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Coin Desk. Here's your host, NLW. Welcome back to the breakdown. It is Monday, May 4th, and today we

are talking about Warren Buffett and the Berkshire-Hath annual shareholders meeting, which was because of COVID-19,

a virtual event for the first time ever. Before we dive in, why are we talking about the Bitcoin

is Rat Poison Squared guy? I think there's a few reasons. First, understanding how people who

disagree think is kind of relevant if we are trying to go out and evangelize

Bitcoin. So that's part of it, but it's a smaller part. But a larger part of it is that Bitcoin

operates in a macro context, at least for most of the market. Sure, there are people who are

hodlers of last resort, hodlers forever, basically, who don't even care what's going on in the larger markets. But there are people who are hodlers of last resort, hodlers forever, basically, who don't even

care what's going on in the larger markets. But there are many holders of Bitcoin for whom the

market context is relevant. And we've seen that. We've seen the correlation with parts of this market

over the last few months. And when it comes to understanding that macro context, Buffett is a good

barometer, especially because right now everyone in the larger markets is trying to figure out

if this is going to be a V-shaped recovery, right? A fast bounce back, pent-up demand, that everything

kind of just goes back to normal. Obviously, those who are thinking about second and third

order effects tend to not think that there's any real normal to go back to in quite the same way,

but as markets really, really hope for and try to manifest and try to self-fulfilling prophecy,

this V-shaped recovery into being, understanding what Buffett thinks is an interesting way to explore the possibilities

there. What we're going to do is we're going to talk about the event and a few key notes from it,

and then maybe try to wrap it up and understand broadly where Buffett thinks we are.

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