War, AI, Midterms & Bitcoin with Andreas Steno Larsen

In this episode, Mauricio sits down with Andreas Steno Larsen to discuss his upbringing in a family influenced by macroeconomics and markets, shaped by his father's role as a chief economist. Andreas explains his liquidity-centric global macro framework, emphasizing how global liquidity—driven by central banks, treasuries, and commercial banks—serves as the primary force behind asset prices, operating in extended cycles likely peaking around Q3 or Q4 of 2026 amid midterm elections. He explores the interplay of politics, low interest rates, and abundant liquidity leading to potential inflation in 2027, while addressing Bitcoin's resilient yet dislocated price action amid geopolitical tensions and AI disruptions, viewing it as infrastructure rather than mere software. Andreas rebuts doomsday AI theses by invoking the Jevons paradox, predicting productivity gains and increased demand rather than mass unemployment, and highlights catalysts like stablecoin adoption for an agentic economy. The conversation also covers geopolitical hedges, with oil, natural gas, and gold outperforming silver, and touches on central banks' potential Bitcoin adoption.