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PODCAST

The Breakdown

A daily analysis of macroeconomics, bitcoin, geopolitics and big picture power shifts, hosted by Nathaniel Whittemore @nlw. The Breakdown is part of Blockworks. Subscribe to The Breakdown newsletter: https://the-breakdown.carrd.co/

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All Episodes

14:43

After Weak Jobs Report, BLS Commissioner Gets the Ax

The Breakdown ·

2025/08/05

Today NLW unpacks a stunning escalation as President Trump fires the head of the Bureau of Labor Statistics after a weak jobs report. The move has shaken confidence in the independence of US economic institutions, with critics across the spectrum warning of authoritarian overreach. We look at what this means for the Fed, interest rate policy, and the future of economic data in America. From market reactions to historical comparisons with Venezuela and Argentina, this episode explores whether the

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13:03

The Stablecoin Free Banking Debate—What History...

The Breakdown ·

2025/08/03

For this Long Read Sunday, NLW explores Nick Carter’s sweeping new essay comparing modern stablecoins to 19th-century free banking. Through a condensed version rewritten by Claude, the episode dismantles the common narrative that stablecoins echo a chaotic era of wildcat banking. Instead, it shows how American instability was due to bad regulation—not the concept of private money itself. With successful examples from Scottish and Canadian free banking systems, and a look at how stablecoins leverage

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26:24

Crypto's Regulatory U-Turn: The Five Most Important...

The Breakdown ·

2025/08/01

This week’s Friday Five is dominated by a stunning speech from the new SEC Chair, signaling a dramatic shift in U.S. crypto policy. NLW breaks down the speech’s implications, from safe harbors and tokenization to a renewed embrace of crypto within securities law. Also on the docket: Powell’s hawkish tone and Trump’s renewed feud with the Fed, Ray Dalio’s bold portfolio advice, a volatile week for crypto treasury companies, and the game-changing JPMorgan-Coinbase partnership that redefines

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12:22

Powell's Hawkish Wait-and-See

The Breakdown ·

2025/08/01

The July FOMC meeting delivered no rate change—but plenty of political drama. Powell refused to guide toward September cuts, triggering hawkish market reactions and rare dissent from Fed governors Waller and Bowman. Meanwhile, the White House unveiled a sweeping crypto policy roadmap during Powell's press conference, signaling a new era of fiscal dominance and shifting central bank relevance. NLW breaks it all down—from Powell’s quiet rebellion to the Fed’s waning independence and the rise of crypto

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11:02

Crypto Treasuries Face Their First Real Test

The Breakdown ·

2025/07/31

Crypto treasury companies like Bitmine and Backed are under pressure as investor enthusiasm wanes. Bitmine’s share buyback failed to move markets, raising concerns about narrative exhaustion despite bullish projections and backing from major crypto firms. Meanwhile, Backed’s discounted public offering cratered its stock, and Tether-backed 21 Capital ramps up ahead of listing. NLW explores whether the crypto treasury trend is stalling—and what it means for the broader market.Enjoying this

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13:33

Ray Dalio Says We’ve Hit the Point of No Return

The Breakdown ·

2025/07/30

In a sobering comments, legendary hedge fund manager Ray Dalio recently warned that the U.S. has crossed a fiscal Rubicon. NLW breaks down Dalio’s thesis of irreversible debt doom, currency devaluation, and the looming end of American monetary dominance. With interest payments surpassing the defense budget and the government falling short on reform, Dalio argues that fiat systems are expiring—and that investors should seek refuge in hard assets like gold and Bitcoin. Plus, updates on Interactive

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12:09

$9 Billion Bitcoin Sale Stress Tests the Market—and...

The Breakdown ·

2025/07/29

Galaxy Digital just executed one of the largest Bitcoin OTC deals in history—moving 80,000 BTC worth $9 billion for a mysterious Satoshi-era wallet. In today’s episode, NLW breaks down how the market absorbed the sale with barely a blip, explores speculation around the identity of the seller, and examines what the transaction signals for sovereign reserves and institutional confidence. Plus: ideological divisions among OG Bitcoiners, estate planning vs. capitulation, and what this sale says about

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13:25

Finish the Job: Crypto Legislation, Token Rights, and...

The Breakdown ·

2025/07/27

On this Long Read Sunday, NLW dives into the two major fronts of America’s evolving crypto legislation. First, he reads and reacts to a joint op-ed from Congressmen Tom Emmer and Nick Begich urging the Senate to pass the Clarity Act and Anti-CBDC Surveillance State Act following the passage of the Genius stablecoin bill. Then, in a sharp historical detour, NLW turns to Byron Gilliam's essay connecting 1600s VOC dividends in mace and nutmeg to today’s debates over crypto token rights and revenue

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19:19

Crypto's Institutional Summer: Perps, Policy, and the...

The Breakdown ·

2025/07/26

This week's Friday Five dives into a deceptively quiet but consequential stretch for crypto. NLW and Scott Melker break down Dan Tapiero’s massive $50 trillion crypto prediction, institutional progress like JPMorgan’s collateralized crypto lending and Christie's $1B real estate crypto push, and how Ethereum is finally finding its moment. Plus, a look at the evolving Senate version of the crypto market structure bill, lobbying momentum in D.C., and Coinbase’s bold new move with U.S.-based perpetual

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11:57

Is the Trade War Actually a Capital War?

