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, July 31st, and today we are talking through a slew of news

and updates on stories that we have been covering for sometimes weeks now. Before we get into

that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating,

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So where we kick off today builds off of the conversations that came out of the Bitcoin conference over the weekend. Specifically, Bitcoin discussions continue to be dominated by

the potential of a strategic Bitcoin reserve. The merits and mechanisms have become a point

of contention everywhere from crypto-Twitter to the pages of the Wall Street Journal.

A lack of detail has hindered the conversation thus far, relegating it to mostly a discussion

of hypotheticals. Yesterday, Senator Cynthia Lummis released a draft version of her bill which would

set up the legal structure for a Bitcoin reserve. This isn't necessarily the direction a Trump administration would ultimately go in, but it provides enough detail to think through

how a Bitcoin reserve might work. Lemus is calling her bill the Bitcoin Act. The bill declares that,

quote, Bitcoin as a decentralized and scarce digital asset offers unique properties that

complement existing national reserves, strengthening the position of the United States

dollar in the global financial system. The bill would instruct the Treasury Secretary to,

quote, establish a decentralized network of secure Bitcoin storage facilities distributed across the U.S.

Volts would be chosen in a way to distribute control across geographic regions with a focus on security

and accessibility. This sounds a lot like the security design currently used by

high-end custodians, where private key signing devices are physically distributed and kept under

...