# Sam Callahan Says Bitcoin’s Case Does Not Depend on Fed Rate Cuts

By Sonny Jang

Canonical URL: https://www.tokenpost.com/news/people/35942
Published: 2026-10-20T20:22:56.000Z
Updated: 2026-10-20T20:22:56.000Z
Section: People

> His argument centers on inflation and debt as August PCE inflation remained above the Fed’s 2% goal.

Bitcoin’s appeal is more closely tied to inflation and debt concerns than to the timing of Federal Reserve rate cuts, Sam Callahan argues. His discussion comes as U.S. inflation readings remain above the Fed’s 2% longer-run goal.

From August 2021 to August 2026, the personal consumption expenditures (PCE) price index rose about 20.1%. That increase corresponds to a roughly 16.7% decline in purchasing power over the same period. In the 12 months through August, headline PCE inflation was 3.4%, while the core measure, which excludes food and energy, rose 3.0%.

The Fed defines its 2% longer-run inflation goal using headline PCE inflation. August’s headline reading was above that goal, and core inflation was also above 2%.

Callahan characterizes the conditions he discusses as financial repression. His discussion also covers losses in the U.S. bond market, global debt and currency debasement, as well as Bitcoin alongside gold and the dollar in reserve discussions.

The September PCE figures are scheduled for release Oct. 29 at 8:30 a.m. ET (12:30 UTC).