BREAKDOWN: The Fed vs. VC – What’s Driving Crypto Short-Term and Long-Term Market Outlook
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 2 May 2022
⏱️ 18 minutes
🧾️ Download transcript
Summary
It’s a tale of two markets in crypto.
This episode is sponsored by Nexo.io, NEAR and FTX US.
In the short term, crypto is firmly a part of the larger macro cycle driven by the Fed’s fight against inflation. In the long term, however, there is much evidence that the market downturn won’t be anything like the crypto winter of 2018-2019. NLW explores the funding and events of the past month that tell the story of these two different crypto markets.
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Consensus 2022, the industry’s most influential event, is happening June 9–12 in Austin, Texas. If you’re looking to immerse yourself in the fast-moving world of crypto, Web 3 and NFTs, this is the festival experience for you. Use code BREAKDOWN to get 15% off your pass at www.coindesk.com/consensus2022.
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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “Catnip” by Famous Cats and “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: We Are/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
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Transcript
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| 0:00.0 | This view that Travis has, that the Fed simply structurally, based on the U.S. debt-to-GDP |
| 0:05.5 | ratio and other factors, will not be able to stay in tightening mode for all that long, |
| 0:10.3 | is one that's shared with many outside crypto as well as inside it. |
| 0:13.8 | If that's right, I think you have to give a lot of credence to this view and the discussion |
| 0:18.3 | about what's going to pop most and fastest once another secular |
| 0:22.4 | shift happens. Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, |
| 0:31.0 | Bitcoin, and the big picture power shifts remaking our world. The breakdown is sponsored by nexo.io, |
| 0:37.2 | near NFTX, and produced and distributed by |
| 0:40.0 | CoinDesk. What's going on, guys? It is Monday, May 2nd. Welcome to a new month. Today we're |
| 0:48.8 | talking about a tale of two markets and why things are looking really different short-term versus |
| 0:54.0 | long-term. Before we |
| 0:55.5 | get into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, |
| 1:00.5 | give it a review, or if you want to get deeper into the conversation, come join us on the |
| 1:05.5 | Breakers Discord. You can find a link in the show notes or go to bit.le. That's L.Y slash breakdown pod. |
| 1:12.3 | Finally, a disclosure as always. In addition to them being a sponsor of the show, I also work with FTX. |
| 1:19.1 | Now, as I was prepping this show, the obvious thing from over the weekend is the other side land and FT sale from Yuga Labs. |
| 1:30.1 | A big chunk of the Web3 and Metaverse space was paying attention to this. All 55,000 other deed land NFTs sold out within a few hours. |
| 1:36.6 | The mint price ended up being 305 ape coin or about $5,800 at the time of the mint. In total, |
| 1:43.5 | it brought in 16.7 million ape coin, making it worth |
| 1:46.9 | about $317 million and making it the biggest NFT mint of all time. It also created a total |
| 1:54.7 | shi-show. There was effectively a gas war, which ended up resulting in $172 million worth of transaction fees. |
| 2:02.6 | And already, emotions were running high. And then they tweeted, we're sorry for turning off |
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