BREAKDOWN: A Bitcoiner Is Now on the Senate Banking Committee
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 6 February 2021
⏱️ 10 minutes
🧾️ Download transcript
Summary
Wyoming’s Cynthia Lummis – the first U.S. senator to publicly hold bitcoin – has been appointed to the key financial regulatory committee.
This episode is sponsored by Nexo.io.
On this edition of The Breakdown’s weekly recap, NLW discusses:
- The state of WallStreetBets
- The Bitcoin for Corporations event
- ETH all-time highs in advance of CME ETH futures
- Tether
- Cynthia Lummis on the Senate Banking Committee
This week on The Breakdown:
Monday | Have the Hedge Funds Infiltrated Reddit’s WallStreetBets?
Tuesday | Is This the End of the Reddit Retail Investor Dream?
Wednesday | Michael Saylor’s Mission to Get 1,400 Corporations Into Bitcoin
Thursday | What We Learned About PayPal’s Crypto Strategy This Week
Friday | Travis Kling: In the Fed Era, There’s No Such Thing as Market Fundamentals
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Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.0 | It's a daily podcast on macro, Bitcoin, and the big-picture power shifts remaking our world. |
| 0:15.8 | The breakdown is sponsored by nexo.io and produced and distributed by Coin coin desk. What's going on, guys? It is Saturday, |
| 0:24.8 | February 6th, and that means it's time for the weekly recap. This is a true weekly recap. I'm going to |
| 0:31.3 | go quickly through about five different topics, so let's dive in. We start as we must with GameStop. The last two weeks have been |
| 0:41.5 | absolutely dominated by this story of this retail insurgency, or depending on who you ask, this very |
| 0:49.4 | manipulable group who has been egged on by billionaires. There is a lot of competition right now around the |
| 0:56.0 | narrative. And if last week was the week that everyone started paying attention and media got on |
| 1:01.3 | board with this story, this was the week that media started telling the story of the retail |
| 1:05.8 | dream dying. On some level, there's truth to that, right? The line was broken on GameStop, which crashed down |
| 1:12.4 | from the rarefied air of $300, $400 per share to the 50s and 60s now. In fact, in total, hundreds of |
| 1:20.1 | billions of dollars were ripped off the market caps of all of the meme stocks that brokerage apps |
| 1:24.9 | like Robin Hood have started blocking. However, as I mentioned the other |
| 1:28.2 | day, still more than a third of those stocks are up by more than 100% on the year. And what's more, |
| 1:34.7 | Wall Street Betts itself certainly hasn't given up. The memes are largely settling into the |
| 1:39.9 | idea that their backs are against the wall, and you can see some of the OGs of that community, |
| 1:45.1 | almost feeling relieved that they're in that same position again. There's also a lot of people |
| 1:50.1 | calling out the hypocrisy of the SEC potentially going after this internet forum when, for example, |
| 1:56.9 | people like Bill Ackman went on TV last year to say hell is coming, and it was later revealed |
| 2:01.9 | that he had a massive short position, which ended up being a phenomenally lucrative trade. |
| 2:06.8 | What's the next phase? Well, the government has decided to wade in and try to sort out the mess. |
| 2:12.1 | Treasury Secretary Janet Yellen even went on Good Morning America on Thursday to discuss it. |
... |
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