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.

What's going on, guys? It is Sunday, June 25th, and that means it's time for Long Read Sunday.

Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it,

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Hello friends, happy Sunday. If you listen to my show on Thursday with Dan Tapiero, you will

have heard that one of the things that we talked about was the resurgence of the rest of the world

when it came to a focus for U.S. entrepreneurs and a reminder throughout all of this acrimony with U.S. regulators

to keep in mind just how naturally global and native to the Internet digital assets are.

Well, with that in mind, I thought that we would focus today on not the U.S. for Long Read Sunday

and catch up on some news from around the world. At the end of May, Noel Atchison wrote

a piece called Why the Biggest Emerging Markets are Turning to Crypto, and that is where we will start.

With the U.S. mired and political stasis, while other regions build crypto frameworks,

it's worth looking at the evolution of and outlook for, on the ground demand for crypto assets. This is getting

more and more relevant as many large countries struggle with skyrocketing inflation, shaky currencies,

and autocratic control over financial access, and as populations become increasingly crypto-aware

and a lack of trust in centralized institutions grows. Last week, editors note this would have been around

the middle of May, the government of Pakistan, the fifth largest country in the world in terms of

population with over 239 million inhabitants, was reported to have said that cryptocurrencies,

quote, will never be legalized in Pakistan in order to avoid FATF penalties. This may sound

...