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Nathaniel Whittemore
A daily analysis of macroeconomics, bitcoin, geopolitics and big picture power shifts, hosted by Nathaniel Whittemore @nlw. The Breakdown is part of Blockworks.
The Bitcoin Bull Mood (Starts) to Return
Over the weekend, a vibe shift started where Bitcoiners are climbing out of some of their gloomier predictions from the past few weeks and looking a bit more optimistically at the next part of the cycle.
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10:2307/05/2024
For Bitcoin, Is It "Sell in May and Go Away"?
A reading and discussion inspired by https://www.coindesk.com/markets/2024/05/01/sell-in-may-and-go-away-the-seasonality-of-crypto-asset-returns/
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08:2605/05/2024
Powell Dismisses Inflation Concerns
Powell says no rate cuts for the time being, but definitely no rate hikes either. Even as markets (and media) are starting to push a stagflation narrative, the FOMC and Chair Jerome Powell say they don't see the evidence.
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Consensus 2024 is happening May 29-31 in Austin, Texas. This year marks the tenth annual Consensus, making it the largest and longest-running event dedicated to all sides of crypto, blockchain and Web3. Use code BREAKDOWN to get 15% off your pass at https://go.coindesk.com/3PWW96A.
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15:2802/05/2024
Roger Ver Arrested for Tax Evasion as Coinbase Enables Lightning
NLW explores the latest crypto arrest -- this time of early Bitcoin advocate (and later Bitcoin big blocker villain) Roger Ver. Additionally, Coinbase has added support for Lightning.
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Consensus 2024 is happening May 29-31 in Austin, Texas. This year marks the tenth annual Consensus, making it the largest and longest-running event dedicated to all sides of crypto, blockchain and Web3. Use code BREAKDOWN to get 15% off your pass at https://go.coindesk.com/3PWW96A.
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13:4602/05/2024
Former Binance CEO CZ Gets 4 Months In Jail (Because Of COURSE He Got 4)
NLW discusses the lead up to the hearing as well as the community's response to the sentence.
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Consensus 2024 is happening May 29-31 in Austin, Texas. This year marks the tenth annual Consensus, making it the largest and longest-running event dedicated to all sides of crypto, blockchain and Web3. Use code BREAKDOWN to get 15% off your pass at https://go.coindesk.com/3PWW96A.
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12:2401/05/2024
Operation Chokepoint 2.0 (2.0)
Is the US government coordinated crackdown back? This time it seems focused on self-custody.
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Consensus 2024 is happening May 29-31 in Austin, Texas. This year marks the tenth annual Consensus, making it the largest and longest-running event dedicated to all sides of crypto, blockchain and Web3. Use code BREAKDOWN to get 15% off your pass at https://go.coindesk.com/3PWW96A.
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15:3930/04/2024
Why Bitcoin Will Drive the Next DeFi Summer
A reading and discussion inspired by https://www.coindesk.com/consensus-magazine/2024/04/19/bitcoin-will-power-the-next-defi-summer/
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Consensus 2024 is happening May 29-31 in Austin, Texas. This year marks the tenth annual Consensus, making it the largest and longest-running event dedicated to all sides of crypto, blockchain and Web3. Use code BREAKDOWN to get 15% off your pass at https://go.coindesk.com/3PWW96A.
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09:2328/04/2024
The Five Most Important Stories This Week
NLW and Scott Melker count down the most important stories in crypto this week, including Operation Chokepoint 2.0 (2.0), CZ jail, and more.
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Consensus 2024 is happening May 29-31 in Austin, Texas. This year marks the tenth annual Consensus, making it the largest and longest-running event dedicated to all sides of crypto, blockchain and Web3. Use code BREAKDOWN to get 15% off your pass at https://go.coindesk.com/3PWW96A.
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34:2626/04/2024
Samurai Wallet Founders Arrested
The US continues its assault on crypto mixers. NLW explores the community reactions -- the good, bad and ugly.
