Why KPMG's Bitcoin Buy May Be a Bigger Deal Long Term Than Tesla's

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 9 February 2022

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This episode is sponsored by Nexo, Arculus, FTX US and MELD.com. KPMG Canada announced Monday it added BTC and ETH to its balance sheet, as well as buying carbon credits to offset its new environmental impact. On today’s episode, NLW explores how the market and crypto community are reacting to the news, and why it may actually be more significant in the long term than Tesla’s buy from a similar time last year. - Nexo is a powerful, all-in-one crypto platform where you can securely store your crypto. Invest, borrow, exchange and earn up to 18% APR on Bitcoin and 20+ other top coins. Insured for $375M. Audited in real-time by Armanino. Rated excellent on Trustpilot. Get started today at nexo.io. - Arculus™ is the next-gen cold storage wallet for your crypto. The sleek, metal Arculus Key™ Card authenticates with the Arculus Wallet™ App, providing a simpler, safer, and more secure solution to store, send, receive, buy, and swap your crypto. Buy now at getarculus.com. - 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. - MELD is building the first-ever decentralized, non-custodial crypto to fiat lending and borrowing solution that will allow its users to lend and borrow both crypto and fiat currencies seamlessly. Users can stake MELD directly on the MELDapp, which will allow for governance voting for new protocol improvements, insuring the protocol, and earning up to 15% APY in MELD rewards. Start using MELD today at app.meld.com. - “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 “Vision” by OBOY. Image credit: Miguel Pereira/Getty Images News, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	This type of adoption announcement matters not just in terms of the firm that's adopting
0:03.7	crypto, but in terms of how it normalizes this type of engagement with crypto for others.
0:09.5	KPMG is setting up a template or model for how other firms that want to add proof-of-work
0:13.8	assets to their balance sheet can while staying within an ESG paradigm.
0:19.8	Welcome back to The Breakdown with me, NLW.
0:24.0	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:29.8	The breakdown is sponsored by nexo.io, Arculus, and FTX, and produced and distributed by CoinDesk.
0:37.6	What's going on, guys?
0:38.9	It is Tuesday, February 8th, and today we are discussing why KPMG's Bitcoin Buy
0:45.6	may be a bigger deal long-term than Tesla's.
0:50.6	First, however, if you are enjoying the breakdown, please go subscribe, give it a rating, give
0:55.4	it a review, or if you want to dig deeper into the conversation, join the Discord.
1:00.2	You can find the link in the show notes or go to bit.ly slash breakdown pod.
1:04.7	Also, as always a disclosure, in addition to them being a sponsor, I also work with FTX.
1:09.9	And one more thing before we get into today's
1:13.7	show. This week, as I announced yesterday, I am thrilled to have a special sponsor in Meld.
1:20.3	If you have ever wondered how the rich are able to spend their money and still stay rich,
1:25.1	it's because they borrow against their assets. Meld is creating
1:29.5	a protocol that can be used by anyone and which offers that exact service but in a decentralized
1:35.5	way. Users of Meld's protocols will be able to borrow dollars, euros, and other fiat currencies
1:40.9	against their cryptocurrencies. If you want to learn more about the first
1:44.5	defy non-custodial banking protocol today, go check out meld.com. That's m-E-L-D.com. And thanks again to
	...

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