Crypto's Institutional Narrative: Less Dead Than It Seems?

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 5 August 2022

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Chainalysis and FTX US. One would be forgiven for thinking the crypto institutional narrative is dead. Tesla sold bitcoin. Cboe took a huge write-down on the exchange it bought last year. Even Cathie Wood and ARK sold $COIN! But taking a deeper look, NLW argues that institutional adoption of bitcoin and crypto continues – just in quieter ways than in the past. He looks at news that BlackRock is partnering with Coinbase to offer crypto trading through its Aladdin platform and that Fairfax County Retirement Systems is expanding its crypto involvement to yield farming. - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company safeguards your crypto by relying on five key fundamentals including real-time auditing and insurance on custodial assets. Learn more at nexo.io. - Chainalysis is the blockchain data platform. We provide data, software, services and research to government agencies, exchanges, financial institutions and insurance and cybersecurity companies. Our data powers investigation, compliance and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases. For more information, visit www.chainalysis.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. - 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 and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “The Now” by Aaron Sprinkle. Image credit: Roy Rochlin/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

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.
0:14.8	The breakdown is sponsored by nexo.io, chain aliasis, and FtX, and produced and distributed by CoinDesk.
0:22.8	What's going on, guys? It is Thursday, August 4th, and today we are talking narratives, and the
0:29.4	institutional narrative specifically. Before we get into that, however, if you are enjoying the
0:34.9	breakdown, please go subscribe to it, give it a rating,
0:38.1	leave a review, or if you want to dig deeper into the conversation, come join us on the
0:42.0	Breakers Discord. You can find a link in the show notes or go to bit.ly slash breakdown pod.
0:47.7	Lastly, a disclosure as always. In addition to them being a sponsor of the show, I also work
0:52.4	with FTX. All right. So as I mentioned,
0:56.0	today we are talking narratives, and this is something that I've long followed in crypto,
1:00.9	trying to figure out what the patterns of what's driving interest, or even more specifically,
1:07.1	what people are trying to have drive interest in this space. I think one of the ways
1:12.7	to read crypto history or really the history of any particular niche or market is to look back
1:19.3	at the patterns of what people discuss, what people find important, what people think are going to be
1:24.9	the drivers of interest and excitement in this space in the
1:28.9	weeks and months to come. And with that in mind, one could be forgiven for thinking that the
1:33.9	institutional narrative surrounding crypto is at a fairly low point. There is plenty of evidence
1:40.8	to suggest that with the great repricing happening across all risk assets,
1:46.1	plus the wave of crypto institutional failure that those price changes set off in this industry,
1:53.1	that Tradfai buyers are kind of cooling and that it's unlikely that they're going to be a big part
1:58.4	of a new bull run. Let's look at some of that evidence.
	...

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