the systems don't always work and historically evidence suggests they more often don't work

than do work in the long run. And so the idea of having an open source technology-based

alternative that an individual can proactively opt into, can vote with his or her day's labor,

that's just an idea that's never really existed before in human history,

that we find fascinating and we think has huge implications,

certainly for investment portfolios, been in a lot of ways. That's the smaller of the two

topics and the much bigger is what potentially it means for human freedom.

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 and nexo.io and produced

and distributed by CoinDesk. What's going on, guys? It is Thursday, November 12th. When the Bitcoin

story of 2020 is written, one of the most defining features will have been the rise of corporate

treasuries as a demand source for Bitcoin. This is, in many ways, simply the logical course

of action for treasury officials in a world where the macro narrative of Bitcoin as a hedge against what feels like a secular shift

to a world of unfettered money printing has become ascendant.

In August and September, the company that broke this wide open was, of course, Michael

Saylor's micro strategy, who shifted ultimately $425 million from cash into Bitcoin,

as we know that investment is worth much more now a few months later. Square followed suit

moving 50 million into Bitcoin in their corporate treasury. In October, yet another of these announcements came.

Stone Ridge Holdings Group, a $10 billion asset manager, announced a few things.

First, they announced that more than 10,000 Bitcoin would constitute their primary reserve asset.

Second, they announced that their Bitcoin-focused subsidiary,

Nidig's current custody asset management and financing balances exceeded $1 billion, and that they had

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