What Davos Man Thinks of Bitcoin and Crypto This Year

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 24 May 2022

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, NEAR and FTX US. On today’s episode of “The Breakdown,” NLW previews two things happening this week: First, hope from the markets that slightly dovish comments from the Fed might prompt a relief rally. Second, a preview of the discussions that will be taking place at the World Economic Forum, particularly around bitcoin and crypto. - Nexo is a secure crypto exchange and crypto lending platform. Buy 40+ hot coins with your bank card in seconds and swap between exclusive pairs for cashback. Earn up to 17% interest on your idle crypto assets and borrow against them for instant liquidity. Simple and secure. Head over to nexo.io and get started now. - NEAR is a blockchain for a world reimagined. Through simple, secure, and scalable technology, NEAR empowers millions to invent and explore new experiences. Business, creativity, and community are being reimagined for a more sustainable and inclusive future. Find out more at NEAR.org. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - Consensus 2022, the industry’s most influential event, is happening June 9–12 in Austin, Texas. If you’re looking to immerse yourself in the fast-moving world of crypto, Web 3 and NFTs, this is the festival experience for you. Use code BREAKDOWN to get 15% off your pass at www.coindesk.com/consensus2022. - Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “Catnip” by Famous Cats and “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: montipora/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.0	The breakdown is sponsored by nexo.io, near an FtX, and produced and distributed by CoinDesk.
0:22.8	What's going on, guys? It is Monday, May 23rd, and today we are talking about what Davos
0:28.3	man thinks of crypto, as well as the markets hope for a relief rally.
0:34.2	Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it,
0:38.5	give it a rating, give it a review, or if you want to get deeper into the conversation,
0:43.1	come join us on the breakers discord. You can find a link in the show notes or go to bit.
0:47.3	combe, slash breakdown pod. Also a disclosure, as always, in addition to them being a sponsor
0:52.6	of the show, I also work with FTX.
0:55.9	So today we are doing a little bit of a preview of the week to come, and we're going to be
1:00.0	focusing on two specific things. The first is the latest in the macro environment. So much of what's
1:07.4	happening in all markets, crypto and beyond, is being shaped now by the complex
1:12.6	interplay of expectations around the government's response to, on the one hand, inflation, which
1:18.3	has been the dominant force of the last year plus, and on the other, the risk of recession if the
1:22.7	tools used to impede inflation are too heavy-handed. There are, of course, a million other macro and geopolitical
1:29.4	factors, from supply disruptions based on war in Ukraine to China-COVID lockdowns and so on and so
1:36.2	forth. But when it comes to U.S. markets, there is a clinging to any sign and signal from the Fed.
1:43.8	On Friday, at the end of the trading day, there was an
1:46.1	unexpected bump in U.S. equities. Many pointed as a source to comments from St. Louis Federal
1:51.8	Reserve President James Bullard's comments that hit the wires at almost exactly the bottom.
1:56.9	In those comments, he said, first, that we have to get inflation under control.
	...

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