Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Friday, July 25th, and that means it's time for the Friday 5. Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash breakdown pod. All right, friends, back with another Friday five.

Kind of a quiet week, although a lot of things that are brewing that will be relevant

for the future.

We have some pretty significant institutionalization stories, progress being made on the

market structure bill, which is extremely consequential.

So sit back and let Scott Melker and I tell you all about it.

Good morning, everybody, and happy Friday. Let's talk about really big numbers. We've got

Dan Tapiero here, friend of the show. So he's crypto ecosystem reaching 50 trillion as he launches

the new 500 million fund under 50T rebrand.

He used to be 10T for those who remember because he thought crypto would go to 10 trillion.

I always mocked him and said, why so bearish? I guess he listened.

Changing times require changing updates, you know?

Yeah, I mean, 50 trillion is a big number. Actually, though, I mean, you know, stable coins count

as a part of the crypto market cap. And if they explode mean, you know, stable coins count as a part of the

crypto market cap. And if they explode to, you know, 10, 20 trillion over the next 10 years, this is pretty doable. Yeah, I mean, 50 trillion is, it sounds insane, except when you realize it's a 10x from here. And also that like, there's a calculation going on here about sort of the general increase in global wealth, what portion of that resides in crypto, what portion of that is represented on

crypto? There's a calculation going on here about sort of the general increase in global wealth,

what portion of that resides in crypto, what portion of that is represented on crypto.

There's a lot that goes into that.

I think, you know, Dan is a sophisticated investor.

He's not saying Dogecoin goes to a trillion or anything like that.

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