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 CoinDest.

What's going on, guys? It is Sunday,

April 25th, and that means it's time for Long Read Sunday. Today I'm excited to be reading another piece from Nick Batia. Nick has been on the show. He did a great history of money,

and I've read previously

his case for $1 million Bitcoin. Today I'm reading his piece, asset managers owning Bitcoin

is now your fiduciary duty, in which he argues that the failure to own Bitcoin for a

financial advisor is akin to the failure to correctly identify monetary reality.

The asset management industry is now bifurcated. On one side, forward-thinking researchers

have reached the conclusion that Bitcoin has changed monetary technology as we know it. On the other,

is everybody else, whether ardently dismissing Bitcoin or merely sitting on the sidelines.

Let's be honest, naysayers are having a tough go of it in 2021. Tired arguments equating Bitcoin

to Tulip Mania are obsolete. And even the most seasoned investment professionals who previously

brushed off cryptocurrency are either getting involved or admitting they might have missed something.

This is causing investment managers who simply don't yet own Bitcoin for clients, the

sideline crowd, to feel extremely nervous right now. And it comes down to fiduciary duty.

A fiduciary is someone who has a legal obligation to take care of money on behalf of clients. The only remaining

defendable excuse for an investment manager not yet allocating to Bitcoin is price volatility.

A fiduciary, including Bitcoin in a portfolio, would launch the range of expected returns

excessively wider than what was originally promised. A small 5% position in Bitcoin could be

extremely fruitful in a year like 2021, but cause

...