BREAKDOWN: The Empire Strikes Back – Inflation Hits 5% While Elizabeth Warren Goes After Bitcoin

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4.7 • 698 Ratings

🗓️ 10 June 2021

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

China shuts down mining and starts censoring crypto exchange terms while U.S. senators and CFTC commissioners attack crypto. This episode is sponsored by Nexo.io. In a week so filled with the optimism coming out of El Salvador, of course there had to be another side of the story. On today’s episode, NLW looks at three examples of the existing power structure fighting back against the rise of crypto: China shutting down mining in two provinces and apparent censorship of exchange-related terms on Baidu and Weibo A CFTC commissioner’s extremely negative comments on decentralized finance Sen. Elizabeth Warren’s full-throated assault on bitcoin from yesterday’s Senate Banking Committee hearing Is bitcoin devolving to just another partisan issue? - 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: Tom Williams-Pool/Getty Images/Getty Images News See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	There are many Bitcoiners who lament that Warren's chosen mechanism of change, which is government
0:04.7	policy, blinds her to the reality that the actual end goal at the heart of her political life,
0:10.4	economic empowerment and justice, is something that she could find much common cause with in Bitcoin.
0:16.9	Welcome back to The Breakdown with me, NLW.
0:26.0	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:32.5	The breakdown is sponsored by nexo.io and produced and distributed by CoinDes.
0:41.9	What's going on, guys? It is Thursday, June 10th, and man, this has been a week of thrilling excitement.
0:47.3	El Salvador has moved more quickly than anyone thought possible to make Bitcoin legal tender.
0:52.1	What's more, when President Naid Buckele jumped on Nick Carter's Twitter space on Tuesday,
0:54.6	someone asked him about Bitcoin mining. I think it was actually Alex Gladstein. That prompted President Buckelay to speculate about the potential
0:59.5	for Bitcoin mining powered by geothermal energy from volcanoes. While by the next morning,
1:04.9	he had initiated a project around exactly that, and the CEO of the largest North American
1:09.5	miner was up in his comments
1:11.0	asking about getting involved. The net of all of this was that the possibility of a new
1:16.2	mainstream narrative of Bitcoin's capacity for economic empowerment has captured the
1:21.4	imagination of Bitcoiners the world over. But of course, this wouldn't be Bitcoin without some
1:26.2	controversy and strife to go with it.
1:28.6	Last night, I jokingly said that today's episode was going to have to be called The Empire Strikes
1:32.9	Back. And this wasn't in reference specifically to the global powers that be getting up in El Salvador's
1:37.8	Craw about Bitcoin, although there is a meeting with the IMF today that could provide some
1:41.7	insight into their initial reaction to the move. In fact, as I was prepping this show, preemptive comments from the IMF today that could provide some insight into their initial reaction to the move.
1:49.2	In fact, as I was prepping this show, preemptive comments from the IMF came out. Jerry Rice,
	...

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