The Breakdown

Latest Episodes:

Another Pro-Crypto Appointment in the Biden Administration? Jan 23, 2021

Show notes

On this edition of the Weekly Recap, NLW argues that while bitcoin’s price was the short-term story of the week, the medium-term story was all about the transition of power in the U.S. to the new Biden Administration. In it, he discusses what the appointments (reported or confirmed) of Janet Yellen, Gary Gensler, Michael Barr and Chris Brummer suggest about the future of crypto policy.

-- Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io -- Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW The Breakdown is produced and distributed by CoinDesk.com

This Bitcoin Dip Was Not Caused by FUD Jan 23, 2021

Show notes

Today on the Brief:

Home sales up, home supply down
Biden’s first test on the stimulus
Euro pessimism

Our main discussion: Why the bitcoin dip wasn’t caused by FUD.

Anyone paying attention this week had reasons for frenetic worry. Janet Yellen’s comments on criminal activity. Persistent questions around Tether. A non-story about a double-spend that got amplified by mainstream media.

In this episode, NLW argues that none of these actually explains the dip. Instead, he argues, they were used by sophisticated traders to amplify the dip’s impact.

-- Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io -- Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW The Breakdown is produced and distributed by CoinDesk.com

Why the World's Largest Asset Manager Is Getting Into Bitcoin Jan 22, 2021

Show notes

Today on the Brief:

A new SPAC exchange-traded fund with bitcoin-experienced leadership
First look at Brian Brooks’ possible replacement at OCC
What to expect from institutional bitcoin price targets in the coming weeks

Our main discussion: BlackRock comes to bitcoin.

BlackRock filings with the SEC suggest two funds might buy bitcoin futures. In this episode, NLW looks at:

The signs leading up to BlackRock’s interest
Why BlackRock’s CIO thinks bitcoin will out-compete gold for millennial investors
How ARK ETFs are seeing startling fund flows, causing larger market FOMO around innovation

Is Janet Yellen Bitcoin's Biggest Enemy or Greatest Asset? Yes Jan 21, 2021

Show notes

Today on the Brief:

Jack Ma is not dead
The latest in crypto M&A
Deutsche Bank survey sites bitcoin as biggest bubble

Our main discussion: Yellen’s impact on bitcoin and digital assets

In this episode, NLW breaks down the cryptocurrency FUD competing to be the “wall of worry” for the new 2021 bull market, including Tether FUD, environmental FUD and the idea that crypto is only used for crime.

The illicit transactions idea was given new oxygen when Janet Yellen repeated it in her Senate confirmation hearing this week. New research from Chainalysis shows, however, that the percentage of crypto volume involved in crime is decreasing.

Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io

Enjoying this content? SUBSCRIBE to the Podcast

Follow on Twitter:

NLW: https://twitter.com/nlw
Breakdown: https://twitter.com/BreakdownNLW

The Breakdown is produced and distributed by CoinDesk.com

Goldman Sachs Can No Longer Dismiss Bitcoin Jan 20, 2021

Show notes

Today on the Brief:

Gary Gensler is officially Biden’s pick for SEC chairman
Investors are betting against the U.S. dollar
Grayscale has best day ever with $700 million in investment
Ethereum reaches new all-time high

Our main discussion: Goldman Sachs reportedly coming to crypto.

Over the last year, many traditional financial institutions have recanted previous skepticism to join the bitcoin space. For most of that time, Goldman Sachs has been a noticeable holdout, saying as recently as last May that bitcoin and cryptocurrency weren’t an asset class.

According to new reports from a Goldman insider, all that is finally changing as the bank prepares a crypto custody strategy. The change in attitude is inspired at least in part by the recent rulings from the Office of the Comptroller of the Currency.

Lyn Alden on Why the Dollar System No Longer Serves the US or the World Jan 19, 2021

Show notes

This is an encore presentation of NLW’s first interview with macro analyst Lyn Alden, from May 2020. In it, they discuss:

Why we’re at the end of a strong dollar cycle
Why the Federal Reserve is terrified of the global dollar shortage
The difference in creditor vs. debtor nations
The concept of the Triffin dilemma
Why Japan has been able to print money without seeing rampant inflation
Why we have inflationary and deflationary forces competing to influence the U.S. economy
Why debt is going to matter more than ever
What alternatives to the USD system might look like

‘America and Sound Money,’ the Most Important Bitcoin Essay of the Last Year Jan 17, 2021

Show notes

This week’s Long Reads Sunday is a reading of the “Stone Ridge 2020 Shareholder Letter” by Ross Stevens, CEO and co-founder of Stone Ridge Asset Management, discussing the history of America, sound money and Stevens’ bitcoin “aha” moment.

Crashes, Rallies and Stimulus: A Normal Week for 2021 Bitcoin Jan 16, 2021

Show notes

On “The Breakdown’s” Weekly Recap, NLW argues that this week is exemplary of a set of trends that will define 2021, including:

Market volatility
Macro tailwinds
Convergence of crypto and traditional finance
Regulatory battles and opportunities
Strange categories of FUD

Will Mayor Suarez's Miami Be the First Major City to Buy Bitcoin? Jan 16, 2021

Show notes

Today on the Brief:

Initial jobless claims grow the most since March
Biden unveils emergency relief plan
Fed Chair Powell discusses CBDCs and stablecoins

Our main discussion: Is Miami about to put 1% of its treasury into bitcoin?

Since December 2020 there has been a lot of conversation about whether Miami could become the next Silicon Valley, or at least recruit a big swath of entrepreneurial talent to set up shop.

In this episode, NLW looks at how that discussion moved into the crypto realm and led to Mayor Suarez’s recent discussions about moving Miami’s treasury into bitcoin. He argues that the story is about the larger shifts in how cities and geographic regions compete for supremacy in the social media, remote work era.

The Definitive Breakdown of All Bitcoin FUD, With Dan Held Jan 15, 2021

Show notes

On today’s episode of The Breakdown, NLW is joined by Dan Held, growth lead at Kraken and a serial bitcoin entrepreneur.

As the market heats up, so, too, does the number of articles and tweets spreading FUD (fear, uncertainty and doubt). Some of the FUD is new, much of it is old and all of it deserves a response.

Dan and NLW break down 15 categories of FUD, including: