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.

The breakdown is sponsored by crypto.com, BitStamp, and nexo.io, and produced and distributed by CoinDesk.

What's going on, guys? It is Saturday, August 15th, and that means this is the breakdowns

weekly recap. Before we get into that, though, I just want to say a big, huge thank you to everyone

who has taken the time to rate and review

the show over the last few weeks, as I've been asking for it more. It's making a huge difference

in terms of people discovering this thing. And so thank you, thank you, thank you. And if you haven't

yet, but you enjoy the show, please go take just a second to go rate and review this on iTunes

or Apple Podcasts or whatever they call it,

it makes a big difference. With that, let's talk about what is shaping up to be just one of the

absolute most bizarre bull markets we've ever seen. I talked last weekend on the weekly recap

about why there was so much new evidence of a bull market emerging, but

today I want to talk about just how weird the shape and texture of this one is looking to be.

So to do that, I want to point out this kind of two very different sides of what's going on.

On the one hand, we have these incredibly significant social and political and economic forces reshaping the world around us.

In the wake of the COVID-19 pandemic and government-mandated shutdowns, we have had the most

incredible surge and normalization of money printing and state involvement in human activity

that we've seen in a generation.

As part of that, there is a growing conversation about what the implications of the unlimited

printer running might be. Will we see inflation? Will we see a mass debasement of the U.S.

Dollar? Is the dollar's place as the

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