In some ways, it feels like what matters about the inflation narrative is that it's allowing

these new actors and institutions to walk in the door and fall down the rabbit hole.

Even if the conventional wisdom and narrative around inflation shifts a year from now,

Bitcoin will likely still be ascendant just for all those new reasons that institutions

discovered as they held it.

I'm just saying that from where I'm sitting, it seems hard to see how we have some major

shift where all of these actors coming into the space just get completely off Bitcoin again.

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 nexor.io and stacks2.com and produced and distributed by CoinDesk.

What's going on, guys? It is Friday, January 8th, and today we are talking about a potential

new $3 trillion stimulus package, what it's likely to include, how likely it is to pass, and

what it means for Bitcoin and markets as a whole. First up, however, let's do the brief. First on the brief today,

the new jobs report is out, and this is the report that comes out the first Friday of every

month published by the Bureau of Labor Statistics for the previous month. The Wall Street

Journal headline pretty well sums it up. U.S. economy ends seven months of job growth.

So last month, the U.S. lost a cumulative total of 140,000 jobs. This is, of course,

attributable to rising virus cases and new business restrictions. And really the most important

thing about this number is that it shows, if you peel it back just a little bit, just how uneven things are right now.

So 498,000 jobs were lost in leisure and hospitality, but in other areas like retail, factories, construction, those jobs are actually going up.

So you really have a situation where very different parts of

the economy are having entirely different outcomes. Retail and factories are interesting because

...