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, May 14th, and that means it's time for Long Reads Sunday.

Before we get into that, a quick note. If you are enjoying the breakdown, please go subscribe to it,

give it a rating, give it a review, or if you want to dive deeper into the conversation,

come join us on the breakers discord. You can find a link of the show notes or go to bit.ly slash breakdown

pod.

All right, friends, happy Sunday. You know, the breakdown doesn't have too many rules.

One is treat everyone with respect. Two is have a nuanced point of view and come at things with an open mind. But three is when Nick Carter writes something, we read it on Long Read Sunday.

One of the big themes recently on the breakdown and in the world that we inhabit has been the growing

partisanship around Bitcoin and crypto. Now, for a while, it seemed like it was more concentrated

on crypto than it was on Bitcoin, right? It was securities regulations. It was unregistered

securities exchanges. Those

seem to be the big offenders. And Bitcoin is the one crypto that everyone, even Gary Gensler,

agrees is a commodity. Recently, however, Bitcoin has not been safe either. And the attack factor

is, of course, mining and its environmental impact. About a week and a half ago, I did a show

called the Dame Tax is

an attack on Bitcoin, and it is in fact that tax that is the subject of Nick Carter's most

recent essay for CoinDesk. The piece is called the White House's Bitcoin mining tax undermines itself.

Imposing a levy on mining in the U.S., will send the industry overseas increasing emissions while depriving

the grid of a useful form of demand response.

In its bid to marginalize the domestic crypto industry, Nick writes,

...