CoinDesk Podcast Network

CoinDesk Podcast Network

By CoinDesk.com

The top stories and best shows in the blockchain world, delivered daily from the team at CoinDesk.

Episodes

BREAKDOWN: Does a Law From the Civil War Make Stablecoins Illegal?

A reading from a financial history expert.This episode is sponsored by Nexo.io and Bitstamp.On this week’s Long Reads Sunday, NLW reads “How the Civil War Shapes the Future of Stablecoins” by Franklin Noll, and discusses the recent debates around stablecoins and CBDCs.-Nexo.io lets you borrow against your crypto at 6.9% APR, earn up to 12% on your idle assets, and exchange instantly between 100+ market pairs with the tap of a button. Get started at nexo.io.-Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.-Image credit: lawcain/iStock/Getty Images Plus
20/06/2112m 50s

BREAKDOWN: What Are the Prospects for a Bitcoin Standard in Africa?

Plus more bitcoin institutional news and a FUD recap on this edition of the "Weekly Recap."This episode is sponsored by Nexo.io and Bitstamp.This week on "The Breakdown’s Weekly Recap" NLW covers:More institutional bitcoin news, including a new Morgan Stanley fund from NYDIG and FS Investments and a Goldman Sachs trading partnership with Galaxy Digital A resurgence of “crypto is for criminals” FUD plus new China miner shutdowns in Sichuan The latest debates around El Salvador’s bitcoin law Rumblings of bitcoin in Nigeria, CFA countries and Ethiopia-Nexo.io lets you borrow against your crypto at 6.9% APR, earn up to 12% on your idle assets, and exchange instantly between 100+ market pairs with the tap of a button. Get started at nexo.io.-Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.-Image credit: tallchris/iStock/Getty Images Plus
19/06/2113m 26s

BREAKDOWN: The Shorter Cycle Theory With Larry Cermak

"It's either shorter-term bear markets, or it's just going to zero. And I really don't believe it's going to go to zero."This episode is sponsored by Nexo.io and Bitstamp.The idea of a multiyear supercycle is fading as shorter cycles take their place. In this episode, NLW and guest Larry Cermak, director of research at The Block, discuss the transformation of the supercycle timeline as the crypto space evolves. The discussion includes:An analysis of the macro-narrative and the current “wait-and-see” modeShorter cycles taking hold as the crypto space maturesThe larger institutional narrative promised a bevy of substantial allocators to contribute to the market. That narrative, however, has weakened over time as the promise falls short. Add on the uncertainty from China’s partial ban on mining and Tesla’s environmental concerns, and the narrative continues to lose momentum. What narrative will take over next? When will this “wait-and-see” mode end?Historically, crypto was perceived to fall into semi-stable cycles. For a couple of years, prices would rise, and for the next two or three years after, prices crash. However, with longer-term investors and a broader focus on usability over speculation, is there now a foundation for a more stable market with shorter cycles? -Nexo.io lets you borrow against your crypto at 6.9% APR, earn up to 12% on your idle assets, and exchange instantly between 100+ market pairs with the tap of a button. Get started at nexo.io.-Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.-Image credit: metamorworks/iStock/Getty Images Plus
18/06/2135m 11s

BREAKDOWN: From a $1T Asset to a $100T Network – Everything We Learned About the Bitcoin Mining Council From Michael Saylor's Twitter Spaces

With more than 7,000 listeners, Michael Saylor and many North American miners added color to the initiative. This episode is sponsored by Nexo.io and Bitstamp.On today’s episode of “The Breakdown,” NLW first follows up on yesterday’s episode about the FOMC meeting and a potential future shift in Fed policy. As many expected, the Fed kept its short-term policy the same, but revised forward its estimates for when it will begin rate hikes to 2023. The main discussion focuses on the latest from the Bitcoin Mining Council. Yesterday, MicroStrategy CEO Michael Saylor hosted a 90-minute discussion via Twitter spaces that featured many pointed questions. NLW argues that what’s clear from the session is Saylor is focused on scaling bitcoin from a $1 trillion asset to a $100 trillion network and fighting anything that stands in the way. -Nexo.io lets you borrow against your crypto at 6.9% APR, earn up to 12% on your idle assets, and exchange instantly between 100+ market pairs with the tap of a button. Get started at nexo.io.-Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.-Image credit: CoinDesk TV
17/06/2117m 11s

BREAKDOWN: Will the Fed Shift Policy Due to Increasing Inflation?

More sense of the changes coming ahead of today’s FOMC briefing. This episode is sponsored by Nexo.io and Bitstamp.On today’s episode, NLW looks at the Federal Open Markets Committee briefing coming up this afternoon and discusses what it might signal in terms of future monetary policy. The discussion includes:How the Great Financial Crisis inspired “the largest monetary policy experiment in history”2013’s “Taper Tantrum” The return to GFC era policies during COVID-19The insurgency of meme traders Why inflation is a self-fulfilling prophecy -Nexo.io lets you borrow against your crypto at 6.9% APR, earn up to 12% on your idle assets, and exchange instantly between 100+ market pairs with the tap of a button. Get started at nexo.io.-Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.-Image credit: Drew Angerer/Getty Images News
16/06/2114m 47s

BREAKDOWN: Will a US Digital Dollar Protect Privacy?

A digital dollar hearing today in Congress could provide insight into the future of USD.This episode is sponsored by Nexo.io and Bitstamp.The question of digital currencies is a question of power. On today’s episode, NLW explores that power in multiple dimensions: between states, between states and companies and within states with regard to their citizens.NLW looks at recent regulatory announcements, including:The SEC leaving crypto off its regulatory priorities list A House hearing on the digital dollar-Nexo.io lets you borrow against your crypto at 6.9% APR, earn up to 12% on your idle assets, and exchange instantly between 100+ market pairs with the tap of a button. Get started at nexo.io.-Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.-Image credit: sakhorn38/iStock/Getty Images Plus
15/06/2118m 27s

BREAKDOWN: 'Bat-S**t Crazy’ Paul Tudor Jones on the Fed, Inflation and Why He Recommends 5% in Bitcoin

The originator of the “Great Monetary Inflation” thesis that helped jumpstart this bull run weighs in on bitcoin and macro.This episode is sponsored by Nexo.io and Bitstamp.Just when it seemed like the “Economic Empowerment” narrative coming out of El Salvador was poised to overtake the inflation/digital gold narrative, one of that viewpoint’s strongest advocates was back on CNBC today. Hedge fund legend Paul Tudor Jones discussed why he doesn’t think inflation is transitory, why he recommends 5% in bitcoin and why the outcomes in the market will be based largely on what the Fed does next. Also on this episode:Elon Musk says Tesla will accept BTC as payment again once renewable mining hits 50%Michael Saylor and MicroStrategy sell $500 million in bonds to buy more BTCMore shockwaves from El Salvador’s landmark bitcoin law -Nexo.io lets you borrow against your crypto at 6.9% APR, earn up to 12% on your idle assets, and exchange instantly between 100+ market pairs with the tap of a button. Get started at nexo.io.-Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.-Image credit: Kevin Mazur/Getty Images Entertainment
14/06/2112m 8s

BREAKDOWN: Is Bitcoin a Trojan Horse for Freedom?

A reading of Alex Gladstein’s recent essay.This episode is sponsored by Nexo.io.This week’s “Long Reads Sunday” presents a reading of Human Rights Foundation CSO Alex Gladstein’s piece “Bitcoin Is a Trojan Horse for Freedom.”  NLW contextualizes the piece with this week’s landmark legislation out of El Salvador and the concerns some international observers have about that country’s president. -Nexo.io lets you borrow against your crypto at 6.9% APR, earn up to 12% on your idle assets, and exchange instantly between 100+ market pairs with the tap of a button. Get started at nexo.io.-Image credit: TwilightEye/iStock/Getty Images Plus
13/06/2116m 56s

BREAKDOWN: Bitcoin Is Economic Empowerment

Driven by El Salvador, a new narrative for global bitcoin adoption is emerging.This episode is sponsored by Nexo.io.On this edition of “The Breakdown’s Weekly Recap,” NLW looks at:Why the El Salvador news didn’t (immediately) impact bitcoin’s priceHow narratives set the tone for new entrants to the bitcoin marketHow the digital gold/inflation narrative relates to the economic empowerment narrativeThe bitcoin game theory for small nations to invest in bitcoin How this could impact ESG critiques -Nexo.io lets you borrow against your crypto at 6.9% APR, earn up to 12% on your idle assets, and exchange instantly between 100+ market pairs with the tap of a button. Get started at nexo.io.-Image credit: bakgwei1/Flickr, modified by CoinDesk
12/06/2117m 15s

BREAKDOWN: An Interview With Bitcoin Beach, the Community That Inspired El Salvador to Adopt the Bitcoin Standard

Featuring Bitcoin Beach’s Mike Peterson. This episode is sponsored by Nexo.io.On today’s episode, NLW is joined by Mike Peterson, director of Bitcoin Beach. Bitcoin Beach is a community project in El Salvador that has spent the last two years helping individuals and companies integrate bitcoin into their daily lives and long-term habits. President Nayib Bukele cited Bitcoin Beach in inspiring El Salvador’s bitcoin legal tender law. In this interview, NLW and Mike discuss:How he came to reside in El SalvadorHow the bitcoin community project startedWhat drove community adoption at the beginningHow remittances and COVID-19 solidified the value of BTC to the community How bitcoin has changed how people think about investing How international bitcoiners such as Miles Suter and Jack Mallers got to know the project Where the project stands today (complete with 22 different community initiatives) How bitcoiners can get involvedFind our guest online:Twitter: @BitcoinbeachWeb: www.bitcoinbeach.com-Nexo.io lets you borrow against your crypto at 6.9% APR, earn up to 12% on your idle assets, and exchange instantly between 100+ market pairs with the tap of a button. Get started at nexo.io.-Image credit: Mike Peterson/Bitcoin Beach
11/06/2143m 58s

BREAKDOWN: The Empire Strikes Back – Inflation Hits 5% While Elizabeth Warren Goes After Bitcoin

China shuts down mining and starts censoring crypto exchange terms while U.S. senators and CFTC commissioners attack crypto.This episode is sponsored by Nexo.io.In a week so filled with the optimism coming out of El Salvador, of course there had to be another side of the story. On today’s episode, NLW looks at three examples of the existing power structure fighting back against the rise of crypto:China shutting down mining in two provinces and apparent censorship of exchange-related terms on Baidu and WeiboA CFTC commissioner’s extremely negative comments on decentralized finance Sen. Elizabeth Warren’s full-throated assault on bitcoin from yesterday’s Senate Banking Committee hearingIs bitcoin devolving to just another partisan issue? -Nexo.io lets you borrow against your crypto at 6.9% APR, earn up to 12% on your idle assets, and exchange instantly between 100+ market pairs with the tap of a button. Get started at nexo.io.-Image credit: Tom Williams-Pool/Getty Images/Getty Images News
10/06/2113m 41s

BREAKDOWN: El Salvador Officially Made Bitcoin Legal Tender as President Bukele Casually Chatted on Twitter Spaces

Recapping a historic evening. This episode is sponsored by Nexo.io.Last night, El Salvador voted to pass the bill making Bitcoin legal tender. As representatives debated the bill, the President of El Salvador Nayib Bukele and his brother and campaign manager Karim Bukele surprise-joined a Twitter Space hosted by Nic Carter, where the president would spend about an hour answering questions. In today’s episode, NLW breaks down:The substance of the bill Specific elements of the plan from the Spaces chat - including Volcano mining and the Bitcoin cost of foreign residency The historical significance of the moment for Bitcoin, media, El Salvador and more -Nexo.io lets you borrow against your crypto at 6.9% APR, earn up to 12% on your idle assets, and exchange instantly between 100+ market pairs with the tap of a button. Get started at nexo.io.-Image credit: Twitter Spaces Screenshot
09/06/2119m 2s

BREAKDOWN: Biden’s Top Antitrust Adviser Is a Bitcoin Millionaire

Why being anti-Big Tech monopoly and pro-bitcoin are clearly compatible ideologies. This episode is sponsored by Nexo.io.On today’s episode, NLW looks at a grab bag of recent news:El Salvador’s bitcoin announcement makes waves as politicians from six more Central and South American countries change their profiles to laser eyesDonald Trump resurfaces to rip bitcoin again No, the FBI didn’t break bitcoin Why Tim Wu’s bitcoin holdings are intellectually consistent with his antitrust stance -Nexo.io lets you borrow against your crypto at 6.9% APR, earn up to 12% on your idle assets, and exchange instantly between 100+ market pairs with the tap of a button. Get started at nexo.io.-Image credit: Drew Angerer/Getty Images News
08/06/2111m 41s

BREAKDOWN: El Salvador Poised to Become the First Bitcoin Country: Just How Big a Deal Is This?

A discussion of the implication of El Salvador’s announcement for Salvadorans, bitcoin and the world at large. This episode is sponsored by Nexo.io.On Saturday, the Bitcoin 2021 organizers teased that one of the biggest announcements in bitcoin’s history was coming.That announcement ended up being from El Salvador President Nayib Bukele, who shared that he was advancing a bill to make bitcoin legal tender in the country. Since then there has been a huge amount of debate and discussion about the implications and the significance of the move. In this episode, NLW breaks down the story from multiple angles.-Nexo.io lets you borrow against your crypto at 6.9% APR, earn up to 12% on your idle assets, and exchange instantly between 100+ market pairs with the tap of a button. Get started at nexo.io.-Image credit: Camilo Freedman/Bloomberg/Getty Images
07/06/2125m 25s

BREAKDOWN: What a New Era of Big Government Could Mean for Bitcoin

Does the Biden budget signal a new era of deeper government involvement in American’s lives? This episode is sponsored by Nexo.io.A reading of David Z. Morris’ piece for CoinDesk “Has COVID-19 Made Biden’s Big Spending the New Normal?”. -Nexo.io lets you borrow against your crypto at 6.9% APR, earn up to 12% on your idle assets, and exchange instantly between 100+ market pairs with the tap of a button. Get started at nexo.io.-Image credit: cmannphoto/iStock/Getty Images Plus
06/06/2112m 23s

BREAKDOWN: Is the Bitcoin Bull Market Over?

After the third-worst month in bitcoin price history, it’s worth asking.This episode is sponsored by Nexo.io.Today on “The Breakdown’s Weekly Recap” NLW looks at a growing number of predictions of a new “crypto winter” as well as some reviews of how companies and DAOs are preparing for that possibility. He shares poll results from whether Bitcoin Twitter thinks this bull market is over and discusses how the macro landscape may be playing into it. -Nexo.io lets you borrow against your crypto at 6.9% APR, earn up to 12% on your idle assets, and exchange instantly between 100+ market pairs with the tap of a button. Get started at nexo.io.-Image credit: iNueng/iStock/Getty Images Plus
05/06/219m 18s

BREAKDOWN: Who Matters More to Bitcoin – Whales or Plebs?

Who is buying? Who is selling? And who is driving the future of the space? This episode is sponsored by Nexo.io.Today on the Brief:May’s middling jobs reportA ransomware updateSquare building a bitcoin hardware walletOur main discussion looks at the various constituencies within bitcoin and asks who has what type of power to shape the network. Specifically, NLW homes in on recent price action and the divergent actions of large holders and small holders over the month of May.-Nexo.io lets you borrow against your crypto at 6.9% APR, earn up to 12% on your idle assets, and exchange instantly between 100+ market pairs with the tap of a button. Get started at nexo.io.-Image credit: iNueng/iStock/Getty Images Plus
04/06/2114m 25s

BREAKDOWN: Chinese State Media Indicates China Is NOT Banning Crypto Trading

A series of new reports from state-owned media aren’t kind to crypto trading, but they reinforce that it is still allowed.This episode is sponsored by Nexo.io.Today’s episode looks at crypto in geopolitical context, focusing on:A follow-up on the ransomware surge, with experts suggesting that it’s not about crypto payments but about the “ransomware-as-a-service” distribution modelA look at why a Russian opposition leader is moving his supporters to crypto fundraising exclusively A review of a series of reports from Chinese state-owned media that, while trying to convince citizens to stay away, nevertheless reinforce they still have agency to own and trade crypto-Nexo.io lets you borrow against your crypto at 6.9% APR, earn up to 12% on your idle assets, and exchange instantly between 100+ market pairs with the tap of a button. Get started at nexo.io.-Image credit: Igor Kutyaev/iStock/Getty Images Plus
03/06/2110m 28s

BREAKDOWN: Ransomware Is the Next Big Bitcoin FUD

With a rise in ransomware attacks, many are jumping to blame bitcoin and crypto. Are they right?This episode is sponsored by Nexo.io.Today on the Brief:China’s next digital yuan trialMore Bitcoin ETF delaysStandard Chartered to open crypto prime brokerageOur main discussion focuses on the rise of ransomware. NLW examines:The real reasons ransomware is on the rise The factors beyond crypto payments that contribute to ransomware Why some are using ransomware as justification for crypto bansWhy crypto bans would be painfully ineffective at stopping ransomwareWhy the Biden Administration’s response to ransomware should give the crypto industry cause for optimism-Nexo.io lets you borrow against your crypto at 6.9% APR, earn up to 12% on your idle assets, and exchange instantly between 100+ market pairs with the tap of a button. Get started at nexo.io.-Image credit: mikkelwilliam/iStock/Getty Images
02/06/2114m 22s

BREAKDOWN: More Crypto Regulation Is Likely Coming, but Bans Are Not

An exploration of the shifting tones of U.S. regulators around crypto.This episode is sponsored by Nexo.io.Today’s episode includes a quick update on Marathon’s bitcoin mining about-face. Our main discussion focuses on the changing shape of crypto regulatory discussion in the U.S. While more regulation appears to be on the horizon, that regulation likely reduces the chance of more extreme actions.-Nexo.io lets you borrow against your crypto at 6.9% APR, earn up to 12% on your idle assets, and exchange instantly between 100+ market pairs with the tap of a button. Get started at nexo.io.-Image credit: Leonid Sukala/iStock/Getty Images
01/06/2114m 47s

BREAKDOWN: Revisiting Paul Tudor Jones’ ‘Great Monetary Inflation’ Thesis

A replay of NLW’s original episode on the topic from May 2020.This episode is sponsored by Nexo.io.A year ago this month, legendary hedge fund manager Paul Tudor Jones released a paper about the “Great Monetary Inflation.” It set the entire narrative backdrop for the institutional move into bitcoin, and also revealed PTJ as a bitcoiner. This is a replay of NLW’s original episode breaking down why the paper mattered.-Nexo.io lets you borrow against your crypto at 6.9% APR, earn up to 12% on your idle assets, and exchange instantly between 100+ market pairs with the tap of a button. Get started at nexo.io.-Image credit: Michael Nagle/Bloomberg/Getty Images
31/05/2127m 11s

HARD PROBLEMS: Ransomware, Sandboxes and Security

American Hacker Jeffrey "Sneak" Paul joins Bram for a deep-dive into the hard problems behind the growing rash of ransomware attacks, what it means and what we can do about it.This episode is sponsored by Nexo.io and Bitstamp.On this episode we’re digging into, not a new problem, but an old problem that seems to be getting worse as a growing proportion of our lives are spent connected, to each other, to the internet and inadvertently to criminals who use technology to extort money, often in the form of cryptocurrencies. It’s called ransomware, and to help us understand and sort through today’s topic, Hard Problems host and Chia CEO Bram Cohen is joined by special guest Jeffrey Paul, better known as Sneak.On May 7th, an employee of Colonial Pipeline Company found a ransom note on one of their computers. The pipeline provides nearly half of the fuel for the east coast and they were locked out. Days later, they’d admit to paying 4.4 million dollars in bitcoin to the group who did it. It’s the most recent high profile example, but it’s certainly not the only one. Going back through CoinDesk’s archive, I found nearly a hundred articles written over the years. We’ve seen hospital systems and industrial players extorted along with lots of normal people. And those are the ones that we hear about, it’s assumed that many victims of extortion simply pay the ransom and keep it to themselves.This episode was recorded live over the audio only social network known as Clubhouse. If you'd like to join our live audience, our next recording session is Wednesday June 2nd, 2021 at Noon Pacific/3pm Eastern time where we'll be discussing modern music, it's eccentricities and how it's changing as technology plays an ever-larger role with grammy nominated composer and musical pioneer BT. If you're not already on Clubhouse, you can use this link to get around the invitation requirement, set up your account and RSVP for the event.-Nexo.io lets you borrow against your crypto at 6.9% APR, earn up to 12% on your idle assets, and exchange instantly between 100+ market pairs with the tap of a button. Get started at nexo.io.-Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.
30/05/211h 7m

BREAKDOWN: Networks vs. Governments – Could Crypto-Powered Digital Communities Challenge the Power of Cities and States?

A reading of Balaji Srinivasan’s essay “The Network Union.”This episode is sponsored by Nexo.io and Bitstamp.What exists between a Facebook group and a formal organization? Right now, not much. But in the future, Balaji Srinivasan argues, blockchain-powered communities will be able to exert the power to help them develop the polities of the future. On this “Long Reads Sunday,” NLW reads Balaji’s “The Network Union.”-Nexo.io lets you borrow against your crypto at 6.9% APR, earn up to 12% on your idle assets, and exchange instantly between 100+ market pairs with the tap of a button. Get started at nexo.io.-Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.-Image credit: duncan1890/iStock/Getty Images Plus
30/05/2116m 17s

BREAKDOWN: Is the ‘Bitcoin Supercycle’ Theory Dead?

Given the past few weeks’ price actions, has the popular theory been disproven? This episode is sponsored by Nexo.io and Bitstamp.On this edition of “The Breakdown’s Weekly Recap,” NLW looks at what this cycle has taught us in terms of:Who is investing and how it’s influencing marketsHow market structure and narrative interact to shape price actionWhy stablecoins could be a dark horse for reducing the duration of future market downturns -Nexo.io lets you borrow against your crypto at 6.9% APR, earn up to 12% on your idle assets, and exchange instantly between 100+ market pairs with the tap of a button. Get started at nexo.io.-Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.-Image credit: blackdovfx/iStock/Getty Images Plus
29/05/2111m 31s

BREAKDOWN: Cathie Wood on Where Bitcoin Fits in a World With Deflation Rather than Inflation

A discussion with the ARK founder on bitcoin, ESG and, of course, Elon Musk. This episode is sponsored by Nexo.io and Bitstamp.Today’s special edition of “The Breakdown'' is a replay of NLW’s fireside chat with ARK’s Cathie Wood that premiered yesterday as a closing keynote at Consensus 2021. In this conversation, they discuss:How macro going risk-off has impacted bitcoin What was driving Elon’s about-face China and “green” mining Investing in technology innovationWhy ARK is investing in Ethereum What role bitcoin plays in a world characterized by deflation rather than inflation-Nexo.io lets you borrow against your crypto at 6.9% APR, earn up to 12% on your idle assets, and exchange instantly between 100+ market pairs with the tap of a button. Get started at nexo.io.-Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.-Image credit: CoinDesk
28/05/2136m 16s

BREAKDOWN: ‘Crypto Is Here to Stay’ – Activist Investor Carl Icahn Eyes a Crypto Position in the Billions

A look at the macro discussion on inflation and why it’s pushing people like Icahn to crypto.This episode is sponsored by Nexo.io and Bitstamp.Today on the Brief:PayPal to allow crypto withdrawalsRegulatory rumblings from the SEC and FinCENBitcoin moving off exchanges againIn our main discussion, NLW looks at the macro conversation around inflation, including:How concerns around inflation and the Federal Reserve withdrawing support have caused markets to go risk-offWhere bitcoin fits in a risk-on/risk-off contextWhy billionaire Carl Icahn is eyeing a $1B-$1.5B crypto bet-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.-Image credit: Jeremy Bales/Bloomberg/Getty Images
27/05/2115m 12s

BREAKDOWN: What's Really Behind China's Bitcoin Mining Ban?

An update on the Bitcoin Mining Council and the China Mining Ban.This episode is sponsored by Nexo.io and Bitstamp.Today on The Breakdown, NLW covers:More information about the Bitcoin Mining Council, and why its members say they’re strictly focused on energy transparency A new, temporary crypto mining ban in IranThe latest on the China mining ban, including new proposed rules from Inner Mongolia, more on-chain data about miner activity, and a very different interpretation of the CCP’s motivations for the current action -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.-Image credit: Qilai Shen/Bloomberg/Getty Images
26/05/2113m 42s

BREAKDOWN: Bitcoin Mining Council – A "Green" Advance for BTC or a Trojan Horse for Centralization?

The community had extremely mixed reactions to Michael Saylor and Elon Musk’s new initiative. This episode is sponsored by Nexo.io and Bitstamp.Yesterday, Michael Saylor and Elon Musk surprised the Bitcoin community when they announced a new "green" mining initiative that would see many of North America’s leading mining operators come together to develop common energy reporting standards as well as advocate for greener mining worldwide. In this episode, NLW breaks down the community’s response, which ranged from enthusiastic to downright aghast. He discusses why there are such big differences in how people are interpreting the initiative and what their reasons for supporting or questioning it say about Bitcoin as a network.-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.-Image credit: matejmo/iStock/Getty Images Plus, Britta Pedersen-Pool/Getty Images Entertainment and Michael Saylor/Twitter, modified by CoinDesk
25/05/2120m 23s

BREAKDOWN: Hedge Fund Billionaire Ray Dalio Has Officially Bought Bitcoin

A big shift from one of finance’s biggest names, plus a recap on the latest China-Bitcoin intrigue.This episode is sponsored by Nexo.io and Bitstamp.Today’s episode of “The Breakdown” is split into two parts. In part one, NLW recaps the latest out of China, including:Interpretations of Friday’s surprise targeting in a speech by the Vice PremierA weekend market crash, the second of the week Miner selling and the motivations behind itWhat to watch for in the coming days In part two, he puts in context the news that Bridgewater’s Ray Dalio owns bitcoin, looking at the larger institutional pattern that has driven the bitcoin bull and Dalio’s specific concerns about currency devaluation. -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.-Image credit: Takaaki Iwabu/Bloomberg/Getty Images
24/05/2116m 0s

BREAKDOWN: The Unexplored Risks of a US Digital Dollar

A reading of two recent essays on central bank digital currencies.This episode is sponsored by Nexo.io.For this week’s “Long Reads Sunday,” NLW reads:“What If Somebody Hacks the Money Pipeline Next?” By David Z. Morris“A Central Bank Digital Currency Would Be Bad for the US” by Dante Disparte-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: zbruch/iStock/Getty Images Plus
23/05/2116m 6s

BREAKDOWN: Why the Carlyle Group’s David Rubenstein Says Governments Can't Stop Crypto

One of Capitol Hill’s most connected insiders says crypto is here to stay.This episode is sponsored by Nexo.io.On this week’s “Breakdown Weekly Recap,” NLW explores U.S. regulatory FUD. He specifically looks at recent statements from the SEC’s Gary Gensler, as well as new Treasury Dept. policy that wants businesses to report crypto transactions of over $10,000 to the Internal Revenue Service. He argues that this is a “bureaucrat's bull market” that will be focused on compliance, not banning.-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: Jacob Kepler/Bloomberg/Getty Images
22/05/2111m 40s

BREAKDOWN: Why Bitcoiners Are Rooting for This Latest China Mining Ban to Finally, Actually Be Real

Could new pressure from the CCP remove coal-powered hash power from the bitcoin mix? This episode is sponsored by Nexo.io.This week has been China story after China story in the world of crypto. Increasingly, NLW argues, bitcoiners are getting sick of the baggage that Chinese mining and Chinese state involvement place on bitcoin and crypto as a whole. In this episode, he looks at the latest news from China and points to interpretations from a number of voices that show why what appears to be FUD could actually be a welcomed development.-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: BeeBright/iStock/Getty Images Plus
21/05/2110m 47s

BREAKDOWN: The Real Story of the Crypto Crash Has Very Little to Do With Elon or China

It wasn’t narrative but market structure that drove yesterday’s big move down. This episode is sponsored by Nexo.io.In this episode of “The Breakdown,” NLW looks at the market structure dimension of the crypto crash, leveraging insights from Alameda Research, Willy Woo and many more. He explores: Why the recent bull run was driven by derivatives more than by spot tradingHow crypto moving onto exchanges signaled the big move downHow cascading liquidations made the down moves even more extreme What the industry thinks about 100x leverageInsider reports on how institutional investors responded -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: Andrey Suslov/iStock/Getty Images Plus
20/05/2114m 21s

BREAKDOWN: The Bloodbath-ening – Is This the End of the Crypto Bull Market?

In a sea of red, investors ask whether this is just a bull market pullback or represents a more fundamental bearish turn.This episode is sponsored by Nexo.io.In one of the bloodiest days in recent crypto history, NLW looks at the reasons behind the wild market crash and explores whether it means an end to the bull market. As part of this, he explores five different categories of fear, uncertainty and doubt (FUD):Elon energy FUDResurgent tether FUDChina ban FUDUsed for crime FUDRegulatory FUD -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: RedChivo/iStock/Getty Images Plus
19/05/2115m 5s

OPINIONATED: QuadrigaCX – An Exit Scam or Just a Crypto Tragedy

This week, “Opinionated” co-hosts Ben Schiller, Anna Baydakova and Danny Nelson are talking to Aaron Lammer, author of a podcast series about the now-defunct Canadian crypto exchange QuadrigaCX.This episode is sponsored by Nexo.io.The QuadrigaCX saga, first broken by our colleague Nik De and still not finished, could be a dark detective novel: Gerald Cotten, a CEO of a cryptocurrency exchange QuadrigaCX, reportedly dies in India, the crypto wallets are empty and his widow inherits a mind-blowing fortune, while users are trying to get their money back in court for years (the case is still ongoing). Aaron Lammer, an experienced crypto podcaster, took on a tricky task to tell the QuadrigaCX story to people who might not know about crypto but definitely can learn a thing or two from this thriller story. Aaron told us how he was investigating the QuadrigaCX story and trying to explain the basics of crypto to a non-crypto audience. The first episodes of his show, “Exit Scam,” are now available for listening.Aaron interviews a very diverse group of people who have insight into what could have happened at QuadrigaCX, from a private detective specializing in fake deaths to Michael Perklin, chief information security officer at ShapeShift, who knew Gerald Cotten personally. He walks us through what we know and don’t know about QuadrigaCX and its founders, and how the centuries-old history of scams and financial fraud got a new life in crypto. Enjoy the conversation, as we did, and definitely check out the podcast, an arresting detective story with elements of Crypto 101 course for everyone. Aaron’s Twitter handle is: @aaronlammer. -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: Ismagilov/iStock/Getty Images Plus
19/05/2138m 17s

BREAKDOWN: No, China Didn’t Just Ban Crypto

Despite inflammatory headlines, today’s note from the People’s Bank of China was a reaffirmation of central bank policy from 2017.This episode is sponsored by Nexo.io.On today’s episode, NLW provides an extended brief style episode, covering:Crypto’s allies on Capitol HillIs “long bitcoin” the most crowded trade in the world?How much of the dip was just Tax Day?No, China didn’t just ban crypto Pomp launches Bitcoin Pizza -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: btgbtg/iStock/Getty Images Plus
18/05/2110m 27s

BREAKDOWN: Bitcoin Is the ‘No Heroes’ Asset

Bitcoin Twitter’s latest skirmish with Elon Musk has as much to say about the nature of power in a social media landscape as it does about bitcoin.This episode is sponsored by Nexo.io.If you thought last week’s Elon intrigue was over, think again. This weekend saw an absolute showdown at the bitcoin corral, with Musk seriously losing his cool. In this episode, NLW explores the tussle from a number of dimensions:What it says about the efficacy of Bitcoin Maximalism What is says about Elon Musk specificallyWhat it says about power in a social media-powered world-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: hocus-focus/iStock/Getty Images Plus modified by CoinDesk
17/05/2118m 14s

HARD PROBLEMS: Inside Bram Cohen's Proof-of-Work Reinvention

Bitcoin's 'Nakamoto Consensus' changed the world. For the first time ever, strangers on the internet were empowered by a system that allowed them to individually and jointly track who owned which internet-native items... First money, then early stage (and often illegal) investments, followed by digital cats, multi-million dollar art, viral memes and soon enough, well, everything.This episode is sponsored by Nexo.io and Bitstamp.If there's one complaint (whether right or wrong) about Satoshi's breakthrough, it's the energy cost it comes at.Whether you're talking about Bitcoin or the myriad other proof of work systems, 'Nakamoto Consensus' is a "competitive money burning process." Each time transactions are added to the permanent history it's a race to see who can prove their commitment to the network by finding the winning raffle ticket the fastest. Everyone races but only one wins and when each block is found, the process starts over. It's not a perfect system, but it works and it's the best one we've found... So far.In this premiere episode of "Hard Problems", join BitTorrent inventor and Chia CEO Bram Cohen, CoinDesk's Adam B. Levine, community members JMHands and Michel Erb for a lively discussion of Bram's newly launched reinvention of distributed, proof of work consensus known as Proofs of Space and Time.In it, we discussThe challenges Bram believes his new system resolvesHow 'Proofs of Space and Time' works compared to traditional 'Nakamoto Consensus'The differences between Bitcoin mining and Chia farmingWhy improving proof-of-work is the better choice than proof-of-stake or other consensus systemsPlus many questions from the live Clubhouse audience, with a special line of questioning from Tuur DemeesterIf you'd like to join the live audience for our next Clubhouse recording where Jeffrey "Sneak" Paul joins Bram to dig into the hard and growing problems behind Ransomware, follow 'bramcohen' and 'adamblevine' on Clubhouse.-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.
16/05/2155m 2s

BREAKDOWN: Bitcoin Is Much More Than a Speculative Asset

Stories from Nigeria, Sudan and Ethiopia show how bitcoin is being used in the real world.This episode is sponsored by Nexo.io and Bitstamp.This week’s “Long Reads Sunday” is a reading of Alex Gladstein’s latest piece, “Check Your Financial Privilege.” It follows the stories of people in three African nations who paint a very different picture from the rampant speculation you hear about in the news. -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: kertlis/iStock/Getty Images Plus
16/05/2131m 15s

BREAKDOWN: Vitalik vs. Dog Money – Recapping a Crazy Week in Crypto History

From Elon’s shenanigans to Vitalik’s SHIB rug pull, this was one for the history books.This episode is sponsored by Nexo.io and Bitstamp.On this edition of “The Breakdown’s Weekly Recap,” NLW discusses:Why the Elon Musk issue is really one of power and audienceWhat the Colonial Pipeline attack reveals about our critical infrastructure The debate around Vitalik Buterin and the Shiba coins-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: John Phillips/Getty Images for TechCrunch and cgdeaw/iStock/Getty Images Plus
15/05/2112m 35s

BREAKDOWN: Why the DOJ, IRS Investigation Into Binance Could Be Good for Bitcoin

In almost any scenario, the industry faces one less category of FUD on the other side of the investigations.This episode is sponsored by Nexo.io and Bitstamp.Today on the Brief:More chaos from Elon MuskHedge funds moving into DeFi?Tether reserve attestationsOur main discussion looks at recent revelations of investigations by the Department of Justice and the Internal Revenue Service around Binance. NLW breaks down:What we know about who is involvedWhy the sound bite seems worse than the real storyWhy each possible outcome leads the Bitcoin industry to a better place -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: Akio Kon/Bloomberg/Getty Images
14/05/2114m 31s

BREAKDOWN: Et tu, Elon? What’s Really Behind Tesla’s Bitcoin Betrayal

Tesla has stopped accepting bitcoin due to environmental concerns – or so it says.This episode is sponsored by Nexo.io and Bitstamp.Crypto Twitter exploded last night when Elon Musk announced Tesla was backtracking and would no longer be accepting bitcoin as payment for cars. The debate came fast and furious about whether this was genuine environmental concern and, if so, how Elon was just discovering it now. On this episode, NLW looks at other interpretations, including:Elon playing 4D chess with the priceThe simple vagaries of an eccentric billionaire Pressure to remain in ESG portfolios Shifting government narratives  -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: rudall30/iStock/Getty Images Plus, modified by CoinDesk
13/05/2114m 34s

BREAKDOWN: 46M Americans Now Own Bitcoin as Inflation Rises to Highest Level in 13 Years

Do rising inflation and rising levels of bitcoin ownership have anything to do with one another?This episode is sponsored by Nexo.ioand Bitstamp.Today on the Brief:SEC throws cold water on bitcoin ETF dreamsMoneyGram brings bitcoin for cash to 12,000 locations (for a hefty fee)Palantir considering adding bitcoin to balance sheetOur main discussion:Inflation has seen its biggest growth month in a very long time. Is it just transitory or reducible to base effects or is something more going on? Meanwhile, a new survey suggests 46 million Americans now own bitcoin. Related? -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: TARIK KIZILKAYA/iStock/Getty Images Plus
12/05/2111m 50s

BREAKDOWN: Crypto to Replace Dollar as World’s Reserve Currency? Investing Legend Stanley Druckenmiller Thinks So

The argument that the dollar is losing prestige worldwide got a major boost from a legendary investor. This episode is sponsored by Nexo.io and Bitstamp.Last year, hedge fund gurus like Paul Tudor Jones set off the wave of institutional bitcoin buying by cementing the narrative of bitcoin as an inflation hedge. Today, one of those investors - Stanley Druckenmiller - is back with even more dire pronouncements about the likely implication of Federal Reserve policies. The dollar, he says, will lose reserve currency status in the next 15 years. The most likely candidate to replace it? Crypto. -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: Scott Eells/Bloomberg/Getty Images
11/05/2112m 49s

BREAKDOWN: If Prices Keep Going Up, We Might Have to Start Calling It Inflation

Every day sees new reports of prices going up – from commodities to plastic to fruit. Are we ready to use the “I” word? This episode is sponsored by Nexo.io and Bitstamp.Today on the Brief:Elon Musk saves an SNL flop with a dogecoin satellite Growing interest in Ethereum UBS explores offering crypto to wealthy clientsOur main discussion:The Wall Street Journal and Bloomberg are both running headlines about increasing consumer prices. For now, most pieces like these remain a healthy combination of spot data (in other words specific companies raising prices) and anecdotes versus aggregate data. That isn’t stopping a new inflation narrative from forming, however. Listen to find out what it means. -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: Galina Sandalova/iStock/Getty Images Plus
10/05/2114m 9s

BREAKDOWN: CBDCs Aren't About Money, They're About Power

A China-focused discussion on this week’s “Long Reads Sunday.”This episode is sponsored by Nexo.io, NEAR.org and Genesis Trading.On this week’s “Long Reads Sunday,” NLW reads Sune Sorenson’s “China Is Opting Out of US-Run Financial System.” He also discusses recent pieces by Niall Ferguson and The Economist that point to a growing conversation about CBDCs that is fundamentally about power and the global system.-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-NEAR.org - Infrastructure for innovation. NEAR is an open-source platform that accelerates the development of decentralized applications overcoming high fees and slow speeds with its fast, scalable, low-cost, and climate-neutral blockchain protocol. One transaction on NEAR consumes about 1300x less carbon than a similar transaction on other chains.-Click here to read the Genesis Q1 2021 Digital Asset Market report. To learn more about Genesis, click here. To learn more about Genesis Prime, their prime brokerage offering, click here. The information provided in this communication does not constitute investment advice. Please see this link for important disclosures.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: Anson_iStock/iStock/Getty Images Plus
09/05/2113m 35s

BREAKDOWN: 'My 401(k) is now my 401(k9)' – What Happens to Doge After Elon Hosts ‘SNL’?

