As Bank of England Intervenes, Druckenmiller Sees Crypto Renaissance

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 29 September 2022

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Chainalysis and FTX US. The Bank of England made huge news today when it intervened in the U.K. bond markets to prop up pension funds in the country that were in serious trouble due to recent volatility. On this episode, NLW explores how the markets reacted, and whether market breakages will force the U.S. Federal Reserve’s hand in a similar way. In comments, famed hedge funder Stanley Druckenmiller also explained why a crisis of faith in central banks could lead to a renaissance for cryptocurrencies. - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company ensures the safety of your funds by employing five key fundamentals including real-time auditing and recently increased $775 million insurance on custodial assets. Learn more at nexo.io. - Chainalysis is the blockchain data platform. We provide data, software, services and research to government agencies, exchanges, financial institutions and insurance and cybersecurity companies. Our data powers investigation, compliance and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases. For more information, visit www.chainalysis.com. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - I.D.E.A.S. 2022 by CoinDesk facilitates capital flow and market growth by connecting the digital economy with traditional finance through the presenter’s mainstage, capital allocation meeting rooms and sponsor expo floor. Use code BREAKDOWN20 for 20% off the General Pass. Learn more and register at coindesk.com/ideas. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is “Razor Red” by Sam Barsh and “The Life We Had” by Moments. Image credit: Neilson Barnard/Getty Images for New York Times, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:14.8	The breakdown is sponsored by nexo.io, chain aliasis, and FtX, and produced and distributed by CoinDesk.
0:24.7	What's going on, guys? It is Wednesday,
0:30.4	September 28th, and today we are talking about how as the Bank of England intervenes in their bond market, famed hedge funder Stanley Druckin-Miller sees the potential for a crypto renaissance.
0:36.6	Before we dive in, however, a quick note. There are two
0:39.2	ways to listen to the Breakdown podcast. You can hear us on the Coin Desk podcast network feed, which
0:43.8	comes out every afternoon and also features other great CoinDesk shows, or you can hear us on
0:48.2	the breakdown only feed, which comes out a few hours later in the evening. Wherever you are
0:52.5	enjoying the show, if you would take the time to leave
0:54.4	a five-star rating or review, it would make such a difference, and I would so appreciate it.
0:59.3	Also, a disclosure, as always, in addition to them being a sponsor of the show, I also work with
1:03.3	FTX. And finally, I want to tell you about CoinDesk's new event, the investing in digital
1:08.5	enterprises and asset summit or ideas.
1:15.4	Ideas is designed to facilitate capital flow and market growth by connecting the digital economy with traditional finance.
1:17.4	Join CoinDesk October 18th and 19th in New York City for a 360-degree investment experience
1:22.6	where you can source and invest in the next big deal in digital assets.
1:26.5	Use code breakdown 20 for 20% off a
1:28.7	general pass and register today at coin desk.com slash ideas. All right folks, boy, oh boy, did
1:35.1	today start with a bang. We've been discussing for about a week and a half now that it feels like
1:41.1	we have been in a very big in-between liminal period where something large and
1:47.9	potentially bad was brewing. And boy, have we started to get the first fireworks. Yesterday, we
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