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 Wednesday, January 17th, and today we are talking about the

stablecoin battle at Davos. Before we get 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. So friends, like I said, it is Davos Week, the World Economic Forum, the obviously

favorite event of all Bitcoiners. And while in many ways crypto is on a down swing at this event

as compared to years past, with AI taking the role of hot technology that's all hyped up everywhere,

there is still a lot of interesting discussion in and around the crypto space, and in particular

when it comes to stable coins. Take, for example, Cantor Fitzgerald's CEO Howard Lutnik. Speaking

live to Bloomberg, Lutnik once again put his credibility on the line to support Tether.

Completely unprompted, the Wall Street Maverick shifted the interview to talk crypto.

After some brief comments on Bitcoin, Lutnik said, there's a company I like, it's called Tether.

Now, we learned last year that Cantor Fitzgerald manages a significant portion of Tether's U.S. Treasury reserves. This is not information that we

had before that. Lutnik continued, from what we've seen and we did a lot of work, they have

the money they say they have. He referred to Tether's September attestation report, where Tether claimed

to have 86.4 billion in assets held against 83.2 billion in liabilities. Drilling the point

home, Lutnik said, I've seen the whole lot and they

have the money. There's always been a lot of talk, do they have it or not? So I'm with you guys

saying, we've seen it, and they haven't. After you finished with the tether pitch,

Lutnik was asked a little bit more about Bitcoin. He responded, why are Americans having anything

...