Crypto’s Center of Gravity Is Shifting Away from the U.S.

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 5 March 2023

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this “Long Reads Sunday,” NLW reads: The Future of Crypto Markets Will Be Driven by Developments in the East - Noelle Acheson Keep Crypto in America - Emily Parker - “The Breakdown” is written, produced and narrated by Nathaniel Whittemore aka NLW, with editing by Michele Musso and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: Nataliia Nesterenko/ Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8. Join the most important conversation in crypto and Web3 at Consensus 2023, happening April 26-28 in Austin, Texas. Come and immerse yourself in all that Web3, crypto, blockchain and the metaverse have to offer. Use code BREAKDOWN to get 15% off your pass. Visit consensus.coindesk.com.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.3	The breakdown is produced and distributed by CoinDes.
0:20.4	What's going on, guys?
0:21.7	It is Sunday, March 5th, and that means it's time for Long Reads Sunday.
0:28.3	Before we get into that, however, if you are enjoying the breakdown, please go subscribe
0:31.3	to it, give it a rating, give it a review, or if you want to dive deeper into the conversation,
0:35.4	come join us on the Breakers Discord.
0:37.4	You can find a link in the show notes or go to bit.ly slash breakdown pod.
0:41.5	All right, guys, well, today we have an interesting theme, and we're going to spread this out over a couple of pieces.
0:47.5	And I think a good way to kick it off is to point to a tweet which really deserves the visual.
0:52.2	But it's from Brian Quintends, a former
0:54.8	CFTC commissioner who's now at Andresen Horowitz, and he shared a chart put together by
1:00.0	Electric Capital that is the percentage of all of the world's crypto developers who are in the
1:04.8	U.S. The proportion of the developers in the U.S. has steadily declined year over year.
1:10.2	In 2017, it was around 42%. In 2018, it was around
1:14.2	39%. In 2019, it was around 36%. In 2020, it was around 33%. In 2021, it was around 31%. And in
1:22.5	2022, it was around 28%. Now, I don't think there's anything wrong with developers coming from all over the world,
1:29.0	and the best way to read this chart or the most hopeful way to read this chart would be
1:32.2	that other developers from other places got in the game.
1:34.9	However, I think, as you'll see from our topic today, that there might be something else
1:39.3	going on, and certainly that was the point that Brian was trying to make.
	...

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