My answer really comes down to that, one, we should have expected Bitcoin to get more correlated

to equities over time, and two, the reason for that has to do with what people are hedging

with Bitcoin. Paul Tudor Jones didn't come out with a big think piece about how Bitcoin

hedges against falling stock prices. He came out with a big think piece and a large announced position

in Bitcoin with the concern being currency debasement, the concern being the future of

fiat currency and its ability to continue to hold value. 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.

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What's going on, guys? It is Tuesday, September 8th, and today we are looking at Bitcoin,

specifically why investors don't seem particularly spooked by the last week or so of a Bitcoin dip. First, however, let's do the brief. First up on the brief today, the U.S.

markets, the traditional markets that is, continue their downturn. What happened? Well, last

week the S&P 500 fell 4.3% over the last two sessions, while the NASDAQ 100 has fallen 9% over the last three sessions,

including 2.2% today.

Tesla, one of the emblematic stocks of this time, fell 13% after being snubbed for S&P 500

inclusion and is down 20% overall in September.

Alongside this, the dollar has strengthened and treasury yields

have gone down as investors move more into those risk-off type assets. So why is this relevant? Well,

I see a bit of a new narrative starting to creep in that I think combines old fears and new fears.

The old fears have to do with the U.S. and China, which we'll get into in a minute, and questions

of the durability of the rally we've had since the coronavirus crash. The new fears, I think,

have to do with this fall chaos idea and concerns about

...