BREAKDOWN: 46M Americans Now Own Bitcoin as Inflation Rises to Highest Level in 13 Years
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 12 May 2021
⏱️ 12 minutes
🧾️ Download transcript
Summary
Do rising inflation and rising levels of bitcoin ownership have anything to do with one another?
This episode is sponsored by Nexo.ioand Bitstamp.
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?
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Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!)
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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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