BREAKDOWN: What Are the Prospects for a Bitcoin Standard in Africa?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 19 June 2021
⏱️ 13 minutes
🔗️ Recording | iTunes | RSS
🧾️ Download transcript
Summary
Plus more bitcoin institutional news and a FUD recap on this edition of the "Weekly Recap."
This episode is sponsored by Nexo.io and Bitstamp.
This week on "The Breakdown’s Weekly Recap" NLW covers:
- More institutional bitcoin news, including a new Morgan Stanley fund from NYDIG and FS Investments and a Goldman Sachs trading partnership with Galaxy Digital
- A resurgence of “crypto is for criminals” FUD plus new China miner shutdowns in Sichuan
- The latest debates around El Salvador’s bitcoin law
- Rumblings of bitcoin in Nigeria, CFA countries and Ethiopia
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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. |
| 0:15.2 | The breakdown is sponsored by nexor.io and BitStamp and produced and distributed by CoinDes. |
| 0:22.5 | What's going on, guys? It is Saturday, June 19th, and that means it's time for the weekly recap. |
| 0:28.5 | And let's this week actually do a true weekly recap flitting across a number of topics, |
| 0:35.1 | starting with the latest from institutional Bitcoin. You've heard a number of times |
| 0:40.7 | on this show that there feels like a lack of momentum, and I think that that's true. However, if we |
| 0:46.0 | dig one layer deeper, there are definitely still institutional moves being made. Nidig and FS |
| 0:51.9 | investments are teaming up for a second Bitcoin fund for Morgan Stanley. |
| 0:56.1 | This comes from a recent SEC filing. Their first fund with Morgan Stanley came in March and |
| 1:01.0 | was a major demonstration of how mainstream Bitcoin has become for traditional investors. |
| 1:06.5 | Goldman Sachs, meanwhile, remains the most confused company when it comes to crypto. A report from |
| 1:11.6 | May 21st was titled Crypto, a new asset class. Then, at the beginning of this week, a new report |
| 1:16.9 | came out titled Digital Assets, Beauty is not in the eye of the beholder, which had this conclusion, |
| 1:22.3 | Bitcoin is not a long-term store of value or an investable asset class. They also said, |
| 1:27.4 | quote, |
| 1:28.1 | we have refrained from repeating the positive and negative hype that surrounds this ecosystem |
| 1:32.1 | because we do not want clients to be seesawed, even swayed by a cacophony of assertions, |
| 1:36.5 | many of them unsubstantiated. Frankly, it all sounds to me like they switched because a |
| 1:41.5 | bare market might be starting. But wait, that's not where the saga |
| 1:44.9 | ends. Today, here's a headline from CNBC, Goldman Sachs ramps up Bitcoin trading and new partnership |
| 1:51.6 | with Mike Novogratz's Galaxy Digital. Yes, of course, a firm like Goldman Sachs has multiple |
... |
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