Welcome back to the breakdown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond.

This episode is sponsored by BitStamp and Cipher Trace. The breakdown is produced and distributed by CoinDesk.

And now, here's your host, NLW.

Welcome back to The Breakdown.

It is Monday, June 22nd, and today's main conversation is actually a rerun of a panel

that I hosted at Masari's main net earlier this month.

It was called Macro Investors Sound Off and features Ari Paul, Spencer Boggart, and David Nage,

and gets into a lot of the big picture topics that relate to Bitcoin and the macro markets

during these strange times.

Before that, though, let's dive into the brief.

First up on the brief was the fear of Libra fake news. What happened? The Fed released a new research report this morning

called Global Demand for Basketbacked Stable Coins. It was written by Garth Bauman and Gene Fleming,

and basically what happened is they ran simulations assuming that there

was something like a Libra-like stable coin or Mark Carney's synthetic hegemonic currency,

basically a stable coin that instead of being pegged to a single asset or a single fiat,

was backed by a basket of assets and a basket of other currencies. This has been proposed

as a potential solution to some of the issues that we're seeing with a single national currency

being the world's reserve currency and actually harkens back to John Maynard Keane's proposal

for what he called a bank or at Bretton Woods, which again would

remove the World Reserve currency from pegging to any single national currency. So they took

this idea, assumed it was real, and then ran a number of simulations. And here's what they found.

And I'm actually just going to quote the report directly because it sums it up really well.

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