While everyone was paying attention to Dog Money, bitcoin was quietly accumulating institutional news.This episode is sponsored by Nexo.io, NEAR.org and Genesis Trading.On this edition of “The Breakdown’s Weekly Recap,” NLW looks at:Why ETH should have had most of the attentionThe camps forming around dogecoin and why it’s likely to dump after “Saturday Night Live”A slew of massive institutional bitcoin news that flew under the radar"Remy: Dogecoin Rap" (Dog Money), ReasonTVhttps://www.youtube.com/watch?v=cbI31x3FpS0-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-NEAR.org - Infrastructure for innovation. NEAR is an open-source platform that accelerates the development of decentralized applications overcoming high fees and slow speeds with its fast, scalable, low-cost, and climate-neutral blockchain protocol. One transaction on NEAR consumes about 1300x less carbon than a similar transaction on other chains.-Click here to read the Genesis Q1 2021 Digital Asset Market report. To learn more about Genesis, click here. To learn more about Genesis Prime, their prime brokerage offering, click here. The information provided in this communication does not constitute investment advice. Please see this link for important disclosures.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: Popular meme based on Doge meme, Elon Musk and The Lion King
08/05/2113m 29s

BREAKDOWN: The Balkanization of Bitcoin – The Next Attack on BTC Is About Mining Provenance

From Iran miner control to “OFAC compliant blocks,” a new attack vector has emerged.This episode is sponsored by Nexo.io, NEAR.org and Genesis Trading.Today on the Brief:Square puts up monster Q1 bitcoin numbersFirst crypto comments from new SEC Chair Gary Gensler3 new institutional bitcoin developments Our main discussion: As bitcoin becomes more mainstream, the attempts from the powers that be to control it will become more subtle. This week, NLW argues we got a preview of a new approach to trying to exert that control. He argues there is a new attempt to Balkanize Bitcoin and looks at:Iran banning crypto that wasn’t mined in the countryMarathon mining an “OFAC-compliant” blockKevin O’Leary insisting on only owning bitcoin not mined in China -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-NEAR.org - Infrastructure for innovation. NEAR is an open-source platform that accelerates the development of decentralized applications overcoming high fees and slow speeds with its fast, scalable, low-cost, and climate-neutral blockchain protocol. One transaction on NEAR consumes about 1300x less carbon than a similar transaction on other chains.-Click here to read the Genesis Q1 2021 Digital Asset Market report. To learn more about Genesis, click here. To learn more about Genesis Prime, their prime brokerage offering, click here. The information provided in this communication does not constitute investment advice. Please see this link for important disclosures.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: Allexxandar/iStock/Getty Images Plus
07/05/2118m 30s

BREAKDOWN: Are Banks Getting Nervous About Competition From DeFi?

A new research paper from ING suggests that, at the very least, they’re paying more attention.This episode is sponsored by Nexo.io, NEAR.org and Genesis Trading.Today on the Brief:MercadoLibre has added bitcoin to its balance sheetGalaxy Digital buys BitGo Debates around the new, improved, real economy Our main discussion:While the last year has seen a massive amount of growth in decentralized finance, it has been mostly driven by enfranchised insiders and builders. In this bull market, that is starting to change. In today’s episode, NLW looks at a recent paper by the $1.1 trillion bank ING around where DeFi fits in the context of traditional finance.-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-NEAR.org - Infrastructure for innovation. NEAR is an open-source platform that accelerates the development of decentralized applications overcoming high fees and slow speeds with its fast, scalable, low-cost, and climate-neutral blockchain protocol. One transaction on NEAR consumes about 1300x less carbon than a similar transaction on other chains.-Click here to read the Genesis Q1 2021 Digital Asset Market report. To learn more about Genesis, click here. To learn more about Genesis Prime, their prime brokerage offering, click here. The information provided in this communication does not constitute investment advice. Please see this link for important disclosures.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: SchulteProductions/iStock/Getty Images Plus, modified by CoinDesk
06/05/2117m 3s

BREAKDOWN: NYDIG CEO Explains How Latest Partnership Could Bring Bitcoin to 300M US Bank Accounts

The latest in NYDIG’s year of institutional partnerships has perhaps the broadest potential for financial inclusion in Bitcoin yet.This episode is sponsored by Nexo.io, NEAR.org and Genesis Trading.NLW is joined today by Robby Gutmann, CEO of NYDIG. NYDIG is quickly emerging as one of the leading companies helping onboard institutions to bitcoin. This year, it received investment from and announced partners with companies like MassMutual, New York Life, Liberty Mutual, Morgan Stanley and more. In this episode, Gutmann discusses why the firm’s latest partnership with bank software provider FIS could represent their biggest opportunity for bringing bitcoin to the masses yet. -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-NEAR.org - Infrastructure for innovation. NEAR is an open-source platform that accelerates the development of decentralized applications overcoming high fees and slow speeds with its fast, scalable, low-cost, and climate-neutral blockchain protocol. One transaction on NEAR consumes about 1300x less carbon than a similar transaction on other chains.-Click here to read the Genesis Q1 2021 Digital Asset Market report. To learn more about Genesis, click here. To learn more about Genesis Prime, their prime brokerage offering, click here. The information provided in this communication does not constitute investment advice. Please see this link for important disclosures.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: Nuthawut Somsuk/iStock/Getty Images Plus
05/05/2129m 25s

BREAKDOWN: Is Dogecoin at $0.58 a Triumph or an FU to the Crypto Industry?

As doge soars 45% in a day, the question of how to interpret its success is more pertinent than ever.This episode is sponsored by Nexo.io, NEAR.org and Genesis Trading.NLW asked his Twitter followers about what the success of dogecoin meant to the crypto industry. He got an extremely diverse set of takes. Some see it as a triumph of crypto’s uncontrollability. Some see it as a triumph of the underlying bitcoin tech working on a forked chain that hasn’t had much maintenance in years. Others see it as a damning indictment of the market as a whole; something that shows what a joke the whole industry is. Which is it? Can it be both?-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-NEAR.org - Infrastructure for innovation. NEAR is an open-source platform that accelerates the development of decentralized applications overcoming high fees and slow speeds with its fast, scalable, low-cost, and climate-neutral blockchain protocol. One transaction on NEAR consumes about 1300x less carbon than a similar transaction on other chains.-Click here to read the Genesis Q1 2021 Digital Asset Market report. To learn more about Genesis, click here. To learn more about Genesis Prime, their prime brokerage offering, click here. The information provided in this communication does not constitute investment advice. Please see this link for important disclosures.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: popular crypto meme, modified by CoinDesk
04/05/2114m 22s

BREAKDOWN: Why Bitcoin Is Making Some Legendary Investors Emotional

From Charlie Munger’s “civilization” comments to the Taproot activation, everything you need to know to start your week.This episode is sponsored by Nexo.io, NEAR.org and Genesis Trading.Today on The Breakdown, NLW looks at:Charlie Munger’s and Bill Maher’s weekend comments about bitcoin and why we’re likely to see a lot more of this type of critique the more the bull market heats upThe beginning of Taproot’s ‘Speedy Trial’ The Digital Dollar Foundation beginning private U.S. CBDC testsSource reporting PayPal is exploring launching a stablecoin-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-NEAR.org - Infrastructure for innovation. NEAR is an open-source platform that accelerates the development of decentralized applications overcoming high fees and slow speeds with its fast, scalable, low-cost, and climate-neutral blockchain protocol. One transaction on NEAR consumes about 1300x less carbon than a similar transaction on other chains.-Click here to read the Genesis Q1 2021 Digital Asset Market report. To learn more about Genesis, click here. To learn more about Genesis Prime, their prime brokerage offering, click here. The information provided in this communication does not constitute investment advice. Please see this link for important disclosures.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: Daniel Acker/Bloomberg/Getty Images
03/05/2114m 7s

BREAKDOWN: Wall Street’s Bitcoin Isn’t Your Bitcoin

A reading of Ben Hunt’s latest essay “In Praise of Bitcoin.”This episode is sponsored by Nexo.io and NEAR.org.Ben Hunt is the author of the wildly popular and always provocative “Epsilon Theory.” In his recent essay “In Praise of Bitcoin,” he calls on bitcoiners to rise up and recognize that the “bitcoin” being adopted by Wall Street is an abstraction that comes with unacceptable compromises. -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-NEAR.org - Infrastructure for innovation. NEAR is an open-source platform that accelerates the development of decentralized applications overcoming high fees and slow speeds with its fast, scalable, low-cost, and climate-neutral blockchain protocol. One transaction on NEAR consumes about 1300x less carbon than a similar transaction on other chains.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: rudall30/iStock/Getty Images Plus
02/05/2124m 10s

BREAKDOWN: Welcome Back, Flippening Narrative

After a good performance from ETH this week, partisans are calling for a flippening yet again.This episode is sponsored by Nexo.io and NEAR.org.On this edition of “The Breakdown’s Weekly Recap,” NLW explores:Why JPM and Tesla drove the bitcoin storyWhy Ethereans are hot on the call for a “flippening” againWhy CBDCs are low key one of the most important stories of 2021 -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-NEAR.org - Infrastructure for innovation. NEAR is an open-source platform that accelerates the development of decentralized applications overcoming high fees and slow speeds with its fast, scalable, low-cost, and climate-neutral blockchain protocol. One transaction on NEAR consumes about 1300x less carbon than a similar transaction on other chains.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: Chayapoll Tummakorn/iStock/Getty Images Plus
01/05/2110m 29s

BREAKDOWN: Crypto's War of the Roses – The 7 Factions of the 2021 Bull Market

From BTC to ETH to NFTs to DOGE, it’s a battle for attention out there.This episode is sponsored by Nexo.io and NEAR.org.On today’s episode, NLW gives a comprehensive view of the battleground for attention and resources that makes up this 2021 bull market, including:BitcoinEthereum and DeFiEthereum alternatives Ponzi coinsStablecoins and CBDCsNFTsDogeWhere do the next fights and fault lines lay? Listen and find out.-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-NEAR.org - Infrastructure for innovation. NEAR is an open-source platform that accelerates the development of decentralized applications overcoming high fees and slow speeds with its fast, scalable, low-cost, and climate-neutral blockchain protocol. One transaction on NEAR consumes about 1300x less carbon than a similar transaction on other chains.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: SerhiiBobyk/iStock/Getty Images Plus
30/04/2123m 51s

BREAKDOWN: What an Increasingly Booming Economy Means for Bitcoin

What macro role does bitcoin play as GDP and consumer confidence grow?This episode is sponsored by Nexo.io and NEAR.org.For the past year, bitcoin’s narrative has been deeply tied to the larger macro narrative of looming inflation. As the economy starts to boom, many continue to point to the spectre of inflation as a bullish force for bitcoin.In today’s episode, NLW explores growing confidence in the markets and what it means for bitcoin. In particular, he looks at what it would mean if consumer inflation didn’t show up. Would bitcoin be cast aside, or are there properties and uses that make it relevant even outside its role as a monetary hedge?-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-NEAR.org - Infrastructure for innovation. NEAR is an open-source platform that accelerates the development of decentralized applications overcoming high fees and slow speeds with its fast, scalable, low-cost, and climate-neutral blockchain protocol. One transaction on NEAR consumes about 1300x less carbon than a similar transaction on other chains.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: Olivier Le Moal/iStock/Getty Images Plus
29/04/2119m 44s

BREAKDOWN: Visa's CEO on Crypto – "This Is a Space We Are Leaning Into in a Very, Very Big Way"

Visa’s earnings call makes it clear just how invested the company is in the crypto space. This episode is sponsored by Nexo.io and NEAR.org.Today on the Brief:Elon pumps Doge againDetailing Biden’s $1.8T American Families Plan Turkey, Iran, SECOur main discussion looks at comments this week from Visa CEO Al Kelly on the company’s relationship with crypto, analyzing the five areas of opportunity Visa has identified:Helping customers buy BTC and cryptoEnabling digital cash outs to fiatEnabling TradFi to offer crypto to customersSettlement via stablecoins Central bank digital currencies -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-NEAR.org - Infrastructure for innovation. NEAR is an open-source platform that accelerates the development of decentralized applications overcoming high fees and slow speeds with its fast, scalable, low-cost, and climate-neutral blockchain protocol. One transaction on NEAR consumes about 1300x less carbon than a similar transaction on other chains.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: Simon Dawson/Bloomberg/Getty Images
28/04/2114m 56s

BREAKDOWN: Tesla's Bitcoin Selling Shows How BTC Is More Than Digital Gold

According to Elon himself, it was all about demonstrating bitcoin’s liquidity. This episode is sponsored by Nexo.io and NEAR.org.Yesterday Bitcoin Twitter reacted in horror upon discovering that Tesla had sold 10% of its bitcoin. Elon has paper hands! Institutions will abandon us! The horror and scorn ran far and wide. On today’s episode, NLW argues that:The sales proved to Tesla that bitcoin has deep liquidityThat the combination of store of value plus upside plus liquidity makes bitcoin uniquely valuable as a treasury asset -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-NEAR.org - Infrastructure for innovation. NEAR is an open-source platform that accelerates the development of decentralized applications overcoming high fees and slow speeds with its fast, scalable, low-cost, and climate-neutral blockchain protocol. One transaction on NEAR consumes about 1300x less carbon than a similar transaction on other chains.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: Britta Pedersen-Pool/Getty Images
27/04/2116m 20s

BREAKDOWN: JPMorgan's Bitcoin Journey – From 'Worse Than Tulips' to 'Not My Cup of Tea' to New Product

Sources say JPMorgan’s new actively managed bitcoin product will be available this summer.This episode is sponsored by Nexo.io and NEAR.org.Today on the Brief:Sports and crypto come togetherWTF is going on in Turkey?Wyoming DAO law Our main discussion: After years of CEO Jamie Dimon ragging on bitcoin, JPMorgan is reportedly set to offer a new actively managed bitcoin product. In this episode, NLW looks back at Dimon’s comments on BTC and how things have changed over time. -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-NEAR.org - Infrastructure for innovation. NEAR is an open-source platform that accelerates the development of decentralized applications overcoming high fees and slow speeds with its fast, scalable, low-cost, and climate-neutral blockchain protocol. One transaction on NEAR consumes about 1300x less carbon than a similar transaction on other chains.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: Jin Lee/Bloomberg/Getty Images
26/04/2112m 43s

BREAKDOWN: Bitcoin and the New Non-Governmental Monetary Reality

A reading of Nik Bhatia’s latest essay for CoinDesk. This episode is sponsored by Nexo.io.For this week’s “Long Reads Sunday,” NLW reads Nik Bhatia’s latest piece: “Asset Managers, Owning Bitcoin Is Now Your Fiduciary Duty.” He also provides more thoughts on the notion of bitcoin as a non-sovereign money and what that might mean in terms of global balances of power.-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: Kachura Oleg/iStock/Getty Images Plus
25/04/2110m 37s

BREAKDOWN: 2017 PTSD and the Dip That Ate Alt Season

The story of the week was the Tale of Two Dips. This episode is sponsored by Nexo.io.On this edition of “The Weekly Recap,” NLW looks at the twin dips that shaped the week. He argues that one upshot is the dips may have taken the wind out of the sales of some very 2017-esque froth that threatened the entire industry.-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: Nuthawut Somsuk/iStock/Getty Images Plus
24/04/2110m 28s

BREAKDOWN: What Biden's Tax Hike Has to Do With Money Printing and Inflation

Some say this amounts to a way to profit off assets inflated by monetary policy.This episode is sponsored by Nexo.io.Today on the Brief:Coinbase Pro to list USDTA new Bitcoin Mayor in TennesseeETH and BTC ETF updatesOur main discussion looks at President Biden’s proposed increase of the capital gains tax rate. NLW breaks down everything bitcoiners are saying about it, with a particular focus on what it has to do with monetary policy. -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: Doug Mills-Pool/Getty Images
23/04/2113m 48s

BREAKDOWN: This Earth Day, Let's Reclaim the Bitcoin Energy Debate

Bitcoin mining isn’t destroying the planet, it’s creating a solution to key problems of renewable energy.This episode is sponsored by Nexo.io.Today on the Brief:Crypto M&A heats upIs ETH deflationary now?Cathie Wood is the Michael Saylor of Coinbase stockOur main discussion:Square’s Bitcoin Clean Energy Initiative and ARK Investments have teamed up to release a memo about how bitcoin addresses key issues in the renewable energy space. Not only do renewables make sense as an energy source for mining, but bitcoin mining as “the energy buyer of last resort” could address key issues of intermittency and grid congestion. -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: Iaremenko/iStock/Getty Images Plus
22/04/2112m 51s

BREAKDOWN: ICO 2.0 – How Will Big Bitcoin-Buying Institutions React to Inevitable Crypto Market Froth?

A whiff of 2017 is in the air as TikTok investors and pump-and-dump private groups increase. This episode is sponsored by Nexo.io.The years 2017 and 2018 were some of the frothiest, wildest times in crypto market history. Their fallout also dragged the industry down for years, leaving an unmistakable stench of scam for many. Thus far in this market cycle, much of those excesses have been avoided. Attention and energy has largely been focused on the rise of institutional bitcoin players, or other areas like decentralized finance (DeFi) and non-fungible tokens (NFT) that, while some of the prices might be shocking, at least are full of good faith actors. On today’s “The Breakdown,” NLW looks at some of the more concerning recent trends that have the stench of 2017 all over them. Can we avoid another cycle where “alt season” games drag down everything else? Part of the answer to that may lie in how bitcoin’s new institutional buyers react to the froth. -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: welcomia/iStock/Getty Images Plus
21/04/2114m 4s

BREAKDOWN: Governments Banning Bitcoin? Not So Fast as Former Regulators Brooks and Giancarlo Join Crypto Companies

Despite the FUD, the prospects for bitcoin and crypto in a broader regulatory context have never looked brighter. This episode is sponsored by Nexo.io.As this cycle heats up, “governments will ban bitcoin” is one of the top areas of fear, uncertainty and doubt. On this episode, NLW breaks down why that FUD just doesn’t hold much weight right now, looking at:Why the examples of India, Turkey, Nigeria and China are not as bad as what people have posited Why the early indications suggest the Biden administration is more open to crypto than what the Trump administration ended up being Why it matters that two crypto companies today announced major board members and executives from the regulator world Specifically, NLW looks at Brian Brooks and Chris Giancarlo’s trajectory in both the regulatory sphere and crypto and what their new private sector engagements might mean. -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: Jason Alden/Bloomberg/Getty Images
20/04/2116m 9s

BREAKDOWN: No, Bitcoin's Flash Crash Wasn't Caused by Turkey or Money Laundering or China or Any Other FUD

Instead, the weekend’s rapid price action had its roots in over-leveraged traders.This episode is sponsored by Nexo.io.In 20 minutes on Saturday night, bitcoin’s price fell by more than 12%. Crypto Twitter raced to explain it as the byproduct of hashrate crashes after Chinese miners went offline, a suspicious report about the U.S. Treasury Department going after crypto money launders, and/or an upcoming ban in Turkey on using cryptos as currency. NLW argues that all of those explanations are hogwash and that the crash had much more to do with leverage in the system than any fancy narrative.-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: Kayocci/iStock/Getty Images Plus
19/04/2119m 47s

BREAKDOWN: A Point-by-Point Rebuttal of the Most Recent Bitcoin Environmental FUD

A reading of Nic Carter’s latest painstaking response to the New York Times’ recent hit job.This episode is sponsored by Nexo.io.On this week’s “Long Reads Sunday,” NLW reads Nic Carter’s “On Bitcoin, the Gray Lady Embraces Climate Lysenkoism,” a rebuttal of the New York Times’ recent piece on bitcoin energy consumption he says is riddled with false data and debunked sources. -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: Jirsak/iStock/Getty Images Plus
18/04/2130m 24s

BREAKDOWN: Here Are All the Institutions That Bought Bitcoin While You Weren't Paying Attention

A look at the news that flew under the radar this week.This episode is sponsored by Nexo.io.On this edition of the “Weekly Recap,” NLW looks at three key themes:The continued institutionalization of bitcoin (and, increasingly, ethereum as well) Warning signs of market mania in DOGE and NFT pricesGlobal intrigue around bitcoin and central bank digital currencies-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: D-Keine/iStock/Getty Images Plus
17/04/2111m 47s

BREAKDOWN: Dogecoin - The Emperor of All S**tcoins and the Master of Memes

After a 9,392% run-up over the last three months, is there something about DOGE beyond the meme?This episode is sponsored by Nexo.io.Dogecoin is on a tear. And it’s causing many mainstream media outlets to call “bubble.” On this episode, NLW breaks down DOGE as:Valueless memecoinInternet culture incarnateDada-esque protest to a broken system Much wow. -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: Mary Harrsch/Flickr, modified by CoinDesk
16/04/2116m 50s

BREAKDOWN: Why the Biden Administration Is Increasingly Concerned With China’s Digital Currency Efforts

A shifting global balance of power is causing a rethink in the U.S.’ relationship with cryptocurrency. This episode is sponsored by Nexo.io.On today’s “The Breakdown,” NLW looks at an underreported story from earlier this week. There are increasingly loud whispers that officials across several agencies, including Treasury, National Security and Defense, are growing concerned with China’s digital currency efforts. NLW looks at:Why CBDCs are about power, not digital efficiency Why Facebook’s libra was the starting gunChina’s possible objectives Why the U.S. tone on a digital dollar is changing How Gary Gensler as SEC Chair could portend a broader attitude shift for the U.S. vis a vis digital currencies -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: Andrew Harrer/Bloomberg/Getty Images
15/04/2114m 2s

BREAKDOWN: The Definitive Guide to Coinbase Going Public

From the company’s history to business model to controversy, it’s everything you need to know.This episode is sponsored by Nexo.io.On the day of Coinbase’s historic direct listing on NASDAQ, NLW answers your most important questions about the company and its place in the industry. How did Coinbase become successful?What is the crypto public's perception of Coinbase?What is Coinbase's business model and how has that model been shifting?What is Coinbase's role in the recent institutional shift in bitcoin?Does Coinbase have any controversy in its past?Why did Coinbase choose a direct listing?What are people expecting, price wise?Why did BTC and ETH hit all-time highs in advance of the listing?How might Coinbase impact the crypto markets? -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: Michael Nagle/Bloomberg via Getty Images
14/04/2122m 52s

BREAKDOWN: The Real Story of Inflation Right Now

New CPI numbers show growing inflation, but is that the whole story? This episode is sponsored by Nexo.io.There is perhaps no question more debated in macroeconomics than what sort of inflation we’re likely to see in the coming years. Many are convinced that the combination of a growing money supply, expansionary monetary policy, pent-up demand, reshoring of manufacturing and more are pointing us to a secular inflation era. Others say the forces of deflation and disinflation, like technology and demography, are too strong. In today’s episode, NLW looks at not only the latest Consumer Price Index numbers released today, but also recent Producer Price Index surveys, wage growth and more to try to put together a more complex, nuanced picture of the likely inflation scenarios going forward. -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) -Image credit: artoleshko/iStock/Getty Images Plus
13/04/2115m 38s

BREAKDOWN: Coinbase Going Public Is the Bitcoin Bull Market's First Big Test

This inflection point moment could have major implications for where markets head nextThis episode is sponsored by Nexo.io.Coinbase is set to go public via direct listing on Wednesday.In today’s episode, NLW breaks down why this is the current bull market’s first big test, looking at:Mainstream narratives Institutional liquidity Retail participation Spillover effects The direction in which we head next What’s clear is that this bull run does not equal 2017 and will be shaped by a largely different set of forces. Byzantine General’s overview thread: https://twitter.com/ByzGeneral/status/1381095621017354240-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) Image credit: Steve Jennings/Getty Images for TechCrunch and Overearth/iStock/Getty Images Plus
12/04/2123m 11s

BREAKDOWN: How Bitcoin Can Help Break Cycles of Poverty

A reading of an essay from University of Wyoming philosophy professor Bradley Rettler.This episode is sponsored by Nexo.io and this week’s special product launch, Exodus.This week’s edition of “Long Reads Sunday” features NLW reading Bradley Rettler’s “The Rich Get Richer, the Poor Get Bitcoin.” It is an argument that, far from being just a speculative tool for the already wealthy, bitcoin represents a disruptive force that can combat wealth inequality. -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Exodus empowers people to control their wealth through a safe and reliable non-custodial crypto wallet, placing the ownership of digital assets back into the user’s hands. Your keys, your crypto. Download Exodus today and learn more at exodus.com.-Image credit: Overearth/iStock/Getty Images Plus
11/04/2111m 43s

BREAKDOWN: So, Is This a Bitcoin Supercycle or What?

Some say “top signal,” others say “Supercycle.” Who is right? This episode is sponsored by Nexo.io and this week’s special product launch, Exodus.On this week’s “Weekly Recap,” NLW digs into the theory of the bitcoin supercycle. Are we in the same sort of four-year, halving-driven, boom-bust cycle that has characterized bitcoin so far, or are the new institutional participants breaking us out of that in a fundamental way?-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Exodus empowers people to control their wealth through a safe and reliable non-custodial crypto wallet, placing the ownership of digital assets back into the user’s hands. Your keys, your crypto. Download Exodus today and learn more at exodus.com.-Image credit: ankmsn/iStock/Getty Images Plus
10/04/219m 40s

BREAKDOWN: Liberty Mutual and State Street Are the Latest Institutions to Join the Bitcoin Party

Institutional participation in Bitcoin shows no signs of slowing down. This episode is sponsored by Nexo.io and this week’s special product launch, Exodus.Today on the Brief:Crypto Climate AccordRobinhood crypto trading The decentralization of venture capitalOur main discussion:This week was absolutely chock-full of institutions getting into the bitcoin space, yet barely anyone noticed. From Liberty Mutual and Starr Insurance investing in NYDIG to a massive real estate company moving treasury into bitcoin and accepting it for rent, the institutional infiltration of bitcoin shows no signs of stopping. -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Exodus empowers people to control their wealth through a safe and reliable non-custodial crypto wallet, placing the ownership of digital assets back into the user’s hands. Your keys, your crypto. Download Exodus today and learn more at exodus.com.-Image credit: TG23/iStock/Getty Images Plus
09/04/2113m 1s

BREAKDOWN: Is Bitcoin a Chinese Financial Weapon? Peter Thiel Ignites a Geopolitical Debate

Recent comments from the PayPal founder, early Facebook investor and renegade libertarian political donor ignite a discussion about the battle around the world’s reserve currency.This episode is sponsored by Nexo.io and this week’s special product launch, Exodus.Peter Thiel is nothing if not good at igniting controversy. For the last 24 hours or so, Bitcoin Twitter (and really, FinTwit and TechTwit and Politics Twitter as well) have been hotly debating his assertion in recent remarks that bitcoin had become a “Chinese financial weapon.”In today’s episode, NLW breaks down:The debate around Thiel’s comments Why bitcoin is more likely a threat to Chinese aspirations around the digital yuan’s future status as a global currency than the U.S. dollarWhy digital dollars like tether and USDC might make this whole debate moot from the get-go-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Exodus empowers people to control their wealth through a safe and reliable non-custodial crypto wallet, placing the ownership of digital assets back into the user’s hands. Your keys, your crypto. Download Exodus today and learn more at exodus.com.-Image credit: John Lamparski/Getty Images Entertainment
08/04/2120m 48s

BREAKDOWN: 'Rising Bitcoin Adoption Tide' – The Best of Bloomberg's Latest Bullish Bitcoin Report

A new Bloomberg report argues bitcoin is replacing gold more rapidly than expected.This episode is sponsored by Nexo.io and this week’s special product launch, Exodus.Today on the Brief:Coinbase’s monster Q1 numbers150 million evaporate from the global middle classJamie Dimon’s shareholder letter comments on cryptoOur main discussion: Bloomberg’s latest crypto outlook is out. In this episode, NLW looks at seven aspects of the report:Bitcoin as digital reserve asset in a low-yield worldPrice support at $50,000Price possibilities of $400,000 in 2021Gold replacement happening more quickly than anticipatedGrowth in publicly traded companies with crypto exposure Exchange outflowsThe supremacy of USD digital currencies -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Exodus empowers people to control their wealth through a safe and reliable non-custodial crypto wallet, placing the ownership of digital assets back into the user’s hands. Your keys, your crypto. Download Exodus today and learn more at exodus.com.-Image credit: Vasil Dimitrov/iStock/Getty Images Plus
07/04/2115m 25s

BREAKDOWN: From Dinosaur Altcoins to the Kimchi Premium, 13 Numbers That Tell the Story of Markets Right Now

A look at the most illuminating statistics and metrics across bitcoin, crypto and global markets.This episode is sponsored by Nexo.io and this week’s special product launch, Exodus.On today’s episode, NLW provides a whistle stop tour of some of the most interesting and illuminating numbers from crypto and traditional markets, including:The pop in Jurassic Park altcoinsArchegos falloutUS vaccine distributionOutflows from TurkeySPAC performance before and after mergers Decline in price and volume of NFTsCoinbase valuationStablecoin transaction volume And more! -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Exodus empowers people to control their wealth through a safe and reliable non-custodial crypto wallet, placing the ownership of digital assets back into the user’s hands. Your keys, your crypto. Download Exodus today and learn more at exodus.com.-Image credit: Olga Trofimova/iStock/Getty Images Plus
06/04/2117m 41s

BREAKDOWN: How Will the Coinbase IPO Affect Bitcoin's Price?

Will the seminal event drive new people to the crypto markets or suck liquidity away from crypto assets? This episode is sponsored by Nexo.io and this week’s special product launch, Exodus.Today on the Brief:The 88th anniversary of Executive Order 6102Former SEC Jay Clayton on bitcoin regulations GBTC intends to become an ETFOur main discussion:NLW breaks down the potential implications of the Coinbase IPO. He looks at the bullish arguments of mainstream presence, the potential to send people down a bitcoin rabbit hole and the provisioning of easy on-ramps versus the argument that it will give people a chance to get crypto industry exposure without actually holding bitcoin or other crypto assets. -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Exodus empowers people to control their wealth through a safe and reliable non-custodial crypto wallet, placing the ownership of digital assets back into the user’s hands. Your keys, your crypto. Download Exodus today and learn more at exodus.com.-Image credit: Matt Winkelmeyer/Getty Images Entertainment
05/04/2116m 16s

BREAKDOWN: The Future of Bitcoin and Crypto Is in Renegades and Malcontents

A reading of Brady Dale’s “Don’t Follow the Suits, Follow the Weirdos.”This episode is sponsored by Nexo.io.On this week’s “Long Reads Sunday,” NLW reads CoinDesk journalist Brady Dale’s “Don’t Follow the Suits, Follow the Weirdos.” NLW argues this topic is even more important in the context of bitcoin institutionalization. -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Image credit: Cemile Bingol/iStock/Getty Images Plus
04/04/218m 55s

BREAKDOWN: For Bitcoin and Crypto, a Week of Mainstreaming Moments

From NFTs on “Saturday Night Live” to Goldman Sachs reversing course on bitcoin, it was a week of widening audiences.This episode is sponsored by Nexo.io.On this edition of “The Breakdown” Weekly Recap, NLW looks at a set of mainstream moments including:“SNL” doing a song about NFTsVisa accepting USDC on Ethereum as a native settlement currencyPayPal opening crypto checkout to 29 million merchants Goldman Sachs opening bitcoin investment programs Chipotle’s “bitcoin and burritos” promotion -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Image credit: Axelle/Bauer-Griffin/FilmMagic/Getty Images
03/04/218m 57s

BREAKDOWN: An Interview With Cathie Wood on Bitcoin, Tesla and Innovation Investing

This episode is a replay of NLW’s conversation with Cathie Wood from October 2020. In it, they discuss:Why she had conviction in Tesla before the market caught up Why her fund offered the first bitcoin investment opportunities to Wall StreetWhy it doesn’t hire traditional Wall Street analysts Why it gives away all research for freeWhy it shares the trades made in a completely open-source wayARK’s recent Bitcoin Investment Thesis white paperWhat the prospects are for innovation in 2021 Find our guest online:Twitter: @CathieDWoodWeb: ark-invest.comImage credit: Alex Flynn/Bloomberg/Getty Images
02/04/211h 18m

BREAKDOWN: Corruption, Leverage and Cheap Money – Archegos and the Fastest Loss of Wealth in History

A TL;DR on how Archegos went from betting $50B or more to having nothing overnight. This episode is sponsored by Nexo.io.The financial world has been rocked by the Archegos scandal. A family office managing at least $10 billion and betting with $50 billion-$80 billion on leverage that was completely undone, literally overnight. In this episode, NLW breaks down:Bill Hwang’s origins in Julian Robertson’s Tiger ManagementHwang’s conviction for insider tradingHow Hwang leveraged his fund’s performance to get off prime broker blacklistsWhy Goldman Sachs, Morgan Stanley and others decided to margin call Archegos last weekWhat the whole affair says about markets today-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Image credit:  Emile Wamsteker/Bloomberg/Getty Images
01/04/2117m 32s

BREAKDOWN: Have Fun Staying Rich – Goldman to Offer Bitcoin to Wealthy Clients, Completely Reversing Course

Less than a year after it proclaimed cryptocurrencies are “not an asset class,” Goldman is launching a set of bitcoin and crypto products.This episode is sponsored by Nexo.io and Casper.As the old saying goes: “First they ignore you, then they mock you, then they fight you, then you win.” Ten months ago, Goldman Sachs declared that “cryptocurrencies including bitcoin are not an asset class.” Today, CNBC broke the news Goldman is planning to release a full suite of bitcoin and crypto investment products. On this episode, NLW breaks down the larger macro context that got us from then to now and explains why, if you’re a wealthy client of Goldman, you might have some big questions to ask. -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Launching in late-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.-Image credit: Scott Eells/Bloomberg/Getty Images
31/03/2113m 16s

BREAKDOWN: PayPal Opens Crypto Payments for Millions of Merchants

The old canard that you can’t buy coffee with bitcoin is less true than ever as PayPal rolls out crypto checkout for 29 million merchants.This episode is sponsored by Nexo.io and Casper.Today on the Brief:BTC micro futures coming to CMEMichael Jordan is now an NFT investorBitcoin doesn’t care about Treasury yieldsOur main discussion: PayPal has begun rolling out its crypto checkout tools to millions of merchants. NLW breaks down:Why payments for day-to-day items have been historically deprioritized for Bitcoin and Ethereum Why the PayPal checkout tools are unlikely to shift the primary use case from store of value style functions to medium of exchangeWhy the liquidity and utility PayPal crypto checkout creates still adds significant value to these crypto assets-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Launching in late-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.-Image credit: Weedezign/iStock/Getty Images Plus
30/03/2115m 13s

BREAKDOWN: Visa Just Supercharged Stablecoin Legitimacy

Visa officially enables USDC as a native currency and means of settlement. This episode is sponsored by Nexo.io and Casper.Today’s episode of “The Breakdown” is an extended brief with five different topics:NFTs make it to “SNL”“Green” bitcoin miningSquare’s CFO thinks all companies should hold bitcoin in their treasuriesCrypto M&A doubles in 2020Visa announces USDC as settlement currency Ultimately, NLW argues that while non-fungible tokens are showing up in pop culture, the Visa deal reinforces the notion that this crypto bull market is being driven by large-scale institutional engagement.-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Launching in late-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.-Image credit: Ihor Reshetniak/iStock/Getty Images Plus, modified by CoinDesk
29/03/2114m 9s

BREAKDOWN: Can Crypto Create Cultural Revolutions?

