BREAKDOWN: The IMF and California Chart Different Courses on Crypto
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 9 May 2022
⏱️ 17 minutes
🧾️ Download transcript
Summary
Between them, they show the range of policymaker and institutional engagement in the space.
This episode is sponsored by Nexo.io, NEAR and FTX US.
One of the key themes in the bitcoin (BTC) and crypto industry in 2022 is engagement from governments and the key financial institutions of the existing monetary system. Today, NLW examines two different approaches to how to engage with crypto, both on display last week. On the one hand was the International Monetary Fund pressuring Argentina to discourage crypto as part of a $45 billion debt deal. On the other was California announcing an Executive Order to build a robust and (seemingly) invitational regulatory regime for Web 3.
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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: Justin Sullivan/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.1 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:15.0 | The breakdown is sponsored by nexo.io, near an FtX, and produced and distributed by CoinDesk. |
| 0:22.7 | What's going on, guys? It is Monday, May 9th, and today we are talking the IMF, Argentina, California. |
| 0:30.9 | Before we get into that, however, a couple housekeeping notes. |
| 0:34.8 | There are two ways to listen to the Breakdown podcast. You can hear us on the |
| 0:39.6 | Coin Desk Crypto Podcast Network feed, which features not only the breakdown, but also a number of |
| 0:44.0 | other great shows from CoinDesk. Or you can listen on the Breakdown Only Feed. The Coin Desk feed |
| 0:49.5 | comes out in the afternoon. The breakdown only feed comes out in the evening. Whichever |
| 0:53.4 | feed you are listening on, if you're enjoying the show, give it a rating and a review. And if you want to come |
| 0:58.2 | join the conversation in a deeper way, check out the Breakers Discord. Lastly, a disclosure as always, |
| 1:04.7 | in addition to them being a sponsor of the show, I also work with FTX. Now, before we get |
| 1:09.8 | into our main topic, it was a pretty rough weekend for |
| 1:13.8 | crypto and frankly for everything. Bitcoin and crypto took another big leg down this weekend. |
| 1:19.7 | And as bleak as stocks are, crypto seems to be a leading indicator of pain in all risk markets. |
| 1:26.1 | Alex Kruger points out, whales can hold a level or area temporarily, |
| 1:30.1 | but crypto direction depends almost entirely on stocks, and stocks are quasi-dead. Stocks liquidity is at |
| 1:35.7 | its lowest in decades barring the corona crash, charts are all broken, and there are a few |
| 1:40.0 | potential positive catalysts coming up. Bunch of Fed speakers tomorrow who will be yapping about inflation and then CPI on |
| 1:46.1 | Wednesday are the big events this week. |
| 1:48.4 | Now, to me, one of the clearest indicators of where we are is how angry people are on |
| 1:52.9 | Twitter. |
... |
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