What we're at the beginning of now is an entire flippening, where it's not only not risky

for professional money managers to have Bitcoin exposure, it's getting increasingly risky

for them not to.

In fact, at this point, every money manager that gets into Bitcoin now or gets their

clients into Bitcoin now officially did it after the world's richest

man did.

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 CoinDesk.

What's going on, guys? It is Monday, February 8th, and oh my God, what a way to start the week.

Tesla has bought $1.5 billion worth of Bitcoin. At this point, I know you've heard the news,

and so what I wanted to do today is dig into it, what the implications are, what the discussion

is like, what I think we'll see next, where it goes from here. So let's dive in. First of all,

let's read the actual SEC filing. It says, we hold and may

acquire digital assets that may be subject to volatile market prices, impairment, and unique

risk of loss. In January 2021, we updated our investment policy to provide us with more flexibility

to further diversify and maximize returns on our cash

that is not required to maintain adequate operating liquidity. As part of the policy, which was

duly approved by the Audit Committee of our Board of Directors, we may invest a portion of such cash

in certain alternative reserve assets, including digital assets, gold bullion, gold exchange

traded funds, and other assets as specified in the, gold bullion, gold exchange traded funds,

and other assets as specified in the future.

...