The De-Chinafication of Bitcoin

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 22 June 2021

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this episode of “The Breakdown,” NLW takes a look at the most recent crypto news before taking a deeper dive into the latest step in the de-Chinafication of bitcoin. MicroStrategy going “all-in” on bitcoin Michael Burry’s warnings on Twitter of the “Mother of All Crashes” The “dot plot shock” and post-FOMC meeting confusion Accelerating China mining ban While in this in-between state, post-COVID and pre-monetary policy tapering, institutional investors find themselves on diverging and opposing paths. Michael Saylor’s MicroStrategy has gone “all in,” while at the same time investor Michael Burry took to Twitter with warnings of an upcoming “Mother of All Crashes.” Confusion following the Federal Reserve’s FOMC meeting only adds to the contention between investors with contrasting visions for the near future of crypto. The Central Bank of China has convened a meeting with the major banks to reiterate and tighten previous policies on the prevention of virtual currency transactions in bank accounts. Is this restriction on crypto transactions yet another indication that China is taking a more aggressive stance against bitcoin? More to this point, Sichuan became the most recent province to crack down on crypto mining. Sichuan, primarily mining with hydropower, seems to diminish previous ban reasoning citing environmental concerns. How far will China go to remove itself from bitcoin, and what does that mean for its citizens and the crypto space as a whole? -- Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io -- Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW The Breakdown is produced and distributed by CoinDesk.com

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.9	The breakdown is sponsored by nexo.io and produced and distributed by CoinDess.
0:22.6	What's going on, guys? It is Monday, June 21st. And I grew up by the ocean and there was an old
0:29.0	saying, red sky in morning, sailors take warning, red sky at night, sailors delight.
0:35.2	Well, man, did we wake up to a sea of red this morning. Bitcoin trading
0:39.8	under 33,000, ETH under 2000. The culprit? More news out of China. Today we're going to discuss
0:46.9	the latest step in the larger process of the decinification of Bitcoin. But first, let's do the
0:53.2	brief. First on the brief today, Micro Strategy
0:56.1	buys another $489 million of Bitcoin. This wasn't a surprise, obviously, but it's still always a
1:02.3	little wild to see. Micro Strategy bought another 13,000 or so Bitcoins with an average price of 37,617.
1:10.3	The total purchase price now across all 105,085 Bitcoin they hold
1:15.3	was $26,080. I think there needs to be a new word for All In to describe just how All In Micro Strategy is on
1:23.2	this bet. In the meantime, it's going to be the sort of thing where Sailor either looks like a genius or a madman depending on where we are in the cycle. Speaking of geniuses or madmen, Michael
1:32.6	Burry, who became famous in the big short for his bet against the U.S. subprime market,
1:37.0	has been on an anti-crypto tirade. He changed his Twitter handle to Cassandra, a reference
1:43.3	to the Trojan priestess of Apollo,
1:45.3	who was cursed to give true prophecies that weren't believed, and wrote, quote,
1:49.5	All hype speculation is doing is drawing in retail before the mother of all crashes.
1:54.3	When crypto falls from trillions or meme stocks fall from tens of billions,
1:57.9	Main Street losses will approach the size of countries.
2:02.5	History ain't changed.
	...

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