A reading of David Hoffman’s recent essay “The Digital Cultural Revolution.”This episode is sponsored by Nexo.io and Casper, and this week’s special product launch, Exodus.On this edition of “Long Reads Sunday,” NLW reads David Hoffman’s essay “The Digital Cultural Revolution” from Bankless. The essay argues that culture, more than economics, will be the most important long-term beneficiary of the rise of crypto. -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Launching in late-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.-Exodus empowers people to control their wealth through a safe and reliable non-custodial crypto wallet, placing the ownership of digital assets back into the user’s hands. Your keys, your crypto. Download Exodus today and learn more at exodus.com.-Image credit: sankai/iStock/Getty Images Plus
28/03/2129m 21s

BREAKDOWN: Soros Breaks Into Bitcoin

Recent investments and a TV appearance this week start to show how the legendary investor’s crypto strategy is shaping up.This episode is sponsored by Nexo.io and Casper, and this week’s special product launch, Exodus.On this week’s Weekly Recap, NLW:Highlights the four most important happenings around regulation and central bank digital currencies in the U.S.Updates the macro inflation narrative for a “new normal” eraDigs into what we’ve learned recently about George Soros’ bitcoin and crypto strategy-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Launching in late-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.-Exodus empowers people to control their wealth through a safe and reliable non-custodial crypto wallet, placing the ownership of digital assets back into the user’s hands. Your keys, your crypto. Download Exodus today and learn more at exodus.com.-Image credit: Bryan Bedder/Getty Images Entertainment
27/03/2113m 53s

BREAKDOWN: Worried About Bitcoin's Price Action? Here's Why You Shouldn't Be

Although the bitcoin price has been wavering since March 13, there are historical, technical and foundational reasons to be optimistic. This episode is sponsored by Nexo.io and Casper, and this week’s special product launch, Exodus.Today on “The Breakdown,” NLW digs into bitcoin and crypto markets. He argues that despite two weeks of sideways-down price action, there are a set of reasons to be optimistic:Historically bad March months versus historically good AprilsRetracements and pullbacks in 2017 Analysis around options expiry in 2021The continuation and expansion of the macro inflation narrativeInstitutions applying for bitcoin ETFsCoins leaving exchanges-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Launching in late-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.-Exodus empowers people to control their wealth through a safe and reliable non-custodial crypto wallet, placing the ownership of digital assets back into the user’s hands. Your keys, your crypto. Download Exodus today and learn more at exodus.com.-Image credit: Nuthawut Somsuk/iStock/Getty Images Plus
26/03/2112m 42s

BREAKDOWN: The Fed Chair and the Treasury Secretary Come Out Against Privacy-Respecting Anonymous Digital Dollar

The fight to protect privacy in the central bank digital currency era just got more intense. This episode is sponsored by Nexo.io and Casper, and this week’s special product launch, Exodus.Today on the Brief:Fidelity files a bitcoin ETF applicationStimmies to ChinaThe situation in the SuezOur main discussion:In response to a question from Illinois Democrat Bill Foster during a House hearing earlier this week, Federal Reserve Chair Jerome Powell went on the record as being against an anonymous digital dollar. Treasury Secretary Janet Yellen reinforced that stance, saying anonymity made the U.S. government’s anti-money laundering goals extremely difficult to achieve. In today’s episode, NLW breaks down why bitcoiners should be willing to get involved in the digital dollar privacy fight. -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Launching in late-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.-Exodus empowers people to control their wealth through a safe and reliable non-custodial crypto wallet, placing the ownership of digital assets back into the user’s hands. Your keys, your crypto. Download Exodus today and learn more at exodus.com.-Image credit: bsauter/iStock/Getty Images Plus
25/03/2115m 24s

BREAKDOWN: Bears Fuming as Elon Opens Tesla Purchases With Bitcoin

Tesla is allowing U.S. customers to buy vehicles with bitcoin, and it is not changing the crypto back to fiat.This episode is sponsored by Nexo.io and Casper, and this week’s special product launch, Exodus.Today on the Brief:Robinhood IPO incomingCompeting bitcoin price predictions Yellen and Powell’s latest testimony on economic growthOur main discussion:Elon Musk announced this morning Tesla’s program for buying its cars with bitcoin: Says the company is running Bitcoin network nodesSays Tesla won’t convert back to fiat but will hold bitcoinExpanding the program internationally coming soonNLW breaks down the hater response from the Tesla and Bitcoin sides and argues that much more significant are the other CEOs – like that of buzzy bed startup Eight Sleep – who are following suit. -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Launching in late-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.-Exodus empowers people to control their wealth through a safe and reliable non-custodial crypto wallet, placing the ownership of digital assets back into the user’s hands. Your keys, your crypto. Download Exodus today and learn more at exodus.com.-Image credit: Hannibal Hanschke-Pool/Getty Images Entertainment 
24/03/2114m 48s

BREAKDOWN: Stablecoins in the Hot Seat – Powell Calls Bitcoin a Substitute for Gold While Fed Says Digital Dollar Prototype Coming in July

An action-packed couple days in U.S. crypto regulatory commentary. This episode is sponsored by Nexo.io and Casper, and this week’s special product launch, Exodus.Three major moments over the last couple days help provide insight into the future of the U.S. government’s relationship with bitcoin, stablecoins and digital currencies. The first was Federal Reserve Chair Jerome Powell’s comments on digital assets and a central bank digital currency, saying work on a U.S. “digital dollar” was not being motivated by bitcoin or any other crypto, and that bitcoin is just a gold substitute. The second was news out of the Boston Fed that it would be showing off two digital dollar prototypes in conjunction with MIT by July. The third was new draft Financial Action Task Force guidance around cryptocurrencies that CoinDesk warns are significantly more onerous than previous guidance. -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Launching in late-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.-Exodus empowers people to control their wealth through a safe and reliable non-custodial crypto wallet, placing the ownership of digital assets back into the user’s hands. Your keys, your crypto. Download Exodus today and learn more at exodus.com.-Image credit: Al Drago-Pool/Getty Images News
23/03/2119m 8s

BREAKDOWN: When Currencies Fail – ‘Bitcoin’ Google Searches in Turkey Rise 400% as Lira Crashes

The Turkish lira plummets as much as 17% after the surprising firing of Turkey’s central bank governor. This episode is sponsored by Nexo.io and Casper, and this week’s special product launch, Exodus.Today on the Brief:Nigeria central bank reversing stance on crypto ban? “The least responsible fiscal policy of the last 40 years”Scaramucci’s firm files fifth bitcoin ETF applicationOur main discussion: the crash of the Turkish lira. In this episode, NLW looks at the last few years of Turkish monetary policy, inflation and currency crisis, focusing on:The seesaw shifts between inflation and crisis on the one hand and interest rate hikes on the otherThe sour legacy of intervention in the central bank by President Erdogan Why the Turkish lira had actually increased 3.07% against the dollar in 2021 before this Finally, he examines why some think the only tool left in the Turkish central bank’s tool kit to fight inflation is currency controls, and why this is driving people to explore bitcoin as an escape valve. -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Launching in late-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.-Exodus empowers people to control their wealth through a safe and reliable non-custodial crypto wallet, placing the ownership of digital assets back into the user’s hands. Your keys, your crypto. Download Exodus today and learn more at exodus.com.-Image credit: Fyletto/iStock/Getty Images Plus
22/03/2114m 3s

BREAKDOWN: Hal Finney’s ‘Bitcoin and Me’

A reading of a touching BitcoinTalk post by the late Hal Finney, from exactly eight years ago.This episode is sponsored by Nexo.io and Casper, and this week’s special product launch, NEM.On this edition of “Long Reads Sunday,” NLW reads a BitcoinTalk forum from exactly eight years ago - Hal Finney’s “Bitcoin and Me.” The piece is about the origins of Bitcoin, and more broadly, life’s treasures. -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Launching in late-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.-Symbol from NEM is the connector between blockchain and business. It brings enterprise-grade security and programmability with cutting edge technical features for projects at the heart of the new economy -- join us by visiting symbolplatform.com or nem.io.-Image credit: Max S. Gerber
21/03/218m 31s

BREAKDOWN: Why Kentucky Is Trying to Become a Crypto Mining Hub

Two bills with benefits for crypto miners are waiting to be signed by the governor of the Bluegrass State.This episode is sponsored by Nexo.io and Casper, and this week’s special product launch, NEM.On this week’s Breakdown Weekly Recap, NLW looks at:The beginning of the next institutional bitcoin waveNFT bubble signalsCentral bank policy changesKentucky’s new pro-crypto legislation-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Launching in late-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.-Symbol from NEM is the connector between blockchain and business. It brings enterprise-grade security and programmability with cutting edge technical features for projects at the heart of the new economy -- join us by visiting symbolplatform.com or nem.io.-Image credit: Oleksii Liskonih/iStock/Getty Images Plus
20/03/219m 44s

BREAKDOWN: How CBDCs Give ‘Absolute Control’ to Central Banks

Jerome Powell discussed CBDCs at a speech this week, saying they need to co-exist with cash.This episode is sponsored by Nexo.io and Casper, and this week’s special product launch, NEM.Today on the Brief:China-U.S. talksU.S. spending coming backA virtual casino hiring IRL people Our main discussion looks at central bank digital currencies and why they’re so appealing for bankers, especially compared to cash. NLW discusses:Recent comments from Fed Chair Jerome Powell on why any CBDC would be complement cashComments from Agustin Carstens about how much oversight CBDCs provideWhy privacy advocates are nervous about the coming CBDC era -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Launching in late-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.-Symbol from NEM is the connector between blockchain and business. It brings enterprise-grade security and programmability with cutting edge technical features for projects at the heart of the new economy -- join us by visiting symbolplatform.com or nem.io.-Image credit: Stephen Jaffe/IMF/Getty Images
19/03/2115m 53s

BREAKDOWN: Why a Norwegian Billionaire Is Betting on Bitcoin's Positive Environmental Potential

Aker’s new Seetee division is out to prove bitcoin can be a force for positive environmental change. This episode is sponsored by Nexo.io and Casper, and this week’s special product launch, NEM.Today on the BriefFollowup on the FOMC meeting$3.1M for an anonymous teamCould we finally see a bitcoin ETF? Our main discussion: Aker ASA’s new Seetee bitcoin division. NLW explores:Why a Norwegian billionaire is buying into bitcoinWhy the move is part of a larger institutional shift Why Seetee founder Kjell Rokke believes bitcoin can spur positive environmental change-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Launching in late-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.-Symbol from NEM is the connector between blockchain and business. It brings enterprise-grade security and programmability with cutting edge technical features for projects at the heart of the new economy -- join us by visiting symbolplatform.com or nem.io.-Image credit: izhairguns/iStock/Getty Images Plus
18/03/2115m 21s

BREAKDOWN: Morgan Stanley Is First Big Bank Offering Bitcoin to Wealthy Clients

Three funds led by Galaxy Digital, FS Investments and NYDIG will give bank customers access to the leading digital asset.This episode is sponsored by Nexo.io and Casper, and this week’s special product launch, NEM.Today on the Brief:What markets want from the Federal Reserve’s FOMC meetingeToro’s $10B SPACThe latest on Coinbase’s IPOOur main discussion: Morgan Stanley set to become the first big bank to offer wealthy clients access to bitcoin. In this episode, NLW breaks down this breaking news, including:Restrictions on the fund in terms of who can buy and how much they can spend Background of the firms partnering with Morgan StanleyWhy the direct bitcoin exposure is a sea change for institutional investors offering bitcoin products -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Launching in late-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.-Symbol from NEM is the connector between blockchain and business. It brings enterprise-grade security and programmability with cutting edge technical features for projects at the heart of the new economy -- join us by visiting symbolplatform.com or nem.io.-Image credit: Daniel Acker/Bloomberg/Getty Images
17/03/2112m 6s

BREAKDOWN: Ray Dalio on Dumb Dollar Debt, Bitcoin Controls and the Coming Assault on Capitalism

In his latest essay, the Bridgewater chief argues the U.S. could impose capital controls and ban non-sovereign monies. This episode is sponsored by Nexo.io and Casper, and this week’s special product launch, NEM.Today on The Breakdown, NLW reviews Ray Dalio’s latest essay, looking at:The six reasons why it doesn’t make sense to hold bonds anymoreWhy holding bonds is especially troubling in the concept of growing government money printingWhy sovereign bond holdings are shifting from the U.S. to China Why proposed wealth taxes are likely just the beginning of a more aggressive period of financial regulation Why we could see the government try to ban gold and bitcoin as their grip on reserve currency status weakens-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Launching in mid-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.-Symbol from NEM is the connector between blockchain and business. It brings enterprise-grade security and programmability with cutting edge technical features for projects at the heart of the new economy -- join us by visiting symbolplatform.com or nem.io.-Image credit: Jason Alden/Bloomberg/Getty Images
16/03/2120m 13s

BREAKDOWN: Why Americans Could Spend Up to $40B in Direct Stimulus Payments on Bitcoin

A new survey from Mizuho Securities sees bitcoin as the most popular stimulus investment avenue. This episode is sponsored by Nexo.io and Casper, and this week’s special product launch, NEM.Today on the Brief:Bitcoin’s $60,000 weekend price brings out the angry bearsIndia’s mixed signals on a crypto banTesla’s new Master of CoinOur main discussion: A new $1.9 trillion stimulus package is on the books, of which about $400 billion is going to Americans in the form of direct payments. In this episode, NLW looks at what percentage of that might find its way into investments like bitcoin, specifically looking at a just-released survey from Mizuho with some juicy results. -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Launching in mid-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.-Symbol from NEM is the connector between blockchain and business. It brings enterprise-grade security and programmability with cutting edge technical features for projects at the heart of the new economy -- join us by visiting symbolplatform.com or nem.io.-Image credit: Rabbitti/iStock/Getty Images Plus, modified by CoinDesk
15/03/2115m 8s

BREAKDOWN: The Case for $1M Bitcoin

A reading of Bitcoin author Nik Bhatia’s latest essay.This episode is sponsored by Nexo.io and Casper.On this week’s “Long Reads Sunday,” NLW reads Layered Money author Nik Bhatia’s recent essay for CoinDesk, “Why $1 Million Bitcoin Is Coming.”-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Launching in mid-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.-Image credit: AlexSava/iStock/Getty Images Plus
14/03/2111m 23s

BREAKDOWN: Is This the Beginning of the Next Institutional Bitcoin Wave?

Morgan Stanley, New York Life, JPMorgan and Goldman Sachs are just some of the traditional finance institutions in the crypto news this week.This episode is sponsored by Nexo.io and Casper.On The Breakdown’s “Weekly Recap,” NLW looks at news of institutional involvement in the bitcoin and digital asset space including:New York Life investing in and joining the board of directors of NYDIGJPMorgan introducing a “cryptocurrency exposure basket” debt productGoldman Sachs’ COO saying demand is rising -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Launching in mid-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.-Image credit: metamorworks/iStock/Getty Images Plus
13/03/219m 41s

BREAKDOWN: What the $1.9T Stimulus Means for Bitcoin

The U.S. has now spent more on COVID-19 than on World War II. Here’s what it might mean for bitcoin. This episode is sponsored by Nexo.io and Casper.COVID-19 sent the money printer into overdrive. With the newly signed $1.9 trillion stimulus bill, the total spent on pandemic relief in the U.S. exceeds $6 trillion, more than WWII’s inflation-adjusted $4.1 trillion. In this episode, NLW explores what the possible implications of this spending are for bitcoin, including:Whether we’re likely to see if some of the $400 billion allocated for direct checks to citizens find its way into bitcoinWhether the $1.9 trillion is just the start of a larger set of Biden Administration initiatives that will redefine our relationship with the balance sheetNLW also does a quick regulatory roundup looking at:The CFTC investigating Binance U.S. Rep. Warren Davidson reintroducing the “Token Taxonomy Act”The introduction of the “Eliminate Barriers to Innovation Act”-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Launching in mid-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.-Image credit: LPETTET/iStock/Getty Images Plus
12/03/2113m 57s

BREAKDOWN: A Beeple Artwork Just Sold for $69M – NFT Bubble or Everything Bubble?

The record-setting NFT auction is generating significant discussion about art, crypto and the state of the macro economy.This episode is sponsored by Nexo.io and Casper.Everyone paying attention knew that Beeple’s Christie’s auction was likely going to set a new high-water mark for non-fungible token (NFT) sales. Fewer would have guessed that it would lead to the third-highest auction price for a living artist in history.On this episode, NLW breaks down:How interest in NFTs is at an inflection pointWhy it’s not just digital art but sports collectibles as wellHow the traditional collectibles markets are also explodingWhy people think growing NFT prices might be a sign of an everything bubble-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Launching in mid-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.-Image credit: VPanteon/iStock/Getty Images Plus, modified by CoinDesk
11/03/2115m 48s

BREAKDOWN: Why the CEO of New York Life Just Joined the Board of One of Bitcoin's Fastest-Growing Companies

The news comes just days after NYDIG’s announcement of a $200 million financing round including New York Life, Mass Mutual and George Soros as investors. This episode is sponsored by Nexo.io and Casper.Today on The Breakdown, NLW catches up on the news from the past few days, looking at:NFTs heating up – and capturing some negative attention in the processInfrastructure acquisitions and M&A heat upEliminate Barriers to Innovation Act 2021Coinbase’s $100B valuationNYDIG’s $200M round and new board member -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Launching in mid-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.-Image credit: AaronP/Bauer-Griffin/GC Image/Getty Images
10/03/2117m 3s

BREAKDOWN: The World’s Most Important Geopolitical Fault Lines, Feat. Tracy Shuchart

From the Middle East to the South China Sea, a look at the most volatile parts of the world and what they mean for the macroeconomic landscape.This episode is sponsored by Nexo.io and Casper.On today’s episode, NLW is joined by investor and FinTwit star Tracy Shuchart. On the show, they discuss:The world’s most important geopolitical fault lines, from the Middle East to ChinaThe early indicators from the Biden administration around foreign policy Jerome Powell’s recent statements on CBDCs The changing global energy landscape -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Launching in mid-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.-Image credit: LewisTsePuiLung/iStock/Getty Images Plus
09/03/2147m 29s

BREAKDOWN: No, the Digital Dollar Won't Kill Bitcoin

Why CBDCs are growing as a focus for governments, and what impact they’ll really have on bitcoin.This episode is sponsored by Nexo.io and Casper.On today’s episode, NLW provides a 101-style overview of central bank digital currencies, looking at:Why governments are interested in CBDCsWhy Facebook’s libra announcement accelerated CBDC development the world overWhy China’s CBDC efforts are driven by an attempt to shift power in the U.S. dollar-led global economy How the U.S.’ rhetoric around central bank digital currencies is changingWhy CBDCs are likely to be good for bitcoin-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Launching in mid-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.-Image credit: Overearth/iStock/Getty Images Plus
08/03/2114m 41s

BREAKDOWN: What Governments Should Do in the Coming Global Monetary Competition

A reading of Balaji Srinivasan’s recent essay “How India Legalizes Crypto.”This episode is sponsored by Nexo.io and Casper.On today’s episode, NLW reads Balaji Srinivasan’s essay “How India Legalizes Crypto.” NLW argues that while India’s proposed crypto ban is nominally the focus, the implications are much bigger and have to do with a forthcoming global monetary competition that will inevitably include private, network cryptos including bitcoin and more. -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Launching in mid-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.-Image credit: happyphoton/iStock/Getty Images Plus
07/03/2130m 23s

BREAKDOWN: More Than 1/5th of Surveyed Goldman Sachs Clients Think Bitcoin Will Reach $100,000+ in 12 Months

A survey of pensions, sovereign wealth funds, hedge funds and more affirms growing institutional interest in crypto.This episode is sponsored by Nexo.io and Casper.On this edition of The Breakdown’s weekly recap, NLW looks at:Whether bitcoin is being caught up in the larger macro volatilityThe latest NFT shenanigans including a burned IRL BanksyThe latest on institutional adoption including a positive survey from Goldman Sachs-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Launching in mid-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.-Image credit: Daniel Acker/Bloomberg/Getty
06/03/2110m 54s

BREAKDOWN: Macro 101 – Bonds, the Fed and Money Printing, Feat. Delphi Digital’s Kevin Kelly

A macro expert gives a rollicking 101-style overview of some of the most important market concepts for bitcoiners.This episode is sponsored by Nexo.io and Casper.What are Treasury bonds? Why does it matter how they’re doing? Does the Federal Reserve actually print money? What’s the difference between quantitative easing and yield curve control? Bitcoin undeniably operates in a macro environment. In this 101-style episode, guest Kevin Kelly, cofounder of Delphi Digital, gives listeners a whistle-stop tour of a set of key concepts to understanding bitcoin macro, including bond markets, the Federal Reserve and money printing.-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Launching in mid-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.-Image credit: NinaMalyna/iStock/Getty Images Plus
05/03/2151m 45s

BREAKDOWN: Bitcoin Isn't Acting Like Stocks, Stocks Are Acting Like Bitcoin

As the financial world debates rising Treasury yields and waits for Fed Chair Powell’s comments, has bitcoin just become another risk asset? This episode is sponsored by Nexo.io and Casper.Over the last year there has been a growing correlation between the stock market and bitcoin. Some of this is attributed to the new traditional participants in bitcoin. Some of it is attributed to bitcoin acting less like an uncorrelated hedge and more like just another risk asset. In this episode, NLW argues that the notion bitcoin has started acting more like stocks is, in fact, completely backwards. Instead, in a negative, real interest rate environment, stocks have started to act more like bitcoin - as a store of value.-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Launching in mid-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.-Image credit: Popular stock and bitcoin memes
04/03/2115m 45s

BREAKDOWN: Are You Really Surprised Elizabeth Warren Doesn't Get Bitcoin?

Gary Gensler’s confirmation hearing and Warren’s appearance on cable financial news give us a preview of crypto’s place in a new political landscape.This episode is sponsored by Nexo.io and Casper.Today on the Brief:PayPal acquiring Curv for $500 million?Traditional markets are very confusedPortnoy launches Buzz exchange-traded fundOur main discussion: NLW looks at the emerging political landscape for crypto in the U.S. Specifically, he examines:Gary Gensler’s hearing before the Senate Banking Committee on his nomination to head the SECElizabeth Warren’s comments (or non-comments) about bitcoin on cable TV -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Launching in mid-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.-Image credit: Greg Nash/Getty Images News
03/03/2114m 2s

BREAKDOWN: Are NFTs Just This Cycle’s ICOs?

As musicians, celebrities and social media stars pile into the space, should we be getting concerned?This episode is sponsored by Nexo.io and Casper.On today’s episode, NLW looks at the explosion of interest in NFTs. Big money, big names, big problems? He asks whether non-fungible tokens are this cycle’s initial coin offerings by looking at five different comparison points:Inflated pricesOverpromisesCelebrity hypeWheat-and-ChaffCompetition with bitcoinSo are NFTs just a new version of the ol’ ICO? Listen to find out.-Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Launching in mid-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.-Image credit: Beeple/Nifty Gateway
02/03/2118m 18s

BREAKDOWN: Why Citi Thinks Bitcoin Is at a Tipping Point

A 108-page report from the bank argues that in the future, bitcoin could become the preferred currency for international trade. This episode is sponsored by Nexo.io and Casper.Today on the Brief:Michael Saylor bought the dipChina bans bitcoin mining in Inner MongoliaWallStreetBets moving off Reddit? Our main discussion: Citi’s analysis of bitcoin. February saw a non-stop barrage of bullish bitcoin news with regard to institutional uptake. March is off to a similar start with a massive research report arguing that:Bitcoin’s evolution over the last seven years has been spectacular CBDCs are likely to become more importantIf CBDCs do become more important, it could spur more corporations to use bitcoin as a global settlement currency NLW argues that the report itself may be the beginning of a new, important part of the institutional bitcoin narrative. -Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io.-Launching in mid-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.-Image credit: Daniel Acker/Bloomberg/Getty Images
01/03/2114m 36s

BREAKDOWN: Governments Couldn’t Ban Bitcoin Even if They Wanted

A reading of Human Rights Foundation CSO Alex Gladstein’s latest essay.This episode is sponsored by Nexo.io.Today on “Long Reads Sunday,” NLW reads “Can Governments Stop Bitcoin?” by Alex Gladstein, published recently by Quillette. Gladstein argues that both technical and legal attacks on bitcoin are extremely difficult to execute, even for large governments. -Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: Ja_inter/iStock/Getty Images Plus
28/02/2120m 35s

BREAKDOWN: Are Beeple's $6.6M Sale and Christie's Auction a Turning Point for NFTs?

NFTs had a major week, with Christie’s Auctioning off its first-ever digital art exclusive and a different NFT selling for $6.6M. This episode is sponsored by Nexo.io.This week on the Weekly Recap, NLW discusses:The price dipTether’s settlement with the NYAGCoinbase’s S1 FilingsBeeple’s record-setting NFT sales and what it means for the NFT space as a wholeThis week on The Breakdown:Monday | The First Canadian Bitcoin ETF Is Absolutely SoaringTuesday | The Most Conservative Regulator in America Just Settled Its Case Against Tether: Can We Move On Now?Wednesday | If You Sell Your Bitcoin, Michael Saylor and Jack Dorsey WILL Buy ItThursday | Bitcoin Investing Is ESG InvestingFriday | Why Cathie Wood Thinks Bitcoin Could Replace Bonds-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: Chuck Patch/Flickr CC, modified by CoinDesk, creativecommons.org/licenses/by-nc/2.0
27/02/2110m 59s

BREAKDOWN: Why Cathie Wood Thinks Bitcoin Could Replace Bonds

The ARK Investment founder discussed bitcoin’s opportunity to act as a replacement store of value at the Bloomberg Crypto Summit.This episode is sponsored by Nexo.io.Today on the Brief:SEC investigating Elon’s DOGE tweets?US income growth has second biggest monthly gain everRobinhood growth suggests crypto mainstreamingMain discussion: Cathie Wood thinks Bitcoin could replace bonds. In this episode, NLW lays out:How Cathie Wood made a name by being early in Tesla, Bitcoin and innovationHow ARK’s funds have grown Why bonds aren’t performing anymore and why bitcoin could fill the gap in investor’s portfolios-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: Alex Flynn/Bloomberg/Getty Images
26/02/2113m 19s

BREAKDOWN: Bitcoin Investing Is ESG Investing

As more investors focus on the environmental, social and governance impacts of their decisions, an argument for why bitcoin is ESG-friendly. This episode is sponsored by Nexo.io.In today's episode, NLW looks at how bitcoin fits with the growing trend of ESG (Environmental, Social, Governance) investing. In it, he: Argues that ESG investors should disregard the false idea that bitcoin is only used for crimeProvides three frameworks for understanding bitcoin’s energy consumption Demonstrates how marginalized communities are using bitcoin as a tool of economic empowermentArgues that bitcoin provides a new, networked alternative to corporate governance -Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: robertsrob/iStock/Getty Images Plus
25/02/2124m 17s

BREAKDOWN: If You Sell Your Bitcoin, Michael Saylor and Jack Dorsey WILL Buy It

Square added $170M in bitcoin to its reserves last quarter, while MicroStrategy announced a fresh $1B bitcoin buy today. This episode is sponsored by Nexo.io.Today on the Brief:Fed Chair Jerome Powell comments on markets and digital currencyCathie Wood’s ARK faces toughest stretch since last September India’s latest anti-crypto sentiment Our main discussion: More news on corporate bitcoin buying. NLW discusses:Square’s Q4 and overall 2020 bitcoin performance in terms of revenue and profitSquare’s latest bitcoin purchase of ~3,300 BTC for $170 million MicroStrategy’s latest >$1B bitcoin purchase, bringing the total to more than 90,000 BTCWhy these announcements are losing their power to move markets -Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: Canan turan/iStock/Getty Images Plus
24/02/2112m 29s

BREAKDOWN: The Most Conservative Regulator in America Just Settled Its Case Against Tether – Can We Move On Now?

The case showed Tether and Bitfinex’s track record of misleading statements and dubious practices, but gave no credence to claims that tethers were printed to manipulate markets. This episode is sponsored by Nexo.io.On today’s episode, NLW breaks down the final settlement of the New York Attorney General’s case against Tether. He argues that the outcome is extremely positive for the industry, discussing:Why Tether risk became a major source of FUD in 2021How conspiracy theories overtook legitimate concernsThe history of the NYAG’s case against TetherSpecific findings of the NYAG’s case around two times that Tether was not backed 1-to-1 by U.S. dollars held in Tether bank accounts Why there was never any accusation of Tether printing USDT out of thin air to manipulate markets The specifics of the settlementWhy this conclusion clears risk from institutional investors -Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: Bubanga/iStock/Getty Images Plus, modified by CoinDesk
23/02/2116m 17s

BREAKDOWN: The First Canadian Bitcoin ETF Is Absolutely Soaring

The Purpose Bitcoin ETF BTCC could be Canada’s biggest ETF in a matter of weeks.This episode is sponsored by Nexo.io.Today on the Brief:Welcome back to the price rollercoasterThe latest from China’s digital yuan trialA 3-week sprint to a stimulus packageOur main discussion: Canada’s first bitcoin ETFNLW discusses:ETF 101Pros and cons of a bitcoin ETFHistory of bitcoin ETF proposals Early performance for Canada’s BTCC ETF Implications for a U.S. BTC ETF in 2021-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: syahrir maulana/iStock/Getty Images Plus
22/02/2118m 17s

BREAKDOWN: Should the US Federal Reserve Buy Bitcoin?

A reading of Alex Treece’s recent CoinDesk op-ed, “Why the US Needs Bitcoin.”This episode is sponsored by Nexo.io.On this week’s “Long Reads Sunday,” NLW reads Alex Treece’s recent essay “Why the US Needs Bitcoin.” The piece argues the U.S. will inevitably adopt bitcoin as a treasury reserve asset, but by doing so sooner rather than later it can enjoy geopolitical advantages. NLW follows with a discussion of his assessment of the prospects of a digital dollar backed by digital gold. -Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: marchmeena29/iStock/Getty Images Plus
21/02/2114m 33s

BREAKDOWN: 'I Am Not a Cat' – The GameStop Hearing Shows How Desperately a New Financial System Is Needed

What we learned from the congressional hearing featuring representatives from Reddit, Melvin Capital, Citadel Securities and Robinhood.This episode is sponsored by Nexo.io.This week, instead of our normal Weekly Recap, NLW digs into Thursday’s congressional hearings around GameStop, Robinhood and WallStreetBets. He explores: Why there was a significant focus on T+2 settlement Bipartisan agreement on retail investors getting screwed, but different diagnoses on how to addressWhy Keith Gill, aka Roaring Kitty, aka DeepF***ingValue is a new American folk heroUltimately, NLW argues that any congressional action needs to make it easier for retail investors to be full participants in the market, rather than further limiting their options.This week on The Breakdown:Monday | The Mainstream Media Narrative Shifts as Deutsche Bank and Morgan Stanley Come to BitcoinTuesday | Is $50,000 BTC the Beginning of a Bitcoin Supercycle?Wednesday | Coinbase Trades at a $77B Valuation as BTC Heads Towards a $1T Market CapThursday | How 2,000 Years of Monetary History Led Us to Bitcoin, Feat. Nik BhatiaFriday | Bitcoin Is Now a Trillion-Dollar Asset: Where Do We Go From Here?-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: lucushoule/r/WallStreetBets
20/02/2122m 40s

BREAKDOWN: Bitcoin Is Now a Trillion-Dollar Asset – Where Do We Go From Here?

The milestone isn’t just psychological, and potentially opens entire new groups of investors who couldn’t participate previously.This episode is sponsored by Nexo.io.Bitcoin is officially a $1 trillion asset. As the price surged over $54,000, the total market cap of bitcoin reached the new all-time high. In this episode, NLW explores the significance of the milestone, arguing:There has been a slate of good news, from BlackRock rumblings to Canadian ETFs that have been driving recent price actionThere are a variety of institutions that couldn’t allocate to the space before because it was too small but which are now in playIn the wake of the milestone, we’re likely to see more research house FUDWe’re also likely to see a number of major bitcoin positions announced in the days to come-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: uzenzen/iStock/Getty Images Plus
19/02/2111m 0s

BREAKDOWN: How 2,000 Years of Monetary History Led Us to Bitcoin, Feat. Nik Bhatia

A conversation with the author of the new book “Layered Money: From Gold and Dollars to Bitcoin and Central Bank Digital Currencies.”This episode is sponsored by Nexo.io.Nik Bhatia is a financial researcher, a CFA charterholder and an Adjunct Professor of Finance and Business Economics at the University of Southern California Marshall School of Business. Nik’s new book “Layered Money: From Gold and Dollars to Bitcoin and Central Bank Digital Currencies” puts the rise of bitcoin into a larger historical context - from the first coinage of Rome to the introduction of credit in Renaissance Florence to the beginnings of interest rate trading in Antwerp to the genesis of the central bank system that shapes money today. In this conversation, he and NLW do a rapid tour across those two millennia of economic history, ultimately helping reframe what it means when we say that bitcoin is the new “digital gold.”Find our guest on Twitter: @timevalueofbtc-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: ADragan/iStock/Getty Images Plus
18/02/2155m 20s

BREAKDOWN: Coinbase Trades at a $77B Valuation as BTC Heads Towards a $1T Market Cap

An overview of key news, from a new DeFi Index fund for accredited investors to bitcoin shrugging off growing Treasury yields.This episode is sponsored by Nexo.io.Today’s episode of "The Breakdown" analyzes a number of topics across the bitcoin and crypto industry, including:Bitcoin reclaims $50,000 and looks towards a $1 trillion market capTreasury yields rise, hammering gold but so far having no impact on BTCBitwise launches a new DeFi index fund for accredited and institutional investorsChristie’s is auctioning off NFTsCoinbase is trading at a $77 billion valuation on the private markets -Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: Steven Ferdman/Getty Images Entertainment
17/02/2110m 36s

BREAKDOWN: Is $50,000 BTC the Beginning of a Bitcoin Supercycle?

As bitcoin reaches a new milestone all-time high, NLW asks whether we’ve broken out of a traditional halving-based market cycle to something bigger.This episode is sponsored by Nexo.io.Early this morning, bitcoin reached a new all-time high above $50,000. While the market quickly retraced, the psychological barrier was breached. On today’s episode, NLW explores what it means, including whether there is any technical value in the number and Michael Saylor and MicroStrategy’s new $600 million debt offering to buy more bitcoin. He also explores Dan Held’s concept of a bitcoin supercycle, looking at the three pillars of the argument:Perfect macro backdropSingular narrative Availability and ease of use-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit:  Overearth/iStock/Getty Images Plus
16/02/2119m 51s

BREAKDOWN: The Mainstream Media Narrative Shifts as Deutsche Bank and Morgan Stanley Come to Bitcoin

As another wave of major financial institutions announce bitcoin plans, it’s getting harder for the MSM to simply print the same old FUD. This episode is sponsored by Nexo.io.Today on the Brief:A follow-up on celebrity in cryptoDapper Labs and BlockFi raising at multibillion dollar valuationsCathie Wood and ARK increase their bitcoin positionOur main discussion looks at the latest institutional bitcoin news:Deutsche Bank – the world’s 21st largest – quietly revealed a digital asset custody program with much bigger ambitions in a December 2020 World Economic Forum report Bloomberg is reporting that Morgan Stanley’s $150B investment unit is considering a direct bitcoin position-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: Talaj/Getty Images Plus
15/02/2112m 16s

BREAKDOWN: Why Comparing Bitcoin to Visa Doesn’t Make Any Sense

A reading of Nic Carter’s latest essay for CoinDesk on the inappropriateness of comparing the energy consumption of bitcoin and Visa transactions. This episode is sponsored by Nexo.io.This week’s “Long Reads Sunday” is a reading of Nic Carter’s latest essay for CoinDesk “What Bloomberg Gets Wrong About Bitcoin’s Climate Footprint.”-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: Andrew Harrer/Bloomberg via Getty Images
14/02/2114m 38s

OPINIONATED: Preston Byrne on GameStop, Online Mobs and Marmots

Attorney Preston Byrne joins Ben Schiller to consider the continuing fallout from the WallStreetBets controversy.This episode is sponsored by Nexo.io.Preston Byrne is a partner in Anderson Kill's Technology, Media and Distributed Systems Group, and a CoinDesk columnist. He joins CoinDesk Features Editor Ben Schiller to discuss his recent op-ed about GameStop, Robinhood and the rise of online mobs. See the article here:‘The Squeezening’: How the GameStop Backlash Will Curtail FreedomSchiller spoke to Byrne about:The rise of online mobs from GameStop to Capitol Hill and how the internet is impacting real life in an increasingly tangible wayWhat policymakers can do to prevent mobs doing damage to decent companiesWhy it’s likely the WallStreetBets Reddit contained some pump-and-dumpersHow the regulatory reaction to the WallStreetBets could impact cryptocurrencies How the backlash from “elites” impacted by GameStop could harm free speechWhy Preston Byrne supports marmots (which are like squirrels or groundhogs) -Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.
13/02/2121m 2s

BREAKDOWN: Corporate Crypto Makes Government Bans Less Likely

A recap of a swath of news about corporate players coming into the crypto space, and why it could change the landscape of regulation.This episode is sponsored by Nexo.io.On this edition of the weekly recap, NLW breaks down the entrance of corporates into the crypto space this week, including:TeslaBNY MellonMastercardTwitterAmazonHe also argues that more corporate actors investing in bitcoin and crypto makes it significantly less likely the U.S. government would look towards severe regulation.This week on The Breakdown:Monday | Elon Musk Buys Bitcoin: Everything You Need to Know About Tesla’s $1.5B PurchaseTuesday | Will Apple Be the Next Fortune 500 to Buy Bitcoin?Wednesday | How Nigeria and India Are Dealing With Crypto BansThursday | Gradually, Then Suddenly: Mastercard, BNY Mellon, Amazon, Twitter Poised to Join the Bitcoin PartyFriday | Why Jay-Z’s Bitcoin Trust Matters-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: Blablo101/Getty Images Plus
13/02/218m 30s

BREAKDOWN: Why Jay-Z's Bitcoin Trust Matters

Hip-hop mogul Sean Carter and Jack Dorsey are putting 500 BTC in a blind trust. This episode is sponsored by Nexo.io.On today’s episode, NLW breaks down:The Miami Commissioners vote to start educating people about bitcoin and cryptoThe Nigerian Senate debate following the Central Bank of Nigeria’s recent crypto banWhy Jay-Z and Jack Dorsey’s bitcoin trust mattersNLW argues the relationship between the crypto industry and celebrities is very different this time around compared to the previous ICO-led bull market. -Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: Shareif Ziyadat/Getty Images Entertainment
12/02/2114m 50s

BREAKDOWN: Gradually, Then Suddenly - Mastercard, BNY Mellon, Amazon, Twitter Poised to Join the Bitcoin Party

In the wake of Tesla’s big announcement on Monday, a wave of corporate engagement with crypto emerges.This episode is sponsored by Nexo.io.On today’s episode of The Breakdown, NLW looks at a slew of news from corporates getting into the bitcoin and crypto space, including:Twitter CFO exploring bitcoin treasury holdings and payments to employees and vendorsMastercard announcing crypto coming to payment rails in 2021Amazon revealing its digital currency plans in a series of job postsBNY Mellon, the world’s largest asset custodian, opening new digital asset business Why Christine Lagarde says central banks won’t buy bitcoin anytime soon. -Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: Gabby Jones/Bloomberg via Getty Images, modified by CoinDesk
11/02/2113m 24s

BREAKDOWN: How Nigeria and India Are Dealing With Crypto Bans

Two of the world’s ten most populous countries have or are considering crypto bans: Here’s what it means.This episode is sponsored by Nexo.io.On today’s episode, NLW examines two governments' attempts to restrict how their citizens interact with crypto. He breaks down:India’s history with crypto bansIndia’s history with demonetization and financial controlWhat we know about a new bill that would ban crypto and provide a framework for an Indian government digital currencyRecent action by the Central Bank of Nigeria to block banks from interacting with cryptoWhy the CBN action might be related to the politics of the #EndSars movement-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: Jason Alden/Bloomberg via Getty Images
10/02/2120m 17s

BREAKDOWN: Will Apple Be the Next Fortune 500 to Buy Bitcoin?

