What the US Midterm Elections’ Lack of a ‘Red Wave’ Means for Crypto

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 10 November 2022

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Circle and FTX US. On today’s episode, NLW looks at the U.S. election results, including pro-crypto candidates who were elected (or re-elected) and what the overall balance of power means for crypto and business in general. He also previews Thursday’s October inflation numbers, which will be one of the key pieces of data that will influence Federal Reserve actions in December. - Nexo Pro allows you to trade on the spot and futures markets with a 50% discount on fees. You always get the best possible prices from all the available liquidity sources and can earn interest or borrow funds as you wait for your next trade. Get started today on pro.nexo.io. - Circle, the sole issuer of the trusted and reliable stablecoin USDC, is our sponsor for today’s show. USDC is a fast, cost-effective solution for global payments at internet speeds. Learn how businesses are taking advantage of these opportunities at Circle’s USDC Hub for Businesses. - 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. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is “War” by Enoch Yang. Image credit: Alex Wong/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.
0:09.3	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, circle, and FtX, and produced and distributed by CoinDesk.
0:22.8	What's going on, guys? It is Wednesday, November 9th, and today we are talking U.S.
0:26.9	elections and inflation print previews.
0:30.5	Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it,
0:33.9	give it a rating, give it a review, or if you want to dive deeper into the conversation,
0:41.8	come join us in the Breakers Discord. You can find a link in the show notes or go to bit.ly slash breakdown pod. Also, a disclosure, as always, in addition to being sponsored by them, I also work with
0:47.3	FTX, or Binance, or, well, I'm really not sure. So let's start there. And first of all, what a couple of fucking
0:55.8	tays. It has been headspinning like nothing I've experienced in the five years I've been in
1:00.2	crypto, and I think, frankly, it's already in the pantheon of headspinning moments in business
1:04.3	in general. I am unfortunately not in a position to talk in depth about it at the moment.
1:10.2	The situation is still rapidly
1:11.4	developing from everything that anyone on the outside can tell, so part of this is just not
1:15.2	wanting to add rumors on top of what is already chaos. On top of that, of course, I am more
1:19.3	personally wrapped up in whatever the heck happens next than most, and in those in-between
1:23.5	moments as deeply frustrating as it might be, especially to a professional podcaster,
1:28.6	saying less tends to be better than saying more. So what are we talking about today then? Well,
1:34.0	we're talking about what would have been the biggest news in any other moment, which is, of course,
1:37.4	the U.S. midterm elections. This election was fairly significant, with both control of Congress
1:43.3	and the Senate up for grabs.
1:45.5	Polling data from Kinnapia University showed that going into the polling, Democrats had
	...

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