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 Wednesday, December 3rd, and today we are talking about why tokenization

could do for finance what the internet did for information. Before we get into that, however,

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bit.ly slash breakdown pod. All right, friends, our main topic today is some comments from Larry Fink,

but before that, let's do a little bit of price action news, where Bitcoin is back up recovering to a

two-week high. Tuesday's Open saw Bitcoin rally by 3.6% across the first two hours to head back above $90,000.

Price topped out at $94,000 overnight, but this was the strong rebound that many had been looking for.

Alex Kruger declared the time to believe in Santa has arrived.

Now, aside from the start of a Santa Claus rally, there were multiple competing theories for

what drove the move.

Bloomberg's Eric Belcunas thought we were watching the Vanguard effect as the asset management giant allowed their customers to buy Bitcoin for the first time. He tweeted, Bitcoin jumped 6% right around the U.S. Open on the first day after the Bitcoin ETF ban lifted? Coincidence? I think not. Also $1 billion in Ibit volume in the first 30 minutes of trading. I knew those vanguardians

had a little D-Gen in them. Even some of the most conservative investors like to add a little

hot sauce to their portfolio. Vanguard saving Bitcoin was not on my 2025 bingo card. I can tell you

that. Others were looking two macro factors in Fed liquidity. This week marked the end of quantitative

tightening with the Fed no longer shrinking

their balance sheet. At last month's Fed meeting, Jerome Powell had pushed back on the idea that

the Fed would immediately shift back into QE. However, he did guide that the Fed would add liquidity

at the margins in line with GDP growth. It seems that plan didn't last long, with the Fed injecting

...