Citadel Is Coming to Crypto

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 3 March 2022

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This episode is sponsored by Nexo.io, Arculus, FTX US and Cointelli. While much of the recent focus of “The Breakdown” has been on the relationship between crypto and geopolitics, today’s episode revisits the institutional narrative that drove industry adoption in 2020 and 2021. NLW looks at Citadel CEO Ken Griffin’s recent comments on crypto, numerous TradFi execs taking jobs in crypto and a Big Four accounting firm buying NFTs to position itself to help with corporate NFT strategy. - Take your crypto to the next level with Nexo. Invest and swap instantly, earn up to 20% APR on your idle assets or borrow cash against them at industry-leading rates. Get started today at nexo.io to receive up to a $100 welcome bonus. Valid through March 31. - Arculus™ is the next-gen cold storage wallet for your crypto. The sleek, metal Arculus Key™ Card authenticates with the Arculus Wallet™ App, providing a simpler, safer and more secure solution to store, send, receive, buy and swap your crypto. Buy now at amazon.com. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - Cointelli makes accurately reporting your crypto taxes easy. Built by CPAs and crypto experts, Cointelli supports hundreds of platforms and produces tax reports you can count on in just a few clicks. And all for just $49! See what Cointelli can do for you at cointelli.com. Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Obligated” by Daniele Musto. Image credit: Christopher Dilts/Bloomberg/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	The notable thing to me is that this isn't Bitcoin as some big announcement, some indeterminate
0:05.7	purchase that's mostly meant for headlines. In fact, it's the exact opposite. This is someone
0:10.6	who's trying to build, in their words, a fortress-like balance sheet that has decided that
0:15.6	some part of that $1.6 billion needed to be contained in Bitcoin and only revealed that when asked directly.
0:22.8	I think this shows the shift and in some ways connects the dots between the macro bid and
0:27.8	the geopolitical bid.
0:30.4	Welcome back to The Breakdown with me, NLW.
0:34.5	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:40.5	The breakdown is sponsored by nexus.io, Arculus, and FTX, and produced and distributed by CoinDesk.
0:48.2	What's going on, guys? It is Wednesday, March 2nd, and today we are revisiting the institutional narrative in crypto. That has, of course,
0:57.0	been sidelined due to the geopolitical narrative. But as Citadel gets into this space, it's worth
1:02.5	checking back in on. But before we do that, if you are enjoying the breakdown, please go
1:06.9	subscribe, give it a rating, give it a review, or if you want to get deeper into the conversation, come join the Breakers Discord. You can find a link in the show notes or go to
1:15.1	bit.combe, breakdown pod. Also, a disclosure as always, in addition to them being a sponsor
1:21.3	of the show, I also work with FTX. Finally, one special sponsor this week, just in time for tax time, is CoinTeli.
1:32.2	Cointelli is here to make crypto tax reporting stress-free for both individuals and accountants.
1:37.5	Designed by CPAs, Cointeli supports hundreds of crypto platforms and provides accurate calculations
1:42.9	so you don't pay any extra on your taxes.
1:45.8	Cointelli also charges no added fees for up to 100,000 transactions and offers 24-7 customer
1:51.9	support from tax advisors. Check them out at cointeli.com. That's coin t-E-L-L-I.com. Thanks to
1:59.5	CoinTeli for joining as a sponsor of The Breakdown this week.
2:03.1	All right, to today's show. As you guys know, I've gone over a couple times one of the big
	...

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