Something being wrong with the economy doesn’t preclude Bitcoin from being a scam. That’s a false dilemma you’re proposing.

It's actually a whataboutism but otherwise I agree.

This, this is a scam: https://fred.stlouisfed.org/series/M1SL Notice the 5x supply increase without a corresponding 5x in economic efficiency. Bitcoin is what it is. It's worth what people think it's worth. Just like gold. Gold has minimal practical use in real life but it was used as a type of money off and on for 5000 years.

All money is worth what people think it's worth. Next question.

What does “in Fed balance sheet terms” mean?

I think they're referring to the ratio of household wealth to total value of the fed balance sheet. Which is a number easy to calculate and his claim is factually true (mostly because the fed balance sheet has never been bigger).

But while his claim is true, in a Boolean sense, I don't know what exactly we're supposed to conclude about the world based on it. This isn't a ratio I've ever seen talked about before.

I'm guessing they're insinuating that the size of the feds balance sheet is somehow related to inflation, which it is only in a fairly loose sense.

Some analysts joke that the first thing you’re shown when you arrive in hell in a chart of the S&P divided by the Fed balance sheet

What's the joke I don't get it

That US household net worth is falling despite the fact that real estate prices and stock prices are near all time highs.