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, January 16th, and we are still getting used to our post-Bitcoin

ETF world. We're going to talk all about that, but before we do, 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 at the show notes or go to bit.ly slash breakdown pod. All right, friends, happy Tuesday. Welcome back after a long

weekend here in the U.S. Today we are talking all about the new world we live in. And we're going to

start with a set of media commentary that I think is very important. Now, to frame this, let's look at a

headline, BlackRock CEO Fink says he sees value in having an Ethereum ETF and turned to a

tweet from Travis Kling. Travis writes, you got to give this boomer his credit. He stepped into

crypto in June 2023 and said, hold my beer. Completely dominated the narrative for seven months.

Now he's about to run it exactly back with Eith. Impressive. After launching with this new pack

of Bitcoin ETFs, BlackRock CEO Larry Fink went on a media tour to talk about Bitcoin and the

crypto industry. The most prominent appearance was on CNBC with Aaron Sorkin. Fink said,

over the past two years, he has become a, quote, big believer. He said, I'm a believer in it

because I do believe it's an alternative source for wealth holding. I don't believe it's ever going

to become a currency. I believe it's an asset class. Even if Bitcoin is never used as a global

currency, Fink said, it would still appreciate in value. Quote, I believe it goes up if the world is more frightened, if people are more fearful of

geopolitical risk, they're fearful of their own risk. It's no different than what gold

represented over thousands of years. It's an asset class that protects you.

Fink even referenced the increasing scarcity of Bitcoin, adding that, unlike gold,

where we manufacture new gold, we're almost at the ceiling of the amount of Bitcoin, adding that, unlike gold, where we manufacture new gold,

...