The Best Laid Plans: Understanding Elizabeth Warren’s Economics

Published on
January 20th, 2020
31 minutes

Distressed Sovereign Debt: The Final Frontier of Active Management

The Best Laid Plans: Understanding Elizabeth Warren’s Economics

The Expert View ·
Featuring David Bahnsen

Published on: January 20th, 2020 • Duration: 31 minutes

David Bahnsen, founder and CIO of The Bahnsen Group, takes a deep dive into the economic portfolio of Democratic presidential candidate Elizabeth Warren. Bahnsen unpacks the potential inconsistencies and contradictions of Warren's plan — with a particular focus on the consequences of a wealth tax. Filmed on January 13, 2020 in New York.



  • KS
    Kathleen S.
    5 February 2020 @ 16:23
    This might be a news flash to most Real Vision subscribers -- but our taxes don't fund our Federal Govt. This is not how system works. Mass ignorance of system is major problem and bankers and others purposely put out more and more misinformation to keep people from learning truth. Just ask yourself one simple question -- why would the US govt have to borrow dollars from China or tax its citizens to raise USD's ---- When it creates the dollars?? Has anyones taxes gone up since trillions spent on war- exact opposite - Trump cut taxes?? Nope -- just constant fear that one day they will. WE are not GREECE --- US is Japan and how many fools keep making bet that any day now Japan is going to go broke (25 years and counting) OPEN your eyes and ask some questions - do some critical thinking, stop repeating same old narrative.
  • JC
    John C.
    25 January 2020 @ 17:39
    What's missing here is the root cause of the problem which is really government failures across the board: overspending, lack of accountability, poor regulation, increasingly stifling and costly bureaucracy, poor pension planning, etc. We have a huge spending and efficiency problem within public institutuons at all levels. They are generally unprofitable, way too expensive & wasteful and generally unaccountable. So 'taxing the rich' does not really solve anything and only might provide a brief respite after which they would carry on spending like drunken sailors. Also, I would add that the monopolistic tech billionaires are what amplified a lot of this inequality. They operated in a very open often untaxed free market on the internet and in tech paying little to no taxes, all the while establishing monopolies via surveillance capitalistic methods. Ironic that these same billionaires who fot wealthy in wide open capitalist markets now support many of these extremist socialist policies. Hypocritical and very disingenous.
    • KS
      Kathleen S.
      5 February 2020 @ 16:13
      Problem is system is rigged by billionaires and other elites -- pure and simple.
  • KS
    Kathleen S.
    5 February 2020 @ 16:12
    Rule of Law --- that is what this country is lacking. Over last 40 years financial class and international corporations have rigged system and robbed hard working people. These banking and corporate criminals need to be held accountable and put in jail for long long time. How about nobody steals from anybody. RULE OF LAW!! FYI -- we have a fiat system, not fixed exchange rate system. So, you are WRONG when you say how are we going to "pay for it" - when it comes to medicare for all or education. Hmm? How do we pay trillions for war, or trillons for bank bailouts? How is FED creating trillions in reserves for crazy REPO markets? Don't tell me we borrow from China? THINK!!! Why would USA borrow US dollars from China when the USA makes US dollars --- because we don't. Wake up and understand how our monetary policy works and stop talking like we are on a gold standard. WE can print as much fiat as underlying resources that we have --- it is that simple. US is world reserve and even if it wasn't it wouldn't matter - but Federal Govt can create money out of nothing and buy ANYTHING that is for sale in USD's. Our money gets its value from state imposing taxes to paid in USD on its citizens. Fiat does not get its value from being scarce. And if you get inflation --the solution is taking money out of the system by cutting Federal Spending or raising taxes. Go back and look at WW2 and how US paid for War, US was not gold standard. It is all there. YOU have all been mislead as to how our system really works. OPEN your eyes.
  • DK
    David K.
    1 February 2020 @ 23:50
    If this is the best that the defenders of the “genius” of the financial industry can come up with then the pitchforks will come out faster and more violently than the industry expects. Thank you Real Vision for sharing this opinion piece.
  • nd
    nicolas d.
    27 January 2020 @ 05:45
    Far too politically oriented. The arguments are losing force due to the political agenda behind the speech.
  • EG
    Ed G.
    21 January 2020 @ 02:54
    Since the founding of RV I have found it a refuge from the daily political junk in our faces on every media venue. I personally don't want to pay to see it on RV and strongly object to this type of content being included.
    • CO
      Connor O.
      24 January 2020 @ 13:49
      The piece is very slanted and the author does have explicit bias but I welcome a little bit of these conversations coming to RV. IF enacted, Warren's policies would shake up the status quo of the economic and financial systems that we have today. Sometimes, RV provides interviews back to back with different financial opinions. It would be interesting to see RV find a far left economist to interview that supports Warren's wealth tax. The comment section alone would be entertainment.
    • JC
      John C.
      25 January 2020 @ 17:25
      The reason this piece is needed is because 90% of the mainstream media believe in Warren's economic agenda. This IS the alternative slant, not the mainstream.
