In this week's episode, Mark and I kick things off with the current state of crypto markets. We next move into the economy, what the Fed is doing, and increasing economic indicators that we are heading towards a recession. Finally we wrap things up with the state of lending and credit in crypto, including the "runs on the bank" that we're seeing at Celsius and similar companies. For Mark and my take there, you'll have to listen to the show. -- Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Mark Yusko: https://twitter.com/MarkYusko Follow Mike: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Blockdaemon connects businesses to blockchains through 3 key services; staking & delegation, fully managed nodes, and the revolutionary Ubiquity API suite. Blockdaemon has mastered nodes; managing 36k+ of them for major exchanges, financial companies & custodians. With 100% Slashing insurance, you can trust Blockdaemon to connect your business to blockchains. More info at https://onthemargin.link/blockdaemon -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

SoFi’s Liz Young joins us on today’s episode of “On the Margin” for a post-FOMC rundown. When the Fed abandoned its anticipated 50 bp increase in favor of a 75 bp rate hike on the back of the Department of Labor announcing a higher-than-expected CPI of 8.6%, markets had a violent repricing. Liz, SoFi’s head of investment strategy, walks listeners through the forces driving the Fed’s tightening cycle — she also covers the housing market, “animal spirits,” red flags signaling an earnings recession, and the Fed’s reaction function to the wealth effect. Does Liz think we should anticipate a recession and continued Fed hawkishness? To find out, you’ll have to tune in. -- Follow Liz: https://twitter.com/LizYoungStrat Follow Mike: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/Blockworks_ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Referenced In The Show:  Fed Likely to Consider 0.75-Percentage-Point Rate Rise This Week: ​​https://www.wsj.com/articles/bad-inflation-reports-raise-odds-of-surprise-0-75-percentage-point-rate-rise-this-week-11655147927?mod=Searchresults_pos1&page=1 Coinbase To Cut 18% of Workforce, CEO Wary of Potential Recession: https://blockworks.co/coinbase-cut-workforce-ceo-wary-of-potential-recession/ Tech layoffs top 15K in a brutal May: https://techcrunch.com/2022/05/27/tech-layoffs-top-15k-employees-in-a-brutal-may/ -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- Timestamps: (00:00)・Introduction (01:11)・FOMC Meeting (02:56)・Increased Volatility & Market Reaction To A 75bp Hike (07:26)・The Housing Market (12:01)・Fireblocks Ad (13:19)・A Deep Recession On The Horizon (21:35)・Inflation Is THE Fed's Greatest Fear Listen to this episode on Apple or Spotify. Apple: https://tinyurl.com/mry8y4k3 Spotify: https://tinyurl.com/3vnnkrkw -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Mark, Dan Tapiero and I discuss the latest FOMC meeting, the 75 basis point raise and the carnage rippling through the markets. Inflation is at record highs but are the FED’s rate hikes a precision tool or a blunt instrument that will cause lasting market damage? We explore the global financial market, crypto’s outlook and the most likely outcome of the bear market. Will the Fed raise rates until the market breaks? Will the money printer turn back on? Tune in to find out! -- Follow Dan Tapiero: https://twitter.com/DTAPCAP  Follow Mark Yusko: https://twitter.com/MarkYusko Follow Mike: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Referenced in the show: John Collison (Stripe) conversation with Stanley Druckenmiller https://youtu.be/-7sWLIybWnQ -- Blockdaemon connects businesses to blockchains through 3 key services; staking & delegation, fully managed nodes, and the revolutionary Ubiquity API suite. Blockdaemon has mastered nodes; managing 36k+ of them for major exchanges, financial companies & custodians. With 100% Slashing insurance, you can trust Blockdaemon to connect your business to blockchains. More info at https://onthemargin.link/blockdaemon -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

On today’s episode of “On the Margin,” Director of Global Macro at Fidelity Jurrien Timmer joins the show. As markets were in turmoil on Monday after a surging 8.6% inflation print on Friday, Jurrien joined the show to discuss all the macro forces driving markets. With bond yields spiking, equity markets selling off, crypto getting crushed, credit showing signs of stress and investors fleeing for the exit bidding the U.S Dollar higher, it's clear the "Fed taking away the punch bowl" caught investors out as liquidity dried up and correlations went to one. Jurrien goes on to discuss projected earnings, inflation expectations, the breakdown of a 60/40 portfolio during financial repression and the commodity supercycle thesis. Will the Fed be able to thread the needle? Looking back at periods throughout history, Jurrien helps answer that question, but to hear that, you'll have to tune in! -- Follow Jurrien Timmer: https://twitter.com/TimmerFidelity Follow Mike: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/Blockworks_ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Referenced In The Show:  US Home-Price Appreciation Accelerates for Fourth Month: https://www.bloomberg.com/news/articles/2022-05-31/us-home-price-appreciation-accelerates-for-fourth-month#xj4y7vzkg The Four Stages of an Economic Slowdown: https://www.youtube.com/watch?v=LuB2RcrXFHE Grant Williams Reveals the End Game for Central Bank Money Printing: https://www.youtube.com/watch?v=hs4z8eU1qvI Sohn 2022 | John Collison in conversation with Stanley Druckenmiller: https://www.youtube.com/watch?v=-7sWLIybWnQ -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- Timestamps: (00:00)・Introduction (01:06)・Market Turmoil (03:24)・Rising Cost Of Capital (10:37)・Are We Heading For An Earnings Recession? (16:12)・The Fed's Goal Is Demand Destruction (21:56)・Inflation Expectations, The Fed Put & Rising Real Estate (30:35)・Fireblocks Ad (31:54)・Historical Stocks/Bonds Correlation (41:11)・Unwinding Of The 60/40 During Financial Repression (45:51)・The Commodity Supercycle Listen to this episode on Apple or Spotify. Apple: https://tinyurl.com/mry8y4k3 Spotify: https://tinyurl.com/3vnnkrkw -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Mark and I tackle the growing bubble in consumer credit. We take a look at the personal savings rate and compared it to the sudden staggering increase in revolving credit. We discussed the evolution of banking in recent history, the growing and worrisome trend of "Buy Now Pay Later" and Apple's foray into that field, and covered the overall psychology of consumers during a recession. We ended the episode by covering BlockFi's down round, and whether or not we can expect more of the same in crypto and tech. For that take, you'll have to tune into the show. -- Follow Mark Yusko: https://twitter.com/MarkYusko Follow Mike: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Listen to this episode on Apple or Spotify. Apple: https://tinyurl.com/mry8y4k3 Spotify: https://tinyurl.com/3vnnkrkw -- Blockdaemon connects businesses to blockchains through 3 key services; staking & delegation, fully managed nodes, and the revolutionary Ubiquity API suite. Blockdaemon has mastered nodes; managing 36k+ of them for major exchanges, financial companies & custodians. With 100% Slashing insurance, you can trust Blockdaemon to connect your business to blockchains. More info at https://onthemargin.link/blockdaemon -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

