The Mainstream Media Narrative Shifts as Deutsche Bank and Morgan Stanley Come to Bitcoin

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 16 February 2021

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today on the Brief: A follow-up on celebrity in crypto Dapper Labs and BlockFi raising at multibillion dollar valuations Cathie Wood and ARK increase their bitcoin position Our main discussion looks at the latest institutional bitcoin news: Deutsche Bank – the world’s 21st largest – quietly revealed a digital asset custody program with much bigger ambitions in a December 2020 World Economic Forum report Bloomberg is reporting that Morgan Stanley’s $150B investment unit is considering a direct bitcoin position -- 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	CNN posted a story on Saturday titled Everything You Need to Know About Bitcoin and tweeted it out
0:05.7	saying, if you've been ignoring Bitcoin thinking it might just be a financial fad, now's the
0:10.6	time to start paying attention. On Sunday, the banner headline on Bloomberg was, Bitcoin's
0:16.3	epic run is winning more attention from Wall Street. Bitcoin nears $50,000 as it hits a record in weekend
0:22.9	action. We're so used to the stories of Bitcoin Fudd and why it's boiling the oceans and everything
0:29.2	else that to see that start to focus on this momentum that we all feel, the tectonic plates of
0:35.2	finance shifting under our feet is a remarkable thing.
0:39.6	Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big
0:46.9	picture power shifts remaking our world. The breakdown is sponsored by nexo.io and produced and distributed by CoinDesk.
0:57.3	What's going on, guys? It is Monday, February 15th, and today we are talking about even more
1:04.4	institutional involvement in Bitcoin. First up, however, let's do the brief. First up on the brief today, a quick follow-up from a
1:13.1	show last week. On Friday, I discussed Jay-Z and Jack Dorsey's Bitcoin Trust. The point that I was
1:21.1	making, or at least one of the points that I was making about celebrity involvement during
1:25.4	this Bitcoin cycle, was that it was coming in one of two forms,
1:29.5	either a creative thing that made sense, i.e. non-fungible tokens for musicians and artists
1:35.6	who are trying out a new medium, or two, it was around Bitcoin. I said this was powerful
1:42.0	and showed how much things had evolved since the days of everyone's
1:46.0	named coin in 2017, 2018. I also jokingly ended on enjoy it while it lasts, and that day,
1:53.8	literally that day, all of a sudden a slew of random B, C, and D-List celebrities started popping up, tagging TRX and Justin's son.
2:04.2	It was like Neo, Jake Paul, Lindsay Lohan, I mean, really the absolute cream of the crop.
2:09.7	So there it is. We are officially at the point where everything I said is no longer relevant.
2:15.5	In all actuality, I still think that this even more means that we should
	...

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