The steady march of Bitcoin's number go-up technology is a simple fact of supply and demand.

We all know about and talk about Bitcoin's programmatic supply, but we miss something essential

if we don't also recognize that because of the passionate belief of long-term hoddlers,

many of whom haven't even been able to stack one full coin yet, the true supply available for

trading is radically less. The true supply available for trading is

radically less. The size and passion of this group continues to increase, and as it does so,

it resets the price floor up with it. 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 produced and distributed by CoinDes.

What's going on, guys? It is Friday, June 4th, and today we are asking the all-important question, who matters more to Bitcoin,

the whales or the plebs?

First up, let's do the brief.

First on the brief today, we have the jobs report for May, and it's kind of mixed news.

U.S. employers added 559,000 jobs last month, which is less than expected, but up from

278,000 in April, but still down from March when 785,000 jobs were added.

Matthew Luzetti, the chief economist for Deutsche Bank, said, quote, it's a middle of the road

report. It is disappointing relative to where we were a few months ago, where we were anticipating you could see a million plus type prints over these

coming months. We have had to ratchet down our expectations about what job gains are likely to be

going forward. Now, this should matter to you if you're in the Bitcoin space because it has a

meaningful impact on monetary policy going forward. Aggressive accommodated monetary policy has

allowed stock valuations to rise as high as they are. It's pushed people farther out on the risk

curve. A booming market featuring full employment and high inflation would force the Fed to change

...