On today’s episode of “On the Margin,” former senior Federal Reserve trader Joseph Wang joins the show for a discussion on quantitative tightening. Citing Joseph's most recent piece "Turbo Tightening,” Mike and Joseph walk listeners through the monetary mechanics driving the Fed's balance sheet and the $2 trillion at the reverse repo. They then break down what this means for markets, specifically risk assets. As the Fed begins its quantitative tightening program, Joseph shares the scenarios which could lead to both a soft and hard landing for the Fed. As economist Lacy Hunt recently pointed out, “Since the Fed's founding in 1913, monetary tightening has resulted in hard landings in all but about 10 % of the cases. Some of the soft landings avoided a U.S. recession but still caused a financial crisis." Upon sharing his outlook for equities, bonds, inflation and risk assets, Joseph says there’s “a lot more pain to come.” This is a conversation you can't afford to miss as we wade through uncertain markets. To hear Joseph's thoughts, you'll have to tune in! -- Follow Joseph Wang: https://twitter.com/FedGuy12 Follow Mike: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/Blockworks_ Subscribe To The Blockworks Newsletter: https://blockworks.co/newsletter -- Referenced In The Show: Turbo Tightening: https://fedguy.com/turbo-tightening/ Charlie Rose: Sir James Goldsmith Interview - 15.11.94: https://www.youtube.com/watch?v=wwmOkaKh3-s Fed Governor Christopher Waller says he's prepared to take rates past 'neutral' to fight inflation: https://www.cnbc.com/2022/05/30/fed-governor-christopher-waller-says-hes-prepared-to-take-rates-past-neutral-to-fight-inflation.html Monetary policy normalization in the euro area: https://www.ecb.europa.eu/press/blog/date/2022/html/ecb.blog220523~1f44a9e916.en.html -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- Timestamps: (00:00)・Introduction (00:50)・Quantitative Tightening (08:07)・Soft Landing For Quantitative Tightening (13:05)・Hard Landing For Quantitative Tightening (21:21)・"A lot More Pain To Come" For Risk Assets (28:41)・Fireblocks Ad (29:58)・Raising Rates To Destroy The Wealth Effect (37:40)・Treasury Market Liquidity (42:01)・The End Game For The QE Era (45:32)・De-Globalization (47:14)・Expect a 30% Correction In Stocks (50:47)・Will Something Break & Powell Be Forced To Pivot? Listen to this episode on Apple or Spotify. Apple: https://tinyurl.com/mry8y4k3 Spotify: https://tinyurl.com/3vnnkrkw -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Charts Discussed In Today's Episode: https://bit.ly/3Q4P4zA In this week's episode, Mike and Mark get into a subject that is near and dear to everyone's heart: layoffs. The episode begins by getting into the raw numbers: initial and continuing jobless claims, the change in recent reports from ADP, and the record number of mentions of "hiring freeze" from CEOs. Next Mike and Mark cover how monetary policy and liquidity translate to demand and hiring needs at company. They cover things from the investor point of view, as well as the employee point of view and how you should think about taking on equity compensation. Finally, they cover insider trading laws in crypto and recent negative statements coming from the New York AG. For that discussion, you'll have to tune into the episode. -- Follow Mark Yusko: https://twitter.com/MarkYusko Follow Mike: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ Subscribe To The Blockworks Newsletter: https://blockworks.co/newsletter -- Listen to this episode on Apple or Spotify. Apple: https://tinyurl.com/mry8y4k3 Spotify: https://tinyurl.com/3vnnkrkw -- Blockdaemon connects businesses to blockchains through 3 key services; staking & delegation, fully managed nodes, and the revolutionary Ubiquity API suite. Blockdaemon has mastered nodes; managing 36k+ of them for major exchanges, financial companies & custodians. With 100% Slashing insurance, you can trust Blockdaemon to connect your business to blockchains. More info at https://onthemargin.link/blockdaemon -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

On today’s episode of “On the Margin,” David Rosenberg joins the show to discuss the mounting risk of recession. Investors are battling with the highest inflation the US has seen in 40 years. PMIs are contracting in China, M2 growth is turning negative, and consumers have begun to reign in spending. David forecasts a substantial economic slowdown and sees the threat of recession creeping closer — he also predicts a surprise shock that markets have yet to realize. Is a deflationary sucker punch on the horizon? You'll have to tune in to find out! -- David Rosenberg is the founder and President of the research firm Rosenberg Research. You can sign up for a free, one-month trial on their website: rosenbergresearch.com. Follow David Rosenberg: https://twitter.com/EconguyRosie Follow Mike: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/Blockworks_ Subscribe To The Blockworks Newsletter: https://blockworks.co/newsletter -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- Timestamps: (00:00)・Introduction (00:53)・Inflation (14:43)・Leading Indicators For Inflation (23:40)・Fireblocks Ad (24:57)・Declining Productivity (35:11)・The Great Narrative Unwind (45:48)・The Powell Put: Comparisons To Paul Volcker (50:24)・The Powell Pivot Listen to this episode on Apple or Spotify. Apple: https://tinyurl.com/mry8y4k3 Spotify: https://tinyurl.com/3vnnkrkw -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

The On The Margin weekly round up returns! After a busy week in Palm Beach for the Blockworks event Permissionless, your favourite weekly round up is back to discuss the biggest stories in markets. Mike and Mark focus on tackling the narratives that were popular during the bull market to see how they are holding up during 2022's unwind. Can the Fed raise rates considering the amount of outstanding debt the US has, are we really in a supercycle, how will the bear market compare to previous market declines and so much more. To hear their thoughts, you'll just have to tune into the episode! -- Follow Mark Yusko: https://twitter.com/MarkYusko Follow Mike: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter -- Listen to this episode on Apple or Spotify. Apple: https://tinyurl.com/mry8y4k3 Spotify: https://tinyurl.com/3vnnkrkw -- Blockdaemon connects businesses to blockchains through 3 key services; staking & delegation, fully managed nodes, and the revolutionary Ubiquity API suite. Blockdaemon has mastered nodes; managing 36k+ of them for major exchanges, financial companies & custodians. With 100% Slashing insurance, you can trust Blockdaemon to connect your business to blockchains. More info at https://onthemargin.link/blockdaemon -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