  • WB
    Wes B.
    21 January 2020 @ 15:27
    Yesterday's news. Polls are already showing that people don't want the policies of Elizabeth Warren.
    • JC
      John C.
      25 January 2020 @ 17:23
      Sure but much of Bernie's economic platform is just as bad and he is near the lead now for the Democratic nomination
  • ar
    andrew r.
    24 January 2020 @ 22:58
    This analysis applies to an entire wave of politicians who have -- and will keep having -- similar plans. It's not just about Warren, even though, yes, she's toast this cycle. Nice job, David.
  • NI
    Nate I.
    24 January 2020 @ 18:34
    When I worked in State government, part of my job was to analyze the commerce and consumer bills introduced in the legislature each year so that the agency could testify either for or against them in committee (not on the merit, but about enforcement issues, conflicting laws, conflicting judicial rulings, etc). For the seven years that I did this, not one bill advanced out of committee without industry sponsorship. Read that again and let it sink-in. Another way of saying this is that it didn't matter who the citizens elected, big business owned the legislative process and actively pushed to enact anti-consumer legislation (they typically wanted to enact regulations that created additional barriers to entry to stifle competitors). This is understandably frustrating voters and Warren is pandering to that. Warren's "cure" will actually make the problem worse and it will inflict economic damage as David said, but if this situation isn't fixed, it's only a matter of time until voters elect someone like Warren. If we want to preserve the US republic and some semblance of free markets, business better recognize the damage they're causing and reform their ways.
  • CB
    C B.
    23 January 2020 @ 02:35
    What if someone took out the top 100 insanely rich tech billionaires, and then re-ran the wealth inequality metrics? People like Bezos, Zuckerberg, Gates, etc have skewed the numbers so far to an extreme that any analysis that includes them does not present a true account of inequality. There are a very few with insane wealth levels, many more are simply rich. Does it make sense to turn capitalism upside down with a wealth tax on this basis?
  • RC
    Ronald C.
    22 January 2020 @ 00:49
    The only reason he is being interviewed is because he wrote a book. Its not that hard to find Elizabeth Warren critiques in the financial community. His responses are just 1 opinion "according to my math" after another Real Vision needs to upgrade their interviews
    • SS
      Stephen S.
      22 January 2020 @ 22:35
      It's a 30min interview. What did you expect...
  • WG
    Wade G.
    22 January 2020 @ 18:42
    1000 felony convictions related to the S&L crisis. Exactly ZERO convictions for the profoundly abundant and varied crimes (control fraud; fraudulent conveyance; violations of agency; etc.; etc) that led to the GFC that might be what, 65 times larger? The establishment--both political parties--chose to abandon capitalism when they let the GFC develop and unfold, and then responded to it with bailouts of those most responsible for the crisis. Worse, their tactics enshrined fraud (suspension of FASB 187) and perpetuated the ponzi nature of required ever-expanding debt. Too big to fail => too big to jail => and soon enough, we'll see, too big to bail. This country has had a long history of at least tolerance, if not reverence, for the pursuit and acquisition of wealth, including fairly extreme levels of wealth. It's the "in your face", impossible to ignore, complete absence of equal justice, that makes the growing wealth disparity repulsive to increasing numbers of the public. Whether fully informed and articulate, or simply relying upon a vague suspicion or awareness, much of the electorate senses something is profoundly wrong and they've had enough. The attraction of Warren to a modest slice of Democratic primary voters is a symptom; the election of Trump is another. The establishment has failed spectacularly, and worse, most people can sense that rather than reforming, the establishment is content to simply dig in. I don't think there's any white knight coming to make reform easy. I tell my partisan friends, both flavors, that I think this will get worse, likely much worse, before it gets better. If you think Warren is dangerous, or if you think Trump is dangerous, just brace yourself for what comes next.
  • FG
    Flavio G.
    20 January 2020 @ 19:14
    What if wealth inequality is an Ok thing? The start of any discussion about inequality almost invariably starts with an assumed consensus that wealth inequality is a bad thing. I would argue it is not. If there is someone serving you a Gin Tonic, that someone is probably poorer than you are. Do you have a problem with that relationship? I don't. And I don't whether I am the served or the server. Actually, when I was younger, I used to serve Port to horse riders before fox hunting events. I didn't mind, I was happy with the income.
    • TR
      Travis R.
      20 January 2020 @ 19:28
      Not many who are still sane argue against wealth inequality. It is the extreme degree of wealth inequality created by central banking and crony capitalism that is the issue.
    • JS
      Johannes S.
      20 January 2020 @ 20:51
      Of course there will always be inequality, which provides the incentive for entrepreneurship. Its rising inequality that is the issue, because the end point of that trajectory historically has always been political chaos and societal collapse. Which is bad for us investors too btw.
    • FG
      Flavio G.
      20 January 2020 @ 22:28