A new analyst report from the Royal Bank of Canada thinks that with a small investment Apple could disrupt the crypto exchange space and pay for it by buying bitcoin.This episode is sponsored by Nexo.io.Today on the Brief:A shifting inflation narrativeReddit raises $250M and has a $6B valuation Castle Island Ventures announces $50M fund II Our main discussion: Might Apple by the next company to dive into bitcoin? In the wake of Tesla’s surprise $1.5 billion bitcoin purchase announcement, many are wondering which Fortune 500 will be next. According to a new report from the Royal Bank of Canada - the country’s largest bank with more than C$800 billion in assets - the best candidate may be Apple. In this episode, NLW breaks down:Why the RBC thinks Apple should build a crypto exchangeHow a BTC treasury purchase could fund itWhy the crypto exchange space and the bitcoin treasury movement are both white-hot topics of discussion right now-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: David Paul Morris/Bloomberg via Getty Images
09/02/2118m 1s

BREAKDOWN: Elon Musk Buys Bitcoin - Everything You Need to Know About Tesla's $1.5B Purchase

The implications of Elon Musk’s purchase on bitcoin’s climate narrative, other Fortune 500 treasury management strategies and more.This episode is sponsored by Nexo.io.Elon Musk’s Tesla (TSLA) has purchased $1.5 billion in bitcoin as a treasury reserve asset. Additionally, the company will soon be allowing people to pay for Teslas with bitcoin. In this episode, NLW breaks down:How Elon got to this moment, including his exchanges with MicroStrategy’s (MSTR) Michael SaylorWhat critics of the Tesla community and the bitcoin community are likely to say How this de-risks bitcoin purchases for other Fortune 500 companies How it relates to Elon’s doge memeing Why this is likely to have a significant impact on bitcoin’s narrative regarding climate change and energy use Why Cathie Wood is laughing all the way to the bank. -Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: Britta Pedersen/Getty Images Entertainment
08/02/2122m 9s

BREAKDOWN: Wall Street Is ‘The Hunger Games’ With Suits

A reading of Ben Hunt’s latest essay for Epsilon Theory. This episode is sponsored by Nexo.io.On this edition of Long Reads Sunday, NLW reads Ben Hunt’s latest essay “Hunger Games” about the lies of Wall Street and how the GameStop episode has exposed them for all to see. -Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: Feodora Chiosea/Getty Images Plus
07/02/2120m 51s

BREAKDOWN: A Bitcoiner Is Now on the Senate Banking Committee

Wyoming’s Cynthia Lummis – the first U.S. senator to publicly hold bitcoin – has been appointed to the key financial regulatory committee.This episode is sponsored by Nexo.io.On this edition of The Breakdown’s weekly recap, NLW discusses:The state of WallStreetBetsThe Bitcoin for Corporations eventETH all-time highs in advance of CME ETH futuresTetherCynthia Lummis on the Senate Banking CommitteeThis week on The Breakdown:Monday | Have the Hedge Funds Infiltrated Reddit’s WallStreetBets?Tuesday | Is This the End of the Reddit Retail Investor Dream?Wednesday | Michael Saylor’s Mission to Get 1,400 Corporations Into BitcoinThursday | What We Learned About PayPal’s Crypto Strategy This WeekFriday | Travis Kling: In the Fed Era, There’s No Such Thing as Market Fundamentals-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: Caroline Brehman/Getty Images News
06/02/219m 39s

BREAKDOWN: Travis Kling – In the Fed Era, There’s No Such Thing as Market Fundamentals

The Ikigai Asset Management investor discusses WallStreetBets, institutional investors and recent bitcoin critiques. This episode is sponsored by Nexo.io.On today’s episode, NLW is joined by Travis Kling, co-founder and chief investment officer of Ikigai Asset Management. They discuss:GameStop, WallStreetBets and financial populismWhether regulatory hearings will actually address any issues around retail investors How WallStreetBets relates to bitcoinThe rise of institutional investors The end of career risk around bitcoin for investment professionalsWhy recent bitcoin FUD has been disingenuousHow investors can price risk in bitcoin Where DeFi fits for institutional investors-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: Overearth/Getty Images Plus
05/02/211h 17m

BREAKDOWN: What We Learned About PayPal's Crypto Strategy This Week

Insights from PayPal’s first quarterly earnings report since launching crypto services.This episode is sponsored by Nexo.io.Today on the Brief:Elon Musk back to DOGE trollingBank of England says to prepare for negative interest ratesJanet Yellen on “Good Morning America” discussing retail investorsOur main discussion: What did we learn about PayPal’s crypto strategy from its quarterly earnings report? In this episode, NLW breaks down:How PayPal’s perspective on crypto evolvedWhat we learned about the success of its offering in Q4 2020What’s next for crypto at PayPal in 2021Why its biggest play is squarely focused on central bank digital currencies -Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: Manuel Blondeau/Corbis via Getty Images
04/02/2114m 13s

BREAKDOWN: Michael Saylor’s Mission to Get 1,400 Corporations Into Bitcoin

MicroStrategy is hosting a two-day “Bitcoin for Corporations” event. Here’s what to watch for. This episode is sponsored by Nexo.io.Today on the Brief:An update on Ant and Jack MaBezos stepping down as CEO of Amazon Miami’s play to become a crypto hubOur main discussion: MicroStrategy’s “Bitcoin for Corporations” event Michael Saylor and MicroStrategy opened a new category of bitcoin investment last year when the company moved hundreds of millions of dollars of cash reserves into bitcoin. For the next two days, the company is hosting a virtual conference designed to help the 1,400 corporate leader attendees discover the playbook that allowed them to make the dramatic move that has paid off so well. In this episode, NLW examines the current state of institutional investment in crypto and asks what this event says about what might be coming next.-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: putragin/Getty Images Plus
03/02/2122m 4s

BREAKDOWN: Is This the End of the Reddit Retail Investor Dream?

As GME plummets and traditional financial media turns its attention elsewhere, where does the retail trading insurgency go from here? This episode is sponsored by Nexo.io.WallStreetBets is having a rough day. Its stocks are crashing. Champions from as recently as last week are selling out. More brokerage apps are turning off buying. In this episode, NLW explores what it means for this set of assets and the larger shift in power from institutional to retail investors. He argues, ultimately, that over the last year retail traders of the type led by WSB have established themselves as too powerful a force for the market to simply turn away from now. -Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: Brent Lewin/Bloomberg via Getty ImagesIntro song credit: https://www.reddit.com/r/wallstreetbets/comments/l0dfrp/the_tendieman_lyrics_and_video_by_uquigonshin
02/02/2120m 16s

BREAKDOWN: Have the Hedge Funds Infiltrated Reddit’s WallStreetBets?

The media keeps saying WallStreetBets is going after silver; WallStreetBets members say it’s a campaign to co-opt and divide them. This episode is sponsored by Nexo.io.Today on the Brief:Elon Musk talks bitcoin on ClubhouseIndia trying to ban crypto?DEXs have best month ever in January Our main discussion: Has WallStreetBets been infiltrated by hedge funds? Reddit community WallStreetBets became headline news last week when its short squeeze of GameStop (GME) nearly brought a famed hedge fund to its knees. According to Twitter personalities and the mainstream media, the community has now turned its focus to squeezing silver. Except, one cursory look at the subreddit shows that isn’t the case. Instead, it is full of posts about how hedge funds and media are trying to promote the silver story to distract and divide the community. In this episode, NLW tries to break down what’s happening and argues that now that WSB has become a market force, these sort of attempts to influence its conversation are going to become de rigeur. -Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: Nicky Loh/Bloomberg via Getty Images and WallStreetBets Subreddit
01/02/2119m 14s

BREAKDOWN: What Ray Dalio Really Thinks of Bitcoin

A reading of Dalio’s first long-form essay on his thoughts about bitcoin and cryptocurrencies.This episode is sponsored by Nexo.io.Today’s “Long Reads Sunday” is a reading of Ray Dalio’s recent LinkedIn post, “What I Really Think of Bitcoin.” In his interpretation, NLW argues the post shows Dalio and Bridgewater are at the beginning of a deep dive into the space.-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: Eoin Noonan/Getty Images Europe
31/01/2111m 13s

BREAKDOWN: GameStop, Robinhood and the Failure of Un-Free Markets

The latest in the saga of WallStreetBets vs the world.This episode is sponsored by Nexo.io.In this edition of the Breakdown’s weekly recap, NLW looks at:Robinhood’s ham-fisted explanations for why it shut down buying for GME and other stocksWhy the root cause seems to have been insolvencyHow politicians are gearing up for political inquiries around the trading shutdowns How WSB is reacting to the shutdown attempts This week on The Breakdown:Monday | The Bitcoin Whales Won’t Stop BuyingTuesday | ‘The 4 Wars We Could Fight With China,’ Feat. Kyle BassWednesday | Why Bitcoin Has More Ideological Flexibility Than We ThinkThursday | WallStreetBets Is Occupy Wall Street With TeethFriday | In Retrospect, It Was Inevitable: Elon Musk Pumps Bitcoin to Space-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: Tiffany Hagler-Geard/Getty Images
30/01/2115m 13s

BREAKDOWN: In Retrospect, It Was Inevitable – Elon Musk Pumps Bitcoin to Space

The price action is fun, but the larger significance is about decentralized alternatives to today’s financial system. This episode is sponsored by Nexo.io.Last night, Tesla and SpaceX founder Elon Musk changed his Twitter profile to a single word: “bitcoin.” He also tweeted a cryptic message: “In Retrospect, It Was Inevitable.”The price of bitcoin surged in the wake of the tweet, as did Google searches for “bitcoin.” The price increases liquidated some $387 million in short positions. In this episode, NLW breaks down the market reaction to Musk, the significance of the tweet and why it all connects to the larger story of WallStreetBets, Robinhood and shifting financial power. -Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: Kevork Djansezian/Getty Images News
29/01/2112m 17s

BREAKDOWN: WallStreetBets Is Occupy Wall Street With Teeth

The retail trader insurgency has massive implications for the future of capital markets. This episode is sponsored by Nexo.io.This week, a collective of foul-mouthed internet memers took down some of Wall Street’s best-known hedge funds. In today’s episode, NLW looks at:The historical context of how the Great Financial Crisis set the stage for WallStreetBetsHow WSB gained infamy during the COVID-19 crisis by correctly predicting the market’s rebound while other investors remained bearish Why WSB started going after short-sellers, particularly around GameStop (GME)How WSB forced a short squeeze that required Melvin Capital to call in nearly $3B of emergency capital Why Robinhood forcing users to stop buying GameStop and other related assets will go down as an inflection point in the history of capital markets-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: Spencer Platt/Getty Images News and WallStreetBets Subreddit
28/01/2127m 19s

BREAKDOWN: Bitcoin Doesn't Care About Your Politics – Why Bitcoin Has More Ideological Flexibility Than We Think

NLW is joined by three philosophy professors for a discussion of bitcoin, ethics and politics.This episode is sponsored by Nexo.io.Falling down the proverbial bitcoin rabbit hole tends to lead people to ask deep questions about the nature of the economy and society. Today’s Breakdown guests are all professionally trained to ask those sorts of questions as philosophers. NLW is joined by:Andrew Bailey, Yale-NUS College @resistancemoneyBradley Rettler, University of Wyoming @rettlerbCraig Warmke, Northern Illinois University @craigwarmkeThe three form a research collective called Resistance Money and are working on a book about bitcoin’s use helping individuals overcome infringement by states and other institutions. On this episode they discuss bitcoin’s ideological flexibility and situate it in the context of the larger political landscape.-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: Crisfotolux/Getty Images Plus
27/01/211h 5m

BREAKDOWN: ‘The 4 Wars We Could Fight With China,’ Feat. Kyle Bass

One of investing’s loudest critics of China shares his assessment of where the U.S. political and business relationship with the country is headed. This episode is sponsored by Nexo.io.In this episode, NLW speaks with Kyle Bass. Kyle is the founder and chief investment officer of Hayman Capital Management, a hedge fund focused on global events. He is known for correctly predicting the subprime mortgage crisis, as well as for his outspoken and critical views on China. In this episode, he and NLW discuss: Contrarian investingThe larger macro landscapeBitcoin and crypto How the U.S.’ relationship with China changed under former President Donald TrumpHow the relationship is likely to evolve under current President Joe Biden Find our guest online: @Jkylebass-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: MicroStockHub/Getty Images Plus
26/01/2146m 56s

BREAKDOWN: The Bitcoin Whales Won’t Stop Buying

According to a number of different data points, bitcoin whales saw last week’s volatility and price declines as a chance to accumulate. This episode is sponsored by Nexo.io.Today’s grab-bag episode looks at five different topics:Bitcoin whales kept accumulating during last week’s dipJim Cramer advises Powerball winner to put 5% in bitcoinPreviewing the first FOMC meeting of the Biden AdministrationEarnings week on Wall Street looks good for Big TechAn insider’s look at the state of crypto venture capital-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: munandme/Getty Images Plus
25/01/2119m 52s

BREAKDOWN: A Reading of Satoshi’s Bitcoin White Paper

The document that started it all, in audio form.This episode is sponsored by Nexo.io.For this week’s Long Reads Sunday, NLW reads the document that started it all - the Bitcoin White Paper. Interestingly, this document was released under an MIT open-source license, available free to all. -Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: Emir Hoyman/Getty Images Plus
24/01/2117m 54s

BREAKDOWN: Another Pro-Crypto Appointment in the Biden Administration?

Reports are that Chris Brummer – author of a volume on crypto assets and frequent speaker on digital currencies – will chair the CFTC.This episode is sponsored by Nexo.io.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. This week on The Breakdown:Monday | Lyn Alden on Why the Dollar System No Longer Serves the US or the WorldTuesday | Goldman Sachs Can No Longer Dismiss BitcoinWednesday | Is Janet Yellen Bitcoin’s Biggest Enemy or Greatest Asset? YesThursday | Why the World’s Largest Asset Manager Is Getting Into BitcoinFriday | This Bitcoin Dip Was Not Caused by FUD-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: Chip Somodevilla/Getty Images News
23/01/2111m 17s

BREAKDOWN: This Bitcoin Dip Was Not Caused by FUD

While there was plenty of FUD flying around, it wasn’t the real reason prices pulled back so significantly.This episode is sponsored by Nexo.io.Today on the Brief:Home sales up, home supply downBiden’s first test on the stimulusEuro 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.-Image credit: Nuthawut Somsuk/Getty Images Plus
22/01/2114m 42s

BREAKDOWN: Why the World's Largest Asset Manager Is Getting Into Bitcoin

As BlackRock gets ready to make its first foray into bitcoin, innovation-focused ARK ETF flows surpass that of BlackRock. This episode is sponsored by Nexo.io.Today on the Brief:A new SPAC exchange-traded fund with bitcoin-experienced leadershipFirst look at Brian Brooks’ possible replacement at OCCWhat to expect from institutional bitcoin price targets in the coming weeksOur 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 interestWhy 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-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-Image credit: Stephanie Keith/Getty Images News
21/01/2113m 28s

BREAKDOWN: Is Janet Yellen Bitcoin's Biggest Enemy or Greatest Asset? Yes

As a new administration is sworn in, how will one if its most important officials – nominated Treasury Secretary Janet Yellen – impact the digital assets space? This episode is sponsored by Nexo.io.Today on the Brief:Jack Ma is not deadThe latest in crypto M&ADeutsche Bank survey sites bitcoin as biggest bubbleOur main discussion: Yellen’s impact on bitcoin and digital assetsIn 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.-Image credit: Mark Wilson/Getty Images News
20/01/2121m 55s

BREAKDOWN: Goldman Sachs Can No Longer Dismiss Bitcoin

According to a Goldman insider, the investment bank will leap into crypto custody soon.This episode is sponsored by Nexo.io.Today on the Brief: Gary Gensler is officially Biden’s pick for SEC chairmanInvestors are betting against the U.S. dollarGrayscale has best day ever with $700 million in investmentEthereum 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. -Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.Image credit: Chris Hondros/Getty Images News
19/01/2115m 27s

BREAKDOWN: Lyn Alden on Why the Dollar System No Longer Serves the US or the World

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 cycleWhy the Federal Reserve is terrified of the global dollar shortageThe difference in creditor vs. debtor nationsThe 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 likeImage credit: imagedepotpro/Getty Images Plus
18/01/2159m 59s

BREAKDOWN: ‘America and Sound Money,’ the Most Important Bitcoin Essay of the Last Year

A reading of the “Stone Ridge 2020 Shareholder Letter” by Ross Stevens.This episode is sponsored by Nexo.io.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.-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.Image credit: Velishchuk/Getty Images Plus
17/01/2135m 8s

BREAKDOWN: Crashes, Rallies and Stimulus – A Normal Week for 2021 Bitcoin

The second full business week of January has demonstrated many trends that NLW argues will shape bitcoin and crypto throughout the year.This episode is sponsored by Nexo.io.On “The Breakdown’s” Weekly Recap, NLW argues that this week is exemplary of a set of trends that will define 2021, including:Market volatilityMacro tailwinds Convergence of crypto and traditional financeRegulatory battles and opportunitiesStrange categories of FUDThis week on The Breakdown:Monday | Did This Bitcoin Cycle’s FUD Phase Just Begin?Tuesday | Is China Poised to Nationalize Alibaba?Wednesday | A New SEC Chair Who Actually Understands Bitcoin and Crypto?Thursday | The Definitive Breakdown of All Bitcoin FUD, With Dan HeldFriday | Will Mayor Suarez’s Miami Be the First Major City to Buy Bitcoin?-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.Image credit: glorcza/Getty Images Plus
16/01/219m 52s

BREAKDOWN: Will Mayor Suarez's Miami Be the First Major City to Buy Bitcoin?

The entrepreneurial mayor brings his recruitment of tech talent to the crypto space with the potential of a 1% investment of the city’s reserves into BTC.This episode is sponsored by Nexo.io.Today on the Brief:Initial jobless claims grow the most since MarchBiden unveils emergency relief planFed Chair Powell discusses CBDCs and stablecoinsOur 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.-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.Image credit: Joe Raedle/Getty Images News
15/01/2117m 39s

BREAKDOWN: The Definitive Breakdown of All Bitcoin FUD, With Dan Held

From “backed by nothing” to “China mining control,” a complete look at the best response to every category of bitcoin FUD out there.This episode is sponsored by Nexo.io.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:Bitcoin is for criminalsBitcoin is backed by nothing/has no intrinsic valueTether manipulationEnergy consumptionGovernment bans And more! Which are the most legitimate? Which are easily dismissed? Tune in to find out.Find our guest online:Twitter: @danheldWebsite: danheld.com-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.Image credit: Ja_inter/Getty Images Plus
14/01/2146m 10s

BREAKDOWN: A New SEC Chair Who Actually Understands Bitcoin and Crypto?

After his most recent stint teaching about blockchain at MIT, former CFTC head Gary Gensler is reportedly the next SEC Chair.This episode is sponsored by Nexo.io.Today on the Brief:Visa drops $5.3B Plaid acquisition after DOJ antitrust suitECB President Christine Lagarde discusses bitcoin and digital euro Acting OCC chief Brian Brooks to step down this week Our main discussion: Gary Gensler rumored to be the new SEC Chair. In this episode, NLW discusses:Gensler’s background at Goldman, CFTC and MITGensler’s MIT coursePrevious statements on Bitcoin, Ethereum, and RippleThe crypto communities reaction to Gensler at the SEC-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.Image credit: Alex Wong/Getty Images News
13/01/2114m 2s

BREAKDOWN: Is China Poised to Nationalize Alibaba?

The International Business Times reports China might nationalize Alibaba. Here’s what that has to do with China’s digital currency efforts. This episode is sponsored by Nexo.io and this week’s special product launch: Stacks.co.Today on the Brief:Whales accumulated during yesterday’s crash Kentucky legislators introduce bill to attract crypto minersUBS lowers the threshold for charging savers because of negative interest ratesOur main discussion: What China’s prospective nationalization of Alibaba has to do with the nation’s digital currency efforts. In this episode, NLW:Gives a background on China’s digital currency projectDiscusses why the DCEP is motivated by a larger attempt to internationalize the RMBBackground on Alipay, Ant Financial and AlibabaHow Alibaba founder Jack Ma annoyed the CCP and why he hasn’t been seen publicly in two months-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-A new era of innovation on Bitcoin has begun. Stacks 2.0 enables secure apps and smart contracts on Bitcoin, unlocking new use cases and value while laying the foundation for a user-owned internet. https://stacks.co.Image credit: Wang HE/Getty Images News
12/01/2118m 44s

BREAKDOWN: Did This Bitcoin Cycle’s FUD Phase Just Begin?

As the price crashes more than 20% in 24 hours, NLW describes the “wall of worry” around regulation that might characterize this cycle’s FUD.This episode is sponsored by Nexo.io and this week’s special product launch: Stacks.co.Today on the brief:Trump ejected from social media Bakkt confirms plans to go public via SPACNYDIG buys Digital Assets DataOur main discussion: Are we at the beginning of a new FUD cycle? In this episode, NLW looks at:What happened with bitcoin’s big price crashHow the crypto community is reacting to the dip New regulatory FUD out of the U.K.Why regulatory issues are likely to be this bull market’s “wall of worry”-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-A new era of innovation on Bitcoin has begun. Stacks 2.0 enables secure apps and smart contracts on Bitcoin, unlocking new use cases and value while laying the foundation for a user-owned internet. https://stacks.co.Image credit: Nathan Stirk/Getty Images News
11/01/2116m 39s

BREAKDOWN: Why I Changed My Mind on Bitcoin

A reading of two recent essays by former bitcoin skeptics who have changed their tunes.This episode is sponsored by Nexo.io and this week’s special product launch: Stacks.co.On this week’s Long Reads Sunday, NLW reads two pieces from former bitcoin skeptics who have changed their mind about the asset. “Bitcoin Crushes Doubters as 224% Rally Proves It’s Here to Stay” by Ed van der Walt “Why I’ve Changed My Mind on Bitcoin” by Nick Maggiulli, COO of Ritholtz Wealth Management -Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-A new era of innovation on Bitcoin has begun. Stacks 2.0 enables secure apps and smart contracts on Bitcoin, unlocking new use cases and value while laying the foundation for a user-owned internet. https://stacks.co.
10/01/2112m 42s

BREAKDOWN: Was This The Craziest Week in Bitcoin History?

Transformative regulatory guidance, important macro tailwinds and, of course, a stunning run-up past $40,000.This episode is sponsored by Nexo.io and this week’s special product launch: Stacks.co.On this edition of The Breakdown’s weekly recap, NLW looks at what was one of the most spectacular and surprising weeks in bitcoin and crypto history. Specifically, he discusses:Price actionMacro tailwindsRegulatory shifts in surprise guidance from the OCCRetail investor momentum building This week on The Breakdown:Monday | Understanding Bitcoin’s Blistering Rise Past $30,000Tuesday | Most Important Crypto Regulation Yet? Banks Can Treat Public Blockchains Like SWIFT and ACHWednesday | What Georgia’s Elections Mean for BitcoinThursday | Can Bitcoin Just Keep Going Up?Friday | BRRR: Biden Readies a New $3T Stimulus Package-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-A new era of innovation on Bitcoin has begun. Stacks 2.0 enables secure apps and smart contracts on Bitcoin, unlocking new use cases and value while laying the foundation for a user-owned internet. https://stacks.co.Image credit: peshkov/Getty Images Plus
09/01/2110m 56s

BREAKDOWN: BRRR – Biden Readies a New $3T Stimulus Package

What a new package including more direct payouts to citizens plus big infrastructure spending mean for bitcoin and markets as a whole.This episode is sponsored by Nexo.io and this week’s special product launch: Stacks.co.Today on the Brief:U.S. loses 140,000 jobs in DecemberChamath’s SoFi SPACA SPAC for BakktOur main discussion: upcoming stimulus plans As the dust (finally? sort of?) settles on elections that began last year, the Democrats are looking to jump right out of the gate with a new set of stimulus plans, including both payments to individuals as well as big infrastructure spending. In this episode, NLW discusses the specifics we know so far, the potential challenges to get these plans passed and what the implications for bitcoin might be.-Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-A new era of innovation on Bitcoin has begun. Stacks 2.0 enables secure apps and smart contracts on Bitcoin, unlocking new use cases and value while laying the foundation for a user-owned internet. https://stacks.co.Image credit: Joshua Roberts/Getty Images News
08/01/2112m 40s

BREAKDOWN: Can Bitcoin Just Keep Going Up?

With bitcoin (briefly) passing $40,000 for the first time, the question becomes: Can it keep going or is a reset necessary? This episode is sponsored by Nexo.io and this week’s special product launch: Stacks.co.Today on the Brief:U.S. President Trump signs order banning Chinese appsInitial jobless claims hold steady at 787,000Elon Musk becomes the world’s richest personOur main discussion: Can bitcoin just keep going up? In this episode, NLW breaks down:What’s driving the rally, including the growth of institutional buyers, burgeoning retail FOMO, Asian markets and more Why some indicators are pointing towards a trader move into altcoins Why, despite the rapid growth, bitcoin remains undervalued -Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-A new era of innovation on Bitcoin has begun. Stacks 2.0 enables secure apps and smart contracts on Bitcoin, unlocking new use cases and value while laying the foundation for a user-owned internet. https://stacks.co.Image credit: Vertigo3d/iStock via Getty Images Plus
07/01/2115m 55s

BREAKDOWN: What Georgia’s Elections Mean for Bitcoin

As the Democrats appear to be headed to victory, how does their new U.S. Senate majority impact markets as a whole and bitcoin more specifically? This episode is sponsored by Nexo.io and this week’s special product launch: Stacks.co.Today on the Brief:ShapeShift goes full DEXNeil Young and the changing business of musicChina stocks delisted from NYSEOur main discussion: What are the implications of Georgia’s runoff elections for bitcoin and markets as a whole? In this episode, NLW discusses:The immediate response of Crypto Twitter to the victory for DemsWhy Kelly Loeffler was a disappointing industry rep in the Senate Which stocks are going up on the news and whyWhy a Democrat Senate majority is driving up inflation expectationsWhy discussions of UBI and digital dollars and more in play than ever Why bitcoin stands to be supercharged by the coming macro environment -Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.-A new era of innovation on Bitcoin has begun. Stacks 2.0 enables secure apps and smart contracts on Bitcoin, unlocking new use cases and value while laying the foundation for a user-owned internet. https://stacks.co.
06/01/2116m 44s

BREAKDOWN: Most Important Crypto Regulation Yet? Banks Can Treat Public Blockchains Like SWIFT and ACH

A new interpretive letter from the Office of the Comptroller of the Currency paves the way for stablecoins and public blockchains to be fully integrated in the financial infrastructure. This episode is sponsored by Nexo.io.Yesterday, the Office of the Comptroller of the Currency released Interpretive Letter 1174. The letter allows banks to participate as nodes in “independent node verification networks” (which you might better know as blockchain networks) as well as use stablecoins for payments settlement. In this episode of The Breakdown, NLW looks at: Crypto Twitter’s response to the news A review of key passages from the letterThe response of criticsThe implications for CBDCs and the geopolitical battle between the U.S. dollar and China’s emerging digital currency Image credit: tampatra/iStock via Getty Images Plus
05/01/2123m 0s

BREAKDOWN: Understanding Bitcoin's Blistering Rise Past $30,000

Bitcoin has started 2021 off with a bang. Here’s what investors and analysts think is driving the rise (and today’s dip) as well as predictions for what happens next. This episode is sponsored by Nexo.io.The end of December was a momentous time in bitcoin’s history. Not content to clear the psychological barrier of $20,000, bitcoin’s price smashed up almost all the way to $30,000, although it would take the turn to the new year to hit that new high-water mark. In this episode, NLW looks at interpretations of why bitcoin is rising, why it dipped today and what analysts and investors think will happen next. This analysis includes:Evidence of institutional FOMO including a rise in bitcoin whale addressesMassive outflows from Coinbase Pro over the weekend The impact of derivatives liquidations that occurred Monday morning Commentary from OTC desks on Q1 2021 possibilitiesImage credit: ayo888/iStock via Getty Images Plus
04/01/2113m 53s

BREAKDOWN: The Unorthodox Trades That Will Drive Value in 2021, feat. Tony Greer

The macro analyst looks at unexpected sources of strength in the economy.This episode is sponsored by Nexo.io.Tony Greer is a macro analyst and author of the Morning Navigator Newsletter. In this conversation, he and NLW discuss how central banks continued to kick the can down the road on debt as well as unexpected sources of strength for the economy heading into 2021.Find our guest online: @TgMacro
03/01/2126m 11s

BREAKDOWN: Why Bitcoin Is Bigger Than an Inflation Hedge, feat. Dan Tapiero

The prominent gold and bitcoin macro commenter discusses a new generation of institutional investors.This episode is sponsored by Nexo.io.Dan Tapiero is an investor and entrepreneur with deep experience in gold and bitcoin. In this conversation with NLW he discusses the new group of institutional investors coming into the space and why, for them, bitcoin represents much more than just a hedge against possible future inflation.Find our guest online: @DTAPCAP
02/01/2123m 51s

BREAKDOWN: Bitcoin Is Digital Social Justice, feat. Tyrone Ross

The podcaster and CEO of Onramp Invest discusses DeFi, income inequality and the opportunity for bitcoin in 2021.This episode is sponsored by Nexo.io.The wealth adviser and CEO of Onramp Invest discusses why the Federal Reserve continues to ignore its role in income inequality and what the bitcoin community can do to be a force for positive change.Find our guest online: @TR401
01/01/2120m 28s

BREAKDOWN: The Most Important Bitcoin Infrastructure Developments of 2020, feat. Alyse Killeen

A look at privacy and infrastructure advances that will shape the bitcoin ecosystem in the years to come.This episode is sponsored by Crypto.com and Nexo.io.Alyse Killeen is the founder and managing partner of StillMark, and has been investing in bitcoin companies since 2013. While much of the conversation this year has been about high level narratives and new institutional investors, Alyse breaks down the technical advances that happened this year.Find our guest online: @AlyseKilleen
31/12/2020m 25s

BREAKDOWN: What 2020 Taught Us About the ‘Dollar Milkshake Theory,’ feat. Brent Johnson

The Santiago Capital investor takes a look at what 2020 taught us about his notable economic theory.This episode is sponsored by Crypto.com and Nexo.io.Brent Johnson is an investor at Santiago Capital and the creator of the well-known “Dollar Milkshake Theory.” In this conversation with NLW, he discusses what 2020 taught us about the state of the dollar around the world.Find our guest online: @santiagoaufund
30/12/2022m 28s

BREAKDOWN: The Devastation of Main Street Business, feat. Daniel Lacalle

The popular economist talks about the K-shaped recovery and why we could be in for more pain in 2021.This episode is sponsored by Crypto.com and Nexo.io.Daniel Lacalle is the chief economist for Tressis SV and a well-known economics personality. In this conversation with NLW he discusses the devastation of small businesses in America and around the world and why the recovery could be less even than people think in the year ahead.Find our guest online: @dlacalle_IA
29/12/2021m 28s

BREAKDOWN: Bitcoin, Bank Coins and Bonds, feat. George Goncalves

A macro and bond specialist joins NLW to discuss the economics of 2021.This episode is sponsored by Crypto.com and Nexo.io.George Goncalves has been a macro analyst specializing in bonds for more than 20 years. In this conversation, he and NLW discuss the story bonds are telling the market and why central bank digital currencies are likely to have an important part of the macro conversation in 2021.Find our guest online: @bondstrategist
28/12/2023m 50s

BREAKDOWN: Sound Money vs. the Great Reset, feat. Mark Moss

One of the most popular economics and bitcoin YouTube host joins NLW for a conversation about how to make 2021 better.This episode is sponsored by Crypto.com and Nexo.io.Mark Moss is the host of a fast-growing and popular YouTube channel covering economics, bitcoin and more. In this conversation, he discusses why gold, bitcoin and sound money have become even more important in the context of central bank printing gone wild.Find our guest online: @1MarkMoss
27/12/2024m 18s

BREAKDOWN: Central Banks Gone Wild! Feat. Bill Barhydt

The founder of mobile crypto bank Abra discusses the massive expansion of global central bank balance sheets.This episode is sponsored by Crypto.com and Nexo.io.Bill Baryhdt is the CEO of Abra, a mobile crypto banking app. In this discussion with NLW, Bill talks about the year in bitcoin and why the mass expansion of central bank balance sheets was the most important economic story of the year.Find our guest online: @billbarhydt
26/12/2024m 54s

BREAKDOWN: The View on Bitcoin From Inside Fidelity Digital Assets, feat. Ria Bhutoria

The director of research at Fidelity Digital Assets gives her take on the crypto space.This episode is sponsored by Crypto.com and Nexo.io.Ria Bhutoria is the director of research at Fidelity Digital Assets. In this conversation she gives listeners a look at how one of the most important institutional players in the space has viewed the evolution of bitcoin over the past year.Find our guest online: @riabhutoria
25/12/2025m 31s

BREAKDOWN: ‘Bitcoin and Ethereum Have Gone Completely Separate Directions,’ Feat. Bully Esq.

One of crypto twitter's best-known personalities discusses DeFi, bitcoin and how 2020 was and wasn't like 2017.This episode is sponsored by Crypto.com and Nexo.io.Bully Esquire is a Crypto Twitter personality, lawyer, founder of AlphaMarkets and host of the “Bully Esquire” podcast. In this conversation, he and NLW discuss what was good and bad about the DeFi boom of 2020 and more.Find our guest online: @bullyesq
24/12/2022m 6s

BREAKDOWN: How 2020 Unlocked a New Generation of Investors, feat. Jill Carlson

No one would have expected an economic crisis to bring a new generation of investors to the table, but that's exactly what it did.This episode is sponsored by Crypto.com and Nexo.io.Jill Carlson is an investor with Slow Ventures and the co-founder of the Open Money Initiative. In this wide-ranging discussion with NLW she discusses how an economic crisis brought in a new generation of investors and why political moderation will be all the rage in 2021.Find our guest online: @jillruthcarlson
23/12/2025m 40s

BREAKDOWN: Hacking Humanity With Bitcoin, feat. Max Keiser and Stacy Herbert

Two of bitcoin's most vocal advocates discuss why this year broke open the floodgates on an aging economic system.This episode is sponsored by Crypto.com and Nexo.io.Max Keiser and Stacy Herbert are one of bitcoin's most dynamic duos, producing a variety of content, including the Orange Pill podcast. In this discussion with NLW, they talk about why this year was transformational in terms of how people view the aging economic system, and why 2021 is poised to mint even more new bitcoiners.Find our guests online: @maxkeiser@stacyherbert
22/12/2026m 51s

BREAKDOWN: Raoul Pal on the Coming Transformation of Monetary and Fiscal Policy

The founder of Real Vision joins NLW for a discussion of CBDCs, bitcoin and why he remains "irresponsibly long."This episode is sponsored by Crypto.com and Nexo.io.Raoul Pal is the founder and CEO of Global Macro Investor and Real Vision and one of the leading voices in modern macroeconomic discussions. In this conversation, he and NLW discuss bitcoin's monster 2020, how DeFi compares to ICOs, and why we should be paying more attention to central bank digital currencies.Find our guest online: @RaoulGMI
21/12/2025m 4s

BREAKDOWN: Why Bitcoin and Rehypothecation Don’t Mix

A reading of Jeffrey Snider’s latest essay and Caitlin Long’s companion tweet thread. This episode is sponsored by Crypto.com and Nexo.io.On this week’s Long Reads Sunday, NLW starts with the latest essay by Jeffrey Snider, “A Nonsensical Jumble of Misused Words Requires Discussion” and then with Caitlin Long’s followup thread, putting the discussion of rehypothecation in the bitcoin context.
20/12/2021m 27s

BREAKDOWN: Preston Pysh on Why Currencies Fail [Encore]

An encore presentation of NLW’s conversation with Preston Pysh recorded on March 12 – the infamous Black Thursday. This episode is sponsored by Crypto.com and Nexo.io.On March 12, as the U.S. government struggled to wrap its head around the emerging COVID-19 pandemic and markets floundered, bitcoin had one of its worst days in history, crashing by thousands of dollars and even hitting below $4,000 on some exchanges. That evening, NLW and podcaster Preston Pysh recorded a conversation about bitcoin, central banks and what happens when currencies fail. Nine months later, the conversation is as salient as ever. Find our guest online: @PrestonPysh
19/12/201h 5m

BREAKDOWN: Balaji Srinivasan on Communist Capital vs. Woke Capital vs. Crypto Capital

One of the internet’s most fluid thinkers joins to give a brief history of the future.This episode is sponsored by Crypto.com and Nexo.io.Balaji Srinivasan is an angel investor and entrepreneur, the former CTO of Coinbase, a former General Partner at Andressen Horowitz and more. In this wide-ranging conversation with NLW, he discusses:How networks are taking a power role once reserved for god and the stateWhy pre-internet institutions will not survive the internet Why bitcoin at $1 million is a global governmentWoke capital vs. communist capital vs. crypto capitalFind our guest online: @balajis
18/12/201h 15m

BREAKDOWN: The CIO of $230B AUM Guggenheim Just Called for $400,000 BTC

A recap of 5+ insanely bullish stories that got buried in the bitcoin price action.This episode is sponsored by Crypto.com and Nexo.io.With so much focus on bitcoin’s record-setting price run, a number of huge (and hugely bullish) stories have gotten comparatively short shrift. In this episode, NLW looks at:Ruffer LLP’s $744 million bitcoin buyHedge Funder Alan Howard and One River’s $1 billion digital assets betNorthern Trust getting into crypto custodyGuggenheim Partners’ CIO calling for $400,000 BTCCoinDesk sister company Grayscale as the fastest-growing asset manager in history?
17/12/2011m 2s

BREAKDOWN: Why $20,000 Bitcoin Matters

Validation. Psychology. FOMO. NLW looks at why today’s price achievement marks a turning point in bitcoin’s history. This episode is sponsored by Crypto.com and Nexo.io.After weeks of flirting with all-time highs, bitcoin has broken through the most significant psychological barrier: $20,000. In today’s episode of The Breakdown, NLW looks at why the moment is so significant, arguing:Bitcoin is an incentive design system where price drives more benefits than financial gain The validation of retail traders and more recent institutional investors creates an even stronger group of evangelists The psychological price barrier is likely to increase FOMO among those on the sidelines 
16/12/2013m 2s

BREAKDOWN: Will Wall Street Ruin Bitcoin? Featuring Ben Hunt and Alex Gladstein

As traditional financial institutions line up to get into bitcoin, a debate on whether it can stay permissionless and censorship resistant.This episode is sponsored by Crypto.com and Nexo.io.Ben Hunt is the founder of Second Foundation Partners and lead author of Epsilon Theory. Alex Gladstein is the chief strategy officer at the Human Rights Foundation. In this conversation, they discuss one of the most important burgeoning topics of the year: In a world where bitcoin goes mainstream with traditional financial institutions, can it keep its more renegade spirit? More important, can it keep its more renegade features such as permissionless access and censorship resistance? Ben and Alex join for a good faith, spirited discussion of whether the bitcoin we know today will be preserved or whether it is doomed to be co-opted by the financial powers that be.Find our guests on social:Ben: @EpsilonTheoryAlex: @Gladstein
15/12/201h 21m

BREAKDOWN: JPMorgan Discusses $600B in Potential New Bitcoin Demand

MassMutual’s $100M BTC investment has the potential to open a massive new investment category, according to analysts.This episode is sponsored by Crypto.com and Nexo.io.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.
14/12/2014m 51s

BREAKDOWN: How Much Debt Can a Country Handle?