On today’s episode of “On the Margin,” Ben Cowen, CEO of Into The Cryptoverse joins the show to discuss the crypto winter and bear market many investors are experiencing. As sentiment shifts, Bitcoin dominance begins rising & macro forces drive widely viewed risk assets lower, Ben gives a measured & data driven analysis of the fundamentals driving Bitcoin and crypto more broadly. Should we expect more pain to come or are investors preparing for a bottom in the near future? To find out, you'll have to tune in. -- Follow Ben Cowen: https://twitter.com/intocryptoverse Follow Mike: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/Blockworks_ If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- Timestamps: (00:00)・Introduction (01:08)・Bitcoin Dominance (09:31)・Sentiment Shifts In Crypto (13:10)・Bull, Bear & Base Case (16:30)・Comparisons Between Crypto & The 2000 Tech Bubble (23:16)・Timing A Bear Market Bottom (28:22)・Diminishing Returns In Crypto (33:12)・Fireblocks Ad (34:30)・Building In A Bear Market (39:48)・The Macro Forces Driving Crypto (45:08)・The Ethereum Merge (52:15)・Surviving A Bear Market Listen to this episode on Apple or Spotify. Apple: https://tinyurl.com/mry8y4k3 Spotify: https://tinyurl.com/3vnnkrkw -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

On today’s episode of “On the Margin,” Steve Van Metre joins the show to discuss Fed chair Powell's plan to crash the stock market in 2022. With soaring inflation, the Fed embarks on its plan to tighten financial conditions at an accelerating pace with stock holders being the number one target. Steve also discusses the state of the bond market, signs of a looming recession, when we may see a market bottom, peak inflation and how a rising dollar could effect all of these scenarios the Fed is faced with. -- Follow Steve: https://twitter.com/MetreSteven Follow Mike: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/Blockworks_ If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- Timestamps: (00:00)・Introduction (01:01)・Have We Seen Peak Inflation? (03:46)・The Bond Market (12:04)・A Rising Dollar (14:53)・How Do Sanctions Effect The Dollar? (18:18)・Delinquencies In China (19:45)・Fireblocks Ad (21:02)・Lockdowns In China (23:38)・Is The U.S Heading For Recession? (26:17)・Powell Wants To Crash The Stock Market (36:02)・Signs of A Market Bottom (40:25)・The Fed Wont Get Their Soft Landing (42:12)・Final Thoughts Listen to this episode on Apple or Spotify. Apple: https://tinyurl.com/mry8y4k3 Spotify: https://tinyurl.com/3vnnkrkw -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this week's episode, Mark and I focus primarily on one story: the depegging of UST and evaporation of Luna. We cover a brief overview of UST, what the algorithmic model was that underpinned it, and what caused it to come undone. We also got into the aftermath of an explosion like this, and the contagion that could spread out into the ecosystem. We also discussed what new entrants to crypto should expect in a bear market, the current state of Coinbase, and Elon Musk's decision to "pause" his bid for Twitter. -- Follow Mark Yusko: https://twitter.com/MarkYusko Follow Mike: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Listen to this episode on Apple or Spotify. Apple: https://tinyurl.com/mry8y4k3 Spotify: https://tinyurl.com/3vnnkrkw -- Blockdaemon connects businesses to blockchains through 3 key services; staking & delegation, fully managed nodes, and the revolutionary Ubiquity API suite. Blockdaemon has mastered nodes; managing 36k+ of them for major exchanges, financial companies & custodians. With 100% Slashing insurance, you can trust Blockdaemon to connect your business to blockchains. More info at https://onthemargin.link/blockdaemon -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

On today’s episode of “On the Margin,” Peter Boockvar, chief investment officer at Bleakley Advisory Group, joins the show to discuss the Fed’s dilemma. With markets selling off in reaction to one of the fastest hiking cycles in recent history, Peter explains how current inflation rates have "put the Fed in handcuffs.” Peter shares his outlook for both the stock and bond markets, answering the questions: Where is the Fed put in this cycle? Will the Fed be forced to reverse course if problems arise in credit and repo markets? Or is inflation the number one enemy? To find out, you'll have to tune in! -- Follow Peter Boockvar: https://twitter.com/pboockvar Follow Mike: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/Blockworks_ If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter -- Referenced In The Show: Bretton Woods III. https://static.bullionstar.com/blogs/... "Russia, China new pipeline, to settle in euros": https://tinyurl.com/bd3hr69d Saudi Arabia Considers Accepting Yuan: https://tinyurl.com/pb6keeh2 Ben S. Bernanke Article: https://tinyurl.com/2p968u9m -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- Timestamps: (00:00)・Introduction (00:43)・Peter's Macro Outlook (02:18)・The Bond Market Bubble (09:40)・Unintended Consequences of Government Intervention (15:57)・The Credit Cycle (18:01)・Lack of Credibility In The Fed (23:31)・Fireblocks Ad (24:49)・The U.S Dollar (29:40)・Zoltan Poszar: Bretton Woods III (32:41)・Is The World Shifting Away From The Dollar? (34:35)・The Role of Commodities Over The Next Decade (36:24)・Equity Market Outlook (40:56)・Will Powell Be Forced To Pivot? Listen to this episode on Apple or Spotify. Apple: https://tinyurl.com/mry8y4k3 Spotify: https://tinyurl.com/3vnnkrkw -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Mark and I are focused on answering one question: what is going on with markets? We kick things off with a quick summary of the equity and bond markets, both of which are having some of their worst starts to the year ever. In the case of the US 10 year, YTD performance through April is the worst it's been since 1778! Next we moved onto three unsustainable states of being in the market today: 1) equity valuations 2) debt to GDP and 3) wealth inequality. We discussed each of these topics at length, and outlined their connections to one another. Finally we ended on the transition away from capital to labor, but for that you'll have to tune into the show. -- Follow Mark Yusko: https://twitter.com/MarkYusko Follow Mike: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Listen to this episode on Apple or Spotify. Apple: https://tinyurl.com/mry8y4k3 Spotify: https://tinyurl.com/3vnnkrkw -- Blockdaemon connects businesses to blockchains through 3 key services; staking & delegation, fully managed nodes, and the revolutionary Ubiquity API suite. Blockdaemon has mastered nodes; managing 36k+ of them for major exchanges, financial companies & custodians. With 100% Slashing insurance, you can trust Blockdaemon to connect your business to blockchains. More info at https://onthemargin.link/blockdaemon -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