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Consensus 2024 is happening May 29-31 in Austin, Texas. This year marks the tenth annual Consensus, making it the largest and longest-running event dedicated to all sides of crypto, blockchain and Web3. Use code BREAKDOWN to get 15% off your pass at https://go.coindesk.com/3PWW96A.
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15:3026/04/2024
SEC Lawyers Resign, But Is It Enough?
NLW covers the SEC lawyers who are taking the fall for the larger Debt Box case, which led to the SEC being censured.
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Consensus 2024 is happening May 29-31 in Austin, Texas. This year marks the tenth annual Consensus, making it the largest and longest-running event dedicated to all sides of crypto, blockchain and Web3. Use code BREAKDOWN to get 15% off your pass at https://go.coindesk.com/3PWW96A.
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14:0825/04/2024
The Halving and the First Fee War of the New Bitcoin Epoch
For some, the fee war represented how much bitcoin is changing. For others, it was an indication of why we shouldn't be overly concerned about the long term security budget.
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Consensus 2024 is happening May 29-31 in Austin, Texas. This year marks the tenth annual Consensus, making it the largest and longest-running event dedicated to all sides of crypto, blockchain and Web3. Use code BREAKDOWN to get 15% off your pass at https://go.coindesk.com/3PWW96A.
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12:5323/04/2024
The Halving Shows Satoshi's Marketing Genius
A reading and discussion inspired by
https://blockworks.co/news/bitcoins-most-promising-least-dramatic-halving and
https://blockworks.co/news/bitcoins-halving-major-spectacle-satoshi
Today's Show Brought To You By
Ledger - 5% to Bitcoin Developers When You Buy https://shop.ledger.com/pages/bitcoin-hardware-wallet
Consensus 2024 is happening May 29-31 in Austin, Texas. This year marks the tenth annual Consensus, making it the largest and longest-running event dedicated to all sides of crypto, blockchain and Web3. Use code BREAKDOWN to get 15% off your pass at https://go.coindesk.com/3PWW96A.
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12:3622/04/2024
The Five Biggest Stories in Crypto This Week
NLW counts down everything from geopolitics to stablecoin legislation to the halving.
Today's Show Brought To You By
Ledger - 5% to Bitcoin Developers When You Buy https://shop.ledger.com/pages/bitcoin-hardware-wallet
Consensus 2024 is happening May 29-31 in Austin, Texas. This year marks the tenth annual Consensus, making it the largest and longest-running event dedicated to all sides of crypto, blockchain and Web3. Use code BREAKDOWN to get 15% off your pass at https://go.coindesk.com/3PWW96A.
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10:5720/04/2024
Crypto Reacts to the Lummis-Gillibrand Stablecoin Bill
Senators Lummis and Gillibrand are back with new crypto legislation, this time focused on stablecoins. Bullish, bearish or something in between?
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Consensus 2024 is happening May 29-31 in Austin, Texas. This year marks the tenth annual Consensus, making it the largest and longest-running event dedicated to all sides of crypto, blockchain and Web3. Use code BREAKDOWN to get 15% off your pass at https://go.coindesk.com/3PWW96A.
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13:2119/04/2024
Is The Bitcoin Rally Over Early?
As malaise sets in, this narrative is taking hold. NLW isn't so sure.
Today's Show Brought To You By
Ledger - 5% to Bitcoin Developers When You Buy https://shop.ledger.com/pages/bitcoin-hardware-wallet
Consensus 2024 is happening May 29-31 in Austin, Texas. This year marks the tenth annual Consensus, making it the largest and longest-running event dedicated to all sides of crypto, blockchain and Web3. Use code BREAKDOWN to get 15% off your pass at https://go.coindesk.com/3PWW96A.
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13:2518/04/2024
The UK Heading Towards Stablecoin Rules
NLW does a whistlestop tour of global AI regulation and market updates.
