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:

The Five Most Important Stories in Bitcoin Last Week Jun 02, 2025

Show notes

Recorded live on Friday May 30th, 2025.

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Bitcoin Vegas Goes Big as Politics Takes Center Stage May 31, 2025

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The Bitcoin Conference returned to Las Vegas bigger than ever, drawing over 30,000 Bitcoiners and showcasing political heavyweights championing crypto’s future. Vice President JD Vance outlined the administration’s bold crypto agenda, emphasizing Bitcoin’s role as a bulwark against financial tyranny, inflation, and elite control. David Sacks updated progress on the Strategic Bitcoin Reserve, while Eric and Don Jr. Trump discussed their family’s deep dive into Bitcoin, predicting record highs. Plus, embattled NYC Mayor Eric Adams pitched "bit bonds," hoping to restore the city as a crypto hub.

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Who Can Out-Saylor Saylor? May 29, 2025

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Trump Media, GameStop, Joe Lubin, and a growing list of others are embracing the Michael Saylor playbook—raising massive capital to load up on Bitcoin. Today on The Breakdown, NLW unpacks the explosion of MicroStrategy-style public vehicles, the reflexive loop driving investor FOMO, and whether this leverage injection is a new frontier for Bitcoin-based finance—or a looming gray swan.

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Breakdown: https://twitter.com/BreakdownBW

The Big Bank Stablecoin Consortium May 29, 2025

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America’s biggest banks are planning a joint stablecoin, signaling a new phase of institutional crypto adoption — but it’s happening just as political backlash intensifies. NLW breaks down the Wall Street consortium’s ambitions, the implications for the U.S. financial system, and how Trump’s meme coin controversy is complicating stablecoin legislation in Washington.

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Bitcoin Hits All-Time High — But Nobody Seems to Care May 23, 2025

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Bitcoin just notched a new all-time high, but this time, there’s no mania, no frenzy—just a shrug. NLW breaks down the weirdest ATH in Bitcoin’s history, why it happened without a clear catalyst, and what it says about BTC’s shifting role in the global financial system. Plus, a look at Japan’s spiraling bond market, rising U.S. fiscal fears, and what it all means for safe haven assets. Is Bitcoin finally decoupling—or are we just seeing the early signs of a bigger credit event?

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Bitcoin Inches Toward History as Politics, Policy, and Memecoins Collide May 22, 2025

Show notes

Bitcoin hovers just below a new all-time high, with traders bracing for a potential liquidation cascade and analysts divided on what comes next. NLW explores whether upcoming catalysts—ranging from a Trump meme coin gala to SEC regulatory shifts—could break the stalemate. Plus: Robinhood’s big tokenization push, Kraken’s global derivatives expansion, and political fallout from meme coins in Washington and Buenos Aires.

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Breakdown: https://twitter.com/BreakdownBW

Senate Clears Stablecoin Bill Hurdle May 21, 2025

Show notes

In a major breakthrough for crypto legislation, the U.S. Senate voted 66-32 to advance the Genius Act—marking the most significant step yet toward stablecoin regulation. NLW breaks down what flipped Democratic support, why Elizabeth Warren fought to the bitter end, and what’s next as the bill moves toward a final vote. Plus, Circle is reportedly exploring a $5B sale instead of going public, raising new questions about the future of USDC, its partnership with Coinbase, and the impact of looming regulation.

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Subscribe to the newsletter: ⁠⁠⁠https://blockworks.co/newsletter/thebreakdown⁠⁠⁠
Join the discussion: https://discord.gg/VrKRrfKCz8
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NLW: https://twitter.com/nlw
Breakdown: https://twitter.com/BreakdownBW

US Credit Downgrade Hits—Bitcoin Pumps Anyway May 20, 2025

Show notes

Moody’s has officially downgraded the U.S. credit rating, joining S&P and Fitch in knocking the government off its AAA pedestal. NLW breaks down the political reaction, the muted market response, and why institutional investors still seem bullish on Bitcoin despite fiscal dysfunction. Plus, what rising transaction fees and ETF flows reveal about the next phase of the Bitcoin cycle.

Enjoying this content?

SUBSCRIBE to the Podcast: https://pod.link/1438693620
Watch on YouTube: https://www.youtube.com/@TheBreakdownBW
Subscribe to the newsletter: ⁠⁠⁠https://blockworks.co/newsletter/thebreakdown⁠⁠⁠
Join the discussion: https://discord.gg/VrKRrfKCz8
Follow on Twitter:
NLW: https://twitter.com/nlw
Breakdown: https://twitter.com/BreakdownBW

When Investors Should Say "No" vs. "Yes" May 19, 2025

Show notes

A reading and discussion inspired by https://blockworks.co/news/investors-prediction-market-no-bet-outcome

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SUBSCRIBE to the Podcast: https://pod.link/1438693620
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Subscribe to the newsletter: ⁠⁠https://blockworks.co/newsletter/thebreakdown⁠⁠
Join the discussion: https://discord.gg/VrKRrfKCz8
Follow on Twitter:
NLW: https://twitter.com/nlw
Breakdown: https://twitter.com/BreakdownBW

The Five Most Important Stories in Crypto This Week May 18, 2025

Show notes

This week’s Friday Five is a whirlwind tour through one of the most bullish weeks for crypto on Wall Street in recent memory. NLW and Scott Melker break down Coinbase’s historic addition to the S&P 500, Galaxy’s NASDAQ uplisting, and eToro’s surprisingly strong IPO. They also cover a surprisingly soft inflation print, new Bitcoin treasury players raising eyebrows, a potential regulatory shift at the SEC, and the return of Meta’s stablecoin ambitions. From index fund legitimacy to political stablecoin fights, this episode is packed with signals that crypto may be entering a new phase of mainstream integration.

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