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