On today’s episode of “On the Margin,” founder and managing director of DeFi Advisors Michael Nicoletos shares the macro forces driving the dollar higher. As risk mounts, recession warnings loom, and investors take flight for safe haven assets, it's no wonder the dollar finds itself rallying past March 2020 highs. With an expertise in FX markets, Michael shares how the dollar wrecking ball will impact the global economy, particularly emerging markets, as growth continues to slow and the world scrambles for greenbacks. To hear Michael’s take, you’ll have to tune in! -- Follow Michael Nicoletos: https://twitter.com/mnicoletos Follow Mike: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/Blockworks_ If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter Referenced In The Show: Bretton Woods III. https://static.bullionstar.com/blogs/uploads/2022/03/Bretton-Woods-III-Zoltan-Pozsar.pdf -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- Timestamps: (00:00)・Introduction (00:50)・Michael's Macro Outlook (06:30)・US Dollar Wrecking Ball (10:04)・The Russian Ruble (15:00)・Fireblocks Ad (16:17)・Bretton Woods III (26:13)・What's Going On With The Yen? (28:31)・Trouble In Emerging Markets (35:28)・Is The Fed Behind The Curve? Listen to this episode on Apple or Spotify. Apple: https://tinyurl.com/mry8y4k3 Spotify: https://tinyurl.com/3vnnkrkw -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Mark and I started off with an old topic that is just resurfacing: the criminal charges being levied against ex-Tiger Cub Bill Hwang. Next we moved onto the slowing growth in GDP, precipitous rise of the DXY, and the damage being done to tech stocks compared to crypto. Finally we ended things on Fidelity's decision to allow 401K participants to include Bitcoin and the Labor Department's response. For that take, you'll need to tune into the episode. -- Follow Mark Yusko: @MarkYusko Follow Mike: @MikeIppolito_ Follow Blockworks: @Blockworks_ -- Listen to this episode on Apple or Spotify. Apple: https://tinyurl.com/mry8y4k3 Spotify: https://tinyurl.com/3vnnkrkw -- Blockdaemon connects businesses to blockchains through 3 key services; staking & delegation, fully managed nodes, and the revolutionary Ubiquity API suite. Blockdaemon has mastered nodes; managing 36k+ of them for major exchanges, financial companies & custodians. With 100% Slashing insurance, you can trust Blockdaemon to connect your business to blockchains. More info at https://onthemargin.link/blockdaemon -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

On today’s episode of “On the Margin,” 42 Macro founder and CEO Darius Dale gives listeners the details on his four horsemen of market risk signals and what they tell us about potential hazards brewing in the market. Along with host Michael Ippolito, Darius walks us through his point of view on the Fed’s inflation fears, the Bank of Japan’s reinstatement of yield curve control, and warning signs coming out of China. They also speculate on the 40-year bull run on the bond market: Could we soon be witnessing a regime change? To hear Darius’ take, you’ll want to tune in. Referenced In The Show: BoJ Announcement on the Conduct of Fixed-Rate Purchase Operations: https://www.boj.or.jp/en/announcements/release_2022/rel220420d.pdf China’s Population Flatlines With Fewest Births Since 1950: https://www.bloomberg.com/news/articles/2022-01-17/china-s-population-flatlines-with-fewest-births-since-1950 -- Follow Darius Dale: https://twitter.com/42macroDDale Follow Mike: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/Blockworks_ -- Listen to this episode on Apple or Spotify. Apple: https://tinyurl.com/mry8y4k3 Spotify: https://tinyurl.com/3vnnkrkw -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter Timestamps: (00:00)・Introduction (01:13)・Darius' 2022 Market Outlook (08:51)・6-12 Month Cyclical Outlook (12:39)・The Fed's Inflation Fears (16:11)・The Four Horsemen of Market Risk (20:32)・Growth To Value (22:43)・BoJ Announces Yield Curve Control (28:26)・Fireblocks Ad (29:45)・Is The Bond Bull Market Over? (35:50)・The Chinese Credit Cycle (39:22)・The Rise & Fall of Empires (43:04)・A Polarising World & Shift To De-Globalization (45:54)・Venture Capital Flows Into Crypto

In this episode, Mark and I kick things off with Netflix's earnings. After posting their first ever subscriber loss, the stock tumbled nearly 40% costing recent investor Bill Ackman $430 Million in just three months. We covered what this recent sell-off might portent for tech stocks moving forward. After Netflix we moved on to discuss the Yen and it's rapid slide against the dollar. Mark gave some color as to why the Yen functions as a reserve asset for global investors, and what its depreciation means for markets. Finally we covered the recent rise in food prices, the Bitcoin lightning network, and crypto valuations. For that, you'll have to tune into the show. -- Follow Mark Yusko: @MarkYusko Follow Mike: @MikeIppolito_ Follow Blockworks: @Blockworks_ -- Listen to this episode on Apple or Spotify. Apple: https://tinyurl.com/mry8y4k3 Spotify: https://tinyurl.com/3vnnkrkw -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

On today's episode of On The Margin, Mike Ippolito is joined by Blockdaemon CEO & Founder Konstantin Richter to discuss the rise & fall of crypto culture. When sentiment shifts in crypto markets, founders build conviction. Konstantin reminds us of previous cycles & shares why he has never been more optimistic on the future of crypto than right now. Mike & Konstantin also discuss the founding of Blockdaemon, the pro's & con's in centralization vs decentralization, the outlook for a multichain future & designing new governance systems in an increasingly digital world. Read The Rise & Fall of Crypto Culture: https://andrecronje.medium.com/the-rise-and-fall-of-crypto-culture-3d0e6fd3e0e9 -- Follow Konstantin Richter: @konstantin11 Follow Mike: @MikeIppolito_ Follow Blockworks: @Blockworks_ -- Listen to this episode on Apple or Spotify. Apple: https://tinyurl.com/mry8y4k3 Spotify: https://tinyurl.com/3vnnkrkw -- Blockdaemon connects businesses to blockchains through 3 key services; staking & delegation, fully managed nodes, and the revolutionary Ubiquity API suite. Blockdaemon has mastered nodes; managing 36k+ of them for major exchanges, financial companies & custodians. With 100% Slashing insurance, you can trust Blockdaemon to connect your business to blockchains. More info at https://onthemargin.link/blockdaemon -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter -- Timestamps: (00:00)・Introduction (01:46)・The Rise & Fall of Crypto Culture (09:07)・Are Institutions Failing Us? (15:21)・Proof-of-Work vs Proof-of-Stake (20:34)・Centralization vs Decentralization (29:27)・Blockdaemon Ad (30:37)・Blockdaemon (38:19)・A Multichain Future

In this week's episode, we started off with a recap of Bitcoin Miami from Mark. Next we launched into March's record breaking CPI print, and where Mark sees inflation heading from here. Next we moved into PPI (Producer Price Index) and PMI (Purchasing Manager's Index), what those economic indicators mean, and what they can tell us about the next 18 months of growth. We took a look at food inflation, various asset prices, and how investors should be thinking about the volatile environment we find ourselves in. Finally we closed on Elon's attempted purchase of Twitter, but for that take you'll have to check out the show. -- Follow Mark Yusko: @MarkYusko Follow Mike: @MikeIppolito_ Follow Blockworks: @Blockworks_ -- Listen to this episode on Apple or Spotify. Apple: https://tinyurl.com/mry8y4k3 Spotify: https://tinyurl.com/3vnnkrkw -- Blockdaemon connects businesses to blockchains through 3 key services; staking & delegation, fully managed nodes, and the revolutionary Ubiquity API suite. Blockdaemon has mastered nodes; managing 36k+ of them for major exchanges, financial companies & custodians. With 100% Slashing insurance, you can trust Blockdaemon to connect your business to blockchains. More info at https://onthemargin.link/blockdaemon -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter -- Timestamps: (00:00)・Introduction (01:36)・Takeaways From Bitcoin Miami 2022 (05:08)・8.5% Inflation Print (06:56)・U.S. PPI Hits Record High (13:48)・Chinese PMI Rolling Over (16:52)・Expecting shorter cycles (23:38)・Negative Asset Class Returns In 2022 (28:55)・Blockdaemon Ad (30:04)・Financial Repression (32:07)・Elon Musk Offer's To Buy Twitter

