BREAKDOWN: Why Kentucky Is Trying to Become a Crypto Mining Hub
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 20 March 2021
⏱️ 10 minutes
🧾️ Download transcript
Summary
Two bills with benefits for crypto miners are waiting to be signed by the governor of the Bluegrass State.
This episode is sponsored by Nexo.io and Casper, and this week’s special product launch, NEM.
On this week’s Breakdown Weekly Recap, NLW looks at:
- The beginning of the next institutional bitcoin wave
- NFT bubble signals
- Central bank policy changes
- Kentucky’s new pro-crypto legislation
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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. |
| 0:15.3 | The breakdown is sponsored by nexo.io, Casper, and NEM, and produced and distributed by CoinDes. |
| 0:20.8 | What's going on, guys? It is Saturday, right? by nexo.io, Casper, and NEM, and produced and distributed by CoinDesk. |
| 0:28.7 | What's going on, guys? It is Saturday, March 20th, and that means it's time for the weekly recap. |
| 0:33.5 | I want to start the recap this week by actually going back to last week's recap. |
| 0:38.5 | The subject of that show was the idea or the question of whether we were at the beginning of the next big institutional Bitcoin wave. So what evidence did we get one way or another about |
| 0:44.5 | that this week? Obviously, the big standout news was Morgan Stanley joining the party in a huge |
| 0:51.2 | way. They announced three separate Bitcoin funds for their wealth management |
| 0:55.0 | clients. They are run by NIDIG, FS Investments, and Galaxy Digital. And again, the TLDR is that they |
| 1:00.9 | have really high minimums, $2 million held with the bank for individuals, $5 million held with |
| 1:05.9 | the bank for investment funds. And they also have caps on how much they'll put in, 2.5% of total net worth. But still, |
| 1:12.5 | the key thing here is real exposure to Bitcoin, not just synthetic exposure to GBTC or |
| 1:17.9 | some basket of crypto-related stocks, real, honest-to-god Bitcoin via these funds. |
| 1:23.2 | Morgan Stanley got even more interesting, though, on Thursday night when a local South Korean press |
| 1:29.0 | outlets started reporting that Morgan Stanley is trying to acquire Korea's biggest exchange |
| 1:33.6 | bit hum to the tune of $2 billion. There is some skepticism about these reports. They haven't |
| 1:39.6 | been confirmed by other news outlets, but it's still worth noting and pretty interesting, |
| 1:44.0 | if true. |
| 1:45.1 | A couple more pieces of evidence of this next wave of institutional Bitcoin. Grayscale announced |
| 1:50.2 | that they are at $45 billion of assets under management. This juggernaut just keeps |
| 1:55.3 | jugging. Of that, the vast majority is in Bitcoin, but ETH is getting up there to nearly $6 billion. |
... |
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