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?

Today we are talking about the narrative drivers of Bitcoin, which

you know I am very excited for. Before we get into that, however, if you are enjoying the breakdown,

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breakdown pod. Hello friends. We are back here with another vacation travel week episode.

Today we are doing one of my favorite things to do, which is check in on the big narratives

that are driving to crypto space, or specifically Bitcoin right now. At the moment, we are now

16 months removed from the Bitcoin

low for the last cycle. We've been in a strong bull market for at least five months, although

you would be forgiven for feeling like it just started. At this point, the halving is less

than a month away, and Bitcoin has made new all-time highs before the halving for the first time

ever. So what's driving this, what's not

driving it, and what does it say about what comes next? Without question, as all of you will well know,

the most important driver for this cycle's up trend has been the launch of the Bitcoin ETFs.

For the first time, retail investors have an option to buy Bitcoin from one of the world's

most reputable asset managers directly in their brokerage accounts. In the past, they had to have

proxy exposure through GBT or through micro-strategy stock, so this really does represent a huge

change. And already this year, we've been through a wave of different Bitcoin price narratives.

...