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 CoinDes.

What's going on, guys? It is Saturday, December 19th, and usually that would mean it's time

for the weekly recap. However, today I wanted to do something a little bit different.

First of all, if you're anything like me, you've been following the barrage of bullishness

very closely all week. I mean, seriously, throw on some rage against the machine because it is

nothing but Bulls-on parade. But this year wasn't always like this, right? Let's go back now to

the middle of March. COVID-19 cases are surging. Lockdowns are brewing. Markets have

just finally started to react. And on Thursday, March 12th, Black Thursday, Bitcoin absolutely cratered.

That night, I was recording a podcast with Preston Pish. As we recorded, we watched the price of Bitcoin dip so low,

even under 4,000 for a moment. The conversation we recorded varied from bond markets to the

challenge of coordinating a new Bretton Woods to the reasons that currencies fail. Now, of course,

since that night, Bitcoin has more than 4xed, winning a legion of converts

on the way.

Lest we forget the bad times in the good, however, I'm excited to present an encore presentation

of Preston Pish on when currencies fail.

All right, Preston, it is so good to have you on the show.

We're recording at 10 p.m. Eastern time on Thursday night, actually.

And we're just kind of sitting here watching Bitcoin continue this spectacular in maybe all the worst ways action and talking about like what's going on and how to

feel. So I guess let me start there. First, thank you for being on the show. But how are you

feeling after this day, this week, the last couple weeks? I mean, whatever time period you want to

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