THE HASH: The US Economy Shrinks For the 1st Time Since Early Pandemic, Over 100 Crypto Assets Created in Past Week
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 28 April 2022
⏱️ 19 minutes
🧾️ Download transcript
Summary
The most valuable crypto stories for Thursday, April 28, 2022.
"The Hash" team discusses the impact of a shrinking economy in the United States to the booming DeFi space with reports stating that there were over 100 crypto assets created in the past week.
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This episode has been edited by Michele Musso. Our Executive Producer is Jared Schwartz with additional production support from Eleanor Pahl. Our theme song is “Neon Beach.“
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Transcript
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| 0:00.0 | This is the hash podcast. |
| 0:09.6 | Stay informed with the latest on Bitcoin, Eith, the Metaverse, Web3, and more with stories that matter to the crypto world. |
| 0:16.9 | All on the hash for your ears. |
| 0:20.6 | You're listening to the Coin Desk Podcast Network. |
| 0:24.4 | Hello, everyone. Happy Thursday. You're watching The Hash on Coin Desk TV. And if you're listening, |
| 0:30.8 | you're listening to us on the Coin Desk Podcast Network. I'm Jen Sanazzi and I am joined by Will |
| 0:36.5 | Will Foxley and Adam B. Levine today. Will, |
| 0:40.6 | you got our first story. I do. We have new numbers about how the economy is handling everything |
| 0:46.0 | that's going on and it's not handling it well. It's down 1.4% for the quarter, which is down a decent |
| 0:53.2 | amount from last quarter as well, |
| 0:55.9 | the 6.9 percent growth rate in the fourth quarter. So a reversal there. Interesting points for |
| 1:01.9 | why is this happening. Mostly comes down to inflation, shocks from the Ukrainian crisis, |
| 1:06.3 | and then also supply chain disruptions that continue to hamper growth developments in the United |
| 1:12.0 | States. Jobless claims did drop, which is a good indicator, and then consumer spending did |
| 1:17.4 | rise over the quarter. So economists are saying, hey, we're probably in a good spot. It was just a |
| 1:22.1 | slight reversal. But to all of us who are in Bitcoin, I think the inflation numbers speak for itself. |
| 1:28.1 | That is more than likely the reason why a lot of these things are falling. |
| 1:31.6 | People don't want to spend their money because everything's getting really, really pricey |
| 1:34.6 | out there. |
| 1:35.6 | And then you see things called like demand destruction where people stop spending money, |
| 1:39.9 | prices for things start falling. |
| 1:41.7 | Use cars is a really good example of that. |
... |
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