On today's episode of On The Margin Mike Ippolito is joined by Andreas Steno Larsen and Alfonso Peccatiello for a special announcement: Their new podcast “The Macro Trading Floor” will be launching Sunday, April 17th on the Blockworks network with a VERY special guest. To stay up to date with the new show, subscribe here: apple.co/38Maf8f With inflation soaring over 8%, bond markets selling off, and the Fed turning increasingly hawkish, Andreas and Alfonso explain how to maneuver the market during these uncertain times. The two macro powerhouses put their money where their mouth is by each announcing an actionable trade idea — but to hear that, you'll have to tune in! Referenced In The Show: https://www.bloomberg.com/news/features/2022-04-05/will-russia-s-war-in-ukraine-cause-wheat-shortages-raise-food-prices-more?cmpid=socialflow-facebook-business https://www.bloomberg.com/news/articles/2022-04-07/u-s-mortgage-rates-rise-for-fifth-week-with-30-year-at-4-72?cmpid%3D=socialflow-twitter-billionaires -- Follow Alfonso Peccatiello: @MacroAlf Follow Andreas Steno Larsen: @AndreasSteno Follow Mike: @MikeIppolito_ Follow Blockworks: @Blockworks_ -- Listen to this episode on Apple or Spotify. Apple: https://tinyurl.com/mry8y4k3 Spotify: https://tinyurl.com/3vnnkrkw -- Blockdaemon connects businesses to blockchains through 3 key services; staking & delegation, fully managed nodes, and the revolutionary Ubiquity API suite. Blockdaemon has mastered nodes; managing 36k+ of them for major exchanges, financial companies & custodians. With 100% Slashing insurance, you can trust Blockdaemon to connect your business to blockchains. More info at https://onthemargin.link/blockdaemon -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter -- Timestamps: (00:00)・The Macro Trading Floor (03:07)・Macro Outlook (06:00)・Stock Market Outlook (09:05)・The Housing Market (11:29)・Alpha vs Beta Market (14:21)・Blockdaemon Ad (15:31)・Andreas' Trade Idea (20:26)・Alf's Trade Idea (27:03)・Final Thoughts

In this episode I am joined by my colleagues and special guest hosts Jack Farley and Byron Gilliam. We went through a whole range of topics today, beginning with the bond market. We gave everyone an update on the rate hikes that the market is pricing in (spoiler alert: it's a lot), the historic rout happening at the long end of the curve, and how the Fed is likely to respond. We also discussed how to play a bond sell off, and the "risk vs reward" of investing in risk assets at the current time. We also covered the additional tail risk of Shanghai's recent COVID shutdown, and how that may exacerbate the current inflationary impulse. Next we went on to discuss Peter Thiel's recent comments at Bitcoin 2022, in which he decried the "gerontocracy" of Warren Buffett, Jamie Dimon and Larry Fink. He also said that Bitcoin could eventually grow larger than the global stock market, which is currently worth roughly $115 trillion. Next we moved on to the growth of Lightning Network, and the recent announcements that from both Strike and Robinhood. Finally we moved on to discuss Terra's $100 million purchase of AVAX, but for our takes there you will have to tune into the episode. -- Follow Jack Farley: @JackFarley96 Follow Byron Gilliam: @bgilliam1982 Follow Mike: @MikeIppolito_ Follow Blockworks: @Blockworks_ -- Listen to this episode on Apple or Spotify. Apple: https://tinyurl.com/mry8y4k3 Spotify: https://tinyurl.com/3vnnkrkw -- Blockdaemon connects businesses to blockchains through 3 key services; staking & delegation, fully managed nodes, and the revolutionary Ubiquity API suite. Blockdaemon has mastered nodes; managing 36k+ of them for major exchanges, financial companies & custodians. With 100% Slashing insurance, you can trust Blockdaemon to connect your business to blockchains. More info at https://onthemargin.link/blockdaemon -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter -- Referenced In The Show: Jim Bianco Thread On Bonds: https://twitter.com/biancoresearch/status/1512106368647536649 Timestamps: (00:00) Introduction (00:36) Permissionless (01:48) The Bond Market (06:20) The Stock Market  (12:10) Zoltan Pozsar Calls For Bretton Woods III (16:40) Risk/Reward In Risk Assets (20:20) Lockdowns In Shanghai (25:40) Peter Thiel Bitcoin Miami 2022 Speech (32:05) The Lightning Network  (40:35) Blockdaemon Ad (41:45) LFG Acquires $100 Million in Avax (57:18) Final Thoughts

On today's episode of On The Margin, Mike Ippolito is joined by returning guest Eric Basmajian, founder of EPB Macro Research. After correctly identifying signs of decelerating growth months ahead of most, Eric comes back to the podcast to share how he forecast the economic slowdown. As the yield curve inverts, GDP numbers begin downward revisions and investors deal with soaring prices across the whole commodity complex. Eric lays out the major warning signs that can help identify cyclical changes in the economy. Referencing Edward E. Leamer's paper "Housing IS the Business Cycle,” Eric also gives listeners a crash course on the connection between housing and economic growth. To hear more, tune in! Read Housing IS The Business Cycle: https://www.nber.org/papers/w13428 -- Follow Eric Basmajian: @EPBResearch Follow Mike: @MikeIppolito_ Follow Blockworks: @Blockworks_ -- Listen to this episode on Apple or Spotify. Apple: https://tinyurl.com/mry8y4k3 Spotify: https://tinyurl.com/3vnnkrkw -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter Timestamps: (00:00)・Introduction (06:46)・The Economic Pyramid (13:24)・Housing IS the Business Cycle (29:05)・Fireblocks Ad (30:24)・Falling Corporate Profits (35:33)・Risk Assets (40:55)・Is Inflation Transitory, Or Not? (47:25)・Rising Populism (53:34)・How To Solve The Growth Problem

