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 nexor.io and stacks2.com and produced and distributed by CoinDesk.

What's going on, guys? It is Saturday, January 9th, and that means it's time for the year's

first weekly recap. And holy hell, what a first week it has been. So on today's show,

I'm going to talk about four things. I'm going to talk about price. I'm going to talk about macro tailwinds, I'm going to talk about four things. I'm going to talk about

price. I'm going to talk about macro tailwinds. I'm going to talk about seismic regulatory shifts,

and I'm going to talk about momentum. So let's start by talking price. There are a few interesting

things about the price right now. The first is, of course, how big it is. Bitcoin hitting 40,000 within the first week in January

is not something that I think a lot of people had on their bingo cards for this year. And of course,

that gets to the second part, which is how fast it's moving. We couldn't quite get to 30,000 at the

end of last year. As soon as January

hit, it was game on and it's just been rocketing up ever since. The third part of price

that's really interesting is the type of momentum it's generating. For some reason, hitting the

all-time high in the 19,000s, and then even hitting the

psychologically more significant number of 20,000, didn't really get the FOMO cycle moving.

You didn't see people popping up on MSM. You didn't see mainstream journals reaching out for

comments. It didn't even happen at 30,000, maybe just because people didn't have a chance to

catch up. They were just coming back to their jobs for the week. But 30,000, maybe just because people didn't have a chance to catch up.

They were just coming back to their jobs for the week. But 40,000 hit like a bomb. And all of a sudden,

you're seeing all of those telltale signs. Like I said, we'll come back to that in the momentum

section, but it really is clear that for whatever reason, the doubling of the previous all-time

...