      Let me put this another way: What if the Internet (among other technologies) has naturally exacerbated the emergence of greater wealth concentration? What is wrong with that? Why should it be neutralized? Hasn't the technology benefited almost everyone on Earth? Who dictates what is "extreme" inequality? Did you know Venezuela has a lower (more equal) Gini coefficient now as compared to 20 years ago? If I were a politician, I would be an inequality cheerleader. Quite probably an unsuccessful one though.
    • TM
      TIMOTHY M.
      21 January 2020 @ 13:43
      That your job as a young person was to "serve Port to horse riders before fox hunting events" tells me all I need to know about your comment. My job was loading trucks.
    • NC
      Nika C.
      22 January 2020 @ 12:05
      A rather insensitive comment and not a well-thought-out one at that. The problem of wealth inequality is not some summer job serving Port at “elite” social functions. BTW, your experience is ridiculously reminiscent of pageboys from less noble background serving the “Hochadel” families. For a while. Before moving on to greener pastures. Which is something that apparently happened to you as well. So, all is good, right? Not quite. The problem is that persistent and growing inequality hinders a great many very talented people to fully participate in society. To even have a fair fighting chance to create something of their own! And that, Flavio, is a great loss for all. Long term it means a much less vibrant and proactive environment and less innovation. Finally, sclerotic and nepotistic societies sooner or later disintegrate in total chaos, as Johannes already mentioned. Not everybody can serve Gin Tonics for a season or two. Some have to load trucks or perform some other low-level jobs. Perhaps for many, many seasons. Not just because they didn’t want to invest the required toil to acquire a better lifestyle. Many had few decent options to begin with. The lack of options and opportunities should be addressed in the interest of everyone. But Mr. Bahnsen does nothing in that direction. He does, however, poignantly bemoan the corrosive issue of rich people having to divorce. To pinch a few precious millions. Poor dears. Well, how smug! How useless!
  • SH
    Stephen H.
    21 January 2020 @ 04:37
    Weak arguments, lacks data that aligns with the perspectives.
    • WB
      Wes B.
      21 January 2020 @ 15:23
      9 of 12 countries that have adopted a wealth tax have abandoned it already. Pretty compelling evidence IMO.
    • CM
      C M.
      21 January 2020 @ 19:38
      To Wesley B., I happen to think E Warren is as mad as a box of frogs and a walking economic disaster, but if we are being intellectually honest the "9/12 countries that have adopted a wealth tax have abandoned it..." argument has one fatal flaw: these countries do not have a worldwide tax domain system as does the US.
  • TM
    21 January 2020 @ 13:54
    That the top x% pay 40% of the taxes isn't a justification, but a symptom of the problem. Shouldn't we then repeal tax cut packages that fail to deliver the promised revenue, drive deficits that result in money printing, thereby enriching bankers and creating investment bubbles while laying the debt on the citizens?...hypothetically, of course.
  • ml
    m l.
    20 January 2020 @ 21:12
    This “content shift” real vision has video counts going from 2 a day to 1 a day... may not sub going forward if content continues this shift
    • M.
      Milton .. | Founder
      21 January 2020 @ 07:18
      We've gone from 3-4 pieces a week to over 12 sometimes and 5-6 now. We are testing, gathering feedback and improving based on it.
  • TT
    Tungsheng T.
    21 January 2020 @ 02:36
    I dont get it why we film someone about Eliz Warren, She is not winning at all
    • CW
      CC W.
      21 January 2020 @ 06:55
      I second this question. We all know her "policy" is simply a joke. Not sure why there is a piece dedicated to this.
  • SS
    Stuart S.
    21 January 2020 @ 02:39
    Wow that was a nicely balanced piece
    • FP
      Ford P.
      21 January 2020 @ 02:59
      I like your sarcastic tone
  • FP
    Ford P.
    21 January 2020 @ 02:58
    the worst possible argument again wealth taxes: you know, the rich will always find loopholes. Look at the poor rich french people, they are forced to divorce to avoid paying it.
  • JB
    John B.
    21 January 2020 @ 00:07
    What I don't understand is why those opposed to socialism/hard left don't push for an alternative minimum redistribution assessment. Those who would normally be taxed for redistribution policies can elect to redistribute that money through charity instead. Ex: instead of paying 1 million in taxes that will go to public housing, you pay for 1 million worth of rent for other people. It takes some time to think about how you would work out the details but you could create a system whereby instead of the government taxing and spending people are encouraged to shield themselves from the tax liability through charitable efforts. Probably the largest obstacle is that so much of the charitable giving in the US is sent overseas. Id much rather see people giving direct transfers in goods, services or cash to fellow Americans (or whatever other country you are in) rather than creating a layer of bureaucratic incentives to waste this money.
  • RM
    Robert M.
    20 January 2020 @ 23:06
    Worthy topic, highly biased interviewee since he is promoting a book on the topic.
  • AM
    Alonso M.
    20 January 2020 @ 20:02
    I think monetary policy over the last couple of decades has been the main cause of rising wealth inequality. Janet, Alan, and Ben (the JAB threesome). Seems to me the rising popularity of extreme left and extreme right leaning politicians are just an effect of this monetary policy.
    • JM
      John M.
      20 January 2020 @ 21:38
