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 crypto.com, nexo.io, an elliptic, and produced and distributed by CoinDesk.

What's going on, guys? It is Sunday, October 11th, and that means it's time for long reads Sunday.

This week, I confronted an issue that kind of surprised me. In my head, I had anticipated that I wouldn't really have an instinct to run into trying to

read the same author's piece too close together. However, what I hadn't counted on is the

unbelievable, prolific output of Lynn Alden in 2020. A few weeks ago, maybe two, I'm saying a few

to reassure myself, but either way, a few weeks

ago, I read one of her pieces about the inflation versus deflation conversation and the

historical context for it. This week, however, she tackled one of the issues that has been

at the absolute epicenter of debate around Bitcoin, which is how correlated

is it to stock markets and to gold? And what does that say about what type of asset it is?

Even though I'd recently read another piece by Lynn, I had to take this one on as well. So I'm

pretty sure you guys won't mind. This one was published

in CoinDesk earlier this week and is called Bitcoin Correlations Depend on what phase it is in.

Bitcoin has multiple long-term and short-term variables that affect its price, and many

folks debate what its major correlations are, if any. It turns out the same

factors that affect Bitcoin's price, real rates of inflation, monetary and fiscal policy,

and market exuberance, also partially determined to which assets Bitcoin is correlated.

Over the long run since its launch, increasing user adoption, ever-strengthening security, and the

widening network effect have propelled Bitcoin's market capitalization to greater and greater heights.

Those are the long-term variables. The halving periods tend to act as fundamental catalysts for

...