BREAKDOWN: Ransomware Is the Next Big Bitcoin FUD
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 2 June 2021
⏱️ 14 minutes
🧾️ Download transcript
Summary
With a rise in ransomware attacks, many are jumping to blame bitcoin and crypto. Are they right?
This episode is sponsored by Nexo.io.
Today on the Brief:
- China’s next digital yuan trial
- More Bitcoin ETF delays
- Standard Chartered to open crypto prime brokerage
Our main discussion focuses on the rise of ransomware. NLW examines:
- The real reasons ransomware is on the rise
- The factors beyond crypto payments that contribute to ransomware
- Why some are using ransomware as justification for crypto bans
- Why crypto bans would be painfully ineffective at stopping ransomware
- Why the Biden Administration’s response to ransomware should give the crypto industry cause for optimism
-
Nexo.io lets you borrow against your crypto at 6.9% APR, earn up to 12% on your idle assets, and exchange instantly between 100+ market pairs with the tap of a button. Get started at nexo.io.
-
Image credit: mikkelwilliam/iStock/Getty Images
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.0 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:16.0 | The breakdown is sponsored by nexo.io and produced and distributed by CoinDes. |
| 0:23.7 | What's going on, guys? |
| 0:28.4 | It is Wednesday, June 2nd, and I'm not going to lie, it's a little bit slow out there. |
| 0:33.1 | Maybe it's everyone getting together down in Miami or just enjoying the nice weather, but either way, the news is a little few and far between. I suppose after the last couple weeks, I should be |
| 0:38.3 | thankful. But today what we're going to do is talk about a theme which I see rising, why I think |
| 0:43.1 | ransomware is the next big fud of this Bitcoin cycle. But before we do that, let's do a quick |
| 0:48.8 | brief. First on the brief, China continues to live test their digital yuan. Each trial, they increase the size and scope a little bit, and the forthcoming is no |
| 0:58.0 | different. |
| 0:59.0 | Announced yesterday, the Beijing Local Financial Supervision and Administration Bureau will |
| 1:03.5 | be giving away 200,000 red envelopes, each containing 200 digital yuan to local citizens. |
| 1:09.6 | That's about $31 per resident for a total trial size of |
| 1:13.0 | 40 million yuan or 6.3 million U.S. To use it, residents have to download apps from the Bank of |
| 1:18.6 | China or the Industrial and Commercial Bank of China. This is the second trial in Beijing this year. |
| 1:24.5 | The first was 10 million yuan, so this quadruples the size. In total, China has now |
| 1:29.3 | conducted 10 digital yuan lottery campaigns across five cities going back to October of last year. |
| 1:35.2 | A total of 230 million digital yuan, about 36 million U.S. has been given away. |
| 1:40.6 | Now, a month or so ago, we got reports from some Chinese citizens that these early tests |
| 1:44.5 | weren't particularly impressive, particularly in light of sophisticated mobile money like |
| 1:48.9 | AliPay and WeChat pay that they already used, so we'll have to wait and see if things |
| 1:52.7 | have changed. In the U.S., meanwhile, the discussion of digital dollars continues, albeit at a |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from CoinDesk, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of CoinDesk and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2025.