In todays On The Margin weekly roundup, Mark & I begin by discussing the 2yr 10yr yield curve inversion. Is the bond market signalling a recession on the horizon? What will this mean for other asset classes such as stocks, commodities & crypto? We then transition to discussing the work from home dynamic and whether employees will cause an exodus out of big cities, whilst demanding the same wages. What does this mean for the labor market throughout 2022 & beyond? Finally, we dive into Zoltan Pozsar's recent 10 page note published by Credit Suisse titled 'Money, Commodities, and Bretton Woods III'. For that discussion, you'll need to tune into the show. Come join the hosts of On The Margin at Blockwork's Permissionless! Next month in Palm Beach, Florida - we invite you to a packed few days of Panels, Parties, and Crypto! Get your ticket now at https://blockworks.co/events/permissionless/ Zoltan Poszar Money, Commodities, and Bretton Woods III - https://plus2.credit-suisse.com/shorturlpdf.html?v=51io-WTBd-V -- Follow Mark Yusko: @MarkYusko Follow Mike: @MikeIppolito_ Follow Blockworks: @Blockworks_ -- Listen to this episode on Apple or Spotify. Apple: https://tinyurl.com/mry8y4k3 Spotify: https://tinyurl.com/3vnnkrkw -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter Timestamps: (00:00) Introduction (00:14) Permies and Permissionless! (02:42) The Yield Curve Inverted: What next? (09:40) The Yield Curve & Stocks (20:57) Commodities Bull Market (26:02) Wages: Location vs Quality of Work (30:11) Fireblocks Ad (31:29) Remote Workers Migrate (34:15) Ruble Bounces Back (44:17) Michael's Weekly History Fact (46:50) Zoltan Poszar Calls For Bretton Woods III (54:01) Thoughts on Luna & Terra

In this episode of On The Margin Mike Ippolito is joined by returning guest Mike McGlone, the Senior Commodity Strategist at Bloomberg Intelligence. With 20+ years in the industry as a Trader, Analyst & Strategist, Mike offers a unique perspective on the forces driving global markets, with particular expertise on global commodity markets. As war between Russia & Ukraine continues, we invited Mike back to On The Margin to share his insights into how continued conflict effects wheat, oil, natural gas & agriculture markets throughout 2022. Mike also shares how the S&P 500 is facing a market correction similar to 2008, the political reaction to inflation, how the Fed will be forced to hike rates to curb inflation & how crypto will perform in this environment. -- Follow Mike McGlone: @mikemcglone11 Follow Mike: @MikeIppolito_ Follow Blockworks: @Blockworks_ -- Listen to this episode on Apple or Spotify. Apple: https://tinyurl.com/mry8y4k3 Spotify: https://tinyurl.com/3vnnkrkw -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter Timestamps: (00:00)・Introduction (00:46)・Fed Rate Hikes (04:20)・Bitcoin Market Outlook (10:43)・Oil Outlook (16:52)・Political Pressure Of Rising Gas Prices (23:07)・Market Similarities To 2008 (27:24)・Fireblocks Ad (33:07)・Sanctions On Russia (37:55)・U.S vs China: Great Power Competition (46:48)・Assets To Own In This Environment

In this episode, Mark and I got deep into the biggest stories of the week. We covered the rising costs of oil, and the $11 billion and $16.5 billion relief packages from California and Germany. We also got into recent comments from Ray Dalio of Bridgewater and Larry Fink of Blackrock embracing crypto, but why that might not be as sunny as it first may seem. And finally we closed the session out on where we currently are in crypto's market cycle. For that discussion, you'll need to tune into the show. -- Follow Mark Yusko: @MarkYusko Follow Mike: @MikeIppolito_ Follow Blockworks: @Blockworks_ -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

In this episode of On The Margin Mike Ippolito is joined by returning guest & former Hedge Fund Manager Russell Clark of Russell Clark Investment Management. After spending over a decade as an Investment Manager, Russell joins On The Margin to discuss the period of change we find ourselves in. From trends in inflation to the evolution of market structure & reliance on clearing houses, Russell provides a big picture macro framework for thinking about markets, & the world more broadly. Russell shares his thoughts on the connection between real wages & food prices, what conflict in Ukraine means for food, energy & U.S treasuries as a global reserve asset, the unwinding of the 50 year petrodollar system, how a Russian debt default could increase market volatility, recent price action in commodities & so much more! -- Follow Russell Clark: @rampagingruss Follow Mike: @MikeIppolito_ Follow Blockworks: @Blockworks_ -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

In this week's round up, Mark and I were joined by special guest Brent Johnson of Santiago Capital. Among many other things, Brent is famous for his "dollar milkshake theory," which is his view of what a sovereign debt crisis will look like in the future. Brent kicked things off by giving us a rehash of the milkshake theory and his thoughts on what the dollar may do over the course of the next decade. Next we dug deep into the US - China relationship, and got Mark's and Brent's views on who is winning in the power competititon. Next we examined the historic decision to confiscate Russian central bank assets, and the implications that may have for treasuries and the dollar as foreign exchange reserves. Finally, we concluded by looking at the collapse of Russia's economy and imminent default on their debts. We discussed the implication that will have for markets, but for that info you have to listen to the episode. -- Follow Brent Johnson: @SantiagoAuFund Follow Mark Yusko: @MarkYusko Follow Mike: @MikeIppolito_ Follow Blockworks: @Blockworks_ -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

In this episode of On The Margin Mike Ippolito is joined by Neil Howe Author of the best-selling book The Fourth Turning. Cycles often resurge throughout history, booms & busts, highs & lows, ascending & descending empires. We often forget history is full of these recurring cycles, thats why we invited Neil Howe to On The Margin, an expert on generational cycles to the show to discuss what the cycles of history tell us about America's next rendezvous with destiny. Neil provides his assessment of the current saeculum, describing the post global financial crisis era and the polarization this has exacerbated. Neil goes on to share his thoughts on comparisons between the fourth turning and the economic cycle popularly phrased by Ray Dalio as the long term debt cycle, explaining how this led to unprecedented central banking responses around the world. To hear Neil's thoughts on all these issues, you'll have to tune into the episode. -- Follow Neil Howe: @HoweGeneration Follow Mike: @MikeIppolito_ Follow Blockworks: @Blockworks_ -- Listen to this episode on Apple or Spotify. Apple: https://tinyurl.com/mry8y4k3 Spotify: https://tinyurl.com/3vnnkrkw -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

In this week's episode, Mark and I covered two topics: Biden's execurive order on crypto, and inflation data. We kicked things off with the Biden's executive order. We covered what it actually is, what it isn't, and which agencies the order referred to. After that, we took a deep dive into February's inflation print. We also took a look at the rising cost of oil and how that impacts economies. Mark gave us a bit of a history lesson in terms by comparing today's oil shock with the one from the 1970s. We also took a look at what the Fed is likely to do when faced with two opposing forces: financing conflict and facing down a possible recession and searing hot inflation. For our thoughts on that last issue, you'll have to tune into the episode. -- Follow Mark Yusko: @MarkYusko Follow Mike: @MikeIppolito_ Follow Blockworks: @Blockworks_ -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