      I think there are several causes of wealth disparity including monetary policy. -Globalization may have lowered the cost of many products but may have also suppressed wages of some middle class/lower class workers? -Then there's executive compensation....
  • JS
    Johannes S.
    20 January 2020 @ 20:30
    I am not a fan of a wealth tax either, but the truth is that rising wealth inequality is one of the biggest economic challenges of our time. Bahnsen makes good points why a wealth tax by itself wouldn't be very effective. Yet he is completely oblivious to the fact that his smug and self-assured sitting there in his $2000 suit, that makes his dencouncing of every possible measure addressing wealth inequality makes him completely non-credible, and that it is people like him that give Warren support & ammunition in the first place. Half of his points are straw man arguments just defending the status quo. So what if the 10% richest housholds pay 40% of the taxes? That's exactly how it should be if you understand the corrosive effects of wealth inequality. I wouldn't vote for Warren either, but we have to do a much better job explaining what would be BETTER mechanisms to address wealth inequality. Bahnsen clearly doesn't have any answers to that, and has no interest in finding them, because he is a beneficiary of the status quo. Yet, no society has survived that followed the trajectory the US is currently on until the end.
    • ES
      Elizabeth S.
      20 January 2020 @ 21:35
      I completely agree with this. The completely lack of answers or solutions to problems that things like a wealth tax are trying to address is the reason plana like that are getting traction. They are the only people offering a solution (even if it is flawed) which, to a lot of people, is better than nothing.
  • JA
    John A.
    20 January 2020 @ 14:57
    If Warren manages to win, it will be because of the results of the policies that fail to see wealth increases for the majority of Americans in real terms over the past 30+ years. It is those same conditions that led to a Trump win in 2016. If we don't take the problems seriously, then the people will take the first solution offered. I don't disagree with the speaker, but at this stage of the game we need more than a critique of the policy. We need real alternatives. There are a not so insignificant growing group of people in this country who are becoming frustrated enough that they wouldn't care as much about the damage done by Warren's policy so long as it hurts the rich. That is a very dangerous attitude and one which needs to be addressed. Problems left unattended have a way of finding their own solutions. But those solutions are always worse outcomes than if we addressed the problem when we saw it.
    • JB
      John B.
      20 January 2020 @ 19:02
      Warren annoys me because she knows better, read her book "The Two Income Trap". Warren circa 2003 knows that Warren 2020 is wrong. These problems don't result from "extreme capitalism" they result from the corporate socialism via bailouts and low interest rates. The biggest factor in the skew of income distribution since the Crash is low interest rates leading to asset inflation. Asset owners see their ownership stakes skyrocket in value and the cost of capital decreases allows for huge investments in automation/IT. Asset owners get richer and those without special labor skills lose their jobs to robots and information systems. BUT raising interest rates to normal levels could cause major economic disruptions, just like Warren's plans would. Raising interest rates would cause a budgetary crisis as the interest payments on outstanding debt from mandatory spending (which are mostly programs designed to help poor and elderly people) would skyrocket. If we stop asset inflation we would be forced to roll back spending on the poor/elderly, if we continue that spending we are forced to continue with the low interest rates that make inequality worse. There are multiple other factors in here but this is the basic outline and there isn't a pain free way to get ourselves through this economic rock and hard place. Not to mention how her policies would wreck the very pension plans and social security she wants to expand. She's just the worst.
  • GF
    George F.
    20 January 2020 @ 16:49
    Economist Mark Blyth Explains "Ok Boomer" 8:00 to 15:00 or so Blyth explains wealth vs income taxes. At 10:00 a discussion of taxes including wealth tax The problem with this discussion is the last 20 years of wars need to be paid for or defaulted on. What is the plan for paying it? I recommend Mark Blyth as a RV guest.
  • LO
    Luke O.
    20 January 2020 @ 11:41
    Conservative politics (both left and right) have led to massive wealth inequality, its a problem that needs to be solved. I absolutely agree Warren's policies aren't workable, but is the result of a complete failure of economic policies for decades, from both left and right. The only way to prevent policies like Warren's by gaining traction, is to actually create good economic outcomes for ALL Americans. I strongly recommend you get started in trying to do this.
    • AH
      Andrew H.
      20 January 2020 @ 14:55
      I generally agree with the way you phrase this. This presentation seems correct, only in that Warren's policies would suck. Beyond that it seems to avoid most of history regarding the policies that have gotten us to this point of wealth concentration and corporatacracy. I see most of our issues as corruption within capitalism vs. the move towards "socialism" and that we should address the corruption vs swing the pendulum too far towards socialism as a solution.
    • LO
      Luke O.
      20 January 2020 @ 15:14
      I certainly agree. While I do think its probably too late to address the corruption, I would recommend it, before someone like Warren does get elected.