As conventional wisdom grows that central banks can go more deeply into debt than previously thought, one economist asks, how much is too much?This episode is sponsored by Crypto.com, Nexo.io and this week’s special product launch LVL.co.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.
13/12/2011m 11s

BREAKDOWN: The Bitcoin Banking Battle Heats Up

Banks are moving into crypto and crypto companies are trying to become banks, so how does it all play out? This episode is sponsored by Crypto.com, Nexo.io and this week’s special product launch LVL.co.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.This week on The Breakdown:Monday | China’s Latest Digital Currency Trial Is Its Most Important Yet Tuesday | A De Facto Bitcoin ETF? MicroStrategy Is Raising $400M to Buy More BTC Wednesday | The Most Important Trends and People Shaping Crypto 2020, With Ryan Selkis Thursday | SEC Commissioner Hester Peirce on a Bitcoin ETF, Custody Rules and What’s Next for the SEC Friday | Why a Massive 169-Year-Old Insurance Company Just Bought $100M in Bitcoin
12/12/2010m 32s

BREAKDOWN: Why a Massive 169-Year-Old Insurance Company Just Bought $100M in Bitcoin

MassMutual becomes the latest announced institutional buyer of bitcoin, and this one could be even more significant in terms of precedent. This episode is sponsored by Crypto.com, Nexo.io and this week’s special product launch LVL.co.Today on the Brief:FDA panel recommends Pfizer vaccine approval as initial jobless claims soarAntitrust lawsuit calls for Facebook breakupCrypto-friendly CFTC chairman to resign at the beginning of the yearOur 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.
11/12/2014m 53s

BREAKDOWN: SEC Commissioner Hester Peirce on a Bitcoin ETF, Custody Rules and What's Next for the SEC

The SEC commissioner explains why the SEC’s approach has been “too slow and too ambiguous” and why she’s optimistic for 2021. This episode is sponsored by Crypto.com, Nexo.io and this week’s special product launch LVL.co.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 ambiguousWhy it matters that FinHub is becoming a standalone officeThe prospect for a regulatory “safe harbor” for cryptoWhat the SEC thinks of the OCC’s crypto custody guidanceThe prospect for a bitcoin exchange-traded fund
10/12/2020m 32s

BREAKDOWN: The Most Important Trends and People Shaping Crypto 2020, With Ryan Selkis

The Messari CEO goes over the highlights of his just-released annual “Crypto Theses” report. This episode is sponsored by Crypto.com, Nexo.io and this week’s special product launch LVL.co.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 2017Why regulatory battles loom Find our guest online:Twitter: @twobitidiotWebsite: messari.io
09/12/201h 2m

BREAKDOWN: A De Facto Bitcoin ETF? MicroStrategy Is Raising Another $400M to Buy BTC

Michael Saylor announced plans to offer convertible bonds with the express intent to buy BTC. The community reacts. This episode is sponsored by Crypto.com, Nexo.io and this week’s special product launch LVL.co.Today on the Brief:BBVA set to offer crypto trading and custodyWells Fargo discusses bitcoin in recent investor memoSquare 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.
08/12/2017m 49s

BREAKDOWN: China's Latest Digital Currency Trial Is Its Most Important Yet

More money, more participants, more participating banks and merchants – a look inside the latest DC/EP trial in Suzhou.This episode is sponsored by Crypto.com, Nexo.io and this week’s special product launch LVL.co.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 changedComparison of the size of the lotteryChanges in public interestWhy it matters to the crypto industry
07/12/2013m 42s

BREAKDOWN: Niall Ferguson on Why Bitcoin and China Are Winning the Monetary Revolution

The well-known economic historian connects the dots between bitcoin and CBDCs in the COVID-19 money era.This episode is sponsored by Crypto.com, Nexo.io and this week's special product launch, Allnodes.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.
06/12/2015m 49s

BREAKDOWN: $50K BTC in 2021? Bloomberg Analysts Join the 'Traditional Onslaught' Driving Bitcoin's Rally

A new crypto outlook from Bloomberg suggests BTC could reach $50,000 in 2021, topping off a month of major institutional momentum for the asset.This episode is sponsored by Crypto.com, Nexo.io and this week's special product launch, Allnodes.On this edition of the weekly recap, NLW looks at the consolidating narrative of a bitcoin rally that is:Being driven by institutional investorsShifting 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 highsThis week on The Breakdown:Monday | Bitcoin Hits a New All-Time High: What Happens Next?Tuesday | Why a $631B Asset Manager Just Changed Its Mind on BitcoinWednesday | Josh Brown on Bitcoin’s ‘Respectability Rally’ and Why We’ll See Dow 100,000 in Our LifetimeThursday | Why Stablecoins Are the First Battleground of the Coming Crypto Regulation WarsFriday | A ‘Santa Claus Rally’ for the Stock Market?
05/12/209m 35s

BREAKDOWN: A ‘Santa Claus Rally’ for the Stock Market?

Since 1969, 34 out of 45 years have seen a late December rally. Here are 5 reasons why that might not happen this year. This episode is sponsored by Crypto.com, Nexo.io and this week's special product launch, Allnodes.Today on the Brief:Payrolls report underperforms expectationsSpotify looking for crypto directorLame-duck crypto legislation on the way? Our main discussion: Will we see a “Santa Claus rally” this year? This kind of rally refers to the fact that in about two-thirds of years since 1969, late December has seen a stock market rally, averaging a 1.4% gain. This year, vaccine optimism combined with new stimulus seems poised to once again jingle Wall Street’s bells. A piece in Bloomberg, however, provides five charts and reasons why this market rally is already overbought and overblown, so this year might be more coal than eggnog.
04/12/2014m 19s

BREAKDOWN: Why Stablecoins Are the First Battleground of the Coming Crypto Regulation Wars

The STABLE Act would force all stablecoin issuers to have bank licenses, a shot across the bow that portends an emerging legal challenge for the industry.This episode is sponsored by Crypto.com, Nexo.io and this week's special product launch, Allnodes.On Wednesday, three U.S. congressional Democrats announced the STABLE Act, an 18-page bill that would require, among other things, stablecoin issuers to acquire banking charters, get approval from the Federal Reserve and hold FDIC insurance. The bill’s authors claim stablecoins represent a continuation of the shadow banking system that preys on poor communities. The crypto industry argues this overly burdensome would not only stifle innovation but ensure the only players in this new space are the deep-pocketed fintechs with the resources for compliance. In today’s episode, NLW argues this is more than just another bill that will go nowhere in Congress, it’s the opening salvo of a new set of arguments that will define the next face of regulatory battles for the entire crypto industry.
03/12/2025m 37s

BREAKDOWN: Josh Brown on Bitcoin’s ‘Respectability Rally’ and Why We’ll See Dow 100,000 in Our Lifetime

One of finance’s most colorful personalities joins NLW to discuss how advisers spend their money, Robinhood traders, bitcoin and more.This episode is sponsored by Crypto.com, Nexo.io and this week's special product launch, Allnodes.Josh Brown is the CEO of Ritholtz Wealth Management. He is also the host of “The Halftime Report” on CNBC, author of the “Reformed Broker” blog and host of “The Compound Show” podcast. Most recently, he is the author of “How I Invest My Money: Finance Experts Reveal How They Save, Spend, and Invest.”In this fun and freewheeling conversation, Josh and NLW discuss:Why financial advisers give a lot of advice but don’t actually share their personal strategies What’s driving bitcoin’s “respectability rally” (Read more here) Why we should be excited about, rather than worried for, the new generation of Robinhood tradersWhy the Dow Jones Industrial Average is going to 100,000 in our lifetime Find our guest online:Twitter: @reformedbroker
02/12/2032m 39s

BREAKDOWN: Why a $631B Asset Manager Just Changed Its Mind on Bitcoin

In a research note intended for clients, investing giant AllianceBernstein says it changed its mind on bitcoin’s role in asset allocation. This episode is sponsored by Crypto.com, Nexo.io and this week's special product launch, Allnodes.Today on the Brief:Libra is now “Diem” Christine Lagarde comes down on private stablecoins Dow closes its best month in 33 years Our main discussion: AllianceBernstein changes its mind. Yesterday, CoinDesk received access to a private client research report from AllianceBernstein, a global investment giant with more than $631 billion in assets. In this episode of the Breakdown, NLW reads excerpts from the memo and discusses:Why, in discussing supply, it conflates bitcoin and other cryptos but still finds limited supply “for all practical purposes” Why prevailing macro political conditions – particularly the growth of government’s role in business and individual lives – shifted the investment firm’s calculus Why its greatest long-term concern is government banning something that is actively hindering the application of monetary policy
01/12/2026m 24s

BREAKDOWN: Bitcoin Hits a New All Time High – What Happens Next?

Why a price surge is not only attracting a new cadre of institutional investors, but also producing the beginnings of a new set of FUD. This episode is sponsored by Crypto.com, Nexo.io and this week's special product launch, Allnodes.On this historic day, NLW looks at bitcoin’s punch through its previous December 2017 all time high. Specifically, he looks at:How different people benchmark the all time high What drove the latest price action, including the prospect of a new investment from institutional asset management giant Guggenheim Why historian Niall Ferguson is arguing that bitcoin has won the Covid-19 monetary revolution Why macro giants including Raoul Pal, George Gammon and Ben Hunt got into disagreements with Bitcoin Twitter about how co-opted by the state and Wall Street bitcoin was likely to become
30/11/2013m 37s

BREAKDOWN: How Bitcoin Gets to $100,000

Another look at the bitcoin valuation models that could possibly lead to a six-figure bitcoin valuation over the course of the next year.This episode is sponsored by Crypto.com and Nexo.io.On this edition of The Breakdown’s Long Reads Sunday, NLW reads a recent piece by Hong Fang, CEO of OKCoin. In it, Fang provides a set of valuation models and scenarios that plausibly lead to bitcoin achieving a significant $100,000 value over the course of 2021.
29/11/2021m 6s

BREAKDOWN: What Janet Yellen as Treasury Secretary Means for Bitcoin and Markets

NLW looks at price action in crypto, the ETH 2.0 Beacon chain launching Dec 1, the Dow at 30,000 and Janet Yellen’s nomination as Treasury secretary.This episode is sponsored by Crypto.com and Nexo.io.On this edition of The Breakdown weekly recap, NLW looks at what was an absolutely action-packed holiday week, discussing:Bitcoin’s price action The Dow’s 30,000 psychological milestone Eth 2.0 cleared for Beacon chain launch The implications of Janet Yellen’s nomination for Treasury secretaryThis week on The Breakdown:Monday | A Bitcoin Shortage? PayPal and Cash App Buying More Than 100% of New SupplyTuesday | Lyn Alden on Money Printing, Bitcoin and the End of an 80-Year Debt CycleWednesday | The Most Bullish Bitcoin Arguments for Your Thanksgiving TableThursday | Schmuck InsuranceFriday | ENCORE: Luke Gromen on the History and (Declining) Future of the Global Dollar System
28/11/209m 34s

BREAKDOWN: ENCORE – Luke Gromen on the History and (Declining) Future of the Global Dollar System

As some start to wonder about a post-Bretton Woods economic system, macro analyst Luke Gromen explains how that post-World War II system came to be.This episode is sponsored by Crypto.com and Nexo.io.One of the most significant macroeconomic questions facing the world is what the future of the global reserve system, dominated for the last 80 years by the U.S. dollar, holds. Today’s episode is a replay of NLW’s epic conversation with macro analyst Luke Gromen from April 2020. In it, Luke discusses the entire history of that U.S. dollar system, including:Bretton Woods and why the world went on a USD-based system rather than John Maynard Keynes’ idea for a non-sovereign “bancor” world reserve currencyThe move to the petrodollar in the 1970sThe financialization of commodities that started in the 1980sThe monetary policy vacuum after the Cold War endedHow a shift in executive compensation rules led to many of today’s problems with Wall StreetThe export of Treasury bills as a business modelThe economic fallout of 2008 globally and domesticallyThe end of Treasury bill buying in 2014Why the Federal Reserve is the only sugar daddy leftFind our guest online:Website: fftt-llc.comTwitter: @LukeGromen
27/11/201h 14m

BREAKDOWN: Schmuck Insurance

A reading of one of the most enduring early investor arguments for bitcoin. This episode is sponsored by Crypto.com and Nexo.io.When NLW asked Crypto Twitter for recommendations of the best way to convince friends and family about bitcoin and crypto, one of the ideas was to review old articles that have stood the test of time. With that in mind, NLW today reads Chamath Palihapitiya’s May 2013 piece for Bloomberg, “Why I Invested In Bitcoin.” Even among prescient early pieces, this one is particularly salient.
26/11/2010m 10s

BREAKDOWN: The Most Bullish Bitcoin Arguments for Your Thanksgiving Table

This year, come prepared to explain the asset that has everyone from famous financiers to political dissidents talking about a money revolution.This episode is sponsored by Crypto.com and Nexo.io.Today’s Breakdown is a prep kit for the inevitable conversations about bitcoin as friends and family sit down at the Thanksgiving table this year. NLW discusses arguments ranging from price action to who is buying to why they’re buying to good old-fashioned supply and demand. He leaves with one big conclusion:If there was ever a year to discuss bitcoin, this is it.And don’t forget to check out casebitcoin.com.
25/11/2016m 8s

BREAKDOWN: Lyn Alden on Money Printing, Bitcoin and the End of an 80-Year Debt Cycle

One of the sharpest analysts in macroeconomics looks at how monetary and fiscal policy are likely to change in the coming years.This episode is sponsored by Crypto.com and Nexo.io.Today’s guest is Lyn Alden. Lyn is the founder of Lyn Alden Investment Strategy and one of today’s best-known and most-respected macro analysts. In this conversation, she and NLW discuss:Anti-deflation vs. inflationWhy money printing is nonpartisan Why we’re headed for deeper MMT experimentsHow she increased her conviction around Bitcoin (her journey in memes)Why the beginnings of a new, post-Bretton Woods era are starting to show Find our guest online:Twitter: @LynAldenContactWebsite: lynalden.com
24/11/201h 3m

BREAKDOWN: A Bitcoin Shortage? PayPal and Cash App Buying More Than 100% of New Supply

When demand from these two sources alone exceeds the entire supply of newly minted bitcoins, expect serious supply pressure to follow.This episode is sponsored by Crypto.com and Nexo.io.Today on the Brief:AstraZeneca and University of Oxford release third positive COVID-19 vaccine trial dataTrump administration ratchets up pressure on China Another DCEP lottery trial coming Our main discussion: a narrative shift, growing attention and a bitcoin shortage. What happens when demand exceeds supply and supply is being gobbled up aggressively by new market actors? That’s the question posed by Pantera’s recent investor letter and today’s Breakdown episode. NLW also looks at The reappearance of bitcoin in mainstream media, like today’s Wall Street JournalThe rise of celebrities coming out as HODLersBlackRock’s CIO suggests bitcoin could replace gold for many
23/11/2013m 34s

BREAKDOWN: Bitcoin ETF Time? What SEC Chairman Jay Clayton Stepping Down Means for Markets

Jay Clayton is stepping down as chairman of the Securities Exchange Commission. Here’s what that means for crypto and traditional markets. This episode is sponsored by Crypto.com and Nexo.io.On this week’s Long Reads Sunday, NLW reads Joe Nocera’s recent Op-Ed “Clayton’s Exit at SEC Opens Door to Protect Investors” from Bloomberg. NLW expands upon the piece, discussing Clayton’s legacy in crypto and how a Biden economic team might impact the space.
22/11/2012m 43s

BREAKDOWN: What Do Mexico's Second Wealthiest Billionaire and Arya Stark Have In Common?

Recapping a wild week in bitcoin price action that has drawn out numerous previously-quiet HODLers. This episode is sponsored by Crypto.com and Nexo.io.On this edition of The Breakdown weekly recap, NLW discusses:Traditional markets: The tension between vaccine optimism and a growing national wave of economy-disrupting lockdownsRegulatory landscape: Crypto ally Brian Brooks nominated for full term at OCC while SEC Chair Jay Clayton steps down early Bitcoin Miners: Sold out until SpringCelebrities and Financiers coming to the Bitcoin space Maisie "Arya Stark" Williams' tweet about buying Bitcoin:twitter.com/Maisie_Williams/status/1328428879334297600This week on The Breakdown:Monday | Bitcoin at $318,000 Next December? One Citibank Exec Says It’s PossibleTuesday | HODL FOMO vs. Speculative FOMO: Why This Bitcoin Bull Market Will Be DifferentWednesday | Vijay Boyapati’s Four Mental Models for Valuing BitcoinThursday | A Crypto Ally as Top US Bank Regulator?Friday | 10 Metrics Where Bitcoin Has Already Hit New All-Time Highs
21/11/2010m 58s

BREAKDOWN: 10 Metrics Where Bitcoin Has Already Hit New All-Time Highs

While we haven’t achieved the elusive $20,000 spot price all-time high yet, these other metrics show where bitcoin has grown far beyond previous peaks.This episode is sponsored by Crypto.com and Nexo.io.Earlier this week, investor Nic Carter published a piece called “Nine Bitcoin Charts Already at All-Time Highs” showing just how far bitcoin had come and how fundamentally bullish this quiet run-up was. In this piece, NLW goes over those metrics that have achieved all-time highs, and adds one more that happened after Nic published his piece. The metrics include:Addresses with a balance of $10 or moreOpen interest on CME bitcoin futuresRealized capitalization Bitcoin options open interestBitcoin priced in Turkish liraBitcoin held by GrayscaleStablecoin free floatSilvergate’s settlement networkGrowth of crypto-native creditMarket Capitalization
20/11/2014m 32s

BREAKDOWN: A Crypto Ally as Top US Bank Regulator?

President Trump has nominated former Coinbase counsel Brian Brooks to a full five-year term as Comptroller of the Currency, but will he be confirmed in time? This episode is sponsored by Crypto.com and Nexo.io.Today on the Brief:Markets fight to remain optimistic Jobless claims rise for the first time in five weeksChina borrows at negative rates for the first time Our main discussion: a crypto ally as top bank regulator? Brian Brooks was an executive at Coinbase when he was tapped by Treasury Secretary Steve Mnuchin to be the number two at the Office of the Comptroller of the Currency, the nation’s main bank regulator. Within two months he was acting Comptroller and now Brooks has been nominated for a full term. In his short tenure, he has given banks the OK to provide custody of crypto and banking services to stablecoin issuers. In so doing, he has aroused the ire of congressional Democrats, who have accused him of acting too quickly and unilaterally on crypto. In this discussion, NLW breaks down Brooks’ time at the OCC and asks whether he’s likely to be confirmed before the next administration early next year.
19/11/2014m 39s

BREAKDOWN: Vijay Boyapati’s Four Mental Models for Valuing Bitcoin

From “Tulip Mania” to “the World’s Reserve Currency,” these valuation models show the full range of bitcoin’s long-term possibilities. This episode is sponsored by Crypto.com and Nexo.io.Vijay Boyapati’s “The Bullish Case for Bitcoin” is one of the most influential articles in the history of the industry – even being assigned reading from MicroStrategy’s Michael Saylor as he tried to convince his board on the merits of what would become its big bitcoin move. In this conversation with NLW, Vijay discusses his recent thinking around four valuation frameworks that help us understand 1) how people see bitcoin’s upside potential and 2) the likely values they suggest for bitcoin. We also discuss why state-level attacks are Vijay’s biggest concern for bitcoin’s future.
18/11/2057m 22s

BREAKDOWN: HODL FOMO vs. Speculative FOMO – Why This Bitcoin Bull Market Will Be Different

As bitcoin crosses $17,000 it’s not retail speculation but a new, long-term investor mindset driving the price up. This episode is sponsored by Crypto.com and Nexo.io.Today on the Brief:Tesla to join S&P 500Airbnb files for IPO The Mooch wants crypto Our main discussion: HODL FOMO vs. Speculative FOMO.The 2017-2018 bull run was driven by ICO mania and a relentless get-richism that was nothing if not short-term. As bitcoin passes $17,000 and questions of looming all-time highs start to make their way into mainstream press, it is a very new set of actors and a new set of thinking that is driving this movement.The Twitter thread that inspired today's podcast:twitter.com/CitizenBitcoin/status/1327276810363670529
17/11/2017m 16s

BREAKDOWN: Bitcoin at $318,000 Next December? One Citibank Exec Says It’s Possible

Breaking down a recent report that has Bitcoin Twitter salivating and skeptical at the same time.This episode is sponsored by Crypto.com and Nexo.io.Today on the Brief: Moderna trial success drives markets upNew all-time high in negative-yielding debtJay Clayton to leave SEC Our main discussion: BTC $318,000 in December 2021?That’s the prediction of one Citibank exec in a report called “Bitcoin: 21st Century Gold” sent last week to institutional clients. In this episode, NLW breaks down the report, including the macro justification that sets the stage as well as the technical analysis that led to these numbers. Ultimately, he argues that what matters isn’t the report’s predictions, but the fact that its very existence suggests a shifting narrative for institutional buyers.
16/11/2014m 1s

BREAKDOWN: Dollar Decline and the Paralysis of Conventional Monetary Policy

A reading of Kenneth Rogoff’s latest piece on the strange reality of the dollar’s global status. This episode is sponsored by Crypto.com and Nexo.io.On this week’s edition of Long Reads Sunday, NLW reads former IMF chief and current Harvard economist Kenneth Rogoff’s latest Op-Ed, “The Calm Before the Exchange Rate Storm” in Project Syndicate.
15/11/209m 35s

BREAKDOWN: Dalio Says Governments Will Kill Bitcoin. Is He Right?

In an otherwise extremely bullish week, famed investor Ray Dalio reiterated his skepticism of bitcoin and digital assets.This episode is sponsored by Crypto.com and Nexo.io.Ray Dalio FUD:On this edition of the weekly recap, NLW looks at bitcoin’s surge past $16,000. Additionally, he explores some recent FUD from Ray Dalio, which NLW argues seems strangely locked in years-old narratives. This week on The Breakdown:Monday | The Biggest Macro Event Since MarchTuesday | Legendary Investor Stan Druckenmiller Turns Bitcoin BullWednesday | Discovering Bitcoin Through the #EndSARS Movement, Feat. Yele Bademosi & Akin SawyerrThursday | Meet the $10B Asset Manager With a 10,000 BTC Treasury, feat. NYDIG’s Robby GutmannFriday | PayPal Rolls Out Crypto for All US Customers
14/11/2011m 42s

BREAKDOWN: PayPal Rolls Out Crypto for All US Customers

Crypto Twitter reacts to the announcement and answers the question: Just how big a deal is this? This episode is sponsored by Crypto.com and Nexo.io.Today on the Brief:Christine Lagarde’s digital euro hunchDeutsche Bank CBDC noteCOVID-19 resurgent Our main discussion:PayPal is rolling out crypto to all its users and increasing transaction limits from $10,000 to $20,000. In this episode, NLW breaks down the community response to the news, including an interesting discussion of whether the company’s BitLicense requires PayPal to hold 1:1 all the BTC its customers pay for.
13/11/2011m 45s

BREAKDOWN: Meet the $10B Asset Manager With a 10,000 BTC Treasury, feat. NYDIG’s Robby Gutmann

One of the (quietly) largest players in the institutional bitcoin space discusses the changing investor landscape in his first-ever podcast interview.This episode is sponsored by Crypto.com and Nexo.io.Robby Gutmann is the co-founder of Stone Ridge Holdings Group, a $10 billion alternative asset manager and co-founder and CEO of NYDIG, the group’s bitcoin subsidiary.In this first-ever podcast conversation, Gutmann discusses: Buying his first bitcoin from Craigslist in 2010The personal and professional experiences that drove his team to bitcoinWhy bitcoin fits the firm's founding principle of financial security for all A set of key trends driving institutional investors and fiduciaries/asset managers into the bitcoin space Why the coming year is poised for even more aggressive expansion of the investor market for bitcoin
12/11/201h 8m

BREAKDOWN: Discovering Bitcoin Through the #EndSARS Movement, Feat. Yele Bademosi & Akin Sawyerr

When the Nigerian government shut down protestors’ bank accounts, bitcoin and crypto became a way around. This episode is sponsored by Crypto.com and Nexo.io.Yele Bademosi is CEO at Bundle social payments app and the founder of investment firm Microtraction. Akin Sawyerr is involved across the industry and leads operations at BarnBridge. Over the course of October 2020, the world’s attention became firmly fixed on a growing movement in Nigeria. With the hashtag #EndSARS, the movement was, on the one hand, about addressing police brutality. On the other hand, as our guests discuss, it was a broader awakening and a demand for generational economic opportunity. At one point, even Twitter founder Jack Dorsey called for people to donate bitcoin to help the movement. In this conversation, Yele and Akin discuss:The state of the economy in Nigeria leading into the protestsGenerational differences in political action Why the #EndSARS protests exploded into action in OctoberWhy the movement turned to bitcoin to avoid bank confiscation How crypto can play a role in a brighter futureFind our guests online:Yele Bademosi - twitter.com/YeleBademosiAkin Sawyerr - twitter.com/AkinSawyerr
11/11/2052m 17s

BREAKDOWN: Legendary Investor Stan Druckenmiller Turns Bitcoin Bull

The billionaire investor made his pro-bitcoin comments on an appearance on CNBC.This episode is sponsored by Crypto.com and Nexo.io.Today on the Brief: Was Monday’s stock rally overdone? Lebanon to launch digital currency3 reasons BTC has rallied 60%+ in two monthsOur main discussion: Stan Druckenmiller, Bitcoin Bull. A few months ago, Stan Druckenmiller told CNBC that he could imagine inflation of 5%–10%. Yesterday, he returned to the network to discuss why bitcoin had captured his attention as a potential hedge.
10/11/2014m 57s

BREAKDOWN: The Biggest Macro Event Since March

According to the bright minds of FinTwit, the biggest event isn’t the U.S. presidential election but today’s Pfizer vaccine update.This episode is sponsored by Crypto.com and Nexo.io.Today on the Brief: GRIN gets 51% attackedCrypto trading volume down 25.8% in October How the market is receiving Joe BidenOur main discussion: The stock market soars on promising Pfizer COVID-19 vaccine trials. The S&P 500 and DJIA hit new all-time highs after Pfizer announced its experimental vaccine had prevented COVID-19 in 90% of patients. Travel stocks soared, work from home stocks suffered and safe havens fell. In this episode, NLW explores the shifting market sentiment, as well as what it means for bitcoin.
09/11/2014m 24s

BREAKDOWN: Why Emerging Markets Are Wary of Modern Monetary Theory

While MMT may be the de facto policy of rich Western governments, applying it to developing economies could be disastrous. This episode is sponsored by Crypto.com and Nexo.io.Today’s Long Reads Sunday is a reading of Andy Mukherjee’s piece: “Why Emerging Markets Are Wary of a Modern Monetary Fix”.The argument is that while Western governments debate just how far we can take the idea of money printing without paying a dubious price, for emerging-market governments there simply isn’t the same capacity to print their way out of problems.
08/11/207m 56s

BREAKDOWN: How a Massive Devaluation of the Egyptian Pound Inspired a $100M Bitcoin ETP

Hany Rashwan, CEO of Amun/21Shares, explains how the proverbial bitcoin lightbulb went off when his native Egypt’s currency devalued in 2016. This episode is sponsored by Crypto.com and Nexo.io.Hany Rashwan is the CEO of Amun/21Shares, the creator of a variety of publicly traded crypto products with over $100 million assets under management. In this conversation, he and NLW discuss:How he was introduced to bitcoin by Tim Draper in 2012How the Egyptian revolution and challenges that followed influenced his thinking How a 48% overnight devaluation of the Egyptian pound created the “aha” moment around bitcoinHow bitcoin could become the global reserve currency Find our guest online:Twitter: twitter.com/hanyWebsite: 21shares.com
07/11/2029m 20s

BREAKDOWN: How the World Stopped Producing Enough Money, Feat. Emil Kalinowski

In a year when the popular narrative says money printing went crazy, the host of “Making Sense/Eurodollar University” says the problem is actually too little money.This episode is sponsored by Crypto.com and Nexo.io.Emil Kalinowski is the host of “Making Sense/Eurodollar University" collaborations with Jeff Snider. In this illuminating conversation, he and NLW discuss:How the global monetary order changed over the last 50 yearsThe exact moment the world demonstrated it had too little moneyWhy bitcoin and MMT are competing to shape the next generation of monetary thinking Why a big crash is coming, but we’ll be better on the other side Find Emil Kalinowski online:Twitter – twitter.com/EmilKalinowskiYouTube – youtube.com/c/EmilKalinowski/videosYouTube – https://www.youtube.com/playlist?list=PL-fc2oBgFM6hNywSse_V-YEYzI7D01EXB
06/11/2038m 40s

BREAKDOWN: Bitcoin Hits $15,000 – Here Comes the FOMO

Bitcoin Twitter interprets today’s massive price action.This episode is sponsored by Crypto.com and Nexo.io.As the U.S. election picture starts to become more clear, bitcoin has smashed through $15,000 – its highest price since 2017’s record-breaking run. Alongside the price action has come a wave of mainstream media coverage. In this special he-was-supposed-to-be-on-vacation episode, NLW breaks down Twitter’s response and shares interpretations, including:“Quietest bull run ever”Stimulus on the wayHalving bull redemptionDeath of the nation-state Start of a reflexive cycleIt feels real
05/11/209m 59s

BREAKDOWN: ‘Economics Will No Longer Be the Handmaiden of Politics’ – A History of the Cypherpunks, Feat. Jim Epstein

An enlightening conversation with Reason’s Jim Epstein, who just released a four-part YouTube documentary on the cypherpunk movement.This episode is sponsored by Crypto.com and Nexo.io.Jim Epstein is the executive editor of ReasonTV podcasts, and the producer of the recent documentary “Cypherpunks Write Code.” In this conversation, he gives NLW a behind the scenes look on the interviews and conversations that went into the documentary, including how the cypherpunks started, schisms in the movement, and how the movement lives on today. Watch “Cypherpunks Write Code”Part 1: youtu.be/YWh6Yzr12iQPart 2: youtu.be/n4qonsvSgAgPart 3: youtu.be/lv8OFSWZkGsPart 4: youtu.be/HDKQulqVCQgFind Jim Epstein online:twitter.com/jimepstein
04/11/2045m 4s

BREAKDOWN: A (Not Quite) Complete History of Money, Feat. Planet Money’s Jacob Goldstein

One of the hosts of NPR’s legendary “Planet Money” takes us on a whirlwind tour of some of the key moments of money history in the last 1,000 years.This episode is sponsored by Crypto.com and Nexo.io.Jacob Goldstein is one of the hosts of NPR’s Planet Money. He is also the author of the new book, “Money: A True Story of a Made Up Thing.” In this conversation, he and NLW discuss:How China invented paper money and then forgot about it for centuriesWhy the invention of the lightbulb was a pivotal money history moment How money market funds set the stage for the Great Financial Crisis Where bitcoin fits in the world that comes next: without cash, without banks and with government printingFind our guest online:Twitter: twitter.com/jacobgoldstein
03/11/2039m 7s

BREAKDOWN: Who Is Better for Bitcoin, Trump or Biden?

In a chaotic year of dueling recriminations and very different visions of the future, the real question of this U.S. presidential election is: Who is better for bitcoin? This episode is sponsored by Crypto.com and Nexo.io.Today on the Brief:The digital euro is closer than everChecking in on European COVID-19 lockdownsEconomic events this week that aren’t the electionOur main discussion: Which U.S. election outcome is better for bitcoin? Poll: twitter.com/nlw/status/1320884275110137863After a surprisingly close Twitter poll with more than 1,600 respondents answering the question “Is Trump or Biden better for bitcoin?”, NLW breaks down the most common themes, including:The Senate matters more Anti-encryption history And of course… Honey Badger Don’t Care 
02/11/2014m 21s

BREAKDOWN: By the Numbers – More Bitcoin Bulls Than Ever Before

A Long Reads Sunday reading of Grayscale’s recent “Bitcoin Investor Survey.”This episode is sponsored by Crypto.com and Nexo.io.On this week’s Long Reads Sunday, NLW diverts from our normal opinion and long-form essay to pursue Grayscale’s recent investor reports. In its survey of investors, Grayscale found more interest in bitcoin investing than ever before, with a significant amount of the growth in interest being driven by economic and monetary policy following the coronavirus pandemic. Grayscale's "Bitcoin Investor Study"scribd.com/document/481729535/Grayscale-2020-Bitcoin-Investor-Study
01/11/2016m 19s

BREAKDOWN: The World Is Never Getting Off Government Stimulus

The Breakdown weekly recap looks at bitcoin buying by Iran, JPM Coin and the latest round of lockdowns coming to Europe. This episode is sponsored by Crypto.com, Nexo.io and Elliptic.On this week’s weekly recap, NLW looks at:Bitcoin’s resilience in the face of a week where many investors went risk off, causing a drop in stocks and goldJPMorgan’s dramatic three-year attitude shift around bitcoin and crypto Iran stockpiling bitcoin to be able to pay for importsA new round of COVID-19 lockdowns and the stimulus that will followThis week on The Breakdown:Monday | Hedge Funds Failures, Bankruptcies and Pandemic FatigueTuesday | JPMorgan Launches JPM Coin: Welcome to the Private Currency EraWednesday | The ‘Everything Crash’ Is Coming? Markets Go Risk-Off as European Stocks See Worst Day in 5 MonthsThursday | Mirage Recovery: What ‘Record’ GDP Growth Tells Us About the EconomyFriday | Why Satoshi Chose Halloween to Release the Bitcoin White Paper
31/10/2010m 42s

BREAKDOWN: Why Satoshi Chose Halloween to Release the Bitcoin White Paper

Was it an allusion to the Reformation or something to do with the ancient pagan tradition of Samhain? This episode is sponsored by Crypto.com, Nexo.io and Elliptic.One of the most powerful aspects of bitcoin is its mythology. In this episode, NLW explores the 12th anniversary of the Bitcoin white paper and the choices that went into its release date. Whether it was something to do with the Reformation or an allusion to the longstanding pagan tradition of Samhain, the one thing that’s clear is the choice adds all the more mystique to bitcoin’s incredible origins.
30/10/2014m 20s

BREAKDOWN: Mirage Recovery – What ‘Record’ GDP Growth Tells Us About the Economy

The Department of Commerce’s new report shows 33.1% annualized growth in Q3, but does this really tell us much about the state of the economy? This episode is sponsored by Crypto.com, Nexo.io and Elliptic.Today on the Brief:FTX launches equities trading Avanti gets Wyoming bank charterFrance locks down and ECB intimates new stimulusOur main discussion: GDP growth report The Department of Commerce released its Q3 GDP numbers. Touted as record growth, this is actually a much more complicated story. In this episode, NLW breaks down what the numbers tell us and what they don’t, and why we should be more focused on understanding long-term consumer behavior shifts than short-term numbers. 
29/10/2013m 19s

BREAKDOWN: The ‘Everything Crash’ Is Coming? Markets Go Risk-Off as European Stocks See Worst Day in 5 Months

Stocks, oil, even gold are down on fears of resumed COVID-19 lockdowns, but bitcoin hodlers are keeping the faith.This episode is sponsored by Crypto.com, Nexo.io and Elliptic.Today on the Brief:Section 230 hearing with social media CEOs in Washington D.C.Bitwise now has more than $100 million AUMTrump website defaced with monero requestOur main discussion: Markets go risk-off. With rising fear of COVID-19 lockdowns, everything from stocks to oil to gold and, yes, even bitcoin is down on the day. The important question is whether this is a short-term volatility phenomenon or part of a larger systemic shift.
28/10/2011m 25s

BREAKDOWN: JPMorgan Launches JPM Coin – Welcome to the Private Currency Era

The investment banking giant says the blockchain hype cycle has moved past inflated expectations and into the realm of being commercially viable. This episode is sponsored by Crypto.com, Nexo.io and Elliptic.Today on the Brief:Stocks down; bitcoin upConsumer confidence shaky as baking supplies demand grows 3,400%Bank for International Settlements and Swiss central bank to test CBDC this yearOur main discussion: JPM Coin. Initially announced in February 2019, JPMorgan’s JPM Coin is being launched for commercial use. In this episode, NLW looks at:The history of private currencies in the U.S.Why Libra was a starting gun for both governments and other private corporationsHow JPMorgan intends to make money from JPM CoinWhy other investment banks might follow 
27/10/2013m 13s

BREAKDOWN: Hedge Funds Failures, Bankruptcies and Pandemic Fatigue

As cases rise and the U.S. settles in for a fresh wave of COVID-19, the economic fallout from round one is still being felt, from hedge funds to bankruptcies and beyond. This episode is sponsored by Crypto.com, Nexo.io and Elliptic.Today on the Brief:Turkey’s real inflation rate 3x official numberHot new DeFi protocol Harvest Financial hackedBitcoin whales hit largest number since 2016Our main conversation is about the rise of a new wave of COVID-19 and the economic fallout we’re still trying to address. NLW discusses why we’re starting this next wave more emotionally drained, politically divided and economically fragile than we were in March.
26/10/2015m 42s

BREAKDOWN: Should We Care if the US Is Falling Behind on CBDCs?

