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 nexor.io and BitStamp and produced and distributed by CoinDes.

What's going on, guys? It is Saturday, May 29th, and that means it's time for the weekly recap.

And today we are looking at the super cycle theory and whether recent price action means that

we need to just banish it to the dust heap of history. There is nothing that people love more

than telling you when things go badly that that is real life, that all the excitement, dreaming,

and optimism is fake, and that the disappointment is real. By those metrics the last couple of

weeks have been the realest of this cycle, Bitcoin has lilted listlessly along for months since

its early to mid-April highs,

and it felt even before the parade of Fudd over the last couple weeks that some momentum

had been lost. Maybe it was not enough new institutions buying, or at least not buying fast enough

or publicly enough. Maybe it was more of the trader and whale attention shifting to

Ethereum, DeFi, and dog coins.

Whatever the case, the scene was set for some exogenous force to push the mood and consequently the price even lower. And along that came perfectly in the form of that fickle friend,

that Loki trickster himself, Elon Musk. After helping drive the price from the high 30,000s

to the 60,000s thanks to Tesla's

big Bitcoin buy, Elon effectively took it all back when he announced that Tesla was reversing

course on Bitcoin payments for vehicles due to environmental concerns. That was followed up

with ChinaFud, insignificant seeming at first when it was just Reuters' sensationalizing policy

that had been enacted four years earlier. But it became much more significant when it was the viceuter's sensationalizing policy that had been enacted four years earlier,

but it became much more significant when it was the vice premier of China talking about Bitcoin mining bans from the highest echelons. More significance still was when it was miners

...