Everything You Need to Know About Elon, Jack and Cathie’s Bitcoin Chat

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 23 July 2021

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this episode of “The Breakdown,” host NLW dissects a highly-anticipated discussion between Cathie Wood, Jack Dorsey and Elon Musk at yesterday’s “The B Word” conference, including: Wood’s predictions of deflation rather than inflation Dorsey’s unwavering belief in bitcoin as the internet’s native money Musk reveals he, Tesla, and SpaceX all hold bitcoin Wood, one of the earliest Wall Street investors to get into crypto, has been through enough market cycles to have a nuanced understanding of the space. She revived one of her long-standing themes of Bitcoin’s rules-based monetary policy, especially relevant now as central banks operate on unbounded monetary policy. She also touched on recent inflationary concerns, specifically ARK’s belief that deflationary concerns are likely to emerge in the long-term. Twitter and Square CEO Dorsey has been a consistent ally to Bitcoin. Dorsey highlighted a few of his projects dedicated to a more decentralized future, including Square’s upcoming self-custody hardware wallet and Bluesky, a project to develop an open and decentralized social media platform. The controversial Musk's contributions to the discussion garnered mixed reactions from the community. Most notably was his admission that outside of Tesla and SpaceX shares, bitcoin is his biggest investment. Additionally, his now-famous statement “I pump but I don’t dump” was backed by his revelation that SpaceX, in addition to Tesla, held BTC. He affirmed the three have never sold their BTC holdings. While Wood recruits institutional investors and Dorsey builds tools to improve the space, what is Musk’s role in helping or hindering Bitcoin? -- 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= Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW The Breakdown is sponsored by NYDIG https://nydig.com/nlw/ The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell 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 “Razor Red” by Sam Barsh. Image credit: Screenshot from The B Word, modified by CoinDesk.

Transcript

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0:00.0	Think about it this way. The audience watching, at least that intended audience, likely was only
0:05.0	barely following the technical details of what he was saying anyway, from a substance standpoint.
0:10.0	What they saw was a group of three highly influential people agreeing about the important
0:15.0	role that Bitcoin could play in the future of money and the internet. That's the takeaway.
0:23.5	Welcome back to The Breakdown with me,
0:30.1	NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:36.6	The breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
0:44.6	What's going on, guys? It is Thursday, July 22nd, and you know what we're talking about today.
0:51.1	The B Word was an event held by ARC that was meant to demystify Bitcoin, and specifically to demystify it for institutions that had perhaps gotten off track with Bitcoin
0:56.7	and their relationship with Bitcoin during the absolute craziness of the first part of this year.
1:02.2	To that end, yesterday saw sessions on energy and mining, courtesy of Nick Carter,
1:06.9	sessions on the macro context with Lynn Alden, discussions of human rights in Bitcoin with
1:11.5	Alex Gladstein.
1:12.9	But there was absolutely no doubt that the most anticipated part of the show was the discussion
1:19.3	between Jack Dorsey, Kathy Wood, and Elon Musk with Steve Lee from Square Crypto moderating.
1:25.8	As I said yesterday on the show, the whole thing had come
1:28.4	up theoretically spontaneously on Twitter, with Elon making a joke on one of Jack's threads. At least
1:34.7	that's what we were made to think. It seems far more likely to me that the whole thing was
1:39.3	engineered by Wood herself, who was up until recently, the connective link between Elon and the
1:45.2	Bitcoin space. Whatever the provenance of the discussion, however, there is no doubt that
1:50.0	the market had serious anticipation around what was going to be said. Bitcoin had rallied
1:54.8	from under $30,000 on Tuesday to around $32,000 as the discussion began. I think the best way to highlight the event
	...

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