What Jack Dorsey Leaving Twitter Means for Bitcoin

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 30 November 2021

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by NYDIG. On today’s episode, NLW looks at two topics. The first is the market crash that left bitcoin down 8.5% on Friday, only to partially recover over the weekend. NLW looks at the combination of macro factors – led by the Omicron COVID-19 variant – that may or may not have contributed to the turbulence. Second, he looks at the announcement that Jack Dorsey is stepping down from the CEO role at Twitter, to be replaced by Chief Technology Officer Parag Agrawal. What will this mean for bitcoin? Will Jack be spending more time on the cryptocurrency now? And what about Ethereum? Will a Web 3 blocker inside Twitter now be removed? What about censorship and the Twitter platform itself? - NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW. - “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. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Cole Burston/Bloomberg/Getty Images, modified by CoinDesk.

Transcript

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0:00.0	Twitter remains one of the most unique and valuable social networks from the Web 2.0 era.
0:05.4	It is the global water cooler in a way that nothing else is even close to.
0:09.8	There's a reason it's the epicenter of the entire crypto community, and ultimately, I care more about what the platform is like for the conversations itself than for any way that they happen to integrate Bitcoin
0:21.5	or crypto or not.
0:24.1	Welcome back to The Breakdown with me, NLW.
0:28.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:35.4	The breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
0:41.8	What's going on, guys? It is Monday, November 29th, and today we are talking about what Jack
0:47.4	Dorsey leaving Twitter might mean for Bitcoin. But first, obviously, we are just coming back from the holiday break. I hope you
0:56.8	had a great Thanksgiving if you were in the U.S. and celebrating that holiday and a good weekend
1:01.1	regardless. If you enjoyed that quick mini series of interviews, I have good news. With the end of the
1:07.4	year coming up and obviously the Christmas and New Year's holiday lurking right around the corner, I'm probably going to do another end-of-year interview series like I did
1:14.8	last year. It'll be really similar, a fast, fun, 21-minute style interview around the year that was
1:21.1	and the year to come. But obviously, as that series was going on, we were having some pretty wild times.
1:29.0	My intention today was to do a deep dive on why Bitcoin flumped about 8.5% on Friday only to come roaring back.
1:37.0	And I may do a deeper dive later this week because I think there's a lot of interesting things here,
1:41.8	but I do want to start with a brief overview of how many
1:44.7	macro factors were all converging at the same time. You had, of course, President Biden opening up
1:51.0	the Strategic Petroleum Reserve, allowing 50 million barrels from the SPR to move onto the market
1:57.4	in order to try to bring down oil prices. That sort of market intervention
2:02.1	from the presidential level is not exactly common when it comes to oil. You had another
2:07.0	major Chinese real estate company, the property developer Fantasia, halting trading after
	...

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