The Breakdown

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**The Breakdown**

The Breakdown dives into the deepest topics in crypto, blockchain, and the macro forces shaping markets and power structures. Each episode breaks down complex ideas into clear, grounded analysis — separating signal from noise across crypto, finance, and geopolitics.

Hosted by David Canellis, The Breakdown features explainers, interviews, and conversations with the people building, regulating, and challenging the financial system.

A Blockworks podcast.

Subscribe to The Breakdown newsletter: https://the-breakdown.carrd.co/

Latest Episodes:

JPMorgan Discusses $600B in Potential New Bitcoin Demand Dec 15, 2020

Show notes

Today on the Brief:

First COVID-19 vaccines roll out in the U.S.
Are IPOs the new ICOs?
U.S. Treasury and other federal departments hacked

Our main discussion: A massive new category of bitcoin demand?

Last week, when MassMutual announced its $100 million buy, NLW explored whether it would be the beginning of a trend for other insurance companies. A recent note from JPMorgan analysts suggests that even a 1% allocation by that category of company in major markets in the U.S., Europe and Japan could represent $600 billion of new demand.

NLW also discusses recent comments from long-term institutional bitcoin and crypto bulls including Chamath Palihapitiya and Abigail Johnson.

The Breakdown is produced and distributed by CoinDesk.com Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW

How Much Debt Can a Country Handle? Dec 13, 2020

Show notes

This week’s edition of Long Reads Sunday is a reading of “How Much Debt Is Too Much?” by Raghuram Rajan on Project Syndicate.

In it, the author explores the shifting conventional wisdom on national debt and worries that countries may reach their limit far earlier than they think.

The Bitcoin Banking Battle Heats Up Dec 12, 2020

Show notes

On this edition of the weekly recap, NLW looks at the brewing battle to be the bitcoin and crypto bank of the future. He looks at three stories reporting banks getting into crypto (BBVA, Standard Chartered and DBS) as well as crypto companies applying to become banks. Finally, he examines why this is happening right now, and what are the true stakes of the game.

Why a Massive 169-Year-Old Insurance Company Just Bought $100M in Bitcoin Dec 12, 2020

Show notes

Today on the Brief:

FDA panel recommends Pfizer vaccine approval as initial jobless claims soar
Antitrust lawsuit calls for Facebook breakup
Crypto-friendly CFTC chairman to resign at the beginning of the year

Our main discussion: Why MassMutual bought $100 million in bitcoin and why it matters.

In this episode, NLW looks at recent news that MassMutual had purchased $100 million in bitcoin for its general account, as well as made a $5 million minority investment in $2.3 billion asset manager NYDIG, which helped facilitate the bitcoin purchase. He discusses why insurance company purchases are different than other institutional buyers like MicroStrategy, and why this might be the beginning of a more significant industry trend.

SEC Commissioner Hester Peirce on a Bitcoin ETF, Custody Rules and What's Next for the SEC Dec 11, 2020

Show notes

Hester Peirce is a commissioner at the Securities Exchange Commission, sworn in for her second term in August.

Sometimes referred to as “Crypto Mom,” Peirce has been a fierce advocate for the industry in a regulatory context that hasn’t always been on her side.

In this conversation, she and NLW discuss:

Why the SEC’s approach on crypto has been too slow and too ambiguous
Why it matters that FinHub is becoming a standalone office
The prospect for a regulatory “safe harbor” for crypto
What the SEC thinks of the OCC’s crypto custody guidance
The prospect for a bitcoin ETF

The Most Important Trends and People Shaping Crypto 2020, With Ryan Selkis Dec 10, 2020

Show notes

What were the most important trends? Who were the most important people? Was it the year of Bitcoin Macro, the year of DeFi or both?

Ryan Selkis is the founder and CEO of Messari. Each year he puts together a massive “Crypto Theses” report that looks at the year that was and the year to come.

On this episode, he and NLW discuss the highlights of Selkis’ 2020 report, including:

The top 10 people in crypto 2020
The bifurcation of bitcoin and ethereum
How DeFi was and wasn’t like ICOs in 2017
Why regulatory battles loom

MicroStrategy Is Raising Another $400M to Buy BTC Dec 09, 2020

Show notes

Today on the Brief:

BBVA set to offer crypto trading and custody
Wells Fargo discusses bitcoin in recent investor memo
Square launches Bitcoin Clean Energy Initiative with $10 million

Our main discussion: Michael Saylor is back at it.

The CEO of MicroStrategy and Giga Chad himself announced MicroStrategy would be offering $400 million in convertible bonds with the intent to purchase more bitcoin.

On this episode, NLW looks at the community’s reaction, including the comparison of MSTR stock to a BTC exchange-traded fund. He also discusses Saylor’s recent comments about censorship resistance as a reminder of the (potentially) divergent values of bitcoin retail HODLers and institutional investors.

China's Latest Digital Currency Trial Is Its Most Important Yet Dec 08, 2020

Show notes

Today on the Brief:

COVID-19 vs. Stimulus
Small hedge funds outperform large brethren
Equities now worth 115% of global GDP

Our main discussion: Why the newest trial of China’s central bank digital currency is its most important trial yet.

In this episode, NLW discusses:

The significance of the “Double 12” shopping festival
How the participant merchants have changed
Comparison of the size of the lottery
Changes in public interest
Why it matters to the crypto industry

Niall Ferguson on Why Bitcoin and China Are Winning the Monetary Revolution Dec 06, 2020

Show notes

On today’s Long Reads Sunday, NLW reads Niall Ferguson’s latest Op-Ed for Bloomberg: “Bitcoin Is Winning the COVID-19 Monetary Revolution”

In it, Ferguson argues that bitcoin’s sovereignty and “built-in scarcity in a virtual world characterized by boundless abundance” are driving its adoption.

He also argues that rather than adopt a China-style central bank digital currency, incoming President Joe Biden should look to integrate bitcoin into the U.S. economic system.

$50K BTC in 2021? Bloomberg Analysts Join the 'Traditional Onslaught' Driving Bitcoin's Rally Dec 05, 2020

Show notes

On this edition of the weekly recap, NLW looks at the consolidating narrative of a bitcoin rally that is:

Being driven by institutional investors
Shifting the center of the industry from East Asia to North America
Winning converts from major research houses and institutions
Driving the price of bitcoin to new all-time highs

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