The IMF and California Chart Different Courses on Crypto

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 10 May 2022

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, NEAR and FTX US. One of the key themes in the bitcoin (BTC) and crypto industry in 2022 is engagement from governments and the key financial institutions of the existing monetary system. Today, NLW examines two different approaches to how to engage with crypto, both on display last week. On the one hand was the International Monetary Fund pressuring Argentina to discourage crypto as part of a $45 billion debt deal. On the other was California announcing an Executive Order to build a robust and (seemingly) invitational regulatory regime for Web 3. - Nexo is a secure crypto exchange and crypto lending platform. Buy 40+ hot coins with your bank card in seconds and swap between exclusive pairs for cashback. Earn up to 17% interest on your idle crypto assets and borrow against them for instant liquidity. Simple and secure. Head over to nexo.io and get started now. - NEAR is a blockchain for a world reimagined. Through simple, secure, and scalable technology, NEAR empowers millions to invent and explore new experiences. Business, creativity, and community are being reimagined for a more sustainable and inclusive future. Find out more at NEAR.org. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - Consensus 2022, the industry’s most influential event, is happening June 9–12 in Austin, Texas. If you’re looking to immerse yourself in the fast-moving world of crypto, Web 3 and NFTs, this is the festival experience for you. Use code BREAKDOWN to get 15% off your pass at www.coindesk.com/consensus2022. - 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= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “Catnip” by Famous Cats and “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: Justin Sullivan/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

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.
0:15.0	The breakdown is sponsored by nexo.io, near an FtX, and produced and distributed by CoinDesk.
0:22.7	What's going on, guys? It is Monday, May 9th, and today we are talking the IMF, Argentina, California.
0:30.9	Before we get into that, however, a couple housekeeping notes.
0:34.8	There are two ways to listen to the Breakdown podcast. You can hear us on the
0:39.6	Coin Desk Crypto Podcast Network feed, which features not only the breakdown, but also a number of
0:44.0	other great shows from CoinDesk. Or you can listen on the Breakdown Only Feed. The Coin Desk feed
0:49.5	comes out in the afternoon. The breakdown only feed comes out in the evening. Whichever
0:53.4	feed you are listening on, if you're enjoying the show, give it a rating and a review. And if you want to come
0:58.2	join the conversation in a deeper way, check out the Breakers Discord. Lastly, a disclosure as always,
1:04.7	in addition to them being a sponsor of the show, I also work with FTX. Now, before we get
1:09.8	into our main topic, it was a pretty rough weekend for
1:13.8	crypto and frankly for everything. Bitcoin and crypto took another big leg down this weekend.
1:19.7	And as bleak as stocks are, crypto seems to be a leading indicator of pain in all risk markets.
1:26.1	Alex Kruger points out, whales can hold a level or area temporarily,
1:30.1	but crypto direction depends almost entirely on stocks, and stocks are quasi-dead. Stocks liquidity is at
1:35.7	its lowest in decades barring the corona crash, charts are all broken, and there are a few
1:40.0	potential positive catalysts coming up. Bunch of Fed speakers tomorrow who will be yapping about inflation and then CPI on
1:46.1	Wednesday are the big events this week.
1:48.4	Now, to me, one of the clearest indicators of where we are is how angry people are on
1:52.9	Twitter.
	...

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