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.

The breakdown is sponsored by nexo.io and produced and distributed by coin desk. What's going on, guys? It is

Saturday, February 27th, and that means it's time for the weekly recap. This has been another

insane read exhausting week, and I want to recap a few of the key topics, but then also discuss two

things I haven't had a chance to yet. The first review is that I suppose we should make some

mention of the price. Given that we were up in the high 50,000s over last weekend, this dip to 46,

47,000 has hit a lot of people in the scaries.

The folks who I've seen be the most stressed out are the people who are brand new who just

bought in at $53, $54, $55,000.

One comforting thing to them might be the fact that Michael Saylor also just bought a billion

worth of Bitcoin above

$52,000 a coin. I've also seen a lot of people try to pin this on macro factors, with the two I've

seen most commonly being one, Yellen's negative comments on Monday where she called Bitcoin

inefficient. This didn't really hold water as Bitcoin's dump started

before those comments. And for us in this space, it was rendered particularly ironic when the Fedwire

real-time settlement system went down in the middle of the week. This is, of course, the third time

in the last two years that Fedwire has gone down, while Bitcoin hasn't been down for more than 2,900 days.

The second macro explanation I've seen for this dip is rising interest rates, basically the

taperless tantrum I was discussing yesterday, where bond markets are increasingly convinced that the

economy will rebound sufficiently that the Fed won't be able to avoid backing off the aggressive

monetary policy that has propped up the valuations of all risk assets, including Bitcoin, in

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