BREAKDOWN: Who Matters More to Bitcoin – Whales or Plebs?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 4 June 2021
⏱️ 14 minutes
🧾️ Download transcript
Summary
Who is buying? Who is selling? And who is driving the future of the space?
This episode is sponsored by Nexo.io.
Today on the Brief:
- May’s middling jobs report
- A ransomware update
- Square building a bitcoin hardware wallet
Our main discussion looks at the various constituencies within bitcoin and asks who has what type of power to shape the network. Specifically, NLW homes in on recent price action and the divergent actions of large holders and small holders over the month of May.
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Nexo.io lets you borrow against your crypto at 6.9% APR, earn up to 12% on your idle assets, and exchange instantly between 100+ market pairs with the tap of a button. Get started at nexo.io.
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Transcript
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| 0:00.0 | The steady march of Bitcoin's number go-up technology is a simple fact of supply and demand. |
| 0:05.6 | We all know about and talk about Bitcoin's programmatic supply, but we miss something essential |
| 0:10.4 | if we don't also recognize that because of the passionate belief of long-term hoddlers, |
| 0:15.9 | many of whom haven't even been able to stack one full coin yet, the true supply available for |
| 0:20.7 | trading is radically less. The true supply available for trading is |
| 0:21.2 | radically less. The size and passion of this group continues to increase, and as it does so, |
| 0:27.1 | it resets the price floor up with it. Welcome back to The Breakdown with me, NLW. It's a daily |
| 0:35.7 | podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:41.6 | The breakdown is sponsored by nexus.io and produced and distributed by CoinDes. |
| 0:48.2 | What's going on, guys? It is Friday, June 4th, and today we are asking the all-important question, who matters more to Bitcoin, |
| 0:57.1 | the whales or the plebs? |
| 0:59.3 | First up, let's do the brief. |
| 1:01.7 | First on the brief today, we have the jobs report for May, and it's kind of mixed news. |
| 1:07.6 | U.S. employers added 559,000 jobs last month, which is less than expected, but up from |
| 1:13.4 | 278,000 in April, but still down from March when 785,000 jobs were added. |
| 1:20.2 | Matthew Luzetti, the chief economist for Deutsche Bank, said, quote, it's a middle of the road |
| 1:24.7 | report. It is disappointing relative to where we were a few months ago, where we were anticipating you could see a million plus type prints over these |
| 1:31.2 | coming months. We have had to ratchet down our expectations about what job gains are likely to be |
| 1:35.6 | going forward. Now, this should matter to you if you're in the Bitcoin space because it has a |
| 1:40.0 | meaningful impact on monetary policy going forward. Aggressive accommodated monetary policy has |
| 1:45.2 | allowed stock valuations to rise as high as they are. It's pushed people farther out on the risk |
| 1:49.8 | curve. A booming market featuring full employment and high inflation would force the Fed to change |
... |
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