In this episode of On The Margin Mike Ippolito is joined by Leland Miller, CEO of China Beige Book International for a deep dive into the Chinese financial system. After founding China Beige Book over 12 years ago, Leland provides a data driven assessment of the Chinese economy exploring whether China's growth model is coming to an end. Leland also discusses China's financial deleveraging, the demographics of China's population, the reversal in globalization, tensions with the U.S, conflict between Russia & Ukraine & much more. -- Follow Leland Miller: @ChinaBeigeBook Follow Mike: @MikeIppolito_ Follow Blockworks: @Blockworks_ -- Listen to this episode on Apple or Spotify. Apple: https://tinyurl.com/mry8y4k3 Spotify: https://tinyurl.com/3vnnkrkw -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

In this week's round up, Mark and I are joined by special guest Mike Green of Simplify Asset Management. This week we were focused on answering one big question: "how will sanctions and financial exclusion reshape geopolitics?" We kicked things off with a quote from Dwight Eisenhower's famous 1961 farewell address, wherein he coined the term "the military industrial complex." Eisenhower alluded to a powerful idea, which is that nations will always face pressure from without, but they must resist the urge to toss aside their ideals to face it. We discussed how Eisenhower's idea applies to today's geopolitical landscape, where hostile foreign powers and escalating conflict are leading to financial exclusion on both the domestic and international stage. Ultimately the talk converged on Bitcoin and whether or not state free money was possible or desirable. For that conclusion, you'll need to watch the episode. -- Follow Mark Yusko: @MarkYusko Follow Mike: @MikeIppolito_ Follow Blockworks: @Blockworks_ -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

In this episode of “On The Margin,” Mike Ippolito is joined by anonymous analyst Mr. Blonde. Taking a break from diamond heists and bank robberies, Mr. Blonde joins us to discuss whether Jerome Powell will be forced to pivot Fed rate hikes in 2022. Mr. Blonde also shares his outlook on growth for 2022 and chats about market returns during Fed tightening cycles. They discuss how the Russia-Ukraine conflict will affect markets and whether inflation is secular or transitory. -- Follow Mr. Blonde: @MrBlonde_macro Follow Mike: @MikeIppolito_ Follow Blockworks: @Blockworks_ -- Listen to this episode on Apple or Spotify. Apple: https://tinyurl.com/mry8y4k3 Spotify: https://tinyurl.com/3vnnkrkw -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

In this week's round up, Mark and I dug into the investor uncertainty caused by the Russia Ukraine conflict. Disclaimer: war is always first and foremost a humanitarian crisis. It goes without saying that our hearts go out to Ukraine and those involved in the conflict. Mark and I focused on the markets angle because we aren't geopolitical experts and that is where our expertise lies. The most important part of this story is, of course, the human side. We began with the response in US equities to the news of the invasion, including the Nasdaq's move higher. We also covered the behavior of Russian equities and debt markets. Other topics we went over include the inverted correlation between gold and Bitcoin, energy prices, investor sentiment, and historical analogs based on past war time. Finally, we concluded with a discussion around SWIFT and the potential deplatforming of Russia. For that take, you'll have to watch the episode. -- Follow Mark Yusko: @MarkYusko Follow Mike: @MikeIppolito_ Follow Blockworks: @Blockworks_ -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

In this episode of On The Margin Mike Ippolito is joined by Jurrien Timmer Director of Global Macro at Fidelity & PlanB the anonymous quant investor & creator of the Bitcoin S2F model.  Jurrien & PlanB discuss the current macro forces that are driving markets from Fed rate hikes, yield curve inversion & equity market valuations. In the second half of the discussion, Jurrien & PlanB discuss valuation models for Bitcoin, how current market conditions could effect Bitcoin & what the next phase of Bitcoin will be as it enters the geopolitical landscape. -- Follow Plan B: @100trillionUSD Follow Jurrien Timmer: @TimmerFidelity Follow Mike: @MikeIppolito_ Follow Blockworks: @Blockworks_ -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

In this week's episode, Mark and I covered the rising cost of energy and the impact it's having on global economies. Next we went on to discuss record bearish sentiment in markets, and what that may signal for the days and months ahead. Next, we did an updated on "Powell Pivot Watch," and re-examined the similarities between the Fed rate hike cycle in 2018 to where we are today. We did a refresher on home prices, where they might be going in the future and the critical link between homes and financial freedom for Americans. Finally, we closed on the ongoing saga of financial sanctioning in Canada. For that, you'll have to listen to the show. -- Follow Timothy Peterson: @nsquaredcrypto Follow Mark Yusko: @MarkYusko Follow Mike: @MikeIppolito_ Follow Blockworks: @Blockworks_ -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks

In this episode of On The Margin Mike Ippolito is joined by returning guests Alex Gladstein, Greg Foss & Jeff Booth to discuss the ongoing Freedom Convoy Protests in Canada. We invited our guests to discuss the origins of the protests & how the situation in Canada has evolved. Tune in to hear Alex, Greg & Jeff cover why Canadian truckers are protesting, how these protests compare with Occupy Wall Street, why GoFundMe cancelled the Canadian Freedom Convoy's fund & what Bitcoin's role in their fight for freedom is. -- Follow Alex Gladstein: @gladstein Follow Greg Foss: @FossGregfoss Follow Jeff Booth: @JeffBooth Follow Mike: @MikeIppolito_ Follow Blockworks: @Blockworks_ -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

In this week's episode, I am joined by Forward Guidance's Jack Farley & Joseph Wang for a surprise cross-over (that we all knew was coming eventually ;) We missed Mark unfortunately who is away skiing, but he was with us in spirit and wore his bitcoin bull market socks in solidarity. We'll get em next week Mark! We kicked things off with a deep dive into the record 7.5% CPI print. We took a look at what the driving components were, headline vs core, and much more. We also questioned how much of inflation was due to the Fed (demand side) vs the supply side (supply chain disruptions) and how effective rate hikes would be in tamping down inflation. Next, we dove deep into the topic of yield curve inversion and got Joseph's opinion on the link between an inverted curve and a recession. We also covered Joseph's framework for how the world changed post great financial crisis, and how banking regulations may impact how trustworthy a signal the long end of the curve is. Finally, we closed with Joseph's high-level thoughts on where the market is headed in 2022. For that, you'll have to tune into the show. -- Follow Jack Farley: @JackFarley96 Follow Joseph Wang: @FedGuy12 Follow Mike: @MikeIppolito_ Follow Blockworks: @Blockworks_ -- Listen to this episode on Apple or Spotify. Apple: https://tinyurl.com/mry8y4k3 Spotify: https://tinyurl.com/3vnnkrkw -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

