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 nexo.io and produced and distributed by CoinDes.

What's going on, guys? It is Sunday, June 6th, and that means it's time for Long Reads Sunday.

Yesterday, I was asking the question about whether this Bitcoin bull market is at its end.

And part of what I said felt very important to understand, before we

really know whether that's the case, is if and how the macro environment has shifted.

The macro landscape, the inflation narrative has been such a huge part of driving this Bitcoin

Bull cycle, that the unwinding of that, the changing of that would, you would imagine,

naturally have some consequences for where Bitcoin and crypto fit in the larger world.

We've been in a period of waiting, of wait to see, of wondering if there was going to be a

transition. It has felt to many like the economy was heating up in such a way that inflation was naturally

going to follow, and interest rates were going to have to rise because of that.

In consequence, the riskiest tech stocks that had the highest valuations have been in retreat

for a couple months, roughly the same period that Bitcoin has been idling or going down.

There is, however, a narrative counterweight,

that whatever the case in the short term of monetary policy, fiscal spending has entered a

fundamentally new era, a fundamentally new era in which Bitcoin could be more relevant than ever.

The potential for that new era is exactly what David Morris explored in a recent op-ed

on CoinDust called Has COVID-19 made Biden's big spending the new normal.

This came out just after Biden's budget was released and explores some of these questions.

President Joe Biden today unveiled a budget proposal that would increase U.S. federal

...