money advocate Larry Lepard.
Larry is a Harvard MBA and seasoned investor who made early bets on the internet in the 1990s before turning to gold, silver—and eventually, Bitcoin. He was buying BTC when it was just $300, and in this wide-ranging conversation, Larry shares why he believes another “Big Print” is coming, how Bitcoin fits into the future of monetary policy, and why he thinks 0.1 BTC could become a life-changing amount.
We also discuss how monetary and fiscal policy have created a cycle of boom and bust, the mechanics of the Silicon Valley Bank bailout, and why the Fed may be heading toward a debt and currency crisis. Finally, Larry gives his thoughts on AI’s economic impact and how Bitcoin could serve as a hedge, medium of exchange, and check against fiscal excess.
⭐️ Follow Larry Lepard
X: https://x.com/LawrenceLepard
Website: https://ema2.com/
Book: https://www.amazon.com/Big-Print-Happened-America-Sound/dp/B0DVTCVX8J
⏳ Timestamps:
00:00 - Intro
01:33 - When Larry became a serious Bitcoin investor & saw “The Big Print” coming
09:25 - Are we all playing musical chairs with Fed policy
11:39 - Why did low rates lead to growth, not collapse, post-GFC?
14:32 - Why does the Fed keep repeating boom-bust cycles
15:18 - Larry’s response to Warren Buffett on fiscal/monetary stimulus response during previous crises
18:07 - COVID-era monetary expansion and unintended consequences
19:51 - Balancing free markets with emergency stimulus
21:18 - Post-GFC regulations and the SVB collapse
23:58 - How SVB was “bailed out” despite Dodd-Frank
29:20 - What could’ve been done differently? Were Larry’s deposits insured?
31:42 - What happens to assets the Fed buys in crises?
33:59 - How more money printing in the U.S. could lead to a debt or currency crisis
40:06 - Can the Fed still course-correct—or is it too late
40:30 - When will the next “Big Print” happen?
41:19 - Why elite institutions overlook these macro issues
42:59 - How AI and job losses could influence monetary/fiscal response
45:52 - Why Bitcoin is a powerful medium of exchange
48:24 - Should governments adopt Bitcoin?
52:48 - If the U.S. held Bitcoin & gold, would that enable even more printing?
54:07 - Closing thoughts & key takeaways from Larry’s book
About Larry Lepard:
Larry founded Equity Management Associates in 2006. EMA invests in high-conviction, value-oriented opportunities around the world. A Harvard MBA, former pilot, and competitive CrossFit athlete, Larry brings a unique combination of insight, intensity, and clarity to the global investing conversation.
#Bitcoin #Crypto #MonetaryPolicy #Investing #Gold #Silver #Miners
Larry Lepard: Why 0.1 Bitcoin Could Be Life-Changing, The Fed’s Big Mistake, and What Comes Next
