BREAKDOWN: Everything You Need to Know About Elon, Jack and Cathie’s Bitcoin Chat
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 22 July 2021
⏱️ 20 minutes
🧾️ Download transcript
Summary
Three crypto personalities provide varying perspectives on bitcoin and the future of the space.
This episode is sponsored by NYDIG.
On this episode of “The Breakdown,” host NLW dissects a highly-anticipated discussion between Cathie Wood, Jack Dorsey and Elon Musk at yesterday’s “The B Word” conference, including:
- Wood’s predictions of deflation rather than inflation
- Dorsey’s unwavering belief in bitcoin as the internet’s native money
- Musk reveals he, Tesla, and SpaceX all hold bitcoin
Wood, one of the earliest Wall Street investors to get into crypto, has been through enough market cycles to have a nuanced understanding of the space. She revived one of her long-standing themes of Bitcoin’s rules-based monetary policy, especially relevant now as central banks operate on unbounded monetary policy. She also touched on recent inflationary concerns, specifically ARK’s belief that deflationary concerns are likely to emerge in the long-term.
Twitter and Square CEO Dorsey has been a consistent ally to Bitcoin. Dorsey highlighted a few of his projects dedicated to a more decentralized future, including Square’s upcoming self-custody hardware wallet and Bluesky, a project to develop an open and decentralized social media platform.
The controversial Musk's contributions to the discussion garnered mixed reactions from the community. Most notably was his admission that outside of Tesla and SpaceX shares, bitcoin is his biggest investment. Additionally, his now-famous statement “I pump but I don’t dump” was backed by his revelation that SpaceX, in addition to Tesla, held BTC. He affirmed the three have never sold their BTC holdings.
While Wood recruits institutional investors and Dorsey builds tools to improve the space, what is Musk’s role in helping or hindering Bitcoin?
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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.
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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Razor Red” by Sam Barsh. Image credit: Screenshot from The B Word, modified by CoinDesk.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Transcript
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| 0:43.9 | Wondery, UK. That's audible.com slash Wondery UK. Think about it this way. The audience |
| 0:51.6 | watching, at least that intended audience, likely was only |
| 0:54.7 | barely following the technical details of what he was saying anyway, from a substance standpoint. |
| 0:59.7 | What they saw was a group of three highly influential people agreeing about the important |
| 1:04.7 | role that Bitcoin could play in the future of money and the internet. That's the takeaway. |
| 1:10.7 | Welcome back to The Breakdown with me, |
| 1:13.6 | NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 1:22.0 | The breakdown is sponsored by Nidig and produced and distributed by CoinDesk. |
| 1:28.2 | What's going on, guys? It is Thursday, July 22nd, and you know what we're talking about today. |
| 1:35.0 | The B Word was an event held by Ark that was meant to demystify Bitcoin, and specifically |
| 1:40.8 | to demystify it for institutions that had perhaps gotten off track with Bitcoin |
| 1:46.4 | and their relationship with Bitcoin during the absolute craziness of the first part of this year. |
| 1:51.9 | To that end, yesterday saw sessions on energy and mining, courtesy of Nick Carter, |
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