BREAKDOWN: Another Pro-Crypto Appointment in the Biden Administration?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 23 January 2021
⏱️ 11 minutes
🧾️ Download transcript
Summary
Reports are that Chris Brummer – author of a volume on crypto assets and frequent speaker on digital currencies – will chair the CFTC.
This episode is sponsored by Nexo.io.
On this edition of the Weekly Recap, NLW argues that while bitcoin’s price was the short-term story of the week, the medium-term story was all about the transition of power in the U.S. to the new Biden Administration. In it, he discusses what the appointments (reported or confirmed) of Janet Yellen, Gary Gensler, Michael Barr and Chris Brummer suggest about the future of crypto policy.
This week on The Breakdown:
Monday | Lyn Alden on Why the Dollar System No Longer Serves the US or the World
Tuesday | Goldman Sachs Can No Longer Dismiss Bitcoin
Wednesday | Is Janet Yellen Bitcoin’s Biggest Enemy or Greatest Asset? Yes
Thursday | Why the World’s Largest Asset Manager Is Getting Into Bitcoin
Friday | This Bitcoin Dip Was Not Caused by FUD
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.1 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:16.0 | The breakdown is sponsored by nexo.io and produced and distributed by coin desk. What's going on, guys? It is Saturday, |
| 0:24.7 | January 23rd, and that means it's time for the weekly recap. Now, of course, from a short-term |
| 0:31.3 | perspective, the story of this week was the price action. It started nice for the Ethereum folks who finally had their |
| 0:39.7 | moment getting up above the widely agreed upon marker of 1420 as the Ethereum all-time high. |
| 0:47.2 | They got their moment of celebration before it quickly went back down again, which the Bitcoin |
| 0:51.8 | community obviously understands as we had that long two-week |
| 0:55.1 | period between 19,000, 674 and 20,000, where we were all debating whether we actually |
| 1:00.9 | hit that all-time high or not or if it even mattered. |
| 1:03.6 | Anyways, by the end of the week, it had gotten ugly for absolutely everyone, but especially |
| 1:07.8 | the Bitcoiners. |
| 1:09.0 | On Thursday, prices dipped all the way back down under 30,000 |
| 1:12.8 | before rebounding again on Friday. |
| 1:15.8 | Theoretically, this was all about a fud cycle. There was Janet Yellen fud when she testified |
| 1:22.1 | as part of her confirmation hearings to become Treasury Secretary and said that |
| 1:26.8 | crypto was mainly used for illicit |
| 1:28.7 | activity. There was the persistence of tether fud, the idea that there's a huge scam waiting to |
| 1:34.9 | unravel and it'll take the whole Bitcoin industry down with it because it's the genesis of Bitcoin |
| 1:39.5 | success. And then of course there's the double spend fud, which happened on Thursday, and which was really a story of reporting gone wrong. |
| 1:47.3 | I explained yesterday why I think those were not actually the cause of this dip, but simply narrative fuel, helping sophisticated buyers take advantage of what was an inevitable correction after such a massive move up. |
| 2:00.2 | But if that price was the short-term story, |
... |
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