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Ledger - 5% to Bitcoin Developers When You Buy https://shop.ledger.com/pages/bitcoin-hardware-wallet
Consensus 2024 is happening May 29-31 in Austin, Texas. This year marks the tenth annual Consensus, making it the largest and longest-running event dedicated to all sides of crypto, blockchain and Web3. Use code BREAKDOWN to get 15% off your pass at https://go.coindesk.com/3PWW96A.
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15:1617/04/2024
The Market Reacts to Iran's Attack and Geopolitical Insecurity
Crypto and tradfi markets were already getting hammered heading into the weekend, when new geopolitical instability and conflict made things even shakier.
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13:2116/04/2024
The Inevitability of the Fight Against DeFi
A reading and discussion inspired by https://www.coindesk.com/consensus-magazine/2024/04/11/the-secs-suit-against-unswap-is-an-opening-attack-against-defi/
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09:1014/04/2024
A Treasury Hearing On Crypto and Illicit Finance -- But Does Anyone Care Anymore?
Congress is back in session and apparently crypto is high on the agenda. At the same time, the crypto industry seems to have better things to talk about now.
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12:4211/04/2024
The Bitcoin Halving Through History
A look at what was happening in Bitcoin at the time of each of the previous halvings, and a discussion of what makes this time different.
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11:0909/04/2024
Legal Scorecard: Coinbase Up Good; Terraform Down Bad
NLW looks at a set of recent court cases with very different results for the defendants.
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11:4108/04/2024
The No-Landing Economy? Market Rebounds on Jobs Beat
On Thursday the market was rocked, with the three major indices all down more than 1%. On Friday they recovered with a better than expected jobs report. Still some are wondering if it's ever going to make sense to cut rates.
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14:2406/04/2024
Binance Executives Arraigned in Nigeria
NLW updates a set of stories, including the latest out of Nigeria where the Binance executives who were detained have now been arraigned with numerous charges.
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12:1005/04/2024
The US Gov't Selling Silk Road Coins
Some coins seized in connection with Silk Road have been sent to Coinbase for sale. NLW explores how much people should be worried about the US dumping their BTC stash.
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14:1004/04/2024
Coinbase's Partial Victory In SEC Lawsuit
Coinbase didn't win their request to dismiss the SEC's lawsuit outright, but made progress with the judge agreeing that their self-custodial wallet wasn't acting as a brokerage.
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13:3402/04/2024
The Biggest Bitcoin Narratives of the New Cycle
NLW explores the state of Bitcoin narratives, from ETFs to mining to BRC-20's and beyond.
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20:1029/03/2024
Bitcoin Back and Better Than Ever, with Kraken CEO Dave Ripley
NLW is joined by Kraken CEO Dave Ripley to discuss the new cycle, Bitcoin in a post-ETF world, memecoins, and more.
Find Dave online: https://twitter.com/DavidLRipley
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34:1728/03/2024
Does the Bitcoin ETF Have A Downside? With Jim Bianco
The Bitcoin spot ETF has been the biggest narrative driver (and financial driver) in the Bitcoin space this year, but are there some hidden downsides? NLW explores this question with macro analysts (and Bitcoin and crypto bull) Jim Bianco.
Find Jim online: https://twitter.com/biancoresearch
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47:3127/03/2024
The Hallmarks of the New Bitcoin Cycle with Ian Rogers
Ian Rogers, the Chief Experience Officer at Ledger, joins NLW to discuss the shape and texture of the new bull market, and what custody means in the wake of a Bitcoin spot ETF.
Find Ian online: https://twitter.com/iancr
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36:3726/03/2024
The Macro Landscape Right Now
NLW delves into the state of the macro landscape from the Bank of Japan, China, the Fed and more.
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18:2025/03/2024
After Record Weeks, BTC Spot ETFs See Net Outflows
NLW catches up on the stories that shaped the week.
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13:1123/03/2024
What We Know About the Ethereum Foundation Investigation
Short answer: not much, but that hasn't stopped the crypto community from speculating that it could be a last-ditch effort from the SEC to cripple the crypto space.
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14:1322/03/2024
Blackrock Pushes the Tokenization Trend
A look at the real world asset tokenization trend and how Blackrock is pushing this narrative forward as well.
