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.

Business
Investing
1501
How Stocks, Bitcoin and Other Investments Fare ...
On this week’s Long Reads Sunday, NLW reads: “” 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...
21 min
1502
Blockchain is a National Security Issue, Accord...
On this edition of The Breakdown weekly recap, NLW looks at: Growth in the institutional investment space in crypto A new 10,000 BTC treasury announcement  Reports from the Bank for International Settlements, G20, WEF, IMF and more around...
11 min
1503
RAC on the First Truly Free Markets for Music a...
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 business Evolving from remixing to performing...
93 min
1504
Is Crypto Converging With Public Markets?
Today on the Brief: Initial jobless claims rise to highest level since August as a DeFi reserve asset Twitter reactions as Filecoin goes live Our main discussion focuses on the convergence of the crypto and public markets. NLW looks at: Narratives...
16 min
1505
A $10B Firm Makes Bitcoin Its Primary Treasury ...
Today on the Brief:  Bitcoin hashrate at all-time highs Record number of large companies lose money during the pandemic JPMorgan releases research note on bitcoin Our main discussion: Stone Ridge Holdings Group discloses $114 million in bitcoin...
14 min
1506
The IMF, G20 and BIS Gear Up for the Central Ba...
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 are on the move  Our main...
18 min
1507
What the Stock Market is Predicting Around the ...
Today on the Brief: Market rally to highest point in six weeks BTC 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 rise Our main discussion:...
17 min
1508
Is Bitcoin More Correlated to Stocks or Gold?
Today on Long Reads Sunday, a reading of Lyn Alden’s piece for CoinDesk: “” In it, Lyn argues that correlation patterns are, in part, reliant on where bitcoin finds itself in its own cycles of expansion or consolidation.
12 min
1509
A Regulatory Reckoning for the Crypto Industry?
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 leadership The U.K. Financial Conduct Authority’s ban of crypto derivative products for retail investors...
11 min
1510
Cathie Wood: Secrets of the World’s Best Innova...
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...
80 min
1511
The Market Reacts to Square’s $50M Bitcoin Buy
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...
19 min
1512
Why Bitcoin Will Become the Reserve Asset for D...
Today on the Brief: Stimulus talk shutdown spooks markets House recommends antitrust actions but likely to get nowhere CBDC trial results from China Our main discussion is with trader and entrepreneur Qiao Wang. In this conversation, NLW and Qiao...
41 min
1513
The UK Bans Bitcoin & Crypto Derivatives
Today on the Brief: John McAfee arrested in Spain BTC addresses added spikes to two-year high A new election-market narrative emerges Our main discussion: The U.K. has banned crypto derivatives.  Just days after the U.S. announced significant...
17 min
1514
Are Central Bank Coins the End of Financial Pri...
Today on the Brief: Markets gain as Pres. Trump’s condition stabilizes SEC Chairman Clayton sees future where all stocks are tokenized Uniswap had more volume than Coinbase in September  Our main discussion: central bank coins and financial...
21 min
1515
Inflation Is the Cruelest Tax
Today’s Long Reads Sunday selection is “” 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.
14 min
1516
“The Fed Meetings Are a Dead Spectator Sport” B...
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...
16 min
1517
“Good Reason to Worry” What the BitMEX Indictme...
Today on the Brief: Market reaction to Pres.Trump contracting COVID-19 Subpar September jobs report Decentralized exchanges have third straight 100%+ growth month    Our main discussion features Stephen Palley and Preston Byrne of Anderson...
41 min
1518
'Stocks Only Go Up' and Other Ignorable Investm...
When popular finance writer Morgan Housel 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,...
17 min
1519
DeFi Summer; Bitcoin Fall
Today on the Brief: Coinbase offers severance to employees who want to leave over new politics policy Long-term job cuts hamper any idea of V-shaped recovery Last chance for a stimulus package before the U.S. presidential election Our main...
19 min
1520
Coinbase’s New Policy: Anti-Woke or Just A Joke?
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...
20 min
1521
So Now They’re Hacking DeFi Protocols Before Th...
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...
11 min
1522
Why Bitcoin's Longest Run Above $10,000 Matters
Today on the Brief: After four weeks down, bitcoin bounces back on suspicions that recent bearishness was overblown KuCoin exchange gets hacked for somewhere between $150 million and $280 million Jack Dorsey outlines Twitter’s blockchain and...
16 min
1523
Understanding the Coming Currency Cold War
This week’s Long Reads Sunday is a reading of “” 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...
21 min
1524
Why the Stock Market is Poised for Its Worst Se...
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 valuations The return...
12 min
1525
Sven Henrich (NorthmanTrader) on the Ever-Weake...
Sven Henrich is the 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...
51 min