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 Sunday, January 14th, and that means it's time for Long Read Sunday.

Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it,

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Now, friends, you know that this week, the subject of Long Read Sunday has to be the ETF or

associated. And so where we're going to start is with some excerpts from Matt Levine of Bloomberg

fame's column, Bitcoin ETFs are here for real.

This will not be the full column, but I will grab some pieces that I think are good.

Now, Matt represents an interesting voice.

He is not a crypto critic, like an Elizabeth Warren or anything like that, but he's a generally

skeptical human.

He's never really bought into any of the

crypto hype, and in many ways represents a sort of dispassionate voice that could represent a lot of

investors out there who have kind of just stayed on the sidelines. Matt writes,

taking a step back here, there is something really cool about what Bitcoin has accomplished,

in some ways much cooler than

Satoshi Nakamoto's original vision for it. The original vision of Bitcoin was that it would

be electronic cash, a way for people to send payments to each other without involving

a bank or other intermediary. Fifteen years later, I mean, there has been some progress along

...