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Investment manager Lawrence Lepard outlines a scenario in which the Trump administration could execute a dramatic monetary reset centered on Bitcoin and gold.
He shared this view on a recent episode of the What Bitcoin Did podcast. Lepard’s commentary frames Bitcoin and gold as potential cornerstones of a future monetary system rather than speculative assets.
In this extreme scenario, Bitcoin and gold’s values would be formally recognized by the state at a vastly higher level, instantly repricing them relative to the dollar. While highly speculative, the idea underscores the assets’ perceived role as hedges against currency debasement and fiscal instability.
Key Points
- Lepard speculates that policymakers could reset the monetary system instead of allowing inflation to continue.
- The strategy requires the U.S. to revalue Bitcoin to $1 million per coin and gold to $30,000 per ounce.
- Citizens could exchange dollars for Bitcoin or gold at those fixed levels.
- Lepard assigns this outcome roughly a 10% probability, citing political resistance and the severe impact on bondholders.
Lepard’s Bold Strategy
Speaking in the podcast, Leopard argues that the U.S. faces a clear choice, where it either endures years of inflation and social strain or pursues a radical reset.
In the bold alternative, led by President Donald Trump and Treasury Secretary Scott Bessent, the government would revalue Bitcoin to $1 million per coin and gold to $30,000 per ounce, then allow citizens to exchange dollars for either asset at those levels.
As a result, he suggested that the move would effectively end the post-1971 fiat era and reintroduce a hard-asset standard overnight.
For Bitcoin, this would mark a shift from market-driven price discovery to state-level monetary recognition. Despite conceding that the transition would be extremely painful, especially for bondholders as debt loses real value, he maintains that the long-term outcome would be a stable, sound-money system.
Mixed Reactions Trail Lepard’s Commentary
Mixed reactions followed Lawrence Lepard’s commentary on a monetary reset. Some commentators view the proposal as a necessary, one-time intervention to break the cycle of relentless money printing and rising debt.
However, others urged caution, noting that large-scale monetary resets surface every economic cycle but rarely unfold smoothly. They advised retail investors to separate compelling macro theories from practical risk management.
Moreover, some commentators reject the idea entirely, arguing that a one-off reset ignores the core problem of fiscal and monetary indiscipline and would restart the same cycle.
Rare Chance of Occurrence
Meanwhile, Lepard himself acknowledged the low likelihood of implementation, giving it a 10% chance, and questioned whether the current administration could execute such a radical shift. Notably, Trump’s pro-crypto stance has fueled bold industry speculation about broader Bitcoin adoption, but policy actions remain limited.
Although President Trump signed an executive order to establish a strategic Bitcoin reserve, he has not signaled support for a $BTC-based monetary reset. The debate unfolds as gold continues to outperform Bitcoin this year, with gold up 21.6% year-to-date to $5,262, while $BTC has gained just 1.58% to $88,899.