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.

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What's going on, guys? It is Saturday, February 13th, and that means it's time for the weekly

recap. This was a truly insane week. I mean, can you believe that it was Monday of this week that we got Tesla's $1.5 billion Bitcoin

Buy announcement? When all is said and done, however, what's super clear to me is that this

week has shown the two new extreme polls of what this industry faces. Indeed, the fact that they are so extreme is what

reinforces the extremity of the other one. To explain what I mean, I want to go back to a week ago

and my conversation with Travis Kling. Travis and I went deep into the most recent round of

Bitcoin criticism, and his TLDR thesis is that much of it is disingenuous.

And here's his main point.

It's not that the things that people are saying are by definition wrong.

It's just that the way that you deal with them is by thinking in terms of risk adjustment.

In other words, what's the probability that a thing,

either a good thing or a bad thing, happens, and what's the cost or opportunity of it if it does?

You then take this and weigh it into a thesis about allocation percentage and price.

Instead, what he's seeing is all these people who are saying, because there is risk,

you shouldn't invest at all, which clearly feels like there's an agenda. Now, within this context,

one of the risks that he mentioned, and certainly the one that I think is the biggest on people's

concern right now, is the risk that if these assets, Bitcoin specifically becomes too big, governments will ban them.

And this week, we did see some embers of truth to that argument.

Wednesday's show was all about what's happening in India and Nigeria.

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