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? Today on The Breakdown, we are talking to Jim Bianco. Before we get into that,

however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a

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All right, friends, today we have a returning guest to the breakdown friend of the show,

Jim Bianco. Jim is an investment analyst, advisor, thinker, extraordinaire, and you may have seen him and even

argued with him on Twitter. Jim has been talking a lot recently about the potential negative sides of

the Bitcoin ETF, and it's not because he comes from a place of bearishness.

Jim, in fact, is one of those TradFive folks who's been in on Bitcoin and crypto for more than a

full cycle at this point. Our conversation tries to dig deeper into what some of his concerns

are, and particularly what they mean for the long term of Bitcoin. It's a great conversation.

I know you're going to enjoy it, so let's dive in.

All right, Jim, welcome back to the breakdown. How are you doing, sir?

Thanks for having me back. Yeah, no, it's been too long. And I think it's a very, very interesting and good time to have you here, I think. Obviously, lots and lots has changed since we last chatted on the show.

And so we're going to talk a little bit of macro today.

We're going to talk a little bit about Bitcoin.

And where I want to start is with the conversation that has dominated, obviously, everything in the Bitcoin and crypto space and a lot of your online Twitter engagement as well, which

is ETFs and what they mean. And so, you know,

let me try to characterize your perspective as I see. And then you can tell me if that's actually

accurate. We can jump off from there. I think you've been accused of all manner of bearishness,

...