Mark Yusko

Morgan Creek Capital Management, Co- Founder, CEO, & CIO

Mark Yuskois the Founder, CEO and Chief Investment Officer of Morgan Creek Capital Management. He is also the Managing Partner of Morgan Creek Digital Assets. Morgan Creek Capital Management was founded in 2004 and currently manages close to $2 billion in discretionary and non-discretionary assets. Prior to founding Morgan Creek, Mr. Yusko was CIO and Founder of UNC Management Company (UNCMC), the Endowment investment office for the University of North Carolina at Chapel Hill. Before that, he was Senior Investment Director for the University of Notre Dame Investment Office.Mr. Yusko has been at the forefront of institutional investing throughout his career. An early investor in alternative asset classes at Notre Dame, he brought the Endowment Model of investing to UNC, which contributed to significant performance gains for the Endowment. The Endowment Model is the cornerstone philosophy of Morgan Creek, as is the mandate to Invest in Innovation. Mr. Yusko is again at the forefront of investing through Morgan Creek Digital Assets, which was formed in 2018. Morgan Creek Digital is an early stage investor in blockchain technology, digital currency and digital assets through the firm’s Venture Capital and Digital Asset Index Fund.Mr. Yusko received a BA with Honors from the University of Notre Dame and an MBA in Accounting and Finance from the University of Chicago.

