On November 20, John Pfeffer, who is the founder of Pfeffer Capital, sat with Travis Kling, who is the founder and CIO of Ikigai Asset Management. They were joined by Charles McGarraugh, who is the head of markets for Blockchain. They discussed Bitcoin in the context of trade wars, political uncertainty and Brexit. They interviewed with Alastair Marsh of Bloomberg at a briefing in London. The meeting was about the Future of Digital Assets. They used the time to discuss how Bitcoin becomes more attractive when there is global economic uncertainty.

Charles McGarraugh began by saying that Bitcoin does become more appealing during a recession. John Pfeffer added that Bitcoin could become digital gold. He added that a lot of investors see Bitcoin as a venture portfolio that aspires to be digital gold. There is both upside and downside to investing in it.

Travis Kling added that he thinks Bitcoin is a risky asset. It has characteristics that make it more appealing when there is a lot of irresponsible policy and money management at central banks and large governments. He added that most Bitcoin investors are not investing in it for today; rather, they are storing value for the future.

Kling went on to point out that if the United States of America were still on the gold standard and had a balanced budget every fiscal year, it might not need Bitcoin. In other words, Bitcoin would have less appeal if the United States were not in so much debt.

Earlier in November, Jerome Powell noted that the United States national debt is growing at a faster rate than the gross domestic product. Powell is the leader of the United States Federal Reserve. He added that it is not his problem to fix. He also said that this is not a good place to be for the long run or for economic sustainability. The national debt of the United States has now moved past the $23 trillion mark. That amounts to more than $70,000 per person in the United States. It is also $1 million more than every existing Bitcoin.