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

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 13 May 2021

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today on the Brief: SEC throws cold water on bitcoin ETF dreams MoneyGram brings bitcoin for cash to 12,000 locations (for a hefty fee) Palantir considering adding bitcoin to balance sheet Our 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? -- Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io -- 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

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:08.3	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.5	The breakdown is sponsored by nexor.io and BitStamp and produced and distributed by CoinDes.
0:22.6	What's going on, guys? It is Wednesday, May 12th, and today we are talking about inflation
0:28.4	rising to its highest level in 13 years, while 46 million Americans own Bitcoin.
0:35.9	First up, however, let's do the brief. First on the brief today,
0:39.4	a little cold water on a Bitcoin ETF this year. The SEC's Division of Investment Management
0:44.8	put out a staff statement on Thursday that warned investors in mutual funds that trade Bitcoin
0:50.5	futures that they may be taking on more risk than they realize. Now, there are two
0:55.6	ways to look at this. The first is that funds like Morgan and Stanley and BlackRock are now
0:59.9	active Bitcoin market participants. The SEC views its mandate as making sure that investors know
1:05.7	exactly what they're getting into. They want investors in firms like those to understand
1:09.8	the risks of Bitcoin. In other words,
1:12.0	they're just doing their job and it doesn't mean they have it out for BTC or have changed their
1:15.8	opinion somehow. The other view, however, does throw some cold water on the optimism for a Bitcoin
1:21.3	ETF approval this year. Here's what the note said on that front. The staff, among other things,
1:27.0	expect to consider whether,
1:28.4	in light of the experience of mutual funds investing in the Bitcoin futures market, the Bitcoin
1:32.6	futures market could accommodate ETFs, which, unlike mutual funds, cannot prevent additional
1:37.8	investor assets from coming into the ETF if the ETF becomes too large, or dominant in the
1:42.6	market, or if the liquidity in the market
1:44.7	starts to wane. So what does it mean? Well, here's how Bloomberg's ETF guy, Eric Balcuna,
	...

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