The Breakdown ·

2025/07/25

In today’s episode of The Breakdown, NLW dives deep into the evolving trade dynamics between the U.S. and Japan, asking whether the current trade war is really masking a larger capital or currency war. We explore the details behind a new $550 billion Japan-US investment vehicle, why Japan secured a lower tariff rate, and the controversy surrounding the deal’s legitimacy. NLW also unpacks the political upheaval in Japan, the long-term consequences of the BOJ’s extreme monetary policies, and whether

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14:08

The Senate's Surprising Market Structure Bill

The Breakdown ·

2025/07/24

In today’s episode, NLW breaks down the newly released Senate draft of the crypto market structure bill—a shockingly slim but significant proposal that could redefine how digital assets are treated in U.S. law. From developer protections to a clean new definition of digital assets and a crypto-native disclosure regime, the Senate's version takes a very different approach than the House’s Clarity Act. NLW explores the bill’s core provisions, the implications for open-source developers, investor

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12:56

Alt Season or Exit Liquidity? Parsing the Crypto...

The Breakdown ·

2025/07/23

Bitcoin dominance is falling. Ethereum is rallying. Altcoins are exploding. Today on The Breakdown, NLW asks: is this the start of a new leg up in the bull market—or the beginning of the end? From surging ETH ETF inflows and treasury company buy pressure to warning signs of froth and echoes of 2021, this episode examines the competing narratives shaping the current moment. NLW unpacks the shifting risk spectrum, the legitimization of crypto through stablecoin legislation, and whether the explosion

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11:20

Inside the Genius Act: Trump Signs Landmark...

The Breakdown ·

2025/07/22

NLW breaks down the newly signed Genius Act—the first major piece of U.S. crypto legislation. He unpacks what the law actually contains, from reserve requirements and audit rules to the “Libra clause” banning Big Tech stablecoins. With Circle and Tether taking center stage at the White House, what does this mean for the future of stablecoins, tokenization, and U.S. financial dominance? Plus, thoughts on DeFi tailwinds, CBDC fears, Schwab’s crypto plans, and the latest crypto IPO filings.Enjoying

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14:52

The Eerie Railroad of Crypto, Stablecoin Regulation,...

The Breakdown ·

2025/07/20

For this Long Read Sunday, NLW hands the mic to AI to read three of Byron Gilliam’s standout essays from the Breakdown newsletter. First, “Crypto’s Competitive Advantage” draws a bold parallel between 19th-century U.S. capital markets and the wild world of meme coin ICOs—arguing that pump.fun may be the Erie Railroad of Web3. Next, “Can the Genius Act Save Banks from Stablecoins?” explores how America’s newest crypto legislation recalls the era of Regulation Q, money market funds, and toaster

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28:32

This Week's Top 5(00) Crypto Stories

The Breakdown ·

2025/07/19

NLW returns with a jam-packed Friday Five (or Friday 500) to break down the biggest crypto week of the summer. The Genius and Clarity Acts both pass the House with overwhelming bipartisan support—marking the first major crypto legislation on its way to becoming law. Trump floats a retirement-focused crypto investment EO, while the total crypto market cap tops $4 trillion and Ethereum ETFs begin to shine. Meanwhile, a dormant Bitcoin whale awakens, moving billions, raising speculation about Roger Ver

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11:20

The Longest Vote in House History and a Crypto Week...

The Breakdown ·

2025/07/18

NLW breaks down the dramatic twists of Crypto Week on Capitol Hill, where GOP infighting brought legislative progress to a near halt. From Trump’s Oval Office intervention to the 7-hour procedural vote—the longest in House history—he unpacks the fragile deal to move the anti-CBDC bill forward. Also in this episode: the mysterious movement of $4.6B in ancient Bitcoin, speculation around Adam Back’s treasury strategy, a $100M Coin Metrics acquisition, and signs of retail returning as Ethereum and

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12:32

CBDC Fears Derail Stablecoin Bill

The Breakdown ·

2025/07/17

Crypto Week got off to a rocky start in Washington as internal GOP conflict—driven by fierce opposition to central bank digital currencies (CBDCs)—blocked a key procedural vote. NLW breaks down how the House Freedom Caucus derailed the crypto agenda over concerns about the Genius Act and its perceived lack of anti-CBDC protections. We explore what this means for the future of crypto legislation, Trump’s response, and whether the bills can still pass. Plus, NLW unpacks Bitwise CIO Matt Hougan’s case

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12:03

Why This Crypto Bull Run Feels Different

The Breakdown ·

2025/07/16

Crypto analysts are calling it early: this isn’t just another speculative bull market. In today’s episode, NLW breaks down why institutions, not retail, are driving the current rally, and what makes this cycle categorically different. From Bernstein’s $200K Bitcoin target to Wintermute’s data on diverging investor behavior, this episode dives into the macro conditions, institutional sentiment, and evolving narratives transforming Bitcoin into a full-fledged hedge against fiscal instability. Plus,

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11:45

Bitcoin Breaks $120K as Crypto Week Kicks Off in...

The Breakdown ·

2025/07/15

Bitcoin starts the week by smashing through $120,000, triggering a wave of excitement on crypto Twitter and in traditional finance alike. NLW breaks down the immaculate vibes, the record ETF inflows, and how institutional capital is finally moving with urgency. Meanwhile, Washington launches its most ambitious legislative push on crypto to date, with stablecoins leading the charge and opposition intensifying. From BlackRock’s record-breaking ETF to Grayscale’s legal showdown with the SEC, and from

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14:27

The State of Bitcoin Treasury Critique

The Breakdown ·

2025/07/13

On today's Long Read Sunday, NLW explores two critiques of the growing phenomenon of Bitcoin treasury companies. First, Bloomberg columnist Lionel Laurent argues that corporate Bitcoin purchases signal a frothy market frenzy reminiscent of past speculative bubbles. Then, K33’s Torbjørn Bull Jenssen warns that without an actual operational strategy beyond simply buying Bitcoin, these companies' market premiums are doomed to collapse. NLW dissects where these critiques land—and where they miss the

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