How Ray Dalio’s ‘Changing World Order’ Thesis Fits With Bitcoin

The Breakdown

Blockworks

Business, Investing

4.8 • 806 Ratings

🗓️ 23 March 2022

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Arculus and FTX US. Today on “The Breakdown,” NLW looks at the latest institutional moves into crypto, including an over-the-counter (OTC) transaction between Goldman Sachs (GS) and Galaxy (the first of its kind with a major U.S. bank), as well as reports that Ray Dalio’s Bridgewater hedge fund is soon to make an investment into a crypto fund. NLW also looks at why Dalio, with his focus on a “changing world order,” makes sense as a crypto investor. - Take your crypto to the next level with Nexo. Invest and swap instantly, earn up to 20% APR on your idle assets or borrow cash against them at industry-leading rates. Get started today at nexo.io to receive up to a $100 welcome bonus. Valid through March 31. - Arculus™ is the next-gen cold storage wallet for your crypto. The sleek, metal Arculus Key™ Card authenticates with the Arculus Wallet™ App, providing a simpler, safer and more secure solution to store, send, receive, buy and swap your crypto. Buy now at amazon.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. - Consensus 2022, the industry’s most influential event, is happening June 9–12 in Austin, TX. If you’re looking to immerse yourself in the fast-moving world of crypto, Web 3 and NFTs, this is the festival experience for you. Use code BREAKDOWN to get 15% off your pass at www.coindesk.com/consensus2022. - 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, research by Scott Hill 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 “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: Jeenah Moon/Bloomberg via Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	This is post-narrative institutionalization, and what I mean by that is that this institutional
0:05.8	entry into the market is no longer the narrative driving crypto markets. It's simply a fact of
0:11.4	reality. In fact, these new entrants like Bridgewater seem to be more intentionally trying to
0:16.2	downplay the narrative hype around this cycle. Welcome back to The Breakdown with me, NLW.
0:23.8	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:29.7	The breakdown is sponsored by nexus.io, Arculus, and FTX, and produced and distributed by CoinDesk.
0:37.5	What's going on, guys? It is Tuesday, March 22nd, and today we are talking about post-narrative
0:44.8	institutionalization of crypto in the context of news that Ray Dalio's Bridgewater might be
0:50.4	investing in the space, as well as a Goldman Sachs OTC trade. If you're wondering what the
0:55.7	heck that word salad means, well, you'll just have to wait and find out. First, however, if you are
1:01.1	enjoying the breakdown, please go subscribe, give it a rating, give it a review, or if you want to get
1:06.2	deeper into the conversation, come join us at the Breakers Discord. You can find a link in the show notes or go
1:11.5	to bit.combe, slash breakdown pod. Also a disclosure, as always, in addition to them being a sponsor,
1:17.2	I also work with FTX. Okay, so today we are bringing together two of the themes and narratives that have
1:24.2	driven the last couple years in crypto markets. The first, as you caught from
1:28.4	the introduction, was institutionalization, the move of traditional finance into the crypto space.
1:34.8	This was something that was long, wanted, rumored, hoped for, but didn't really start to
1:40.2	happen in a big way until 2020. And then, of course, it led the narrative through the end
1:45.3	of that year and the beginning of the next. The second theme is geopolitical change and its
1:50.7	impact on the macro landscape. COVID-19 opened up fundamental questions about the nature of
1:57.2	supply chains, the structure of the global economy, then the follow-out of the disruptions
2:01.8	in those systems, alongside market-supportive policies chosen during them, spurred the inflation,
	...

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