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 Monday, April 7th, and today we are talking fallout, fallout,

fallout of the tariffs, of course. Same thing that everyone in the markets is talking about,

but of course coming at it from a Bitcoin angle. Before we get into that, however, 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 in the show notes or go to

bit.ly slash breakdown pod. Well, friends, it is day three of absolute mayhem in the tariff

economy. In fact, just before recording this, I saw Bloomberg's Joe Weisenthal tweet that this was

the worst three-day performance for the S&P 500 since October 1987. Not surprisingly, the introduction of these sweeping tariffs continues to be the biggest

story so far during the Trump presidency. Nationwide protests of varying sizes were held on Saturday

to oppose the Trump agenda, tariffs and everything else. Meanwhile, the stock market suffered its

worst two-day plunge since March 2020 to end

last week. Five trillion in value was wiped off the S&P 500 in a 10% drawdown. And for a time amid the

turmoil, Bitcoin was actually looking relatively sturdy. It sold off by 7% during Wednesday's

announcement, but traded relatively flat throughout the rest of the week at around 83,000.

With both major indices down more

than 4% on Friday, Bitcoin was actually solidly in the green, up 2%. This led many to believe

that Bitcoin was acting as a global hedge asset and finally decoupling from stocks.

To end the week, Standard Chartered published a note saying, over the last 36 hours, I think

we can add U.S. isolation hedge to the list of Bitcoin uses. Bitcoin continued to hold up for most of the weekend, reaching Sunday morning without

additional pain. Gemini co-CEO. Tyler Winkleboss tweeted, for the first time in history, Bitcoin

...