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13:3421/03/2024
Judge Sanctions SEC for "Bad Faith" and "Abusive Conduct"
The crypto industry is feeling very vindicated in its assessment that the SEC has not been a good faith regulator.
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15:5219/03/2024
BTC's 10% Weekend Dip: How Much Should We Worry?
Short: not very much. NLW talks about ETF flows, past cycle patterns, and why we should expect some resets along the way.
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17:2919/03/2024
Why Crypto Narratives Are Finally Making Sense to TradFi
Bitcoin as digital gold. Ethereum as all that tokenization stuff. The rest of it as degeneracy and gambling. NLW explores how narratives are clicking in the post Bitcoin ETF era.
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09:5917/03/2024
Judge Confirms: We Are All Satoshi. Except Craig Wright.
Rejoice! A lawsuit from COPA has led a UK judge to declare that Craig Wright is not, and never has been, Satoshi Nakamoto.
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14:1215/03/2024
ETH Dencun Upgrade Transforms Blockchain Fee Competition
Ethereum's latest update has significantly decreased the cost of L2s -- bringing them all the way down to Solana levels. NLW explores the implications -- plus Microstrategy is is back issuing more debt to buy bitcoin.
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15:1715/03/2024
Binance Executives Still Being Held Hostage in Nigeria
At this point, it's hard to call the situation anything other than a hostage situation, and the US government doesn't seem particularly fussed about it.
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15:3514/03/2024
Trump Changes His Tune on Bitcoin
As the world gets used to a new Bitcoin all-time high, all manner of folks are reevaluating their previous stances. On this episode, we discuss one of the highest profile shifts, which comes from former President Donald Trump.
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13:0513/03/2024
Billionaire Bill Ackman Looks At Bitcoin at $72,000
A new all time high means a whoooole lotta different types of folks are back looking at Bitcoin once again.
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15:1512/03/2024
Bitcoin's Record Breaking Week: The Five Biggest Stories in Crypto
NLW and Scott Melker count down the most important stories in crypto this week.
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24:5009/03/2024
Powell Says "No CBDC!"
Jerome Powell could not have been any clearer in his testimony yesterday. Plus Bitcoin hits $70,000 VERY temporarily.
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14:3808/03/2024
SEC Commissioners Are Fed Up with Gensler and SEC Policies
Hester Peirce and Mark Uyeda have written their most scathing and snarky dissent ever, lambasting the SEC for its intentionally obfuscating policies.
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16:4308/03/2024
A Bullish Dump?
After kissing all time highs, Bitcoin crashed 14%. Normal volatility? Miner selling? NLW explores the reaction to the correction
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13:3506/03/2024
Is the Crypto Cycle Overheating Already?
With Bitcoin nipping at new all time highs this week plus memecoin mania, some are starting to ask the question.
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14:0405/03/2024
Unexpected Allies: 8 States File Amicus Brief Against SEC in Kraken Case
The Attorneys General of 8 states have filed an amicus brief in the lawsuit against Kraken by the SEC, effectively arguing that the SEC is way overstepping its bounds.
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15:4705/03/2024
What Satoshi Got Right About Bitcoin's Future
In the wake of the recent trove of Satoshi email releases, Bitcoiners have been pouring over the documents to better understand the pseudonymous founder behind it. NLW reviews what Satoshi predicted correctly about their invention.
Reading: https://www.coindesk.com/consensus-magazine/2024/02/26/5-things-satoshi-nakamoto-correctly-predicted-about-bitcoin/
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11:1304/03/2024
Bitcoin Just Had Its Biggest Month Ever
Bitcoin added more $ to its price in February than any other month in history, and it's showing no signs of stopping. Plus an update on SAB121.
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16:0301/03/2024
Coinbase Crashes After >10X Surge in Traffic
It must be a bull market if Coinbase is going down. NLW argues that yesterday will be seen as the first day of the next phase of the bull market.
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13:1501/03/2024