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, December 8th, 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,

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, I apologize in advance for what I'm about to do to you.

If you have a ragometer, it is about to go off the charts.

Or perhaps you will just delight in the taste of salty tears.

But for anyone who thought that 100K Bitcoin would bring with it some broader consideration

and maybe a humility among people who have critiqued it in the past,

boy, boy, oh boy, oh boy, were you wrong? We're going to read three short essays today,

which I think will reinforce for you the idea that the people who don't like Bitcoin

will never like Bitcoin at any price. We'll kick off with

the most measured of them, a piece from the Wall Street Journal editorial board about what Bitcoin's

price says around the larger state of the market. And for each of these, I will, of course,

be turning it over to an 11 Labs version of myself. So here is, quote-unquote, me reading the

Bitcoin boom and easy money.

If financial conditions are as restrictive as Federal Reserve Governor's claim,

markets haven't received the message.

Bitcoin surged past $100,000 for a day this week, while the Dow Jones Industrial average is near 45,000.

Investors are partying like the high times won't end,

and it's hard to blame them when the Fed has promised more lubrication. Our friends in the financial

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