A reading of two recent op-eds on central bank digital currencies.This episode is sponsored by Crypto.com, Nexo.io and Elliptic.For this week’s Long Reads Sunday, NLW reads two selections from CoinDesk’s op-ed section:CBDCs Are Evolution, not Revolution - Benoit Coeure The US Risks Getting Left Behind on CBDCs - JP Schnapper-Casteras & Misha Guttentag
25/10/2016m 11s

BREAKDOWN: Billionaire Hedge Fund Manager Paul Tudor Jones – A Bet on Bitcoin Is a Bet on Human Ingenuity

A recap of an exceptionally bullish week for bitcoin and crypto as a whole. This episode is sponsored by Crypto.com, Nexo.io and Elliptic.On this week’s Breakdown weekly recap, NLW looks at:The initial price action that started the weekDebates about whether BTC was thriving at the expense of alts and DeFiThe PayPal newsNews of more public companies putting treasury reserves into BTCPaul Tudor Jones’ optimistic take on the human ingenuity driving bitcoin’s successThis week on The Breakdown:Monday | A New ‘Bretton Woods’ Moment?Tuesday | How Strong Is Bitcoin’s Push Above $12,000?Wednesday | PayPal Adds Bitcoin: Most Bullish News of the Year?Thursday | ‘Google Is One of the Most Important Antitrust Cases of All Time,’ With Matt StollerFriday | Why Fiats Are Failing in 2020
24/10/2014m 52s

BREAKDOWN: Why Fiats Are Failing in 2020

From Brazil to Argentina to Turkey, bitcoin priced in local currencies is reaching all time highs. But is this a story of bitcoin succeeding, fiat failing or both? This episode is sponsored by Crypto.com, Nexo.io and Elliptic.Today on the Brief:DOJ crypto enforcement a “disaster” for privacyAnt’s blockchain tools pre-IPOBetter news around jobless claims Our main discussion: fiat failures, 2020 edition. In this episode, NLW looks at a raft of geographies in which bitcoin has recently reached all-time highs, priced in the local currency. The story, he says, is about fiats floundering more than mispriced local bitcoin.twitter.com/alistairmilne/status/1319170878765211648Special focus on economic happenings in Brazil, Argentina and Turkey.
23/10/2014m 22s

BREAKDOWN: ‘Google Is One of the Most Important Antitrust Cases of All Time,’ With Matt Stoller

The author of “Goliath” gives his take on the history of American antitrust politics and what it means for the just-announced Google case.This episode is sponsored by Crypto.com, Nexo.io and Elliptic.Matt Stoller works with the American Economic Liberties Project and is the author of “Goliath: The 100-Year War Between Monopoly Power and Democracy” as well as the popular Substack newsletter “BIG.”In this conversation, he and NLW discuss the history of American antitrust sentiment and politics including:The origins of antitrust sentiment How the “Watergate Babies” generation of Democrats turned away from antitrust sentiment How the 1990s shifted power in favor of corporates and tech Why the 2008-2009 crisis was a seminal moment in our attitudes towards big finance The significance of the new antitrust case against GoogleFind our guest online:Twitter: @matthewstollerWeb: mattstoller.com
22/10/2045m 11s

BREAKDOWN: PayPal Adds Bitcoin: Most Bullish News of the Year?

Huge news broke this morning as PayPal announced that it would be offering buying, selling, and eventually merchant payments for bitcoin and other cryptos across its network. This episode is sponsored by Crypto.com, Nexo.io and Elliptic.In this late breaking Breakdown episode, NLW explores:The specifics of the newsWhy the scale, precedent and normalization are hugely bullishWhat some skeptics are sayingWhy it’s significant that PayPal is focused on the coming central bank digital currency era 
21/10/2015m 38s

BREAKDOWN: How Strong Is Bitcoin’s Push Above $12,000?

Who has the most recent bitcoin move right, the bulls or the bears? This episode is sponsored by Crypto.com, Nexo.io and Elliptic.Today on the Brief:DOJ files biggest antitrust case in two decades against Google Goldman Sachs’ 1MDB settlement LINE’s new CBDC platform Our main discussion: bulls vs. bears as bitcoin passes $12KSomeone recently tweeted, “Bitcoin price has never been this high with such bearish sentiment.” On this episode, NLW looks at the bullish case (growth in open interest on CME backed by strong macro narrative around stimulus) and bearish case ($12K sell wall and bleeding from alts and DeFi).
20/10/2015m 38s

BREAKDOWN: A New ‘Bretton Woods’ Moment?

The IMF has said it’s time to re-evaluate the global economic order, but what does that really mean? This episode is sponsored by Crypto.com, Nexo.io and Elliptic.Today on the Brief:Chinese citizens less than impressed with DCEP trial Is Filecoin the “Titanic” of ICOs?Mnuchin, Pelosi go one more round on stimulus Our main discussion: A new Bretton Woods moment? In a recent speech, the International Monetary Fund argued that the time to fundamentally re-evaluate the global economic order is here. Goldbugs see the potential to return to the gold standard, bitcoiners anticipate ever-growing stimulus and macro observers are betting on massive disruptions in the wake of central bank digital currencies.
19/10/2021m 55s

BREAKDOWN: How Stocks, Bitcoin and Other Investments Fare in a 0% Interest Rate World

On Long Reads Sunday, a reading of a John Street Capital piece on the realities of a market characterized by zero-bound interest rates.This episode is sponsored by Crypto.com, Nexo.io and Elliptic.On this week’s Long Reads Sunday, NLW reads: “Capital Allocation & Risk Asset Ramifications in a 0% Interest Rate World”The piece examines how different asset classes – from stocks to bonds to bitcoin and beyond – fare in the context of a world where the Federal Reserve is determined to keep interest rates at or near zero for years to come.
18/10/2021m 4s

SOB: Where Does Bitcoin Fit in the Global Reserve Currency Game?

On this “Speaking of Bitcoin” episode, join hosts Adam B. Levine, Andreas M. Antonopoulos, Stephanie Murphy, and Jonathan Mohan for a look at the past, present and future of global reserve currenciesThis episode is sponsored by Crypto.com, Nexo.io and EllipticIn the beginning (way back in 2009) there was the global reserve currency (U.S. dollars,) national currencies like the Japanese Yen, alternative currencies like Ithaca hours and just one cryptocurrency, Bitcoin.But what a difference a decade can make, today there are thousands of cryptocurrencies, many created by enthusiasts who have ideas on how to make something even better than bitcoin, but also currencies that use some of the technology that makes Bitcoin so powerful, but which pairs it with the authority of a national government, like the Digital Yuan in China, the Digital Euro out of Brussels, or even a globe-spanning corporation with billions of customers like the Libra, backed by Facebook.In this emerging picture, is bitcoin still interesting? First attempts at new technologies, even when successful at introducing a powerful new idea, are often not the ones which eventually succeeds in changing everything. And importantly, as the world changes and we get closer to something other than the dollar standard, where does bitcoin fit?
17/10/2037m 18s

BREAKDOWN: The NSC Labels Blockchain a National Security Issue

On the weekly recap, NLW looks at growth in institutional investment, big interest among the G20 in CBDCs and a new National Security Council report.This episode is sponsored by Crypto.com, Nexo.io and Elliptic.On this edition of The Breakdown weekly recap, NLW looks at:Growth in the institutional investment space in cryptoA new 10,000 BTC treasury announcement Reports from the Bank for International Settlements, G20, WEF, IMF and more around central bank digital currenciesA National Security Council report labeling distributed ledger technology key for national securityThis week on The Breakdown:Monday | How Investors Are Trading the ElectionTuesday | The IMF, G20 and BIS Gear Up for the Central Bank Digital Currency EraWednesday | A $10B Firm Makes Bitcoin Its Primary Treasury AssetThursday | Is Crypto Converging With Public Markets?Friday | RAC on the First Truly Free Markets for Music and Culture
17/10/2011m 9s

BREAKDOWN: RAC on the First Truly Free Markets for Music and Culture

Grammy-winning recording artist RAC explores the business of music and how crypto experiments could shift the balance of power.This episode is sponsored by Crypto.com, Nexo.io and Elliptic.Today’s Breakdown is a conversation with Andre Anjos – aka RAC, a Grammy Award-winning recording artist and music entrepreneur. He and NLW discuss:Starting the “Remix Artist Collective” as a businessEvolving from remixing to performing artistThe challenges and trade-offs of working with major labels How the music industry beat back technology innovation where other industries failedHow NFTs, tokens and other crypto innovations are opening up truly free markets for music and culture Find our guest online:Twitter: @RACWeb: rac.fm
16/10/201h 33m

BREAKDOWN: Is Crypto Converging With Public Markets?

Between bitcoin treasury holdings growing and crypto-focused SPACs, private crypto markets and public equities markets are closer than ever.This episode is sponsored by Crypto.com, Nexo.io and Elliptic.Today on the Brief:Initial jobless claims rise to highest level since AugustBTC as a DeFi reserve assetTwitter reactions as Filecoin goes liveOur main discussion focuses on the convergence of the crypto and public markets. NLW looks at:Narratives of bitcoin’s correlations to stocksGrowing overlap of retail and institutional tradersSPACs and public crypto companies Bitcoin treasuries Geopolitical intrigue around ANT Financial
15/10/2016m 53s

BREAKDOWN: A $10B Firm Makes Bitcoin Its Primary Treasury Asset

Stone Ridge Holdings Group announces $50 million in new funding for its digital asset subsidiary as well as significant BTC treasury holdings.This episode is sponsored by Crypto.com, Nexo.io and Elliptic.Today on the Brief: Bitcoin hashrate at all-time highsRecord number of large companies lose money during the pandemicJPMorgan releases research note on bitcoinOur main discussion: Stone Ridge Holdings Group discloses $114 million in bitcoin treasury assets. NLW digs into what Stone Ridge is, why it spun off New York Digital Investments Group (NYDIG) and how the company has quietly built itself into a serious player in the institutional crypto asset space.
14/10/2014m 39s

BREAKDOWN: The IMF, G20 and BIS Gear Up for the Central Bank Digital Currency Era

New reports on digital currency design principles and regulatory standards show just how quickly the world’s bankers are moving.This episode is sponsored by Crypto.com, Nexo.io and Elliptic.Today on the Brief:Is the “blue wave” Democrat victory narrative in the presidential election starting to shake up Wall Street? Johnson & Johnson pause COVID-19 vaccine trial 1000 Satoshi-era bitcoins are on the move Our main discussion: The world’s central banks are moving quickly on digital currencies. NLW looks at a slew of recent news showing how much of a priority CBDCs are becoming:A report from the Bank for International Settlements and seven other central banks setting design principles for CBDCsA G20 regulatory standards framework A forthcoming OECD tax reporting framework One need only look at the increasingly speedy rollout of China’s DCEP to understand why this has become a major priority for central banks everywhere. 
13/10/2018m 47s

BREAKDOWN: How Investors Are Trading the Election

As the U.S. presidential election gets closer, market “predictions” are showing up in stocks from energy to private prisons. This episode is sponsored by Crypto.com, Nexo.io and Elliptic.Today on the Brief:Market rally to highest point in six weeksBTC and ETH up in part on Grayscale ETH trust becoming an SEC reporting company (Grayscale, like CoinDesk, is a unit of DCG.)CBDCs (and CBDC skepticism) on the riseOur main discussion: How markets are trading the U.S. presidential election in November. A look at what different stock and other market preferences suggests about who Wall Street expects to win, including: EnergyPrivate prisonsStudent loansHealth care InfrastructureDollarBitcoin
12/10/2017m 38s

SOB: Signal, Noise and the Coming Era of AI Curation

On this “Speaking of Bitcoin” episode, join hosts Adam B. Levine, Stephanie Murphy, Jonathan Mohan and special guest Martin Rerak, creator of AllYourFeeds.com, for a look at how “AI curation” is being used to figure out what’s useful information and what’s just fluff.This episode is sponsored by Crypto.com, Nexo.io and EllipticHundreds of tabsIn the early days of Bitcoin, there were just a few places you might go to read news and stay informed, but over the years things have changed dramatically. Today there are thousands of projects and hundreds of articles written each day. And that’s assuming you ignore the wilds of YouTube or the depths of crypto Twitter.There were days I was waking up to a hundred tabs that I was basically just reloading from the prior day... You know, looking at Slack, Telegram, Twitter accounts, Discord, Reddit and dozens of publications online [...] It was very easy to point somebody in the [right] direction if they're saying, "Where can I buy cryptocurrency?" But if they were saying, "Is there a use case here for traceability?" or "What do you think I should invest in?" or "How is this project developing?" that becomes a lot more loaded and challenging... - Martin RerakSee also: What Is GPT-3 and Should We Be Terrified?In this episode, we discuss the crypto-media landscape, AI training, the challenges around bias and un-biasing practices, potential impacts of the natural-language-generating algorithm known as GPT-3 and more.Biased AIWhile unsettling on the surface, the idea of bias within an AI is not as controversial as you might imagine – it’s almost required. As humans, we each have our own experiences and preferences which shape our viewpoint and our biases. Modern artificial intelligence consumes “training material” curated by humans to learn what’s right or wrong for its particular task. Once trained, AI can help us with those tasks and is at its most useful when it’s “instincts” match whomever it is working on behalf of.Of course whether bias is good or bad depends a lot of your priorities. When Google trained an AI to help with hiring, the data around past and current employees led it to believe that an ideal “Google engineer” wouldn’t have a woman’s college on their academic transcript. For Google, their past records did not match their future ambitions and so bias was a problem.But personally, I’ve developed patent-pending AI technology that assists with audio editing, and here the idea of bias is critical. There is no objective standard of what sounds best, only personal preferences. For an AI to assist an audio editor, it must be in tune with those preferences and be able to make decisions that are objectively correct for the person it is assisting.This is much the same with AI assisted news curation. We all have our own preferences, interests and biases which help us decide what we do or don’t care about. On today’s show we dig into this fascinating topic where one size rarely fits all and the future is wide open.
11/10/2039m 1s

BREAKDOWN: Is Bitcoin More Correlated to Stocks or Gold?

According to analyst Lyn Alden, the answer depends on bitcoin’s own cycle. This episode is sponsored by Crypto.com, Nexo.io and Elliptic.Today on Long Reads Sunday, a reading of Lyn Alden’s piece for CoinDesk: “Bitcoin Correlations Depend on What Phase It Is In”In it, Lyn argues that bitcoin’s correlation patterns are, in part, reliant on where bitcoin finds itself in its own cycles of expansion or consolidation.
11/10/2012m 33s

RESEARCH: The Potential Ripple Effects of Ethereum 2.0, Explained

The virtual event invest: ethereum economy takes place on Wednesday, Oct. 14. CoinDesk’s Christine Kim spoke to colleagues Michael J. Casey and Aaron Stanley about the most compelling and under-discussed topics about Ethereum 2.0 headlining next week’s conference.  From the dynamics of staking to the architecture of sharding, there haven’t been many topics Ethereum 2.0 core developers have shied away from discussing over the past five weeks on “Developer Perspectives: Ethereum 2.0.” See also: 3 Things You Should Know Before Staking on Ethereum 2.0Each discussion, however, has sparked new questions about the ramifications of Ethereum’s transition to proof-of-stake on the crypto markets and the broader blockchain industry. “There’s a lot of unanswered questions about how the markets are going to behave,” said Casey, CoinDesk’s chief content officer. “Do we end up with a split, [with] two versions of ethereum or at least two tokens that trade differently in the marketplace?”Casey added that financial engineers in the decentralized finance (DeFi) space will likely seek to unlock the liquidity of staked ETH on Ethereum 2.0 before token transfers are officially enabled on the network. What new DeFi products are created, their attributes and, most important, their impact on the value of ETH remain to be determined. Along with lingering questions over how the markets will react to the launch of Ethereum 2.0, there’s also uncertainty over how the launch will affect the competitive landscape for dapp users and dapp developers in the crypto industry. “What does the multi-chain future look like?” asked Stanley, CoinDesk’s managing director of events content. “If Eth 2.0 succeeds, … what does that mean for all these other [smart contract] chains out there? Are they going to go away or just cease to exist? I don’t think that’s the case.”With the recent popularity around yield farming and liquidity mining on Ethereum, Stanley also questioned what the real incentives are for users holding large amounts of ETH, upwards of $11,000 worth, to stake on Ethereum 2.0 when they could earn “100x returns farming ‘hotdog coin’ or whatever the meme coin of the day is.”See also: Yearn, YAM and the Rise of Crypto’s ‘Weird DeFi’ MomentThese questions are pertinent to the discussions happening next Wednesday at invest: ethereum economy. Keynote speakers headlining the virtual conference are founder of Ethereum Vitalik Buterin and U.S. Commodity Futures Trading Commission Chairman Heath P. Tarbert. To register for the event, click here. CoinDesk Research has recently published an updated report about the launch of Ethereum 2.0, as well as recent developments on the existing Ethereum blockchain. Download it for free on the CoinDesk Research Hub.
10/10/2039m 50s

BREAKDOWN: A Regulatory Reckoning for the Crypto Industry?

Between BitMEX action, the U.K.’s derivative ban and the new U.S. Department of Justice enforcement framework, regulations are coming for crypto. This episode is sponsored by Crypto.com, Nexo.io and Elliptic.On this week’s Breakdown weekly recap, NLW looks at a cross-section of regulatory news, including:CFTC and DOJ action against BitMEX and its leadershipThe U.K. Financial Conduct Authority’s ban of crypto derivative products for retail investorsThe DOJ’s new cryptocurrency enforcement framework NLW discusses why these might reflect a new moment in crypto history, what it means for current builders in bitcoin and DeFi, and why recruiting corporate allies like Square will become more important than ever.This week on The Breakdown:Monday | Are Central Bank Coins the End of Financial Privacy?Tuesday | The UK Bans Crypto DerivativesWednesday | How Bitcoin Could Become the Reserve Asset for DeFi, Feat. Qiao WangThursday | The Market Reacts to Square’s $50M Bitcoin BuyFriday | Cathie Wood: Secrets of the World’s Best Innovation Investor
10/10/2011m 39s

BREAKDOWN: Cathie Wood – Secrets of the World’s Best Innovation Investor

Cathie Wood bet early on Bitcoin and Tesla, and her ARK Innovation Fund is up 75% in 2020.This episode is sponsored by Crypto.com, Nexo.io and Elliptic.Forbes called her “the newest superstar investor,” and it’s not hard to see why. Cathie Wood is radically disrupting the way money is allocated. Fighting the rise of passive – what she calls the “greatest misallocation of resources in history” – Wood’s funds are actively managed exchange-traded funds that give investors exposure to public companies in key areas of innovation. In this conversation, NLW and Wood discuss:Why she had conviction in Tesla before the market caught up Why her fund offered the first bitcoin investment opportunities to Wall StreetWhy it doesn’t hire traditional Wall Street analysts Why it gives away all research for freeWhy it shares the trades made in a completely open-source wayARK’s recent Bitcoin Investment Thesis white paperWhat the prospects are for innovation in 2021 Find our guest online:Twitter: @CathieDWoodWeb: ark-invest.com
09/10/201h 20m

BREAKDOWN: The Market Reacts to Square’s $50M Bitcoin Buy

Reactions from Bitcoin Twitter and beyond as Square puts 1% of its treasury assets into bitcoin.This episode is sponsored by Crypto.com, Nexo.io and Elliptic.A special breaking edition of The Breakdown follows the market’s reaction to Square’s surprise $50 million bitcoin investment. NLW breaks down the foundations for the investment, including:2020’s alignment between the bitcoin narrative and structural economic realitiesAn increase in bitcoin’s perceived resilienceThe precedent set by MicroStrategyHe also discusses the market’s reaction, from the (potential) connection to Coinbase’s “apolitical” stance from last week to the notion of Square intentionally setting a framework others can follow. 
08/10/2019m 30s

BREAKDOWN: How Bitcoin Could Become the Reserve Asset for DeFi, Feat. Qiao Wang

Crypto trader, analyst and operator Qiao Wang looks at bitcoin’s macro resilience and why DeFi is here to stay.This episode is sponsored by Crypto.com, Nexo.io and Elliptic.Today on the Brief:Stimulus talk shutdown spooks marketsHouse recommends antitrust actions but likely to get nowhereCBDC trial results from ChinaOur main discussion is with trader and entrepreneur Qiao Wang. In this conversation, NLW and Qiao discuss:Bitcoin’s resilience in the face of a barrage of bad newsWhy DeFi is a natural next step from the foundation bitcoin has built How bitcoin could end up the reserve asset for DeFiWhy regulation is the greatest threat to the space 
07/10/2041m 30s

BREAKDOWN: The UK Bans Crypto Derivatives

The crypto industry reacts to a big move from the United Kingdom's Financial Conduct Authority.This episode is sponsored by Crypto.com, Nexo.io and Elliptic.Today on the Brief:John McAfee arrested in SpainBTC addresses added spikes to two-year highA new election-market narrative emergesOur main discussion: The U.K. has banned crypto derivatives. Just days after the U.S. announced significant action involving BitMEX, the U.K.’s Financial Conduct Authority has made its own move to stop crypto derivatives. In this episode, NLW breaks down what actually happened, and looks at the reactions from the crypto industry including:Accusations of hypocrisySkepticism of enforceability Why it might actually be good for bitcoin
06/10/2017m 23s

BREAKDOWN: Are Central Bank Coins the End of Financial Privacy?

As the European Union gets more serious about a digital euro, most central bank digital currencies intend to remove the anonymity of cash.This episode is sponsored by Crypto.com, Nexo.io and Elliptic.Today on the Brief:Markets gain as Pres. Trump’s condition stabilizesSEC Chairman Clayton sees future where all stocks are tokenizedUniswap had more volume than Coinbase in September Our main discussion: central bank coins and financial privacy. The EU recently released a new research paper on a possible digital euro. Like many other official central bank reports, it assumes there is no possibility of an anonymous digital bank currency. NLW dissects arguments from people including JP Koning and CoinCenter’s Jerry Brito on why this shouldn’t be true.
05/10/2021m 33s

RESEARCH: Confessions of a Sharding Skeptic

With final preparations for the launch of Ethereum 2.0 soon to be underway, CoinDesk's Christine Kim spoke to Cayman Nava, technical lead at ChainSafe Systems and Alexey Akhunov, an independent researcher and software developer about the kinks in ETH's evolution that still need to be worked out.This episode is sponsored by Crypto.com, Nexo.io and Elliptic.co.The Ethereum blockchain processes about three to four times as many transactions as Bitcoin. It’s still not enough, however, to meet rising user demand for the cryptocurrency and prevent network congestion.  See also: DeFi Frenzy Drives Ethereum Transaction Fees to All-Time HighsOne of the most highly anticipated fixes to Ethereum’s transaction bottleneck and its lack of scalability is an ambitious software upgrade called Ethereum 2.0. According to Vitalik Buterin, the creator of Ethereum, Ethereum 2.0 will boost network speeds from around 15 transactions per second (TPS) to 100,000 TPS.  How? The solution is sharding. Cayman Nava, technical lead at ChainSafe Systems, explains sharding as “a natural way to break things up.” “If you’re wanting to process a lot of data but you don’t want any one party to be overloaded with that data, you can naturally think of breaking up your problem into smaller pieces,” said Nava. These “smaller pieces” Nava is referring to are called shards. In Ethereum 2.0, 64 shards will be created to break up the transaction load of Ethereum. See also: Ethereum 2.0: How It Works and Why It MattersWhile sharding sounds effective in theory, there are other Ethereum developers who are skeptical about the benefits of this technique in practice. “If I were to design scaling [for Ethereum], first I would squeeze as much as possible out of Ethereum 1, which I think hasn’t been done yet, and then after that I would actually introduce sharding logically in order to see whether users would actually be able to use [sharding] effectively,” said Alexey Akhunov, an independent researcher and software developer for Ethereum that has been contributing code to the network’s development since 2016. Sharding logically refers to breaking up data within the same blockchain as opposed to sharding physically, which necessitates the creation of multiple mini-blockchains. As mentioned, Ethereum 2.0 will spawn a physically sharded system of 64 linked databases. Optimizing the communication between shards in this environment, Akhunov goes on to explain, may pose an even greater challenge to network scalability than a transaction bottleneck.  Nava agrees there are kinks and holes in the design of Ethereum 2.0 and its sharded system that need to be worked out. But in Nava’s view, these problems that call for further detailing and research can be delayed in the short term while developers work toward an upgrade launch. “I think we can delay these harder problems like how sharding should work or what it should look like. That can be pushed off a little bit so we can think about it and get it right. In the near term, we can get a lot of the benefits from the [Ethereum 2.0] work that we’ve been doing,” said Nava. 
04/10/2041m 11s

BREAKDOWN: Inflation Is the Cruelest Tax

A reading of a new piece from the Wall Street Journal that NLW argues shows a shifting mainstream narrative.This episode is sponsored by Crypto.com, Nexo.io and Elliptic.co.Today’s Long Reads Sunday selection is “How To Avoid Paying the Cruelest Tax: Inflation” from the Wall Street Journal.NLW argues the piece reflects a changing conversation in mainstream financial circles about the possibility of inflation on the other side of new Federal Reserve policy. 
04/10/2014m 51s

BREAKDOWN: 'The Fed Meetings Are a Dead Spectator Sport' - Best of The Breakdown September 2020

A monthly recap featuring conversations with Luke Gromen, Raoul Pal, Tavi Costa, Sven Henrich, Corey Hoffstein and Michael Saylor.This episode is sponsored by Crypto.com, Nexo.io and Elliptic.co.A recap of September, which NLW calls a transitional month between the post-lockdown excitement of the summer and the growing macro insecurity around second wave fears and election volatility. Featuring some of the most interesting insights from our guests, including:Luke Gromen on the four options for countries that can’t pay their debtsTavi Costa on the Fed’s new “mandate” to keep asset prices high Raoul Pal on why “monetary policy is over” Sven Henrich on the ever-weakening economic cycleCorey Hoffstein on the fundamental supply-demand mismatch that exacerbates exogenous shocksMichael Saylor on why he moved his company’s cash reserves to bitcoin 
03/10/2016m 48s

BREAKDOWN: 'Good Reason to Worry' What the BitMEX Indictment Means for DeFi and Bitcoin, Feat. Stephen Palley and Preston Byrne

Crypto legal experts join NLW to discuss the U.S. government’s case against BitMEX and its implications for the broader ecosystem. This episode is sponsored by Crypto.com, Nexo.io and Elliptic.co.Today on the Brief:Market reaction to Pres.Trump contracting COVID-19Subpar September jobs reportDecentralized exchanges have third straight 100%+ growth month Our main discussion explores the ramifications of the recent BitMEX charges.Yesterday, BitMEX was targeted with both civil and criminal complaints, with the CTO being arrested for violation of the Bank Secrecy Act. In this conversation, NLW talks to crypto legal experts Stephen Palley and Preston Byrne to discuss:The specifics of the chargesHow long this investigation has been in the works Whether there was anything surprising to legal expertsWhy the criminal complaints represent an escalation of enforcement Whether there are implications for other industry areas, particularly decentralized finance Find our guests online:Stephen Palley: @stephendpalleyPreston Byrne: @prestonjbyrneAnderson Kill: andersonkill.com
02/10/2041m 29s

BREAKDOWN: 10 Popular Investing Beliefs We Should Be Questioning

NLW recaps a viral twitter thread asking people which financial conventional wisdom they disagree with.This episode is sponsored by Crypto.com, Nexo.io and Elliptic.co.When popular finance writer Morgan Housel asked followers on Twitter to share the commonly held investing beliefs they most disagreed with, the internet responded with vigor. A thousand or so replies later, NLW ranks the top 10 investing ideas we should be questioning, including:Ignoring compounding interest in our 20sBuying homes rather than renting The idea US Treasury bonds are risk-freeListen to hear the full list.
01/10/2017m 34s

BREAKDOWN: DeFi Summer; Bitcoin Fall

The attention may have been with DeFi when it was warm, but as the cold winds of COVID-19 return fears and election volatility blow, bitcoin is resuming narrative dominance.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Today on the Brief:Coinbase offers severance to employees who want to leave over new politics policyLong-term job cuts hamper any idea of V-shaped recoveryLast chance for a stimulus package before the U.S. presidential electionOur main discussion is a narrative shift from DeFi back to bitcoin. Over the summer, DeFi led the crypto charge. From growth in total value locked to narrative dominance to even leadership in the all important category of crypto drama, DeFi was it. Now, as a potentially turbulent macro environment rears its head, the narrative is shifting back to a focus on bitcoin.
30/09/2019m 31s

BREAKDOWN: So Now They’re Hacking DeFi Protocols Before They’ve Even Launched?

When the DeFi degens caught wind of a new pre-release Andre Cronje project they piled in, only to get $16 million hacked away in a flash.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.DeFi is one of the breakout crypto categories of 2020. Indeed, yield farming and the grand game of “money legos” has been so profitable that many are following every new protocol with rapt attention. This is all the more true for projects graced by YFI creator Andre Cronje. So when word got out about a new, pre-release game economy engine called “Eminence,” the DeFi degens took advantage of the permissionless nature of DeFi to pump $16 million or so into EMN. What happened next was arguably the first pre-release hack in DeFi’s history. This episode breaks down what happened and what it means for the fledgling field.
29/09/2011m 30s

BREAKDOWN: Coinbase’s New Policy – Anti-Woke or Just a Joke?

CEO Brian Armstrong’s letter has not just the crypto world but the larger world of tech and business talking about the role of corporations in society. This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Monday, Coinbase CEO Brian Armstrong published the innocuously titled “Coinbase Is a Mission-Driven Company.” While the post talked a lot about Coinbase’s core mission, its real goal seemed to be to make clear Coinbase would not be engaging with any other social or political issues beyond that, and to the extent employees wanted to do so they needed to do it on their own time. The reactions were intense, immediate and in many instances, totally opposite. In this episode, NLW breaks down the entire social media reaction and the arguments for and against this policy.
29/09/2020m 25s

BREAKDOWN: Why Bitcoin's Longest Run Above $10,000 Matters

Bitcoin has been above $10,000 for even longer than the record 2017-18 run, giving confidence to long term HODLers in the process.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Today on the Brief:After four weeks down, bitcoin bounces back on suspicions that recent bearishness was overblownKuCoin exchange gets hacked for somewhere between $150 million and $280 millionJack Dorsey outlines Twitter’s blockchain and bitcoin beliefs during Oslo Freedom Forum appearanceOur main discussion: Digging in to bitcoin’s 64-day run over $10,000Bitcoin has been above $10,000 for longer than any time in its history. Its volatility is also at recent historic lows. In this episode, NLW puts this in the context of broader market movements and explains why new price floors are self-reinforcing.
28/09/2016m 44s

SOB: The 51% Attack Nightmare Scenario (Isn't That Bad)

On this Speaking of Bitcoin episode, join hosts Adam B. Levine, Andreas M. Antonopoulos, Stephanie Murphy & Jonathan Mohan for an in-depth discussion about what’s really at risk when blockchains suffer the dreaded 51% attack.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.On today’s show we’re talking 51% attacks, the much discussed, infrequently seen and fairly misunderstood doomsday scenarios. It’s recently re-emerged as a topic of discussion as Ethereum plans its transition to Proof-of-Stake and fork Ethereum Classic is hit by its third in less than a month.Although the numbers may change, basically any blockchain you can imagine is vulnerable to some form of the so-called 51% attack. By distributing the power within a protocol, say to miners instead of a corporate board, blockchains and other decentralized systems create and maintain a “Consensus Reality”, where what most of the network believes to be true is true, or becomes true for the entirety of the network.See also: How Does Kraken’s New Crypto Bank Work?If you think about it, this makes sense. Each blockchain creates a game with a distinct set of rules that need to be followed for the thing to work. It requires lots of people who don’t know each other to individually follow those rules and get rewarded by the system for doing so. The assumption underlying all of these systems is that most of the people are going to be compelled by the offered rewards to follow the rules. Even if a lot of people aren’t following the rules, they’re probably breaking them in different ways rather than working together.In a 51% attack, that assumption is broken as most, or at least enough of the network is overcome by bad actors who aim to rewrite reality in their favor. It’s a real problem, one of the biggest blockchains face, especially less popular ones… But even if you could pull one off, the outcome might not be as bad as many fear.But what is actually at risk? What’s possible and what’s safe? Tune in to find out.Photo by Hasan Almasi on Unsplash
27/09/2043m 48s

BREAKDOWN: Understanding the Coming Currency Cold War

Will the future of currency be led by the U.S., China, Bitcoin, or some combination we can barely imagine today?This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.This week’s Long Reads Sunday is a reading of “The Currency Cold War: Four Scenarios” by Jeff Wilsner – part of CoinDesk’s Internet 2030 series. In it, Wilsner talks to experts about four scenarios:A multi-currency scenario, where exchange is abstracted away via digital walletsA China-led scenarioA U.S.-led scenarioA bitcoin/non-state currency-led scenarioIn addition to reading, NLW gives his take on which scenario is most likely. 
27/09/2021m 34s

RESEARCH: The One-Way ETH 'Burn' That Will Kick-Start Ethereum 2.0

With the final preparations for the launch of Ethereum 2.0 soon to be underway, CoinDesk's Christine Kim spoke with Developers Raul Jordan and Eduardo Antuña Díez about what's left to do.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Lead developer at Prysmatic Labs Raul Jordan, who has been building Ethereum 2.0 software for over two years, explained his team would be wrapping up all feature development by October 15. “At that time, it’s all hands on deck to just have good documentation, good user experience, fix-up security holes [and] basically prepare for launch. That’s where we are today if all remains on track,” said Jordan. The final features currently in development by Prysmatic Labs and other software development teams include making sure different code implementations of Ethereum 2.0, also called “clients”, are interoperable and can be used interchangeably by a user without running the risk of losing validator rewards. See also: A Day in the Life of an Ethereum 2.0 ValidatorIt’s not only client developers who are beginning final preparations for this network upgrade. Ethereum startups building hardware and tooling for users to participate in the Ethereum 2.0 launch are also working on adding last-minute features to their products. Eduardo Antuña Díez, project lead at DAppNode, said, “The most important thing that we realized after the first [Ethereum 2.0] testnet is that people need to know the status of their validators. Having a good monitoring system to be able to know when your validator is down … we are working in that direction.” Before Ethereum 2.0 goes live, Jordan and Díez both noted that a new contract will be created on the current Ethereum blockchain to receive deposits of 32 ETH. Only once this contract accumulates a minimum of 524,288 ETH, which is worth roughly $181 million at time of writing, will the new Ethereum blockchain officially kick-start at midnight UTC the following day. See also: Ethereum 2.0: How It Works and Why It MattersAbout the security of the deposit contract, Jordan said, “There’s no way to retrieve [funds]. … It’s considered a burn in the short term. It’s not like there’s any sort of admin key or any sort of way to take those funds out. There’s no way somebody can take all the ETH that is locked in there.”
26/09/2035m 8s

BREAKDOWN: Why the Stock Market is Poised for Its Worst September Since 2011

Last week saw the third-biggest outflow from stock funds in history, and the dollar is the strongest it’s been since April. Here’s what’s going on. This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.On this edition of The Breakdown weekly recap, NLW looks at the fourth painful week for traditional markets in a row. He discusses the factors contributing to the trouble, including: A normal correction from too-high valuationsThe return of COVID-19 lockdownsThe end of easy recovery gains Diminishing likelihood of a stimulus billElection volatilityThis week on The Breakdown:Monday | The FinCEN Files Show Banks Don’t Actually Care About Stopping Money Laundering Tuesday | Marty Bent on Why Bitcoin and Big Energy Are Unlikely Allies Wednesday | Violent Reflexivity: Why Market Movements Are More Aggressive Than Ever, Feat. Corey Hoffstein Thursday | Did Corporate Insiders Perfectly Predict the Market Top? Friday | Sven Henrich on the Ever-Weakening Economic Cycle 
26/09/2012m 1s

BREAKDOWN: Sven Henrich on the Ever-Weakening Economic Cycle

The founder and lead market strategist at NorthmanTrader explains how the Fed has boxed itself in and why our fundamental economic capacity fails to grow.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Sven Henrich is the outspoken founder and lead market strategist at NorthmanTrader. Well known for his appearances on CNBC, CNN Business and MarketWatch, Sven is also the host of the Straight Talk podcast. In this conversation, he and NLW discuss:The ever-weakening economic cycleWhy the Fed has boxed itself in Why the asset price bubble is contributing to wealth inequality How market capitalization-to-GDP reached all-time highsWhat the election means for markets Find our guest online:Twitter: NorthmanTraderWebsite: northmantrader.com
25/09/2051m 52s

BREAKDOWN: Did Corporate Insiders Perfectly Predict the Market Top?

In August, the volume of personally owned stock sold by corporate executives reached its highest level since 2015, followed by a 10% decline in the S&P500 in September. This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Today on the Brief:Initial U.S. jobless claims up to 870,000Partial lockdowns begin in earnest in Europe and IsraelThe global demand for American stocksOur main discussion: Did corporate insiders perfectly time the market top? August saw the largest volume of insider selling since 2015, with more than 1000 corporate officers offloading $6.7B in stock. Subsequently, the market has seen a 10% decline since the S&P500 all time high of Sept. 2. What’s more, according to new statistics, insider selling is happening at the fastest pace since 2012. The question is: What do these executives know that the rest of the market doesn’t?
24/09/2014m 55s

BREAKDOWN: Violent Reflexivity – Why Market Movements Are More Aggressive Than Ever, Feat. Corey Hoffstein

How the Fed and the rise of passive investing and volatility strategies have combined to make market movements faster and more severe.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Corey Hoffstein is the founder and Chief Investment Officer of Newfound Research LLC, a quantitative research and investment fund. He is also the host of the “Flirting with Models” podcast. His most recent research is “Liquidity Cascades: The Coordinated Risk of Uncoordinated Market Participants.” In it, he examines three popular narratives about what is driving radical swings in markets, including:The increased role of the FedThe rise of passive and index investingThe growth of volatility-correlated strategies He finds that, individually, none could explain the radical market shifts we’ve seen. However, when combined, they create a market incentive loop that is causing markets to move and react to exogenous shocks more quickly and aggressively than ever before. Find our guest online:Twitter: @choffstein Website: Newfound Research
23/09/201h 9m

BREAKDOWN: Marty Bent on Why Bitcoin and Big Energy Are Unlikely Allies

Bitcoin mining can help big energy companies produce more efficiently, increasing American energy independence in the process. This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Today on the Brief:Where the digital euro fits in Lagarde’s economic integration plansNew stablecoin guidance from the OCCMnuchin and Powell head to the HillOur main discussion features Marty Bent. Marty is the author of one of the best known daily bitcoin newsletters, as well as the host of “Tales From The Crypt” podcast. He also is one of the leaders of Great American Mining, a new project using bitcoin mining to make big energy more efficient and profitable. In this discussion, we talk about how bitcoin and big energy are unlikely allies, how that alliance can bring more bitcoin mining back to America, and how it is working to reduce America’s energy dependence.Find our guest online:Twitter: @MartyBentTwitter: @GAMdotAIWebsite: gam.ai
22/09/2035m 23s

BREAKDOWN: The FinCEN Files Show Banks Don’t Actually Care About Stopping Money Laundering

The massive leak of suspicious activity reports shows how banks let the government know about likely money laundering, then go right on providing services.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Today on the Brief:Stocks down, dollar up on COVID-19 resurgence fearsPeople’s Bank of China says digital yuan needed to fight USD dominance140,000 have claimed UNI tokensJudge stops Trump WeChat banNikola founder resignsOur main discussion: The FinCEN Files The FinCEN Files are a leaked cache of suspicious activity reports filed by banks with the U.S .Financial Crimes Enforcement Network. The more than 2,000 files, representing $2 trillion in transactions, were leaked to BuzzFeed News more than a year ago. BuzzFeed, in turn, shared them with the International Consortium of Investigative Journalists, who then helped distribute them to 108 publications in 88 countries. This episode provides an overview of the leaks and explains why they show that, despite lots of PR bluster, banks are happy to file their reports and then keep on banking likely money launderers.
21/09/2022m 56s

BREAKDOWN: Lyn Alden’s Latest – Why Currency Devaluation Is Inevitable

This week’s “Long Reads Sunday” reading is from macro analyst Lyn Alden and focuses on the inflation vs. deflation debate in historical context.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.On this week’s “Long Reads Sunday,” NLW reads macro analyst Lyn Alden’s latest: “A Century of Fiscal and Monetary Policy: Inflation vs Deflation”The article looks at:When monetary policy is effective versus when fiscal policy needs to take over How short-term debt cycles add up to long-term debt cycles that have very different remediesWhy long-term debt cycles inevitably end in default or devaluation Why the conclusion of the last long-term debt cycle in the U.S. – the 1930s and 1940s – suggests that devaluation is the most likely outcome
20/09/2036m 30s

SOB: How Does Kraken's New Crypto Bank Work?

