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? It is Tuesday, March 5th, and today we are asking, are we getting

overheated already? Before we dive into that, however, if you are enjoying the breakdown,

please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into

the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go

to bit.ly slash

breakdown pod. All right, friends, well, just so you guys know, I am recording this on Monday

night at around 9.30 p.m. I have a kid's passport appointment a couple hours down south in the

city tomorrow morning, and so I wanted to make sure the content was ready and waiting to go. However, at the time I'm recording, the price of Bitcoin is around $68,200,

in other words, absolutely nipping at breaking through an all-time high. That means, very possibly,

that by the time you hear this, we will have achieved a new all-time high, and I won't be

screaming about it. So consider this your down payment on that scream. Obviously, we will have achieved a new all-time high, and I won't be screaming about it.

So consider this your down payment on that scream. Obviously, we will talk all about it.

But it does kind of set up the right context for the question that I always wanted to

explore on today's show, which is, are we speed running this cycle? Is it getting overheated

already? Just a week ago, the major narrative in crypto was that

Bitcoin had crossed $50,000, and no one outside the industry had noticed. Google Trends had

barely budged for Bitcoin searches, Coinbase was buried deep in the app store with barely

any attention, there was no sign of new retail traders buying their first Bitcoin, but then

everything changed. On Wednesday,

Coinbase broke, citing a greater than 10x surge in traffic, and after an insane 25% gain

...