BREAKDOWN: ‘Crypto Is Here to Stay’ – Activist Investor Carl Icahn Eyes a Crypto Position in the Billions
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 27 May 2021
⏱️ 15 minutes
🧾️ Download transcript
Summary
A look at the macro discussion on inflation and why it’s pushing people like Icahn to crypto.
This episode is sponsored by Nexo.io and Bitstamp.
Today on the Brief:
- PayPal to allow crypto withdrawals
- Regulatory rumblings from the SEC and FinCEN
- Bitcoin moving off exchanges again
In our main discussion, NLW looks at the macro conversation around inflation, including:
- How concerns around inflation and the Federal Reserve withdrawing support have caused markets to go risk-off
- Where bitcoin fits in a risk-on/risk-off context
- Why billionaire Carl Icahn is eyeing a $1B-$1.5B crypto bet
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Transcript
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| 0:00.0 | The interesting thing to me is that every time a person like Icon, like Dahlio from a couple |
| 0:04.9 | days ago, takes a position and says these sort of things, they increase the Lindy effect |
| 0:09.5 | of the entire industry. They make it more likely that it survives and thrives. So who will |
| 0:15.0 | be the next domino to fall? We shall see. Welcome back to The Breakdown with me, NLW. |
| 0:23.5 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:29.7 | The breakdown is sponsored by nexor.io and bitstamp and produced and distributed by CoinDess. |
| 0:37.1 | What's going on, guys? It is Thursday, May 27th, and today we are talking and produced and distributed by CoinDes. |
| 0:37.6 | What's going on, guys? |
| 0:38.5 | It is Thursday, May 27th, and today we are talking about the latest billionaire to come |
| 0:43.7 | around on crypto, but I'm also going to be putting that in a larger macro context, something |
| 0:49.5 | we haven't had a chance to do for a little while. |
| 0:51.9 | First up, however, let's do the brief. First on the brief today, |
| 0:55.5 | PayPal to allow withdrawals. Here's one thing that's great to see become normalized. When many of the |
| 1:01.7 | first set of traditional fintech apps and services got into Bitcoin and crypto, they block the |
| 1:06.3 | ability for users to withdraw their crypto. This, of course, pretty directly contradicts the self-sovereign ethos |
| 1:12.2 | that drive this market. This has now started to shift. Robin Hood recently made the switch to allow |
| 1:17.6 | users to withdraw, and yesterday PayPal committed to this as well. Speaking at consensus yesterday, |
| 1:23.0 | a PayPal execs said, quote, we want to make it as open as possible, and we want to give choice to |
| 1:28.3 | our consumers, something that will let them pay in any way they want to pay, they want to |
| 1:32.5 | bring their crypto to us so they can use it in commerce, and we want them to be able to take |
| 1:35.9 | the crypto they acquired with us and take it to the destination of their choice. To me, this is a clear |
| 1:40.9 | example of community values and social pressure shaping the nature of services. |
... |
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