Lyn Alden Warns Utility Crypto Is a Math Trap and Explains Why Bitcoin Is Different

The Easy Money era is over—but the Gradual Print has begun, and the market is not telling the full truth. In this exclusive interview, Lyn Alden, Founder of Lyn Alden Investment Strategy, joins Jeremy Szafron to expose the signals most investors are missing as Wall Street celebrates record highs.

Alden breaks down why the S&P 500 doesn’t reflect the real economy, pointing to the S&P 493 flatlining—a stark sign of a mirage economy propped up by AI speculation and deficit-driven fiscal spending. She explains why the U.S. is developing Emerging Market Lite dynamics, where asset prices rise even as underlying conditions deteriorate.

Then comes the policy pivot: Alden details why the Federal Reserve halted balance sheet runoff on December 1, 2025, calling it a forced move driven by liquidity strain—not confidence. She lays out what this shift means for global liquidity, risk assets, and the dollar going forward.

The interview also dives into Alden’s controversial December research letter, Why Most Cryptocurrencies Won’t Accrue Value, where she argues that so-called utility crypto is a mathematical trap designed to dilute long-term holders. Alden explains why Bitcoin stands alone as money, and why sovereign wealth funds are accumulating Bitcoin even after recent corrections.

Recorded December 5, 2025, this is a must-watch briefing on the disconnect between markets and reality, the Fed’s stealth pivot, and why the next chapter of liquidity may favor hard assets and Bitcoin over hype-driven tokens.

Special thanks to our sponsor, Swan Bitcoin, for making this coverage possible.

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CHAPTERS:
00:00 Introduction and Market Overview
00:55 Macro Environment and Key Drivers
01:20 The Disconnect in the Market
02:37 Emerging Market Characteristics
03:51 The Role of Fiscal Transfers
14:29 Federal Reserve's Quiet Pivot
18:21 The Gradual Print and Its Implications
21:43 Gold and Bitcoin: Safe Havens
23:10 Post-WWII Dollar Bubble and Gold's Resurgence
24:10 US and China: Economic Powerhouses
25:04 Bitcoin's Volatility and Market Dynamics
26:41 Corporate Balance Sheets and Bitcoin
29:34 Utility of Cryptocurrencies Beyond Bitcoin
32:17 Ethereum's Valuation and Utility Debate
37:08 US Federal Debt and Economic Policies
39:04 Private Credit Market Risks and 2026 Outlook

#LynAlden #KitcoNews #JeremySzafron #Bitcoin #Gold #FedPivot #Recession #Crypto #Investing #Economy2025 #Stagflation
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