Square has open-sourced documentation to articulate the process behind the execution of its purchase

as others consider similar strategies. In other words, Square isn't just saying we bought 1%. They're saying

here's how we bought 1% in case you want to do it too. 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, nexo.io, and elliptic, and produced and distributed by CoinDesk.

What's going on, guys? It is Thursday, October 8th, and we have a special one today.

I was all set to drop what is going to be an extremely exciting interview on you, but I had to

push it one day so that we could talk the big news this morning. Square has bought

50 million Bitcoin for long-term treasury. This is 1% of its cash. It's a big deal. Let's get into it.

As I said, this is a special breaking edition of the breakdown, so no brief today, because really

what else do you guys want to

talk about? As I mentioned, first, the news. Square is buying $50 million worth of Bitcoin. This went out

over all the wires, and people started noticing it about an hour ago just after 9 a.m.

We're going to dig into the reactions and my interpretation of it, but first, let's set the

context. I believe that there are three key foundations for this move. The first is that the

2020 narrative around Bitcoin has met the structural reality of the economy. There's a growing

sense that stimulus is here to stay. As Chow Wang said

yesterday on the show, the base case isn't if stimulus, it's when stimulus. The Democrats want the sort

of checks that we've seen this year to be permanent, and frankly, the Republicans sort of want it to be

permanent as well.

There isn't really a debate anymore about whether there's going to be direct stimulus to

Americans and to American companies. The sticking point right now has to do around the politics

...