The Breakdown

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. -- Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW The Breakdown is produced and distributed by CoinDesk.com

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 action Macro tailwinds Regulatory shifts in surprise guidance from the OCC Retail investor momentum building -- 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. -- Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW The Breakdown is produced and distributed by CoinDesk.com

Today on the Brief: U.S. loses 140,000 jobs in December Chamath’s SoFi SPAC A SPAC for Bakkt Our 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. -- Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW The Breakdown is produced and distributed by CoinDesk.com

Today on the Brief: U.S. President Trump signs order banning Chinese apps Initial jobless claims hold steady at 787,000 Elon Musk becomes the world’s richest person Our 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. -- Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW The Breakdown is produced and distributed by CoinDesk.com

Today on the Brief: ShapeShift goes full DEX Neil Young and the changing business of music China stocks delisted from NYSE Our 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 Dems Why Kelly Loeffler was a disappointing industry rep in the Senate Which stocks are going up on the news and why Why a Democrat Senate majority is driving up inflation expectations Why discussions of UBI and digital dollars and more in play than ever Why bitcoin stands to be supercharged by the coming macro environment Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW The Breakdown is produced and distributed by CoinDesk.com

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 letter The response of critics The implications for CBDCs and the geopolitical battle between the U.S. dollar and China’s emerging digital currency Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW The Breakdown is produced and distributed by CoinDesk.com

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 addresses Massive outflows from Coinbase Pro over the weekend The impact of derivatives liquidations that occurred Monday morning Commentary from OTC desks on Q1 2021 possibilities

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 Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW The Breakdown is produced and distributed by CoinDesk.com

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 Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW The Breakdown is produced and distributed by CoinDesk.com

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 Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW The Breakdown is produced and distributed by CoinDesk.com

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 Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW The Breakdown is produced and distributed by CoinDesk.com

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 Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW The Breakdown is produced and distributed by CoinDesk.com

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 The Breakdown is produced and distributed by CoinDesk.com

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

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 The Breakdown is produced and distributed by CoinDesk.com

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 The Breakdown is produced and distributed by CoinDesk.com

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 The Breakdown is produced and distributed by CoinDesk.com

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

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.

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

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

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.

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

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 state Why pre-internet institutions will not survive the internet Why bitcoin at $1 million is a global government Woke capital vs. communist capital vs. crypto capital The Breakdown is produced and distributed by CoinDesk.com Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW

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 buy Hedge Funder Alan Howard and One River’s $1 billion digital assets bet Northern Trust getting into crypto custody Guggenheim Partners’ CIO calling for $400,000 BTC CoinDesk sister company Grayscale as the fastest-growing asset manager in history? The Breakdown is produced and distributed by CoinDesk.com Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW

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

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

Today on the Brief: First COVID-19 vaccines roll out in the U.S. Are IPOs the new ICOs? U.S. Treasury and other federal departments hacked Our main discussion: A massive new category of bitcoin demand? Last week, when MassMutual announced its $100 million buy, NLW explored whether it would be the beginning of a trend for other insurance companies. A recent note from JPMorgan analysts suggests that even a 1% allocation by that category of company in major markets in the U.S., Europe and Japan could represent $600 billion of new demand. NLW also discusses recent comments from long-term institutional bitcoin and crypto bulls including Chamath Palihapitiya and Abigail Johnson. The Breakdown is produced and distributed by CoinDesk.com Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW

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.

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.

Today on the Brief: FDA panel recommends Pfizer vaccine approval as initial jobless claims soar Antitrust lawsuit calls for Facebook breakup Crypto-friendly CFTC chairman to resign at the beginning of the year Our main discussion: Why MassMutual bought $100 million in bitcoin and why it matters. In this episode, NLW looks at recent news that MassMutual had purchased $100 million in bitcoin for its general account, as well as made a $5 million minority investment in $2.3 billion asset manager NYDIG, which helped facilitate the bitcoin purchase. He discusses why insurance company purchases are different than other institutional buyers like MicroStrategy, and why this might be the beginning of a more significant industry trend.

