The Breakdown

A daily analysis of macroeconomics, bitcoin, geopolitics and big picture power shifts, hosted by Nathaniel Whittemore @nlw. The Breakdown is part of Blockworks.

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Investing
1226
Have the Hedge Funds Infiltrated Reddit’s WallS...
Today on the Brief: Elon Musk talks bitcoin on Clubhouse India 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...
19 min
1227
What Ray Dalio Really Thinks of Bitcoin
Today’s “Long Reads Sunday” is a reading of Ray Dalio’s recent LinkedIn post, “.” 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...
11 min
1228
GameStop, Robinhood and the Failure of Un-Free ...
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 stocks Why the root cause seems to have been insolvency How politicians are gearing up for political...
15 min
1229
In Retrospect, It Was Inevitable: Elon Musk Pum...
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...
12 min
1230
WallStreetBets Is Occupy Wall Street With Teeth
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 WallStreetBets How WSB...
27 min
1231
Bitcoin Doesn't Care About Your Politics: Why B...
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. ...
65 min
1232
‘The Four Wars We Could Fight With China,’ Feat...
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...
46 min
1233
The Bitcoin Whales Won’t Stop Buying
Today’s grab-bag episode looks at five different topics: Bitcoin whales kept accumulating during last week’s dip Jim Cramer advises Powerball winner to put 5% in bitcoin Previewing the first FOMC meeting of the Biden Administration Earnings week...
19 min
1234
The Bitcoin Whitepaper by Satoshi Nakamoto
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,...
17 min
1235
Another Pro-Crypto Appointment in the Biden Adm...
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...
11 min
1236
This Bitcoin Dip Was Not Caused by FUD
Today on the Brief: Home sales up, home supply down Biden’s first test on the stimulus Euro pessimism  Our main discussion: Why the bitcoin dip wasn’t caused by FUD.  Anyone paying attention this week had reasons for frenetic worry....
14 min
1237
Why the World's Largest Asset Manager Is Gettin...
Today on the Brief: A new SPAC exchange-traded fund with bitcoin-experienced leadership First look at Brian Brooks’ possible replacement at OCC What to expect from institutional bitcoin price targets in the coming weeks Our main discussion:...
13 min
1238
Is Janet Yellen Bitcoin's Biggest Enemy or Grea...
Today on the Brief: Jack Ma is not dead The latest in crypto M&A Deutsche Bank survey sites bitcoin as biggest bubble Our main discussion: Yellen’s impact on bitcoin and digital assets In this episode, NLW breaks down the cryptocurrency FUD...
21 min
1239
Goldman Sachs Can No Longer Dismiss Bitcoin
Today on the Brief:  Gary Gensler is officially Biden’s pick for SEC chairman Investors are betting against the U.S. dollar Grayscale has best day ever with $700 million in investment Ethereum reaches new all-time high  Our main...
15 min
1240
Lyn Alden on Why the Dollar System No Longer Se...
This is an encore presentation of NLW’s first interview with macro analyst Lyn Alden, from May 2020. In it, they discuss: Why we’re at the end of a strong dollar cycle Why the Federal Reserve is terrified of the global dollar shortage The...
59 min
1241
‘America and Sound Money,’ the Most Important B...
This week’s Long Reads Sunday is a reading of the “” by Ross Stevens, CEO and co-founder of Stone Ridge Asset Management, discussing the history of America, sound money and Stevens’ bitcoin “aha” moment. 
35 min
1242
Crashes, Rallies and Stimulus: A Normal Week fo...
On “The Breakdown’s” Weekly Recap, NLW argues that this week is exemplary of a set of trends that will define 2021, including: Market volatility Macro tailwinds  Convergence of crypto and traditional finance Regulatory battles and...
9 min
1243
Will Mayor Suarez's Miami Be the First Major Ci...
Today on the Brief: Initial jobless claims grow the most since March Biden unveils emergency relief plan Fed Chair Powell discusses CBDCs and stablecoins Our main discussion: Is Miami about to put 1% of its treasury into bitcoin?  Since...
17 min
1244
The Definitive Breakdown of All Bitcoin FUD, Wi...
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...
46 min
1245
A New SEC Chair Who Actually Understands Bitcoi...
Today on the Brief: Visa drops $5.3B Plaid acquisition after DOJ antitrust suit ECB President Christine Lagarde discusses bitcoin and digital euro  Acting OCC chief Brian Brooks to step down this week  Our main discussion: Gary Gensler...
14 min
1246
Is China Poised to Nationalize Alibaba?
Today on the Brief: Whales accumulated during yesterday’s crash  Kentucky legislators introduce bill to attract crypto miners UBS lowers the threshold for charging savers because of negative interest rates Our main discussion: What China’s...
18 min
1247
Did This Bitcoin Cycle’s FUD Phase Just Begin?
Today on the brief: Trump ejected from social media  Bakkt confirms plans to go public via SPAC NYDIG buys Digital Assets Data Our main discussion: Are we at the beginning of a new FUD cycle?  In this episode, NLW looks at: What happened...
16 min
1248
Why I Changed My Mind on Bitcoin
On this week’s Long Reads Sunday, NLW reads two pieces from former bitcoin skeptics who have changed their mind about the asset.  “” by Ed van der Walt  “” by Nick Maggiulli, COO of Ritholtz Wealth Management   -- Earn up to...
12 min
1249
Was This The Craziest Week in Bitcoin History?
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...
10 min
1250
BRRR: Biden Readies a New $3T Stimulus Package
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...
12 min