Make no mistake that this is a fundamentally new era where all of a sudden these corporations

are going to use this type of synthetic currency as a key part of how they do business.

Given how much we've seen just native, organic, decentralized adoption of stable coins this

year, it's hard for me to imagine that these technologies won't end up finding their way

into some very different use cases than currently JPMorgan executives are thinking about.

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, nexo.io, an elliptic, and produced and distributed by CoinDesk. What's going on, guys?

It is Tuesday, October 27th, and today we are talking about the private currency era as

JPMorgan launches JPM coin. First up, however, let's do the brief.

First on the brief today, a stock slump as Bitcoin surges. Yesterday was the S&P 500's worst loss in a

month, and today it is down as well. Meanwhile, in Europe, stocks, Europe is heading towards the lowest

close since June. So what's going on? Well, it's not that complicated. U.S. consumer

confidence is worse than forecast, according to a report that came out yesterday, and it's not

hard to see why. COVID numbers are on the rise, and investors are concerned about the return of lockdowns.

In many parts of Europe, we're already seeing different types of strategic, smaller lockdowns,

so all of these things are creating a context where people are very rationally, it seems to me,

at least, holding on to resources that they might otherwise be spending,

which halts the general flow of our consumer economy. So there's that going on, but it doesn't

seem to be impacting Bitcoin. In fact, Bitcoin is going the other direction. From a Bloomberg

daily rap piece yesterday, quote, Bitcoin rose towards 13,500, approaching levels not seen since just after the burst of the

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