The maturation of crypto-native companies has been really impressive.

And over time, they could come to become top-tier financial institutions that started off as

crypto-centric companies, but eventually contend with some of the traditional financial institutions of today.

So that's something that I'm excited to keep a pulse on going into 2021.

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 Crypto.com and nexoo.io and produced and distributed by CoinDesk.

What's going on, guys? It is Friday, December 25th, Merry Christmas.

Today on the breakdowns end of year extravaganza, I am joined by Ria Boutoria, the director of research at Fidelity Digital Assets.

Ria's research and writing on the Bitcoin and Crypto Space is some of the most salient and well-thought-out data analysis out there,

and obviously Fidelity has had a hugely significant place in the market.

In a year where the big story has been the growth of institutional participation in this space,

I wanted to have this very special Christmas episode of the end of year extravaganza.

Be from someone who is inside that hugely important actor Fidelity Digital Assets.

So without any further yammering,

let's talk some Bitcoin and Crypto now. All right, Rio, welcome to The Breakdown. It's great to

have you here. Thank you so much, Nathaniel. It's an honor. The Breakdown is one of my favorite

podcast. So it's great to be on here. Love it. Well, it's an honor. The breakdown is one of my favorite podcasts, so it's great to be on here.

Love it. Well, it's long overdue then, too. So this should be super fun. Basically, this show is all about just

exploring the year that's been the year to come, and you spend so much time living inside the data

that I know it's going to be a really fun conversation.

And I guess just to kick us off, let's stay at the highest possible level. What in your opinion

...