This week Kraken Financial became the first crypto company to receive a banking charter under Wyoming's Special Purpose Depository Institution statute. On this Speaking of Bitcoin episode, Join CEO David Kinitsky for a look at what it all means and how it'll work with hosts Adam B. Levine, Andreas M. Antonopoulos and Stephanie Murphy.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.In the early days of Bitcoin, there were no rules, or at least none that people understood. The first batch of companies were focused entirely on functionality; Simply making things possible that before crypto had been impossible.In the aftermath of the collapse of first MTGox and then later TheDAO, it became obvious that rules did apply, or at least would moving forward. But what wasn't very clear was how they'd apply as different regulatory bodies claimed authority in confusing and often conflicting ways.As law, if not order, came to the industry, much of crypto's first wave of US based exchanges were crushed as they struggled to get legal, a challenging task with different rules and unique compliance burdens for each state and territory they'd operate in. New York famously introduced the Bitlicense, which in the five years since it's introduction has approved just 25 companies to operate in the U.S. financial hub.On today's show Kraken Financial CEO David Kinitsky joins the discussion of just how much things have changed as Kraken becomes the first crypto company to receive a banking charter under Wyoming's Special Purpose Depository Institution statute. And more importantly, what happens next.CreditsThis episode was edited by Adam B. Levine, with music provided by Jared Rubens.Episode Art by Doran Erickson on Unsplash
20/09/2029m 19s

RESEARCH: The ‘Hot Swap’ Plan to Switch Ethereum to Proof-of-Stake Explained

The highly-anticipated launch of Ethereum 2.0 is expected to have little to no impact on users and decentralized applications (dapps) currently operating on Ethereum. But in the years after its launch, Ethereum developer Danny Ryan expects the upgrade to radically improve network performance and security. This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.There will be what Ryan calls a “precise point of transition,” where at one block the Ethereum blockchain is progressed and secured through the activity of mining and at the next block it is secured through validating. These two systems of block creation and transaction validation are called proof-of-work (PoW) and proof-of-stake (PoS), respectively. The Ethereum 2.0 upgrade is the technology and multi-year roadmap intended to transition the world’s second largest blockchain by market capitalization from PoW to PoS. See also: Ethereum 2.0: How It Works and Why It MattersThere are several security concerns that still need to be addressed by Ethereum developers to ensure that at this point of transition, there is no possibility for 51 percent attacks, block reorganizations, and other edge cases jeopardizing user funds and network data. To this end, Liz Steininger, CEO of blockchain security company Least Authority, recommends additional audits of Ethereum 2.0 code in preparation for what developers are calling Phase 1.5 of the upgrade roadmap. However, even with multiple audits on top of the ones already completed for the launch of Ethereum 2.0, Steininger foresees inevitable “hiccups and bumps in the road.”See also: Quantstamp Audit Greenlights Ethereum 2.0 Client Prysm for Launch“[Flaws in code] isn’t necessarily a failure but it’s a learning opportunity for everybody in the industry to see how these things work at such a large scale,” said Steininger. “If we can overcome the bumps in the road that are undoubtedly going to happen during this large transition then I think that shows a kind of resiliency to the greater world of what blockchain and cryptocurrency and the development space is capable of.” Ryan has high hopes that after the “hot swap” from Eth 1.0 to Eth 2.0, users and dapp developers will begin to see noticeable improvements to transaction efficiency and throughput on the merged network immediately. “We want to increase the layer one capacity of the [Ethereum] system by approximately 100x. The benefits we hope to bring to developers is more capacity, cheaper transactions and a better environment for users to interact with and build dapps on,” said Ryan. For more information about Ethereum 2.0, you can download the free research report featuring additional developer commentary about the upgrade on the CoinDesk Research Hub.
19/09/2037m 52s

BREAKDOWN: Why the First US Crypto Bank Is a Big Deal

Kraken became the first crypto exchange to win a U.S. banking license this week. Here’s why that matters. This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.On this edition of The Breakdown weekly recap, NLW looks at:DEXetition – Uniswap’s battle with SushiSwap heats up as the former dropped the UNI governance token in what some likened to a crypto stimulus check The Fed has no clothes – After another FOMC meeting of “nothing new,” the mirage of Federal Reserve omnipotence is fadingTikTok and WeChat banned from U.S. app stores – Is it just a negotiating technique? Whatever the case, people are not happyKraken becomes a bank – What it means now that Kraken has been approved for a Wyoming Special Purpose Depository Institution charterThis week on The Breakdown:Monday | The Business of Geopolitical Competition Tuesday | The Decade of the Living Dead: How Zombie Companies Are Robbing Tomorrow’s EconomyWednesday | Governments vs. Networks: The Battle for the Soul of FinanceThursday | Monetary Policy Is Finished and Macro Debates Are Boring, Feat. Raoul PalFriday | ‘I Didn’t Buy It to Sell It. Ever.’ MicroStrategy’s Michael Saylor on His $425M Bitcoin Bet
19/09/2013m 10s

BREAKDOWN: 'I Didn't Buy It to Sell It. Ever.' MicroStrategy's Michael Saylor on His $425M Bitcoin Bet

The CEO of publicly traded MicroStrategy (MSTR) shares why he started to feel like he was “sitting on a 500-lb block of ice” and how he came to bitcoin as a solution.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.MicroStrategy made waves when it announced in early August it was moving $500,000,000 in treasury reserves out of cash. At least $250 million were to be moved into bitcoin. Earlier this week, the company announced its final bitcoin purchases totaled $425 million. In this conversation with NLW, MicroStrategy CEO Michael Saylor explains:Why he’s always treated the company with a long time horizonWhy the asset inflation rate is the real inflation rateHow he became convinced that bitcoin is the best treasury asset in the world Why Michael believes some other companies will follow suit, but better do so quickWhy the intensity of maximalists is actually part of the reason he grew conviction around the asset Why he would buy every bitcoin if he could
18/09/201h 20m

BREAKDOWN: Monetary Policy is Finished and Macro Debates Are Boring, Feat. Raoul Pal

A wide-ranging conversation about the state of macro, why central banks can’t really do anything and why private markets are leading the future of money.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Raoul Pal is CEO and co-founder of Real Vision, a platform fundamentally disrupting macroeconomics and financial media. In this wide-ranging conversation, he and NLW discuss: Hot takes on the most recent Jerome Powell/Federal Reserve press conferenceWhy central banks can’t do anything more until they merge with treasury departments Why stablecoins are disrupting how we think about global reserve assets Why traditional financial media missed an entire generation of investorsWhy all macro debates are boring 
17/09/2058m 10s

BREAKDOWN: Governments vs. Networks – The Battle for the Soul of Finance

Governments have significant discretion over economics and finance today, but decentralized network-driven alternatives threaten that control. This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Today on the Brief:Kraken is the first crypto exchange to become a U.S. bankFTC preparing antitrust lawsuit against FacebookGold-standard fan Judy Shelton doesn’t have the votes to be confirmed as Federal Reserve governor Our main discussion: The battle for the soul of finance. In this episode, NLW looks at the power competition between governments on the one hand and the decentralized network-driven finance alternatives that would reshape that power. Interestingly, in this competition corporations may play a role that benefits both sides at different times and in different ways.
16/09/2017m 25s

BREAKDOWN: The Decade of the Living Dead – How Zombie Companies Are Robbing Tomorrow’s Economy

The percentage of companies that can’t afford to pay the interest on their debt has reached a new all-time high in the wake of central bank intervention.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Today on the Brief:MicroStrategy increases its bitcoin reserves by $175 million The Oracle-TikTok deal starts to smell fishyThe SEC is investigating claims of fraud involving Nikola Corp.Our main discussion: The rise of zombie firms. A zombie firm is a company that can’t afford to service its debt from operating income. These companies are made possible by artificially low interest rates, and they drain resources from the economy. On today’s episode, NLW explains:Why there are more zombie companies than everThe negative impact they have on the economyHow they could drive a new financial crisis 
15/09/2020m 14s

BREAKDOWN: The Business of Geopolitical Competition

As Oracle wins a bid for TikTok U.S., a look at how tech competition, culture competition and currency competition shape the business of geopolitics.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Today on the Brief:Crypto exchange volume sees highest month-over-month increase since February 2018Uniswap overtakes SushiSwap in total value lockedWhat Coinbase vs. Apple means for the future of decentralized applicationsOur main discussion: NLW looks at the business of geopolitical competition, including:TikTok, Oracle and the new politics of deal making in the “new Cold War”“Mulan” controversy around Uyghurs and Hong Kong police support The real motivation for China’s digital currency 
14/09/2021m 38s

BREAKDOWN: Is Being the ‘Saudi Arabia of Money’ Good for America?

A reading of “How to Diagnose Your Own Dutch Disease,” a look at the problems of America’s dollar trade.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.On this week’s Long Reads Sunday, NLW looks at recent statistics suggesting that, based on a comprehensive set of measures of well-being, U.S. citizens are worse off than they were a decade ago. One potential explanation is the U.S.’ “USD Dutch Disease” - a peculiar set of consequences resulting from the role of the U.S. dollar in the world. This week’s reading is “How to Diagnose Your Own Dutch Disease” from the Financial Times.
13/09/2013m 57s

BREAKDOWN: The Raw, Savage Capitalism of Open-Source Protocols

Recapping the biggest stories of the week, including Joe Biden’s China plan, a market holding pattern and, of course, the strange competitive saga of SUSHI.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.On this edition of the Breakdown Weekly Recap, NLW looks at:The “holding pattern economy” – why stocks, jobs and central bank policy seem stuck in placeWhy Joe Biden’s China plan shows that, no matter who wins the presidential election, U.S. economic policy towards China is likely to get more aggressiveThe surveillance state gets stronger as Amazon appoints a former NSA head to its board of directorsThe SUSHI sagaThis week on The Breakdown:Monday | Sorry, Governments, We’re Entering the Era of Private MoneyTuesday | Why Bitcoin Investors Aren’t Worried About This Price PullbackWednesday | ‘Absolute Raging Mania’: Famed Investor Druckenmiller Thinks 10% Inflation Is PossibleThursday | How Monetary Policy Undermined American ResilienceFriday | ‘As Toppy as It Gets’: Metals, Bitcoin and Fiat’s Race to the Bottom, Feat. Tavi Costa
12/09/2012m 29s

RESEARCH: A Day in the Life of an Ethereum 2.0 Validator

With Ethereum 2.0's much anticipated move to Proof-of-Stake getting closer, CoinDesk Research Analyst Christine Kim spoke with Ben Edgington and Vijay Michalik on what would-be validators need to know.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.“There are indeed responsibilities that come with [Ethereum 2.0 staking]. You can’t just stake and leave it. You need to run what we call a client or a validator software.”That’s Ben Edgington, the product owner of Teku at ethereum venture capital studio Consensys. Teku is one of five software clients currently being battle-tested on the official Ethereum 2.0 test network, Medalla. These clients will connect users to the highly anticipated proof-of-stake blockchain aimed at significantly boosting Ethereum transaction speeds and throughput. Ethereum 2.0 clients like Teku will also enable users to earn rewards as validators on the new network.  See also: Ethereum 2.0: How It Works and Why It MattersSimilar to the role of miners on the current Ethereum blockchain, validators on Ethereum 2.0 will be responsible for processing transactions and creating new blocks. What that looks like in practice, according to Edgington, is keeping client software up and running 24/7 on a dedicated computer device. As for which of the five clients to run, Vijay Michalik, a strategist for the engineering team behind Teku, explained the technical differences between them all were minor. However, their main distinction between clients in the eyes of Michalik comes down to long-term development vision. “For Status [the Ethereum messaging company], the Nimbus client is focused on trying to build a client for a low-footprint system. So they’re building for embedded systems such as mobile devices and potential IoT [Internet of Things] in the future,” said Michalik. “At the ConsenSys protocol engineering, we’re trying to lean into our specialization which is building the enterprise grade [Ethereum 2.0 client].”See also: Ethereum 2.0: Closer Than Ever Still Plenty of Work to DoFor more information about Ethereum 2.0, you can download the free research report featuring additional developer commentary about the upgrade on the CoinDesk Research Hub.
12/09/2030m 45s

BREAKDOWN: ‘As Toppy as It Gets’ – Metals, Bitcoin and Fiat’s Race to the Bottom, Feat. Tavi Costa

The Crescat Capital portfolio manager gives his take on the flashing macro warning signals and why it is an explosive moment for gold, silver and (potentially) bitcoin. This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Tavi Costa is a portfolio manager at Crescat Capital. In this conversation with NLW, he discusses:The credit exhaustion moment in the engines of global growthThe race to the bottom for fiat currenciesThe explosive moment for precious metals Where bitcoin might fit in this larger framework Find our guest online:Twitter: @TaviCostaInstagram: @TaviCostaMacroWebsite: https://www.crescat.net
11/09/2045m 42s

BREAKDOWN: How Monetary Policy Undermined American Resilience

A legacy of artificially low interest rates is not just the death of savings, but a forced buying into the perpetual growth machine of financial asset prices.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Today on the Brief:Jobless claims slightly exceed expectations at 884,000ECB keeps policy unchained; euro rises versus dollar Survey: What’s the right way to understand the business and market cycle in the U.S. today? Our main discussion: interest rates and the undermining of American resilience. In this discussion, NLW looks at a number of artifacts of the low interest rate world, including:Increasing cost of child care Declining share of total net worth held by bottom 50% New startups using lottery tactics to incentivize savers 
10/09/2015m 22s

BREAKDOWN: 'Absolute Raging Mania' – Famed Investor Druckenmiller Thinks 10% Inflation Is Possible

The Hedge Fund legend says in a new interview the Federal Reserve’s policies have created a massive asset bubble while making both inflation and deflation more likely.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Today on the Brief:Markets recover slightly but vaccine trade falters as AstraZeneca pauses trials Bitcoin and gold correlation increases sharply around dollar instabilityMastercard launches simulation tools to help develop central bank digital currenciesOur main discussion: Stan Druckenmiller speaks!NLW breaks down the famed investor’s interview with CNBC today, including: The merging of the Fed and the TreasuryMania in financial assets A growing fear of future inflation Why the next three to five years are going to be extremely difficult
09/09/2019m 56s

BREAKDOWN: Why Bitcoin Investors Aren’t Worried About This Price Pullback

Critiques of correlation between bitcoin and equities miss the fact that bitcoin adoption within traditional markets has been driven by a fiat collapse concern.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Today on the Brief:Stock market continues its descentInsider stock selling reached five-year high in AugustPresident Trump promises more aggressive decoupling from ChinaOur main discussion: Investors and the BTC price dip.Over the last several weeks, bitcoin has pulled back from $12,400 to around $10,000. This dip has happened alongside a broader retracement in equities, led by falling tech stocks. While some have levied correlation to equities as a failure of bitcoin, NLW argues this critique misunderstands the narrative that has driven accumulation from new holders over the last six months.
08/09/2016m 11s

BREAKDOWN: Sorry, Governments, We’re Entering the Era of Private Money

Whether the U.S. government likes it or not, the world is demanding crypto-dollars and the private market is ready to supply them. This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.On this special Labor Day edition of The Breakdown, NLW is doing a reading of Nic Carter’s most recent essay “The Crypto-Dollar Surge and the American Opportunity.”In it, Carter argues that rather than fight the tide, the U.S. government should accept and take advantage of its unique position in the emerging world of global crypto monies.
07/09/2012m 39s

BREAKDOWN: A Practical Utopian’s Guide to the Coming Collapse

A reading on revolutions from the late great David Graeber. This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Earlier this week, news broke that David Graeber, author of influential works such as “Debt: The First 5000 Years,” had passed away. In his memory, today’s Long Reads Sunday is a reading of his 2013 piece “A Practical Utopian’s Guide to the Coming Collapse.” In it, he argues the impact of the revolutionary period of the 1960s was much more profound than popular opinion has it, and that the age of revolution is far from complete.
06/09/2023m 22s

BREAKDOWN: Is Tesla a Stock for Suckers?

The markets kicked off the week with a 5-1 Tesla stock split rally and ended with major questions about tech company valuations.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.On this episode of The Breakdown Weekly Recap, NLW looks at the full story the stock markets are telling us about the economy, including:SoftBank unmasked as the “Nasdaq whale” playing the same options game with stocks as r/WallStreetBetsThe Tesla stock split game: Does this just mean it’s for n00bs and rubes? The VIX shows November nervousnessCan you hear it? As stocks slide, the money printer is revving againThis week on The Breakdown:Monday | US Stock Market Cap to GDP Ratio Reaches 190%, Eclipsing Dot-Com Bubble High Tuesday | Financial Postmodernism and the Great Inflation Debate Wednesday | Let Them Eat Equities! The Economic Chickens Come Home to Roost, Feat. Luke Gromen Thursday | DeFi Degens Are Crypto’s Suicide Squad Friday | 8 Historical Analogies That Help Explain the Madness of 2020 
05/09/2010m 24s

RESEARCH: 3 Things You Should Know Before Staking on Ethereum 2.0

It wasn’t long ago the Ethereum 2.0 upgrade went live on an official test network. Developers have been catching mission-critical bugs in the code ever since. This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.“This is the biggest testnet launch that Ethereum 2.0 has seen. … So we learned about things that were frustrating for people. We found some bugs. We’ve been troubleshooting a very interesting and elusive bug at the moment that can cause nodes to crash,” said Paul Hauner, the lead developer of the Ethereum 2.0 Lighthouse client. Also testing the new Eth 2.0 mock network – called “Medalla” – and finding some surprises along the way is staking-as-a-service startup Staked. In the mind of Tim Ogilvie, co-founder and CEO of Staked, all of the bugs and unexpected issues on the Medalla network thus far are relatively minor and give no cause for concern. “We run 25 other proof-of-stake networks and so we’re used to running in testnets,” Ogilvie said. “We see a lot of the same issues in testnets, which is that sometimes the software doesn’t communicate perfectly or has issues where the network needs to be restarted. I think [Eth 2.0] is in pretty good shape relative to a lot of the other testnets we’ve seen.”That said, both Hauner and Ogilvie agree there are important features about the Eth 2.0 network that users need to understand before staking their ETH. A “really important one,” according to Ogilvie, is the fact that once ETH is transferred to the Eth 2.0 network, it cannot be transferred back to the original Ethereum blockchain. “It is a one-way trip until the next phase [of Ethereum 2.0 development] has been enabled. Your funds are not liquid. Really, the only thing you can do is participate in staking. People have to understand that fundamentally before they get started,” Ogilvie said. For early access to future CoinDesk Research podcast episodes, be sure to click subscribe on these channels.
05/09/2032m 0s

BREAKDOWN: 8 Historical Analogies That Help Explain the Madness of 2020

From the U.S. presidential elections of 1896 to the dot-com bubble to housing markets in 2006, these historical moments help us make sense of a truly WTF year.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Inspired by Michael Batnik’s “All Wrapped In One,” this episode examines eight moments from history that can help us make sense of one of the most chaotic years of our lives. Income inequality of the Gilded AgeThe election of 1896The pandemic of 1918The economy of 1929The social movements of the 1960sThe stock market of 1987The speculation of 1999The housing market of 2006
04/09/2018m 15s

BREAKDOWN: DeFi Degens Are Crypto’s Suicide Squad

A look at the subculture and ethos driving the white-hot DeFi space, which has grown from $2 billion to $9 billion in total value locked in just two months.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Today on the Brief:Traditional markets falter, led by tech stocksBitcoin falls under $11,000 for the first time since JulyStablecoins mint $100 million daily since mid-JulyOur main discussion is about DeFi’s “degens.” NLW talks about:The numbers behind DeFi’s recent run-upWhat “degen” means in this contextWhy degen is, in part, a reaction to previous bitcoiner critiques of Ethereum Why degen is (in even bigger part) a reaction to a no-yield, artificially low interest world
03/09/2017m 38s

BREAKDOWN: Let Them Eat Equities! The Economic Chickens Come Home to Roost, Feat. Luke Gromen

One of the best-known macro analysts breaks down last week’s Jerome Powell speech and whether it truly represents a new policy era for the Federal Reserve.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Today on the Brief:Debt will exceed U.S. GDP for the first time since 1946SPACs in action!Decentralized exchange volume flippens centralized exchanges Our main conversation is with Luke Gromen, founder of the Forest for the Trees consulting firm. In this conversation, we discuss: Chairman Powell’s speech and whether this is a true policy departureThe evolving relationship between the Federal Reserve and Treasury DepartmentWhat it would mean to get China to start “footing the bill” The gold narrativeWhy stock price gains are unlikely to keep U.S. citizens satisfied with the economy for longFind our guest online:Website: fftt-llc.comTwitter: @LukeGromen
02/09/2052m 30s

BREAKDOWN: Financial Postmodernism and the Great Inflation Debate

This Best of The Breakdown August 2020 edition features commentary from Hugh Hendry, Preston Pysh and Adam Tooze.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.August has come to a close. In this recap and “best of” episode, NLW looks at the big themes that defined the month. Most notable was the discussion of inflation culminating in the Federal Reserve’s newly announced policy of average inflation targeting. This episode features commentary from:Tony Greer - Author, Morning Navigator Keith McCullough - CEO, HedgeyeChris McCann - General Partner, Race CapitalAdam Tooze - Chair of History, Columbia University George Selgin - Director at the Cato Institute Center for Monetary and Financial AlternativesHugh Hendry - Legend
01/09/2024m 41s

BREAKDOWN: US Stock Market Cap to GDP Reaches 190%, Eclipsing Dot-Com Bubble High

The booming stock market is driven by perception of the Federal Reserve’s commitment to high prices and growing individual trading, but how sustainable is it?This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Today’s episode of The Breakdown looks at the stories the stock market is trying to tell, including:New all-time high in total market capitalization to GDP ratio (higher than dot-com bubble) “No precedent for how high” valuations can go Fed denies asset bubble; intimates it wouldn’t care about asset bubbles if full unemployment comes with themBezos at $200,000,000,000Percentage of stocks traded by individuals reaches all time high of 20%Robinhood leads in FTX complaintsBuffett’s Japan trading firm bet
31/08/2010m 58s

BREAKDOWN: The Case for $500,000 Bitcoin

The Winklevoss brothers make an argument that, in the long run, bitcoin is the only good safe haven. This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.This week’s episode of Long Reads Sunday is a reading of the latest essay from Tyler and Cameron Winklevoss.The essay looks systematically at the problems of the slate of current store-of-value assets, including the U.S. dollar, oil and gold. The brothers argue why those assets have, or are starting to have, value in their safe haven function, while bitcoin is on the rise.
30/08/2024m 51s

BREAKDOWN: The End of an Era? Why Bitcoin and MMT Won the Week

Fed Chair Jerome Powell tried to make it seem like the end of an era, but didn’t inspire confidence in the central bank’s ability to lead in the era that comes next.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.On The Breakdown’s Weekly Recap, NLW looks at the shifting sands of the global economy. He says Federal Reserve Chair Jerome Powell’s speech at Jackson Hole this week was an argument that an era that began in the 1970s is now closing. At the same time, he argues Powell did very little to provide a vision for what comes next. Instead, it is the alternative economic philosophies – Modern Monetary Theory on the one side, Bitcoin on the other – that are attracting people for a different vision of the future.This week on The Breakdown:Monday | How Much Should We Fear Post-Crisis Debt or Inflation? Feat. Adam Tooze Tuesday | An Unintended Consequence of Low Interest Rates? The Big Get Bigger Wednesday | The Battle to Get Dictator’s Seized Millions to 62,000 Venezuelan Health Heroes Thursday | Everything You Need to Know About Jerome Powell’s Jackson Hole Speech Friday | The Anxiety Index: 4 Fear Factors Shaping the Economy 
29/08/209m 56s

BREAKDOWN: The Anxiety Index... 4 Fear Factors Shaping the Economy

From COVID-19 relapses to election insecurity, these factors drive defensiveness up and demand down. This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Today on the Brief:Skepticism around Powell’s inflation prognosticationsThe Tesla Stock Split GameChina’s COVID-19 vaccine maker presses countries for early adoptionOur main discussion: The Anxiety IndexWe live in an economy organized around consumption and perpetual growth. In that context, factors that cause consumers to be fearful, reduce spending, increase savings, move less and generally slow down can wreak havoc. In this episode, NLW discusses four factors shaping and driving consumer anxiety, including:COVID-19 related concerns, both health and economicMonetary policy questions U.S.-China tensions Election insecurity 
28/08/2016m 12s

BREAKDOWN: Everything You Need to Know About Jerome Powell's Jackson Hole Speech

The Federal Reserve Chair announced a slate of new policy approaches, but are they inspired or impotent? This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Federal Reserve Chair Jerome Powell spoke Thursday at the annual Jackson Hole conference convened by the Kansas City Fed, which was virtual this year due to COVID-19. In the highly anticipated speech, Powell laid out a number of key changes to how the Fed approaches unemployment and inflation. In this recap, NLW looks at how people reacted to the speech. On the one hand, there is disagreement between those who anticipate out of control inflation and those who think the Fed’s track record on achieving even modest inflation is abysmal. On the other, almost everyone seems to think the Fed appears run down, out of tools and increasingly looking to support from Congress.
27/08/2019m 13s

BREAKDOWN: The Battle to Get Dictator’s Seized Millions to 62,000 Venezuelan Health Heroes

How crypto-powered Airtm is teaming with Venezuela’s opposition government to distribute $18 million in funds the U.S. seized from the Maduro dictatorship, featuring Airtm CEO Ruben Galindo.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Today on the Brief The SEC changes accredited investor rules Fintech and crypto investor Ribbit Capital starts $350 million SPACPreviewing Federal Reserve Chair Jerome Powell’s Jackson Hole speechOur main conversation is with Ruben Galindo, CEO and co-founder of Airtm.Airtm is a global dollar account that lets users anywhere access U.S. dollars, powered by cryptocurrency infrastructure and a P2P network. The company is currently working with Juan Guaido’s opposition government in Venezeula to attempt to distribute $18 million in funds the U.S. seized from the Maduro dictatorship. In this conversation, he and NLW discuss:How Airtm works outside of the traditional banking systemWhy people around the world are hungry for access to dollars What the Health Heroes campaign is trying to achieve How Guaido and Airtm are trying to work around the Maduro government’s attempt to suppress themFind our guest online:Website: airtm.comTwitter: @theairtm
26/08/2037m 51s

BREAKDOWN: An Unintended Consequence of Low Interest Rates? The Big Get Bigger

As companies have to shift their business model to contend with low interest rates, the largest find themselves in a comparatively better situation.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Today’s episode of The Breakdown is an extended edition of the Brief.NLW discusses:The “COVID-19 vaccine trade” on Wall Street kicks markets higherThe latest on TikTok vs. the U.S. and what it means for the U.S.-China relationshipMore companies move reserves from cash to bitcoinThe final topic today looks at news that some large money market funds are shifting fees from users and taking the financial hit themselves. This creates a dynamic where only the largest companies can survive long term, and reflects a key unintended consequence of low interest rates.
25/08/2016m 14s

BREAKDOWN: How Much Should We Fear Post-Crisis Debt or Inflation? Feat. Adam Tooze

An economic historian and one of Foreign Policy’s “Top Global Thinkers of the Decade” discusses post-COVID-19 global economics and politics.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Our guest today is Adam Tooze. Adam holds the Shelby Cullom Davis Chair of History at Columbia University and serves as director of its European Institute. He is known for his books “The Deluge: The Great War, America and the Remaking of the Global Order” and “Crashed: How a Decade of Financial Crises Changed the World.” In this conversation, he and NLW discuss:Historical analogies for our present moment Federal Reserve policy and independence How much we should fear debt and inflation post-coronavirus How the economic and political crisis of 2020 has changed or reinforced the trajectory of the U.S., China and EuropeWhy there is no such thing as the post-American era  Find our guest online:Website: Adamtooze.comTwitter: @adam_tooze
24/08/2059m 35s

BREAKDOWN: Why Are Traditional Investors So Hungry for Yield Curve Control?

When FOMC minutes suggested the Federal Reserve might not employ yield curve control, the markets reacted angrily. This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.On today’s edition of The Breakdown’s Long Reads Sunday, our selections have to do with one of the hottest topics in central banking: yield curve control. “What Is Yield Curve Control?”The first piece is from the St. Louis Federal Reserve and is a primer on YCC, including past U.S. implementations as well as versions from Japan and Australia. “Market Jitters Show How Much Fed Medicine Matters”Our second piece is an op-ed about how dramatically markets reacted to this small detail from the Federal Open Market Committee minutes, and what it suggests for their desires involving YCC.
23/08/2017m 57s

BREAKDOWN: People Aren’t Buying the ‘Great American Recovery’ Narrative

Despite the stock market returning to all-time highs, many can’t shake the feeling that all is not well in the economy. This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Today on The Breakdown’s Weekly Recap:People aren’t buying “the Great American Recovery”Let’s stop considering the economy as one thingDave Portnoy doesn’t care about your principlesDeFi is the Wild West and saved only by the fact that no normie understands what the hell is going onBitcoin is being compared to the dollar not stocks and that’s serious progressThis week on The Breakdown:Monday | What’s Actually Happening With Inflation Right NowTuesday | How Excess Capital and Low Interest Rates Reshaped Silicon Valley, Feat. Chris McCannWednesday | S&P5 vs. S&P 500: The Real Story of the Stock Market RecoveryThursday | The Most Pro-Bitcoin Politicians in the USFriday | Winter Is Coming: Examining the Economy’s Eight-Body Problem
22/08/2012m 47s

BREAKDOWN: Winter Is Coming... Examining the Economy's Eight-Body Problem

From the devastation of the service industry to never-ending central bank intervention, these factors make predicting the future of the economy nearly impossible.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.The “three-body problem” is a physics issue that deals with unpredictable futures. In a recent essay, John Mauldin argues the economy is actually experiencing an “eight-body problem.” On today’s episode, NLW explores each of those dimensions shaping the challenge we face, including:Central bank interventionThe destruction of the service industryThe implosion of global trade In the end, he argues that in a world ruled by chaos, fighting to control the narrative might be the only rational move. Read Ben Hunt’s essay “The Three-Body Problem.”
21/08/2023m 12s

BREAKDOWN: The Most Pro-Bitcoin Politicians in the US

Whether fighting for reduced taxes for staking or regulatory sandboxes for tokens, these politicians break the mold when it comes to digital assets.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Today on the Brief:Markets react to FOMC notesTaiwan blocks China streaming servicesInitial jobless claims back on the riseOur main discussion is a look at the politicians on both sides of the aisle who are pro-digital currencies and, especially, pro-bitcoin. Featuring:Rep. Thomas MassieGovernor Jared PolisAndrew YangRep. Ted BuddRep. Trey HollingsworthRep. Darren SotoRep. Stacey PlaskettRep. Tom EmmerSenate Candidate Cynthia LummisRep. Warren DavidsonRep. Patrick McHenry
20/08/2026m 41s

BREAKDOWN: S&P5 vs. S&P 500: The Real Story of the Stock Market Recovery

The S&P 500 has recovered to hit new all-time highs but how real is it, and how are leading finance minds interpreting the recovery?This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Today, NLW debuts a new format: “10 Takes in 10(ish) Minutes.” In this analysis, he looks at 10 takes surrounding the S&P 500’s return to positive territory on the year, including:Great American comebackMarket disconnect and widening inequality Don’t fight the FedTo the Stoolies go the spoilsStock splits and SPACsIt’s Tech vs. everything elseCantillon insiders FTWA new era of global liquidity?You’d have done better with goldYou’d have done a lot a lot better with bitcoin
19/08/2018m 11s

BREAKDOWN: How Excess Capital and Low Interest Rates Reshaped Silicon Valley, Feat. Chris McCann

A conversation with a VC about changes in fintech, crypto and how public market trends shape the startup scene.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Today on the Brief:Everyone turns bullish as S&P 500 nears all-time highsEmerging market currencies are floundering Bitcoin holding sentiment highest in two yearsOur main conversation features Race Capital’s Chris McCann.Chris was previously the founder of Startup Digest, building it to 1 million subscriptions long before email newsletters were a thing. He spent four years building the community program at Greylock before launching his own venture firm. In this conversation, Chris and NLW discuss:The relationship between monetary policy and startup financeWhat changes in startup financing have followed COVID-19What the emerging fintech stack looks like, outside of cryptoFind our guest online:Website: Race Capital Twitter: @mccannatron
18/08/201h 0m

BREAKDOWN: What’s Actually Happening With Inflation Right Now

The numbers are all over the place and the narratives are even more complicated, so what’s the real story with inflation? This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.There is perhaps nothing more important or contentious in macroeconomics right now than the question of inflation. On the one hand, there is a growing concern that rapidly growing money supply and increasing central bank balance sheets will inevitably lead to inflationary pressures.On the other, critics of that point of view point to significant countervailing forces such as the 10% unemployment rate and growing savings rate among consumers. So who is right?What are the specific narratives trying to say? What is the evidence and data actually telling us? And how are real people experiencing inflation today?
17/08/2023m 58s

LEIGH: Meet a Freelance Cypherpunk Developer in Africa

In this audio interview, CoinDesk’s Leigh Cuen and Fodé Diop, founder of the Dakar Bitcoin Developers meetup in Senegal, talk about bitcoin in Africa. This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.From how mobile devices offer the primary point of access and social media groups offer local liquidity, Cuen and Diop explore what cryptocurrency adoption actually looks like in emerging markets like Senegal. Like many bitcoiners, Diop got his start in the crypto industry working for token projects in 2017. From there, he got involved with the Oakland Blockchain Developers Meetup, and eventually took that experience back to Senegal when he moved back to his hometown to be with family during the COVID-19 crisis. “I started with Ethereum because it was easier to have access to...Philosophically, I no longer align with the Ethereum ethos,” Diop said. “The first thing I did when I started here [Dakar] with the meetups was I gave away about $1,000 in bitcoin.”As a dual citizen of the U.S. and Senegal, with an American bank account, Diop can use mainstream bitcoin wallets like Cash App to use bitcoin as a currency anywhere in the world. This came in handy when Diop unexpectedly needed to stay in Senegal throughout 2020. For people with only Senegalese accounts, he recommends the Lightning-friendly Wallet of Satoshi.Now, with the support of organizations like Chaincode Labs, he freelances from Senegal teaches aspiring bitcoiners like Bineta Ngom, who have a high level of technical understanding yet aren’t fluent in English. As such, she struggled to find the right materials to learn about bitcoin.  “I’m super happy to find out there was a bitcoin community here in Senegal. I never heard of it spoken of before here. I didn’t have anyone to talk to, exchange (ideas) on the subject. This was a chance for me to meet enthusiasts,” Ngom said. Ngom, who studied computer science and now works at a local university, said she hopes to use bitcoin to buy something someday. In the meantime, Diop is focused on translating information from English into local languages like French and Wolof. Plus, he said most people in Senegal only access the internet through their Android mobile devices. So they need information about how to use mobile apps and understand whether something is a scam. “We also have peer-to-peer trading through WhatsApp and Telegram,” Diop said. Until Diop started the local bitcoin meetup, Ngom said the only other sources she knew for cryptocurrency projects were a few “scams” her friends invested in during the 2017 token boom.“Places that are English-speaking are moving way faster than their French counterparts,” Diop said, comparing English-speaking Ghana and Nigeria to French-speaking countries in West Africa. “I don’t understand how the bitcoin community doesn’t target more (African) universities and do more hackathons.”He added the small yet highly curious community in Senegal now uses bitcoin for speculative trading and remittances. “I have people who are highly, highly technical when it comes to cryptography, per say, but they don’t understand how bitcoin works,” Diop said.  “I believe this technology is groundbreaking. It could help a lot of people.”
16/08/2029m 4s

BREAKDOWN: Is Asteroid Mining Really Our Best Argument for Bitcoin Over Gold?