Anthony Scaramucci

SkyBridge Capital, Founder & Co-Managing Partner

Prior to founding SkyBridge in 2005, Scaramucci co-founded investment partnership Oscar Capital Management, which was sold to Neuberger Berman, LLC in 2001. Earlier, he was a vice president in Private Wealth Management at Goldman Sachs & Co. In 2016, Scaramucci was ranked #85 in Worth Magazine’sPower 100: The 100 Most Powerful People in Global Finance. In 2011, he received Ernst & Young’s “Entrepreneur of the Year –New York” Award in the Financial Services category. Anthony is amember of the Council on Foreign Relations (CFR), vice chair of the Kennedy Center Corporate Fund Board, a board member of both The Brain Tumor Foundation and Business Executives for National Security (BENS), and a Trustee of the United States Olympic & Paralympic Foundation. He was a member of the New York City Financial Services Advisory Committee from 2007 to 2012. In November 2016, he was named to President-Elect Trump’s 16-person Presidential Transition Team Executive Committee. In June 2017, he wasnamed the Chief Strategy Officer of the EXIM Bank. He served as the White House Communications Director for a period in July 2017. Scaramucci, a native of Long Island, New York, holds a Bachelor of Arts degree in Economics from Tufts University and a Juris Doctor from Harvard Law School.

Michael Saylor

MicroStrategy, Co-Founder

Mr. Saylor is a technologist, entrepreneur, business executive, philanthropist, and best-selling author. He currently serves as Chairman of the Board of Directors and Chief Executive Office of MicroStrategy, Inc. (MSTR). Since co-founding the company at the age of 24, Mr. Saylor has built MicroStrategy into a global leader in business intelligence, mobile software, and cloud-based services. In 2012, he authoredThe Mobile Wave: How Mobile Intelligence Will Change Everything, which earned a spot onThe NewYork TimesBest Sellers list. Mr. Saylor attended the Massachusetts Institute of Technology, receiving an S.B. in Aeronautics and Astronautics and an S.B. in Science, Technology, and Society.

Alex Saunders

Nugget's News, Founder & CEO

Alex Saunders is the founder and CEO of Nugget’s News, a digital media company focused on all things crypto. Alex has been captivated by cryptocurrency since 2012 and in 2017 he began educating globally on the benefits of cryptocurrency and how to safely acquireit. Nugget’s News has been listed as a top-20 podcast by Business Insider, ShapeShift and Lifehacker and has over 120k YouTube subscribers with 9 million total views.Alex is also heavily focused on his cryptocurrency education platform Collective Shift which currently serves over 4,500 members. provides his unique perspectives by utilising his expertise in fundamental analysis, technical analysis and market sentiment. He is working towards his mission of making it easier for everyone to understand the financial world.

James Putra

TradeStation Crypto, Inc., Sr. Director of Product Strategy

James helped launch TradeStation Crypto’s offeringwhichutilizesa true online brokerage model that self-directed investors and traders have come to expect for equities, futures,and foreign currency markets. He is a reputed crypto asset specialist and blockchain thought leader focused on helping people find innovativeways to participate in this space. He is active in the blockchain community with speaking engagements, TV appearances and mentoring.James has over 15 years of experience in the Fintech industry.

Raoul Pal

Real Vision, Co-Founder & CEO

Raoul Pal is the Co-Founder and CEO of Real Vision, the world’s pre-eminent financial media platform, which helps members understand the complex world of finance, business, and the global economy. Real Vision members also have access to Real Vision Crypto, a cryptocurrency and digital assets video channelwatched by over 80,000 people.In addition, Raoul has been publishing Global Macro Investor since January 2005 to provide original, high quality, quantifiable and easily readable research for the global macro investment community hedge funds, family offices, pension funds and sovereign wealth funds. It draws on his considerable 31 years of experience in advising hedge funds and managing a global macro hedge fund. Global Macro Investor has one of the very best, proven track records of any newsletter in the industry, producing extremely positive returns in eight out of the last twelve years. He retired from managing client money at the age of 36 in 2004 and now lives in the tiny Caribbean island of Little Cayman in the Cayman Islands. Previously he co-managed the GLG Global Macro Fund in London for GLG Partners, one of the largest hedge fund groups in the world. Raoul moved to GLG from Goldman Sachs where he co-managed the hedge fund sales business in Equities and Equity Derivatives in Europe. In this role, Raoul established strong relationships with many of the world’s pre-eminent hedge funds, learning from their styles and experiences. Other stop-off points on the way were NatWest Markets and HSBC, although hebegan his career by training traders in technical analysis.

