Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

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What's going on, guys? It is Saturday, March 6th, and that means it's time for the weekly recap.

First of all, this week, let's discuss the macro environment. I'm continuing to see debates on Twitter about whether Bitcoin sideways

slash down price this week had to do with larger macro volatility, or that was just a convenient

narrative. So what's going on in the larger markets is basically that the stock market is making a bet

that the improving economy is going to force the Fed to let

rates rise and eventually taper off their asset buying program as well, which is going to

ultimately put downward pressure on stock prices. Ben Carlson put the irony perfectly in a tweet

saying last year, why is the stock market rising when the economy is getting worse? This year, why is the stock market rising when the economy is getting worse?

This year, why is the stock market falling when the economy is getting better? Either way, as my show

on Thursday was all about, this has brought up a ton of questions around Bitcoin correlation.

If you didn't happen to listen, my basic thesis is that stocks correlation to Bitcoin has more

to do with the fact that stocks have taken on a store of value safe haven role in the context

of forever suppressed interest rates than it does with Bitcoin's risk asset nature.

If we're talking about short-term correlation, however, I do think that given how much of the

upward price pressure has come from institutional allocation mandates, it could make sense that

in the short term, some of the buying pressure could have been put on pause in the context of

larger resets. Frankly, there could even be some profit-taking for institutions that got in around

20K, 25K.

Inevitably, I think that when there are actors who don't have a strictly Bitcoin-only mandate,

...