After a Winklevoss encounter highlights Elon Musk’s space mining dreams, maybe we should remind ourselves of the right-here-at-home benefits bitcoin brings.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Earlier this week, the Winklevoss brothers introduced Barstool Sports founder Dave Portnoy to bitcoin. One of the notable parts of the recap video was a discussion of how Elon Musk was set to destroy the value of gold on Earth by mining gold from asteroids. While much meme fun was had, on this week’s Long Reads Sunday NLW has chosen a selection that looks at how fiat beat out gold and how gold beat out silver to provide some – ahem – more immediately relevant lessons on how to explain the benefits of bitcoin. Read:Projection and ThrownessPart III — Bitcoin’s 10x Advantage Over Gold Might Not Lie Where You ThinkBy David Lawant
16/08/2014m 15s

LEIGH: What Venezuelans Think About Bitcoin and American Media

In this audio interview, CoinDesk’s Leigh Cuen and Venezuelan journalist Javier Bastardo talk about cryptocurrency and the media industry.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Caracas-based bitcoiner and journalist Javier Bastardo covers the crypto scene in Latin America since 2017 and has been living partially off bitcoin, thanks to BTCPay server and a variety of employers that pay in crypto, like CoinTelegraph Espanol. “Even when I’m trying to report in an unbiased way, I’m really bullish on crypto,” Bastardo said. “Bitcoin could be useful to other Venezuelans.”Beyond holding it as savings, many Venezuelans use cryptocurrency as the fastest way to obtain dollars. Bastardo said there is more in common between crypto readers across the Americas, both Latin America and North America, than similarities within local geographies. “We’re talking to a very specific audience, even if I’m writing in Spanish and you’re writing in English,” Bastardo said, referring to CoinDesk writers in New York and California. “We are more connected than I would be with a person who writes about politics in Venezuela...The way they [crypto audiences] look for information is very particular to the types of viewers that we have.” When it comes to the media, in Venezuela it is more clear to readers that journalists can be activists and that corporate media is often government propaganda. According to the Committee to Protect Journalists, at least five journalists were murdered for doing their jobs in Venezuela over the past few decades. In this context, censorship isn’t merely about ad policies or social pressure. It comes from the government and is applied directly to the communications infrastructure. Despite the struggle to identify reliable narratives, many readers make financial decisions based on media reports and social media trends. Media production and financial markets have always been intertwined, for better or worse. This is especially true of cryptocurrency markets. “They [crypto readers] are already against journalism, against the information industry. They have more anger about the information,” Bastardo said, describing the challenge of making media for this niche audience. “They need the narrative to keep going about adoption, about mainstream, yea, bitcoin will save us. It’s weird, because we have an active scene but it’s little.”While the outrage associated with crypto coverage may be unique, the dynamic of media-driven markets is hardly new. After all, the financial outlet Bloomberg reportedly gave bonuses to reporters for “market-moving” stories and many American outlets offer bonuses for web traffic, which may incentivize sensationalism. These policy decisions come from the top, as with most business models, and rarely originates from the newsroom itself. From his perspective, Bastardo said it’s unclear whether North American media, including but not limited to crypto journalism, is deliberately biased.“I really don’t know if the things we see on CNN or CNBC are identified with some party,” he said. “We have those narratives that show Trump is a really good narratives and others that show him as a really bad President. This is a problem in the whole media industry.” In particular, he said some crypto content creators might be “aligned” and “trying to push some agendas,” but that it’s unclear what is really going on with the overlap between journalism and cryptocurrency marketing. For example, he said people overhype and sensationalize stories of bitcoin usage in Venezuela, which can be both dehumanizing and misleading. It becomes even harder for readers to decipher because some of the most trusted sources in the crypto industry are individuals without journalistic training or oversight. This creates even more opportunities for freelancers with bold personalities, but a more challenging environment for readers seeking relatively objective information. “We have a similar way to get information in Venezuela, but it’s worse, because we don’t really have open media,” he said. “But the crypto-related media, I don’t know if the writers are biased...I don’t know if this is true. This is only an opinion.”
15/08/2027m 12s

BREAKDOWN: Here Comes the Most Bizarre Bull Market Yet

Social unrest on the one hand, “Degen Finance” on the other. Strap in for a very weird bull run. This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.On this edition of The Breakdown’s Weekly Recap, NLW looks at the strange melange of realities interacting in the new emerging bull market. On the one hand, bitcoin has found narrative relevance and technical importance in a world of social unrest and increased state involvement in economies and citizens’ lives.On the other, insane financial engineering experiments are seeing three-quarters of a billion dollars in value locked up within hours before a bug sees it all go away. In the middle, agents of chaos like new bitcoiner (and LINK-holder) Dave Portnoy. This is going to get weirder before it gets more normal.This week on The Breakdown:Monday | The Latest on the Global Economy’s Most Contentious RelationshipTuesday | Joe Rogan for Fed Chair! Feat. Hugh HendryWednesday | #SupplyGate and the Battle to Frame Crypto’s Next Bull RunThursday | Preston Pysh on Why We’ve Entered a Fundamentally New Era of Bitcoin AccumulationFriday | Fortnite vs. Apple and Google Is the Internet’s First ‘World War’
15/08/2016m 17s

BREAKDOWN: Fortnite vs. Apple and Google Is the Internet's First ‘World War’

What’s truly at stake is the power to shape and profit from the future of digital experiences. This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Today on the Brief:Jobless claims down and retail sales upThe U.S. Federal Reserve is running distributed ledger technology experiments The end of an era, as BitMEX begins KYCOur main discussion: the big battle brewing between Epic Games and Apple/Google.NLW looks at:Why Fortnite got kicked off the Apple and Google app stores Why Epic Games is suing in responseWhy this was all very clearly planned by Epic GamesWhy Apple and Google should be nervous about anti-trust Why this is about a much bigger future than just a single game
14/08/2019m 38s

BREAKDOWN: Preston Pysh on Why We’ve Entered a Fundamentally New Era of Bitcoin Accumulation

The prominent podcaster and bitcoin advocate joins The Breakdown to explain why we’re seeing a phase shift in the corporate and institutional relationship with BTC.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.The Investor’s Podcast Network cofounder Preston Pysh last recorded with The Breakdown on Black Thursday in March. As NLW and Pysh discussed the potential of future currency crises, bitcoin smashed all the way below $4,000. In the five months since, bitcoin has risen 200%. It has attracted the devotion of leading hedge funders such as Paul Tudor Jones II and more recently has become the reserve asset of choice of at least one publicly listed company. Preston and NLW discuss:The significance of halving coinciding with central bank printingThe inevitability of negative interest ratesWhy it’s the dollar, not the stock market, that is inversely correlated with the price of bitcoinWhy Preston believes in the stock-to-flow modelWho pays the price for inevitable currency debasementWhy we’re dramatically underestimating the precedent set by MicroStrategy’s $250,000,000 cash-for-bitcoin reserve switchWhy MicroStrategy will be worth 10 times what it is today a year from now
13/08/201h 42m

BREAKDOWN: #SupplyGate and the Battle to Frame Crypto’s Next Bull Run

Why the ether supply dust-up was about much more than the supply of ether. This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Today on the Brief:WSJ study finds TikTok was tracking data in a way that broke Android rulesThe latest Core Inflation statistics MicroStrategy stocks pops 10% after cash to bitcoin announcementOur main discussion: What’s the Ethereum #SupplyGate really aboutNLW breaks down:The historical narratives bitcoiners and ether advocates hold relative to one anotherThe history of dominant narratives in crypto over the last three yearsWhy the next bull market is poised for a twin narrative combining bitcoin as a hedge against fiat debasement and DeFi as a money-making sandbox What happened with #SupplyGateWhy #SupplyGate is as much about narrative competition as it is about the supply of ether
12/08/2029m 26s

BREAKDOWN: Joe Rogan for Fed Chair! Feat. Hugh Hendry

A former hedge fund manager and financial dissident gives his take on what ails the U.S. economy and why the Federal Reserve should be more, not less, irresponsible. This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Today on the Brief:A public company has switched $250 million in cash reserves to bitcoinThe latest in the vaccine rumor trade with Vladimir Putin’s propaganda play Hong Kongers use the stock market to protestOur main conversation is with former hedge fund manager Hugh Hendry. After a few years of focusing on a “volatility at the end of the world trade” in property development in St. Barth’s, the constant contrarian Hugh Hendry has returned to the macro world in a big way. In this conversation, we discuss:Why Hugh left macro, and why he came backHow he lost three years being angry at the FedHow he came to be bullish on equities in 2012 How money managers become trapped by narratives Why the Fed should actually be less, not more, conservative Why we need someone like Joe Rogan as Fed chair Find out guest online:Website: hughhendryofficial.comTwitter: @hendry_hugh
11/08/201h 9m

BREAKDOWN: The Latest on the Global Economy's Most Contentious Relationship

China and the U.S. trade high-profile sanctions, but the real impact is showing up in banks and on the Hong Kong stock market.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Today on the Brief:Grayscale launches national digital asset TV ad campaignRough times for oil as Saudi Aramco sees 73% decline in revenueKodak crashes as government grant paused amid allegations of improprietyOur main conversation is a look at the latest skirmishes between the United States and China, including:U.S. sanctions on Hong Kong leaders including Carrie Lam Retaliatory Chinese sanctions on U.S. politicians The arrest of a pro-democracy Hong Kong media tycoonArrest warrants issued for six foreign Hong Kong democracy advocates President Trump signs executive orders targeting TikTok and WeChatTwitter enters the race to buy TikTok before the Executive Order ban takes effectImpact on banks, the Hong Kong stock market and Huawei
10/08/2019m 34s

BREAKDOWN: How the Purpose of Public Markets Has Changed

Long Reads Sunday features excerpts about public and private markets, the new bitcoin bull market, and DJ Marshmello.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.On this week’s Long Reads Sunday, NLW reads three pieces:Public Markets Don’t Matter Like They Used To - Matt Levine in BloombergA look at how public markets are less and less about accessing new capital and more about narrative and liquidity for early investors.Two Reasons Crypto’s Bull Market Is Coming - Anil Lulla on CoinDeskThe next bull market isn’t just about the bitcoin-dollar devaluation narrative but about decentralized finance providing a solid place to redeploy existing crypto capital.The Business Behind Marshmello - Kevin Lee on TwitterThe unlikely story of the world’s second-highest paid DJ, including a bet on anonymity, a viral billboard making fun of Instagram influencers, and a cultural cooking channel on YouTube.
09/08/2021m 23s

BREAKDOWN: The Mounting Evidence of a New Bitcoin Bull Market

From positive price indicators to a new all time high in smallholder addresses, this is the evidence a new bull run might be starting.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.This week’s Breakdown Weekly Recap is all about that vibe you’ve been feeling - that inescapable notion a new crypto bull market is afoot. NLW looks at the evidence:Rising gold priceRecirculation of crypto money out of zombie protocols New growth in small holder addressesDemand from emerging market p2p marketsIt’s just possible this new bull market isn’t just starting to be seen in narratives, but is also showing up in numbers.This week on The Breakdown:Monday | Rage Against the Economic Machine: The Best of the Breakdown July 2020Tuesday | Can Social Media Be Redeemed? Feat. Bobby GoodlatteWednesday |Hedgeye CEO Keith McCullough on Stagflation, Bitcoin and the Devalued DollarThursday | The History, Present and Future of Central Banks, Feat. George SelginFriday | 11 Numbers That Tell the Story of the Economy Right Now
08/08/2010m 39s

BREAKDOWN: 11 Numbers That Tell the Story of the Economy Right Now

From the price of coffee to the national debt as a percentage of GDP, these 11 numbers provide a picture of a fast changing global economy. This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Mainstream financial media loves reporting the stock market like it's the only economic indicator that matters. On this episode, NLW breaks down 11 numbers that together tell a much more complete story, including:Record price of goldSquare’s bitcoin revenueNational debt as a percentage of GDPFall of the Turkish lira Price of coffee, sugar and cocoaHousing in auto demandAnti-Chinese sentiment in the U.S.
07/08/2013m 35s

BREAKDOWN: The History, Present and Future of Central Banks, Feat. George Selgin

The Director of the Cato Institute's Center for Monetary and Financial Alternatives gives an eye-opening, 200-year history of today’s most powerful economic institution.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Today on the Brief:Better news in the jobless claims this weekA new bitcoin adoption cycle?Checking on LebanonOur main conversation is with Dr. George Selgin. Dr. Selgin is a Senior Fellow and director of the Cato Institute's Center for Monetary and Financial Alternatives as well as Professor Emeritus of Economics at the University of Georgia. In this eye-opening conversation, he and NLW go deep on the history, present and future of central banks, including:Why the Scottish and Canadian banking systems in the 19th century show that central banks aren’t a prerequisite for stabilityWhy the U.S. “free banking” system wasn’t free at allWhy the instability in the late 19th century U.S. banking system was caused by regulation, not the lack of a Federal ReserveWhy the Fed’s first decades were a disasterWhy the Fed gets more power when it underperforms The problems with the Fed’s response to 2008What lessons the Fed could have learned (but didn’t) between the Great Financial Crisis and COVID-19 Find our guest online:Website: Alt-M.orgTwitter: @GeorgeSelgin
06/08/201h 19m

BREAKDOWN: Hedgeye CEO Keith McCullough on Stagflation, Bitcoin and the Devalued Dollar

One of the realest people in financial media joins for a conversation about where the economy really is and where it’s headed.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Today on the Brief:Robinhood doubles quarterly trading revenueSquare did $875 billion in bitcoin revenue in Q2 - up 600% YoYADP report: 167,000 jobs added in July (instead of expected 1.2 million) Our main conversation is with Hedgeye CEO Keith McCullough. Before building Hedgeye into a “no-excuses provider of real-time investment research and a premier online financial media company,” Keith worked at hedge funds including Carlyle Blue Wave Partners hedge fund, Magnetar Capital, Falconhenge Partners and Dawson Herman Capital Management.In this conversation, he and NLW discuss:Hedgeye’s “Full Cycle Investing” approach and GIP (Growth, Inflation, Policy) methodology How the economy was in a period of slowing growth and slowing inflation before COVID-19How we’ve moved into a stagflation period in response to the money printing prompted by the crisisWhy bitcoin, gold, emerging market stocks and commodities are likely to thrive in this environment Why most narratives are BS Why the “Old Wall” media distracts rather than educatesCheck out our guest online:Website: Hedgeye.com Twitter: @KeithMcCullough
05/08/2038m 25s

BREAKDOWN: Can Social Media Be Redeemed? Feat. Bobby Goodlatte

An early Facebook product designer-turned angel investor discusses how social media has changed and whether it can be changed again for the better.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Today on the Brief:President Trump wants a cut of the TikTok dealPreviewing this week’s COVID-19 vaccine trade Dave Portnoy breaks into bitcoinOur main conversation is with Bobby Goodlatte. Bobby is the founder of Form Capital, a new seed investment firm that focuses on supporting portfolio companies with value-add design. Bobby was an early employee at Facebook and has been an active angel investor since 2012, with investments that include Coinbase. In this conversation, he and NLW discuss:The early days of FacebookWhy angel investors don’t like new angel investors to get involvedHow Silicon Valley reflects larger questions of equity valuations How social media has changed over the last decadeWhy politics is now “downstream from algorithms” Why there are still possibilities to build new social networksWhy today’s social networks could make different decisions that would be better for the world. Find our guest online:Website: Form Capital Twitter: @rsg
04/08/201h 10m

LEIGH: What People Who Aren’t Bullish On Bitcoin Still Like About It

Working with open source software changes the development process, according to this researcher who interviewed hundreds of technologists across projects. This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.There are people who understand bitcoin yet aren’t obsessively bullish on it. (I know, it’s weird. Like, how?)Eghbal, a Protocol Labs alum who is familiar with bitcoin, is among them. She described bitcoin as a rare example of a project growing throughout a decade and continuing. Many people measure growth in terms of unique contributors, users or profits. For Eghbal, she said looking at different types of “activity” might offer a better spectrum. “Measuring activity is maybe a better way to think about project health...some projects also don’t need to be as actively developed as others,” Eghbal said. “I was also looking at things like maintainers’ responsiveness.”  In short, are problems promptly fixed before they affect users? The quality of contributions should be evaluated in addition to the sheer number of contributors. Do the people who use the software get unique value from it when they need it?Another useful metric, she said, can be “work done,” including “how many pull requests are being merged or how many issues are being closed.”And, luckily, Eghbal isn’t the only researcher who understands bitcoin without being “active” in the “Bitcoin community.” (To be fair, I use these silly words more than anyone.) Privacy tech legend Claudia Diaz, Nym’s chief technologist, said she believes there could be value in cryptocurrency projects, although that’s not her focus nor passion. “Cryptocurrency offers an option for the people who use the systems to fund them,” Diaz said. “I’m interested in making systems that make sense and self-sustain because everyone has the right incentives.”IncentivesThere are many different types of value people derive from open source software projects. Sometimes they use the software, sometimes they use public work to develop their own personal brand. Eghbal said some of the most widely sought after engineers are “building an active fanbase for whatever they are creating.” She added there are “different types of open source projects” with passionate fandoms, like Rust, plus open source developers have “a lot in common” with other types of online content creators. These public displays can lead to dramatic Twitter feuds and heated rivalries, just like other personality-driven roles like TikTok stars and podcasters. “I’ve been told so many things are definitely, absolutely true, yet are all conflicting with each other,” Eghbal said of her research. “If I’ve learned anything it’s that developers have opinions.”This is why Diaz’s token-funded startup, Nym, is developing a privacy layer comparable to Tor, the latter of which she said is heavily reliant on government funding. In contrast, her startup Nym raised $2.5 million in a private token sale in 2019.“Tor offers different trade-offs,” Diaz said. “We built Nym and the applications on top can be messaging applications or cryptocurrency applications...using the infrastructure to protect their metadata in the sense the network can’t figure out what services you are accessing or what they might be doing with those services.”Motivations Diaz considers herself somewhat of an outsider to the open source developer community, like Eghbal. Their motivations are primarily research-oriented, because research is their job. Nym co-founders like Harry Halpin have more experience in (ideological) open source software development. Even coming from different perspectives, Halpin, Diaz and Eghbal all agreed that collaboration and interdependence are the crux of the open source development process. “Now instead of relying on a couple of other developers’ code you may now be relying on hundreds of thousands of people’s projects and you don’t even know who these people are,” Eghbal said. As such, Halpin said Nym works closely with teams contributing to other open source projects, like Rust, Cosmos and Zcash. In addition, his team often works with independent (quasi-celebrity) developers like Amir Taaki. Sometimes people contribute as a hobbyist or a user with specific needs, other times they are paid. There are many reasons why people work on cryptocurrency projects. “I think it would be great to have an infrastructure that could support privacy in a variety of applications,” Diaz said. “Cryptocurrency offers an option for the people who use the systems to fund them...Privacy technologies have been very difficult to market.”On the other hand, Eghbal described bitcoin as moving more slowly than some other cryptocurrency projects. “Trying to prioritize stability is a very different development style rather than allowing people to have lots and lots of features,” Eghbal said, describing Bitcoin as relatively “stable.” And even if the price of the asset never goes “to the moon,” perhaps continuing to provide reliable software tools can be a metric of success in itself. 
04/08/2025m 16s

BREAKDOWN: Rage Against the Economic Machine... The Best of the Breakdown July 2020

A recap show on wealth inequality, stock markets and taking it back featuring Jill Carlson, Michael Krieger, Daniel Lacalle, George Gammon and more.This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Today on the Brief:The TikTok-Microsoft DealThe Twitter hacker was 17A changing of the guard for crypto hedge fundsOur main discussion: recapping the best interviews of July 2020Despite a huge variety of perspectives and experiences, one theme shown through in Breakdown conversations in July: the disparity between the stock market and the real economy and a growing unwillingness of people to accept their place in the order. This show features clips from:George Gammon - @GeorgeGammonDaniel Lacalle - @dlacalle_IAGeorge Goncalves - @bondstrategistSahil Bloom - @SahilBloomTyrone Ross - @TR401Tony Greer - @TgMacroJill Carlson - @jillruthcarlsonMichael Krieger - @LibertyBlitzSergey Nazarov - @SergeyNazarov
03/08/2028m 55s

BREAKDOWN: For What Future Are We Building Bitcoin?

A reading of Meltem Demirors new essay “Unintended Architecture” asks some key questions about intention setting for the future of Bitcoin. This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Bitcoin started as a rebellious, anti-establishment technology. In many parts of the world, and for many people, it remains exactly that. At the same time, however, there is a wave of traditionalists and institutional players moving into the space. Are they buying into the revolution, or are they trying to capture value while fitting the disruption into a box that maintains the current power structure they lead? Those are the key questions explored by Meltem Demirors in her new essay “Unintended Architecture.” The piece is our selection for this week’s “Long Reads Sunday.”
02/08/2011m 43s

BREAKDOWN: Previewing the Economic Showdowns Coming This Fall

From the size of a second round of stimulus to COVID-19 litigation to reshoring, last week previewed some key issues for the months to come. This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.On this week’s edition of The Breakdown Weekly Recap, NLW argues the big story of the week was actually a set of smaller stories that preview the faultlines and economic debates likely to absorb us in the coming months. These include:The Federal Reserve signaling that fiscal stimulus needs to do moreThe beginning of the battles on fiscal stimulusThe introduction of the “not safe to vote” narrative The Big Tech vs. The World fight The beginning of coronavirus lawsuits Back to schoolJobless claims getting worseKodak and reshoringThis week on The Breakdown:Monday | SPACs 101: A Bubble, the Future or Both?Tuesday | How Real Is Bitcoin’s Rally? 8 Interpretations of Bitcoin’s Massive SurgeWednesday | How DeFi Could Disrupt Traditional Finance, Feat. Sergey NazarovThursday | The Bond Market Is the Truth Teller No One Heeds, Feat. George GoncalvesFriday | What a Professional Trader Thinks of the Fed, Robinhood and Real Estate, Feat. Tony Greer
01/08/2010m 34s

LEIGH: Why This Sex Industry Executive Loves Bitcoin

Chaturbate executive Shirely Lara is a sex industry veteran who sees bitcoin as a crucial part of her business. The bitcoin-friendly porn executive talks with CoinDesk reporter Leigh Cuen about bitcoin, sex and feminism. This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.Chaturbate COO Shirley Lara, one of the most experienced platform executives in the adult content industry, has been keen on bitcoin’s potential since 2018. “We accept 20 different cryptocurrencies for token purchases. The most popular ones are bitcoin, ethereum and litecoin,” Lara said. Experts, including Lara, estimate there “thousands and thousands” of cam girls working across platforms like OnlyFan and Chaturbate at any given time. That dwarfs the incumbent porn industry. Today, OnlyFans alone is estimated to have 60,000 content creator accounts and millions of registered viewers, despite some criticism from sex workers on Twitter. Many of the leading sex industry corporations, like OnlyFans, Chaturbate and MindGeek, appear to be owned by (relatively secretive) men, who are far removed from the public performers. Lara, who joined Chaturbate in 2011, is one of the rare examples of a woman who worked her way up to the executive level without first creating a personal porn star brand. Her work is primarily technical and operational.  “I don’t think crypto is a trend. I think it’s definitely here to stay,” Lara said, noting the steady incline of bitcoin usage among performers in Colombia and Romania. “They’ll use cryptocurrency as a way to jump on [Chaturbate] and get started while they figure out the banking stuff.”   Meanwhile, her global operations allow performers like Honey Li, in Europe, to stack sats through Chaturbate. Li said a little bit of her earnings, in addition to whatever she needs to pay bills, is set aside as bitcoin savings. For Lara, having this choice was crucial to the platform’s crypto integrations. “You asked if we hold on to bitcoin? We don’t. We cash out. But our broadcasters do (hodl), and I think that is so smart,” Lara said.  With porn production stalled or canceled in hubs like Miami, Las Vegas and Los Angeles, the entire sex industry is shifting geographies. More performers are relying on social media to broadcast from home. Bitcoin may now offer a different use case for platform performers versus high-end escorts, for example. The sex industry is hardly a monolith. Tech tools While social porn platforms inspire more mainstream content creators to dabble in adult themes, this further divides in-person service providers and filmmakers. One such provider, Nina Mona, has been using bitcoin in the sex industry for two years. For her, she emphasizes bitcoin privacy tech, which would be irrelevant for users who already submit know-your-customer information to a central platform. She uses bitcoin to accept payments and also to pay advertisers without sharing her credit card information. “I noticed a wave of OnlyFans signups when in-person work became less viable. I considered it, but don’t think the return is worth the workload or risk of exposure for me,” Mona said. “It seems safer to limit myself to a small set of screened clients than to share compromising material with a broader and less invested audience. Every set of eyeballs is an additional threat.”In the United States, Mona said most clients that book sessions with bitcoin resided in the Bay Area, Los Angeles or New York. Now that COVID-19 sparked some domestic migration, it’s unclear how this will impact sex workers who focused on urban hubs. For some, this means more travel and extremely selective bookings. Performers and escorts may both operate their own wallets, even if they use platforms like OnlyFans or Chaturbate, especially to receive gifts and tributes from afar. Plus, Lara said the teledildonics trend, where internet-connected sex toys can be set to vibrate when their accounts receive payments, create new opportunities for clients to incorporate money into their fantasies. “There’s this whole teledildonics spectrum that is growing in popularity,” she said. Li agreed with Lara, especially because there are toys for both genders that can be used in synchronized ways. “I use teledildonic toys for work, basically every shift!” Li said. “They're tip-activated when I work...You can also sync the vibrations up to a spotify account or a voice note sent by your partner.” Slow growthMainstream platforms like Chaturbate and the competitor FanCentro already accept cryptocurrency and have been working with it for years. Usage is niche, yet steady. Many sex workers say a direct transaction and relationship is more profitable than payment facilitated by a platform. Chaturbate, for example, charges nearly half of the performer’s earnings. It provides a valuable service, but clients will need to be willing to pay in bitcoin if the performer aims to graduate to her own independent site. “If we’re headed that way, it’s going to be a long time before we hit that milestone, because of the different governance in each country,” Lara said. One FanCentro user and crypto owner, who goes by the alias WesMan83, said he would be happy to pay a sex worker directly in crypto if she preferred. He finds erotic service-providers that suit him using mainstream platforms like Twitter and OnlyFans, as well as personal recommendations from other clients and providers. “I think it's important for people to understand that sex workers deserve to be paid for what they do and there is nothing wrong with what they do,” WesMan83 said. “They provide an entertainment service and work very hard for what they create. I think it's important that those of us who are proud to pay, help remove the stigma surrounding it.”
01/08/2024m 31s

BREAKDOWN: What a Professional Trader Thinks of the Fed, Robinhood and Real Estate, Feat. Tony Greer

The editor of the Morning Navigator newsletter discusses a variety of macro topics and how to trade against a very strange market.This episode is sponsored by Bitstamp and Crypto.com.Today on the Brief:The DXY hits a 52-week lowConsumers seeking alternatives to cash Bank of England rebuilds settlement system to work with CBDCsOur main conversation is with trader and analyst Tony Greer. In this conversation, he and NLW discuss:The Federal Reserve’s role in increasing inequality How the Robinhood crowd differs from the 1999 bubbleWhy high-frequency traders might be the real villains when it comes to the retail bubbleWhy gold is surging even though the dollar remains fundamentally sound How to navigate the disparity between markets and the real economyWhy real estate is doing well even as the economy is floundering Find our guest online:Website: tgmacro.comTwitter: @TgMacro
31/07/201h 6m

BREAKDOWN: The Bond Market Is the Truth Teller No One Heeds, Feat. George Goncalves

A veteran bond strategist gives his take on why the bond market has a better read than equities on short-term and long-term macro trends. This episode is sponsored by Bitstamp and Crypto.com.Today on the Brief:More bad news from jobless claims and the GDPThe big tech hearing was a whole bunch of nothing; watch TikTok insteadRobinhood dives into Kodak (but so do illegal insider traders)Our main conversation is with independent bond strategist George Goncalves.We discuss:How the bond market watches Federal Reserve meetingsWhat, if anything, was new about this week’s FOMC meetingWhat it means that the bond market and equities market tell different storiesWhy the bond market has been telling a long-term story of slowing growthWhether institutional investors are actually moving away from government debt and into gold Why Judy Shelton should have a place on the Federal ReserveFind our guest online:Twitter: @bondstrategist
30/07/2055m 35s

BREAKDOWN: How DeFi Could Disrupt Traditional Finance, Feat. Sergey Nazarov

Today on the Brief:Big tech goes to WashingtonThe debate on the next COVID-19 relief act heats upMore on institutional investors’ move into gold This episode is sponsored by Bitstamp and Crypto.com.“Imagine a world without counterparty risk.”That was Chainlink co-founder Sergey Nazarov’s answer when asked to describe the true disruption of decentralized finance to a traditional finance audience. On this episode of The Breakdown, Sergey and NLW discuss:Brand-based contracts vs. math-based contractsThe history of smart contractsWhat it means to build an “abstraction layer” for “universally connected smart contracts”Key moments in the history of smart contract infrastructure Where smart contracts and DeFi are in terms of analogies to the early internet Why Sergey believes traditional finance will inevitably shift to a math-based contract model Find our guest online:Website: ChainlinkTwitter: @SergeyNazarov
29/07/201h 22m

BREAKDOWN: How Real Is Bitcoin’s Rally? 8 Interpretations of Bitcoin's Massive Surge

As bitcoin retraces slightly after reaching a new 2020 high about $11,000, NLW explores what’s driving the rally and how likely it is to continue.This episode is sponsored by Bitstamp and Crypto.com.It was a beautiful Monday. Bitcoin crashed through $10,000 and got all the way up to a new yearly high of about $11,000 before retracing slightly. As with any dramatic price action, people were quick to start giving their interpretations of why it happened. In this episode, NLW explains eight of those interpretations, including:Banks stacking due to changes in custody rulesMoney printer go brrrStock to flow modelRobinhood traders piling inDeFi gain recycling Buyers exceeding sellers“Perfect storm”Dollar crash, negative real interest rates and the search for a new reserve currencyUltimately, NLW argues that it is this last factor driving up not only bitcoin but gold and silver.
28/07/2024m 38s

BREAKDOWN: SPACs 101... A Bubble, the Future or Both?

A primer on, and critical look at, one of Wall Street’s hottest trends: special purpose acquisition companies. This episode is sponsored by Bitstamp and Crypto.com.Special purpose acquisition companies have been around since the 1990s, but have seen a significant uptick in popularity in recent years. Companies like Virgin Galactic, Draft Kings and Nikola have changed SPAC’s reputation from a tool for second- and third-tier private equity shops to win fees to a legitimate alternative to initial public offerings. In 2020, SPACs have made up roughly 40% of the IPO market.Recently, chatter around SPACs reached a fever pitch with the listing of Bill Ackman’s Pershing Square Tontine Holdings - the largest-ever SPAC. In this episode, NLW breaks down:What a SPAC isStandard SPAC terms Why the traditional IPO process has generated growing discontent, especially from Silicon ValleyThe benefits of SPACs for companies and investorsThe downsides of SPACs for companies and investors A number of reasons explaining why SPAC popularity is surging nowHow Robinhood retail traders are creating an important bridge buyer for SPACsWhy Ackman’s Tontine Holdings SPAC could change how we think about SPACs in the future Are SPACs a bubble?Cited resources:SPAC Man Begins - Alex DancoSPACs as a Call Option on Hype - Bryne HobartSPACs: the most ludicrous bubble we’ll ever see… why not $IAC? - Yet Another Value BlogReturn of the SPAC - John Street Capital
27/07/2027m 39s

ANNA: The Future for Unregulated Bitcoin Exchanges

To KYC or not to KYC? In this episode, CoinDesk’s Anna Baydakova talks to Hodl Hodl and Bisq, two non-custodial, no-KYC bitcoin exchanges.This episode is sponsored by Bitstamp and Crypto.com.One year ago, the Financial Action Task Force, the global anti-money laundering watchdog, ruled that crypto transactions data should be controllable, and ever since the question has been not if you KYC your users but how you do it.However, not all bitcoiners have surrendered to this norm. Hodl Hodl and Bisq don’t provide centralized custody and don’t check user’s identity. They also don’t employ the blockchain tracing tools to block the “tainted” coins (blacklisted as coming from illicit activities), which became a must for major exchanges these days.What comes with this? A chance to buy and sell bitcoin without revealing your identity, as well as much more responsibility over how you buy and store your crypto. Max Keidun, the CEO of Hodl Hodl, and Steve Jain, contributor to Bisq, dig into why in the times of crypto-compliance people still might need (or maybe just lawfully want) to keep their bitcoin deals to themselves.See also: P2P Exchange Hodl Hodl Takes First Step in Bringing Private Bitcoin Trades to BlueWallet UsersThere are more questions to arise from such an old-school-cypherpunk situation: how can you make sure you don’t get scammed at these p2p platforms? What do you do if you buy “tainted” coins blacklisted by the FATF-abiding exchanges and vendors?Max and Steve share their takes on this, and the main explanation is probably: “everything has a price.” Including freedom from surveillance and data leaks.We also touch the matter of decentralization that is important to both Hodl Hodl and Bisq. Hodl Hodl is planning to open-source itself, so that everyone can clone and run their own p2p bitcoin exchange in case the regulators go after Keidun and his team. And Bisq has gone full decentralized last year when it turned all its decision making over to a DAO.
26/07/2051m 7s

BREAKDOWN: Is this China’s Century or the US’s? Maybe It’s Both

This Long Reads Sunday is a reading of Adam Tooze’ recent review of four books on the growing conflict between the U.S. and China.This episode is sponsored by Bitstamp and Crypto.com.This week on Long Reads Sunday, our selection is “Whose Century?” by Adam Tooze in the London Review of Books. Nominally a review of four recent scholarly works on the conflict between the U.S. and China, Tooze main argument is that the central problem with viewing this as a new Cold War is the idea that it is new. Instead, we need to understand that, contra Fukuyama’s famous essay, history didn’t end with the fall of the Berlin Wall – at least not for the Chinese. What’s more, the narrative of having “won” the Cold War fails to take into account the West’s spectacular failures in Asia. Only by reframing our understanding can we make sense of the most important geopolitical conflict of the coming century.
26/07/2024m 51s

LEIGH: What Sex Workers Want To Do With Bitcoin

Beyond Crypto, OnlyFans Star Savannah Solo Talks About Money Sex workers are starting their own businesses and working online, thanks to social media, according to this adult content creator. In this audio interview, CoinDesk’s Leigh Cuen and OnlyFans performer Savannah Solo talk about fintech and the sex industry. From distribution platforms to Twitter and bitcoin, she helps break down what sex workers really need from digital tools.This episode is sponsored by Bitstamp and Crypto.com.Savannah Solo started her OnlyFans account in January 2020 and within a few months became one of the top earners on the platform in her category. She’s never used bitcoin before because she relies on platforms like OnlyFans and Cash App for regular banking services. She said some performers have been temporarily deplatformed or lost access to their funds, but she’s been lucky so far. She often works a 16-hour day during these first few months of building her business. “The market got super, super saturated during quarantine...they [OnlyFans performers] were having trouble getting any subscribers at all,” Solo said. “In my first month, in January, I only made $80.”There’s a common misconception that sex workers are now making much more money than before the coronavirus crisis. Both Solo and fellow sex worker Honey Li agreed the brief flurry of new customers settled down in the spring and that summer has been a particularly slow season. “Nobody is saying they are making more because of the pandemic,” Li said. “There’s a lot more new models….as for the blue collar guys that tip you, a lot of them have lost their jobs.”Li prefers the camming site Chaturbate, instead of OnlyFans. Chaturbate charges performers nearly half of their earnings to use the site, much higher than the 20% charge from OnlyFans. But Chaturbate offers a feature that Li prefers; customers can pay in cryptocurrency and performers can cash out in bitcoin. The site still acts as a middleman, but at least Li can choose her currency. “My customer base is mostly American, so there are instances where bitcoin is more useful for me, especially when I’m traveling,” said Li, who is based in Europe.  Bitcoin tippersLi said some Chaturbate performers, like her, take a fraction of their earnings in bitcoin if they make extra that month. This is regardless of whether the customer paid in bitcoin, since the payment is to the platform anyway. In addition to cashing out from the performance platform in bitcoin, Li also uses personal wallets to accept money directly from fans. Over the past year four clients tipped her in bitcoin. Yet that minority can have a large impact. “Customers that give money directly tend to be regulars, really big fans...5% of my customers make up 90% of my income,” Li said. “There’s not a lot of people that accept bitcoin from clients directly, but I do know some findommes [financial dominatrix] who do. For a birthday gift, for example, I’ll be like cool here’s my wallet.” Solo said she also earns the majority of her income from a few big tippers, although she hasn’t been offered bitcoin yet. She’s still trying to manage some of the technical basics of running her own business.“The platforms do extremely little work to help you out,” Solo said. “There is no [tech] support.”Tech supportThere are a variety of tech-savvy sex workers creating their own bitcoin-friendly platforms and teaching each other how to use various technologies. For example, an escort booking consultant named Jo, who has been helping sex workers garner and screen clients for two years, said a few women paid her in 2019 to help them use bitcoin. The bitcoin advertising campaign lasted for a few months, on a website that only accepts bitcoin. This is generally uncommon. Jo said it was a hassle.“I think a lot of girls in this industry want to protect their identity. However, it [bitcoin] is not the most user-friendly thing,” Jo said about the returns for time spent using bitcoin. “It was pretty dead for a while [bookings]. Business has come back, but it’s slower than usual.”Solo also noticed the imbalance of supply and demand this summer across the sex industry. She said she usually turns to other performers for tech support and doesn’t know of other consulting options for sex workers. Performers like her generally rely on platforms like Twitter, Instagram, OnlyFans and Chaturbate to advertise their brands. Converting casual tippers into direct customers is the hardest part of the business. Until they do, performers like Solo struggle to deal with refund issues like chargebacks.“That’s a huge issue,” Solo said about chargebacks. “People send sex workers money...then the person can call their bank, have it back-charged, and all of the money comes out of the sex worker’s account.”“That’s such a nightmare and it happens all the time,” she added. “People get free service out of that and it’s super gross.”
25/07/2029m 47s

BREAKDOWN: As Economic Indicators Get Worse, the US Revs Up the Next Multi-Trillion Stimulus

The Breakdown Weekly Recap covers growing US-China tensions, worsening job numbers and the next casual $1T-$3T in stimulus.This episode is sponsored by Bitstamp and Crypto.com.This week on the Breakdown Weekly Recap, NLW covers:A terrible week for U.S.-China tensions, with dueling consulate closures and a strikingly hawkish speech from U.S. Secretary of State Mike PompeoWorsening economic indicators, particularly around jobless claims which saw their first weekly rise in four monthsThe likely size of the next U.S. stimulus bill – $1T to $3T.This week on The Breakdown:Monday | What Is GPT-3 and Should We Be Terrified? Tuesday | What’s Behind the Fed’s New Push to Promote Inflation? Wednesday | A Simple Explanation of DeFi and Yield Farming Using Actual Human Words Thursday | Will Big Tech Enable or Destroy Small Business? Feat. Sahil BloomFriday | Could the European Recovery Plan Actually Break Europe Apart? 
25/07/2014m 39s

BREAKDOWN: Could the European Recovery Plan Actually Break Europe Apart?

The EU’s Recovery Plan agreement has been widely hailed, but some argue that it is taking Europe down a dangerous path.This episode is sponsored by Bitstamp and Crypto.com.Today on the Brief:Which industries are recovering the bestChina retaliates against U.S. after consulate shutdown Dollar heads toward its worst month since 2018Our main discussion features returning guest Tuomas Malinen, CEO of GnS Economics. In this discussion, Tuomas and NLW discuss:An outline of the European Union’s new recovery planThe new debt issuance structure that marks a first for Europe The challenges of currency unions How Europe’s debt crisis changed how Europeans think about economic integrationWhy the current plan amounts to “stealth federalization” Why some member states are in a state of mutiny over the fundFind our guest online:Web