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 nexus.io and bitstamp and produced and distributed by CoinDes.

What's going on, guys? It is Saturday, June 19th, and that means it's time for the weekly recap.

And let's this week actually do a true weekly recap flitting across a number of topics,

starting with the latest from institutional Bitcoin. You've heard a number of times

on this show that there feels like a lack of momentum, and I think that that's true. However,

if we dig one layer deeper, there are definitely still institutional moves being made.

Nidig and FS investments are teaming up for a second Bitcoin fund for Morgan Stanley.

This comes from a recent SEC filing. Their first fund with Morgan Stanley came in March and

was a major demonstration of how mainstream Bitcoin has become for traditional investors.

Goldman Sachs, meanwhile, remains the most confused company when it comes to crypto. A report from

May 21st was titled Crypto, a new asset class. Then, at the beginning of this week, a new report

came out titled Digital Assets, Beauty is Not in the Eye of the Beholder, which had this conclusion,

Bitcoin is not a long-term store of value or an investable asset class. They also said,

quote,

we have refrained from repeating the positive and negative hype that surrounds this ecosystem

because we do not want clients to be seesawed, even swayed by a cacophony of assertions,

many of them unsubstantiated. Frankly, it all sounds to me like they switched because a

bare market might be starting. But wait, that's not where the saga

ends. Today, here's a headline from CNBC. Goldman Sachs ramps up Bitcoin trading and new partnership

with Mike Novogratz's Galaxy Digital. Yes, of course, a firm like Goldman Sachs has multiple divisions

...