The End of Money as You Know It

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 8 June 2025

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

On today's Long Read Sunday, NLW explores Hugh Hendry's provocative essay "Sovereignty 3.0," examining how rising Treasury yields signal the collapse of traditional financial structures and the emergence of Bitcoin and stablecoins as new forms of sovereign power. Is the dollar becoming a weapon, and can Bitcoin actually replace it as global collateral? Source: https://x.com/hendry_hugh/status/1929917531159920951 Brought to you by: Grayscale offers more than 20 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal. To learn more, visit ⁠⁠⁠⁠⁠Grayscale.com⁠⁠⁠⁠⁠ -- ⁠⁠⁠⁠⁠https://www.grayscale.com//?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-thebreakdown)⁠⁠⁠⁠ Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/@TheBreakdownBW Subscribe to the newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://blockworks.co/newsletter/thebreakdown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownBW

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:18.4	What's going on, guys? It is Sunday, June 8th, and that means it's time for Long Read Sunday.
0:24.6	Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it,
0:28.4	give it a rating, give it a review, or if you want to dive deeper into the conversation,
0:31.9	come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly.
0:35.8	All right, friends, back with another Long Reeds episode. You can find a link in the show notes or go to bit.ly slash breakdown pod.
0:41.4	All right, friends, back with another long reads episode.
0:46.4	Today's read is actually not all that long, but it is an interesting one.
0:48.6	This is from Hugh Hendry.
0:53.6	Now, Hugh, if you've ever seen him in interviews, he's been on this show before, a long, long time ago. He is quite the
0:55.8	character. His Twitter bio reads, former global macro hedge fund manager distilling market insights
1:00.7	via his alter ego, the acid capitalist. Now, he does have a paid substack called the acid
1:07.5	capitalist, but this piece was published on Twitter slash X, with a very cool image
1:13.3	of an eagle with a Bitcoin B on its chest, and the caption, the death of money, the birth of power,
1:18.6	and the piece itself is called Sovereignty 3.0, the end of money as you know it. He writes,
1:25.6	The dollar is no longer a currency. It's a weapon. Bitcoin is no longer a trade. Regime change
1:31.9	is live. Ever sit under the Caribbean sun, spike your coffee with MCT oil, and feel your
1:37.0	brain light up like a circuit board, that's where this begins. I just got off the phone
1:41.6	with George Gammon. We started with my St. Bart Summer Camp.
1:44.8	Strangers arrive as guests. They leave his tribe. This is not vacation. It's an Odyssey.
1:50.0	August 17th to 22nd, ideas are currency. And one idea haunts me now. The 30-year U.S. Treasury
	...

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