Peter McCormack

What Bitcoin Did, Journalist

Peter McCormack is a full timejournalist/podcaster covering topics such as Freedom, Human Rights, Censorship and Bitcoin. Peter created and hosts the What Bitcoin Did Podcast, a twice-weekly Bitcoin podcast where he interviews experts in the world of Bitcoin development, privacy, investment and adoption. Launched in November of 2017, the podcast has grown to over 100 episodes with a guest list that is a testament to the diversity of knowledge and opinions that represent the broader Bitcoin community. Expanding his growing list of humaninterest recordings, documentaries and films Peter has recently launched theDefiancepodcast andDefianceTV.

Caitlin Long

Avanti Financial Group, Founder & CEO

22-year Wall Street veteran who has been active in bitcoin and blockchain since 2012. In 2018-20 she led the charge to make her native state of Wyoming an oasis for blockchain companies in the US, where she helped Wyoming enact 20 blockchain-enabling laws. From 2016-18 she jointly spearheaded a blockchain project for delivering market index data to Vanguard as chairman and president of Symbiont, an enterprise blockchain start-up. Caitlin ran Morgan Stanley’s pension solutions business (2007-2016), heldsenior roles at Credit Suisse (1997-2007) and began her career at Salomon Brothers (1994-1997). She is a graduate of Harvard Law School (JD, 1994), the Kennedy School of Government (MPP, 1994) and the University of Wyoming (BA, 1990).

Hunter Horsley

Bitwise Asset Management, CEO

Hunter Horsley is Chief Executive Officer of Bitwise Asset Management. Prior to Bitwise, he was a product manager at Facebook, working on advertiser products including the multibillion-dollar sponsored content ecosystem and ad breaks in videos. Before Facebook, Horlsey was a product manager at Instagram, responsible for multiple advertising products generating several hundred million dollars of revenue. He is a graduate of the Wharton School at the University of Pennsylvania, with a B.S. in economics. Recently, Horsley was named a member of Forbes’ 2019 “30 Under 30” list.

Luke Gromen

Forest For The Trees, Founder & President

Luke Gromen has 25 years of experience in equity research, equity research sales, and as a macro/thematic analyst.He is the founder and president of macro/thematic research firm FFTT, LLC, which he founded in early 2014 to address and leverage the opportunity he saw created by applying what clientsand former colleagues consistently described as a “unique ability to connect the dots” during a time when he saw an increasing “silo-ing” of perspectives occurring on Wall Street and in corporate America.FFTT caters to institutions and sophisticated individuals by aggregating a wide variety of macroeconomic, thematic and sector trends in an unconventional manner to identify investable developing economic bottlenecks for his clients.Prior to founding FFTT, Luke was a founding partner of Cleveland Research Company, where he worked from 2006-14.At CRC, Luke worked in sales and edited CRC’s flagship weekly thematic research summary piece (“Straight from the Source”)for the firm’s clients.Prior to that,Luke was a partner at Midwest Research, where he worked in equity research and sales from 1996-2006.While in sales, Luke was a founding editor of Midwest’s widely-read weekly thematic summary (“Heard in the Midwest”) for the firm’s clients, in whichhe aggregated and combined proprietary research from Midwest with inputs from other sources.Luke Gromen holds a BBA in Finance and Accounting from the University of Cincinnati and received his MBA from Case Western Reserve University.He earned the CFA designation in 2003.

Meltem Demirors

CoinShares, Chief Strategy Officer

Meltem Demirors is Chief Strategy Officer of CoinShares, an investment firm that manages billions in assets on behalf of a global investor base, and is a trusted partner to investors and entrepreneurs navigating the digital asset ecosystem. Meltemoversees the firm’s managed strategies group and its New York office and leads corporate development. Previously, she was part of the founding team of Digital Currency Group. As a veteran investor in the digital currency space, she has invested in over 250 companies in the ecosystem. Meltem is passionate about education and advocacy, and teaches the Oxford Blockchain Strategy Programme and co-chairs the WEF Cryptocurrency Council.