People that own it don't ever want to sell it.

And now we're in a situation where we've got like barbarians at the gate in corporate

interest one by one filing into the markets and the headlines.

And then, you know, you're hearing about more institutions that want to get into Bitcoin.

Whether the path in Bitcoin is directly a path north from here, I don't know.

But it does seem like it's

elbowing its way into the macro picture and gaining enough traction with the right people

that it's going to be with us and it's going to be a great investment.

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.

The breakdown is sponsored by nexo.io and produced and distributed by CoinDest.

What's going on, guys? It is Sunday, January 3rd, and today my final guest on The Breakdown's

end-of-year extravaganza is Tony Greer. Tony Greer is a macro guy through and through. He's the author

of The Morning Navigator, which is an absolutely essential newsletter for the macro trading set.

He's been on the show before. He's extremely thoughtful,

and I'm really excited to end this really fun two-week run of interviews with Tony. So let's kick

off 2021 with a bang. Here's Tony. All right, Tony, welcome back to the breakdown. It's great to

have you here. Oh, it's great to be back, Nathaniel. Thank you.

So this is going to be a fun conversation, 21 minutes, the year that was, the year to come.

And so let's kick it off with the most kind of obvious and important question, I think.

What was the most important economic story of 2020?

If you ask me, Nathaniel, I think the balance sheet going from $4 trillion to $7 trillion

...