Hester Peirce is a commissioner at the Securities Exchange Commission, sworn in for her second term in August. Sometimes referred to as “Crypto Mom,” Peirce has been a fierce advocate for the industry in a regulatory context that hasn’t always been on her side. In this conversation, she and NLW discuss: Why the SEC’s approach on crypto has been too slow and too ambiguous Why it matters that FinHub is becoming a standalone office The prospect for a regulatory “safe harbor” for crypto What the SEC thinks of the OCC’s crypto custody guidance The prospect for a bitcoin ETF

What were the most important trends? Who were the most important people? Was it the year of Bitcoin Macro, the year of DeFi or both? Ryan Selkis is the founder and CEO of Messari. Each year he puts together a massive “Crypto Theses” report that looks at the year that was and the year to come. On this episode, he and NLW discuss the highlights of Selkis’ 2020 report, including: The top 10 people in crypto 2020 The bifurcation of bitcoin and ethereum How DeFi was and wasn’t like ICOs in 2017 Why regulatory battles loom

Today on the Brief: BBVA set to offer crypto trading and custody Wells Fargo discusses bitcoin in recent investor memo Square launches Bitcoin Clean Energy Initiative with $10 million Our main discussion: Michael Saylor is back at it. The CEO of MicroStrategy and Giga Chad himself announced MicroStrategy would be offering $400 million in convertible bonds with the intent to purchase more bitcoin. On this episode, NLW looks at the community’s reaction, including the comparison of MSTR stock to a BTC exchange-traded fund. He also discusses Saylor’s recent comments about censorship resistance as a reminder of the (potentially) divergent values of bitcoin retail HODLers and institutional investors.

Today on the Brief: COVID-19 vs. Stimulus Small hedge funds outperform large brethren Equities now worth 115% of global GDP Our main discussion: Why the newest trial of China’s central bank digital currency is its most important trial yet. In this episode, NLW discusses: The significance of the “Double 12” shopping festival How the participant merchants have changed Comparison of the size of the lottery Changes in public interest Why it matters to the crypto industry

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.

On this edition of the weekly recap, NLW looks at the consolidating narrative of a bitcoin rally that is: Being driven by institutional investors Shifting the center of the industry from East Asia to North America Winning converts from major research houses and institutions Driving the price of bitcoin to new all-time highs

Today on the Brief: Payrolls report underperforms expectations Spotify looking for crypto director Lame-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.

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.

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 traders Why the Dow Jones Industrial Average is going to 100,000 in our lifetime Find our guest online: Twitter: @reformedbroker

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

On this historic day, NLW looks at bitcoin’s punching 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 new investment from institutional asset management giant Guggenheim Why historian Niall Ferguson is arguing 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 is likely to become

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.

On this edition of The Breakdown weekly recap, NLW looks at what was an absolutely action-packed holiday week. He discusses: 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 secretary

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 currency The move to the petrodollar in the 1970s The financialization of commodities that started in the 1980s The monetary policy vacuum after the Cold War ended How a shift in executive compensation rules led to many of today’s problems with Wall Street The export of Treasury bills as a business model The economic fallout of 2008 globally and domestically The end of Treasury bill buying in 2014 Why the Federal Reserve is the only sugar daddy left Find our guest online:Website: fftt-llc.comTwitter: @LukeGromen

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.

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.

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. inflation Why money printing is nonpartisan Why we’re headed for deeper MMT experiments How 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: @LynAldenContact Website: lynalden.com

Today on the Brief: AstraZeneca and University of Oxford release third positive COVID-19 vaccine trial data Trump 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 (BTC, +1.08%) in mainstream media, like today’s Wall Street Journal The rise of celebrities coming out as HODLers BlackRock’s CIO suggests bitcoin could replace gold for many

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.