In this episode of On The Margin Mike Ippolito is joined by Charles Edwards, Founder of Capriole Investments. After releasing his Capriole's 2022 Market Outlook newsletter, we invited Charles to the show for a discussion about what he expects for 2022 & beyond. Charles shares his thoughts on the macro outlook for 2022, where Bitcoin becomes a value vs momentum play, Bitcoin vs Ethereum & Bitcoin's role in the long term debt cycle. -- Capriole Investments: http://capriole.com Follow Charles Edwards: https://twitter.com/caprioleio Follow Mike: @MikeIppolito_ Follow Blockworks: @Blockworks_ -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

In this episode, Mark and I were joined by special guest Timothy Peterson to discuss a very important topic: how to properly value Bitcoin. I've included a summary of our content below, but if you are interested in finding out more info about Tim or his approach, there are lots of good resources on his website here. To kick things off, Tim gave us his framework for how to value Bitcoin, which relies on Metcalfe's Law. We talked about other networks including Facebook, Amazon, and even Tesla whose valuations can be traced to the same underlying principle.   We dove into historical periods where Bitcoin exceeded its fair value, and what caused those deviations. Next we took a look at Bitcoin's trailing returns vs user growth, and some other shorter term drivers of price action such as transaction volume. Tim gave us some helpful comparisons between Bitcoin and other markets, such as the market for negative yielding debt and the Nasdaq. We walked through why Bitcoin is correlated to those markets. Finally we ended on Ethereum, other crypto networks, and how network effects could impact a multi-chain future. For our conclusions there, you'll have to tune into the show. -- Follow Timothy Peterson: @nsquaredcrypto Follow Mark Yusko: @MarkYusko Follow Mike: @MikeIppolito_ Follow Blockworks: @Blockworks_ -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

On today's episode of On The Margin Mike Ippolito is joined by Dan Morehead of Pantera Capital & Dan Tapiero of 10T. With collectively over 40 years in the hedge fund business at notable firms such as Tiger Management, before later pivoting to crypto in 2014, these two provide a unique insight into the growth of the crypto industry and just how big it could become over the next decade. Dan & Dan share their Macro outlook for 2022, the bursting of the U.S bond market, how crypto today compares with 2017, what the next big picture macro trade is, the mainstream adoption of crypto & discuss whether the bull market is over. -- Follow Dan Tapiero: @DTAPCAP Follow Dan Morehead: @dan_pantera Follow Mike: @MikeIppolito_ Follow Blockworks: @Blockworks_ -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

In this episode Mark and I covered two big topics: the fallout of Wednesday's FOMC meeting, and the announcement that the White House is cracking down on crypto as a matter of "national security." We kicked things off with one of my favorite charts of all time, the S&P going back to 1926 superimposed over every reason investors had to sell. Helps provide some perspective, you know? Next we covered what the market is pricing in in terms of rate hikes for 2022, and the likelihood that the Fed will follow through on their hawkish rhetoric. Next we moved on to real yields and gold's confusing response, the flattening yield curve, and the precipitous rise in the DXY. We also covered the precipitous drop in unprofitable tech, increased volatility in the stock market, and what both of these things tell us about where we're at in the business cycle. We also took a look at today's price action in the S&P and high yield credit market and how that compared to the 6 month period in 2018-2019 around the "Powell Pivot" (hint: there are similarities). Finally, Mark and I gave our thoughts on the impending crackdown that is rumored to be coming soon from the White House. For details on that, you'll have to listen to the episode. Follow Mark: @MarkYusko Follow Mike: @MikeIppolito_ Follow Blockworks: @Blockworks_ -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

In this episode of On The Margin Mike is joined by Andreas Steno Larsen Director & Lead Economist of Heimstaden. After spending 10+ years as a Chief Global Strategist, FX Analyst & Researcher at Nordea, Andreas provides a unique insight into the current macro factors driving markets. Andreas shares his global macro outlook for 2022, his thoughts on the effect tapering will have on markets, the slowing credit impulse as a leading indicator for growth, the rise of China vs the U.S & if we are in a period of secular inflation. -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

This week in On the Margin, we have a special bonus episode for you. There's lots going on in markets and we thought if ever there were a time to speak to as many smart people as possible, it's now. In this week's episode we are joined by CoinShares Chairman Danny Masters and FTX's Jon Cheesman to give us a preview for the FOMC meeting on Wednesday. We also covered the increasing connection between macro and crypto, what constraints the Fed are operating under, and how different sectors of crypto will respond to increased tightening. -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

In this round up, Mark and I are joined by Arca CIO Jeff Dorman to answer the one question on everyone's mind: what is driving the flash crash in crypto markets? We discussed the impact the Fed's tightening is having on markets, why the PBOC's rate cuts aren't having as much of an effect on crypto, the importance of a strong Bitcoin to crypto markets, and where we will see dispersion in crypto in 2022. Per usual, Mark and Jeff brought the fire, tune in to get their thoughts. -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

In this episode of On The Margin Mike is joined by Jordi Alexander CIO of Selini Capital & Checkmate Lead On-chain Analyst for Glassnode. Jordi & Checkmate discuss the long term structural macro trends and how they effect the crypto markets. Jordi & Checkmate also explore if Crypto can forecast broader market conditions, wether Bitcoin has become a viable macro asset, is Crypto entering a bear market, Value vs Momentum & how will the Fed respond to the highest inflation in 40 years. Link to Jordi's Twitter thread - https://twitter.com/gametheorizing/status/1435693384694321158 -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

In this week's episode, Mark and I tried something a little different. We went super deep on one topic, namely inflation. The question we asked was "Have fears around inflation peaked? And if so, what are the implications for asset prices?" We started off by taking a look at which categories were driving CPI inflation. We took a look at which of these categories were sticky and likely to persists (like owners equivalent rent and energy) or likely due to temporary, pandemic related issues (used cars). Next we covered the differing roles that the Fed and Treasury have in inflation, and the wild price inflation in the price of goods. Mark gave his views on whether or not the Fed actually had room to tighten, or if they would just roll over like they have done in the past. Finally, we ended the discussion on the question every investor should be asking: are we headed towards an environment of negative real rates? And if we are, which assets will benefit? For the answer to that, you'll have to tune into the show. -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

In this episode of On The Margin Mike is joined by returning guest Danielle DiMartino Booth, CEO & Chief Strategist for Quill Intelligence. As a former advisor at the Federal Reserve Bank of Dallas, Danielle provides a unique insight into the Fed's policy decisions throughout 2022.  Danielle shares her thoughts on the dilemma's the Fed faces going into 2022, how the Fed exacerbated wealth inequality in America, Modern Monetary Theory, Universal Basic Income, her outlook for the U.S Dollar & so much more. -- Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter