BREAKDOWN: Is This the Beginning of the Next Institutional Bitcoin Wave?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 13 March 2021
⏱️ 10 minutes
🧾️ Download transcript
Summary
Morgan Stanley, New York Life, JPMorgan and Goldman Sachs are just some of the traditional finance institutions in the crypto news this week.
This episode is sponsored by Nexo.io and Casper.
On The Breakdown’s “Weekly Recap,” NLW looks at news of institutional involvement in the bitcoin and digital asset space including:
- New York Life investing in and joining the board of directors of NYDIG
- JPMorgan introducing a “cryptocurrency exposure basket” debt product
- Goldman Sachs’ COO saying demand is rising
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.2 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:15.5 | The breakdown is sponsored by nex0.io and Casper and produced and distributed by CoinDesk. What's going on, guys? It is |
| 0:24.2 | Saturday, March 13th, and that means it's time for the weekly recap. For those of you following along |
| 0:30.8 | on my journey at home, we're just rounding out the first week with this new board and my brain |
| 0:35.5 | is fried, so we'll see if I can make it through this |
| 0:38.2 | thing without mumbling my words, but appreciate you bearing with me. I wanted to talk about how |
| 0:43.9 | this felt like quietly a huge week and potentially the beginning of the next institutional |
| 0:51.1 | Bitcoin wave. So what do I mean? Well, first let's talk about the quiet part. It almost |
| 0:56.4 | feels to me like many of us were distracted by the craziness of these headline-grabbing things |
| 1:02.6 | happening in the NFT space. If you haven't been listening to the podcast or just haven't been |
| 1:07.7 | on crypto- Twitter or really regular Twitter either, Mike Winkleman, the artist who goes by Beeple, had his Christie's auction close, |
| 1:15.7 | and ultimately the purchase price for his piece, the first 5,000 days, was over $69 million. |
| 1:24.8 | This is not just by far the most expensive NFT ever sold. It is the third |
| 1:30.9 | largest price ever paid for a work from a living artist. We discussed on the show a couple |
| 1:37.1 | days ago, to what extent this was reflective of an NFT bubble versus an everything bubble, |
| 1:42.8 | and I think that's still a pretty important debate. |
| 1:45.9 | By the way, I found out after I recorded the show that the winner was almost Tron's |
| 1:51.3 | Justin's son. Apparently, he bid $60 million, but was outbid at the last second. |
| 1:57.6 | Anyway, hold aside everything about NFTs and whatever the hell else, because what I really |
| 2:01.7 | want to talk about now and today is institutional Bitcoin adoption. First, let's talk about one company |
| 2:08.5 | that came to the public markets and a couple of other large financings. Coin shares, which is a digital |
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