BREAKDOWN: Why the Carlyle Group’s David Rubenstein Says Governments Can't Stop Crypto
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 22 May 2021
⏱️ 12 minutes
🧾️ Download transcript
Summary
One of Capitol Hill’s most connected insiders says crypto is here to stay.
This episode is sponsored by Nexo.io.
On this week’s “Breakdown Weekly Recap,” NLW explores U.S. regulatory FUD. He specifically looks at recent statements from the SEC’s Gary Gensler, as well as new Treasury Dept. policy that wants businesses to report crypto transactions of over $10,000 to the Internal Revenue Service. He argues that this is a “bureaucrat's bull market” that will be focused on compliance, not banning.
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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. |
| 0:16.0 | The breakdown is sponsored by nexo.io and produced and distributed by CoinDess. |
| 0:22.6 | What's going on, guys? It is Saturday, May 22nd, and that means it's time for the weekly recap. |
| 0:28.3 | And on this weekly recap, we're going to be talking about why the Carlisle Group's David Rubenstein says governments can't stop crypto, why crypto is here to stay. |
| 0:39.7 | This week has been an absolute fud parade. We've had Elon Environmental FUD, Regulatory FUD, Tether FUD, Crime FUD. I mean, |
| 0:46.9 | it's really been a murderer's row of concern trolling. And obviously on this show, we spent a lot of |
| 0:52.6 | time trying to unpack how much that fud actually |
| 0:55.2 | had to do with the crash that happened earlier this week. You should go back and listen to the last |
| 0:59.5 | couple of episodes if you're interested in that. The TLDR is that the fud really wasn't at the |
| 1:04.8 | center of it. Instead, it was a loss of momentum and a weakening market structure that created a |
| 1:10.0 | situation where there was always going to be a catalyst for a downward move and a lot of momentum and a weakening market structure that created a situation where there was always |
| 1:11.3 | going to be a catalyst for a downward move, and a lot of leverage in the system made sure that |
| 1:15.6 | that move was going to be rather dramatic when it happened. That's exactly what we saw, |
| 1:20.4 | but as the market has recovered, the fud has not slowed. To be clear, this always happens. There's |
| 1:26.6 | a cadre of professional commentators who wait for |
| 1:28.9 | any perceived weakness in Bitcoin and Crypto to rehash their old talking points. This week, |
| 1:34.4 | we've seen it in a New Yorker writer making the highly dubious argument that only criminals want |
| 1:38.6 | privacy. Paul Krugman, once again revealing that he just can't get over the libertarian |
| 1:43.0 | politics of many Bitcoiners to actually engage with the technology on any substantial level. |
| 1:48.5 | But it hasn't just been the chattering class spouting these things. We've had a significant |
| 1:52.2 | amount of discussion on the regulatory front. Here are a few of the latest hits. |
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