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/
Episodes
July 8, 2025 • 13 mins
Over 80,000 Bitcoin, untouched since 2011 and now worth $8 billion, suddenly moved this holiday weekend, sparking wild theories—from secret whales to quantum hacks. NLW explores the intrigue, risks, and possibilities behind one of Bitcoin's largest-ever transactions, and the deeper questions it raises about Bitcoin privacy, security, and the mythos of crypto’s earliest adopters.
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July 6, 2025 • 16 mins
On this Long Read Sunday, NLW explores two transformative essays about how stablecoins and AI agents are set to reshape money. Paul Brody explains why financial streaming via stablecoins could free up trillions in capital. Jason Cottrell outlines how the fusion of stablecoins and agentic AI is revolutionizing consumer payments.
Sources:
https://www.coindesk.com/opinion/2025/06/24/the-future-of-money-is-streaming-now
https://comp...
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July 3, 2025 • 12 mins
We're halfway through a wild year for Bitcoin and crypto, with treasury companies stacking sats, ETFs finally breaking through, and Robinhood diving deep into tokenization. Amid a noisy debate on market manipulation versus genuine growth, NLW unpacks the key narratives shaping Bitcoin’s trajectory into the second half of 2025.
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July 1, 2025 • 12 mins
Robinhood just unveiled major plans to offer tokenized stocks—including SpaceX and OpenAI—on their own Ethereum L2 blockchain, potentially reshaping private and public markets. NLW explores how Robinhood's move might democratize finance, threaten traditional venture models, and accelerate the convergence of crypto and traditional financial systems. Plus, Circle seeks a bank charter, highlighting crypto's rapid institutionalization....
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June 30, 2025 • 13 mins
Speculation swirls around who could replace Jerome Powell as Trump hints at naming a new Fed chair early—potentially upending central bank independence. NLW breaks down the leading contenders, market reactions, Trump’s radical debt issuance ideas, and why healthcare cuts and tariffs might be the real macro shocks ahead of July 4th.
Source: https://www.coindesk.com/opinion/2025/06/26/whats-next-for-tokenization
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June 30, 2025 • 10 mins
This Long Read Sunday explores the rise of tokenization in financial markets. NLW reads and analyzes a piece from Galaxy’s Thomas Cowan on how stablecoins, tokenized money market funds, and on-chain structured credit are leading the next wave of crypto adoption. From Wall Street’s growing interest to the regulatory hurdles ahead, today’s episode dives deep into how tokenization is quietly transforming finance—and why we may be at t...
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June 29, 2025 • 22 mins
In this week’s Friday Five, NLW unpacks a major shift in crypto policy: Fannie Mae and Freddie Mac have been ordered to treat crypto as mortgage-worthy assets—a milestone in crypto’s integration into mainstream finance. He also covers BIS’s takedown of stablecoins, the surge in Bitcoin dominance, Texas’ new Bitcoin reserve law, and the emerging wave of tokenized stocks and private equity offerings. From macro stabilization to token...
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June 26, 2025 • 11 mins
A sweeping look at crypto's mainstream march. From Fannie Mae and Freddie Mac counting crypto toward mortgage applications to the SEC signaling ETF redemption upgrades and SoFi relaunching crypto services, today's episode is packed with updates showing how deeply digital assets are integrating with traditional finance. Plus, Republic’s controversial plan to tokenize SpaceX equity raises big questions about the future of private mar...
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June 25, 2025 • 11 mins
The Bank for International Settlements (BIS)—the central bank for central banks—has delivered a major critique against stablecoins, arguing they lack critical features for mainstream adoption. NLW explores the BIS's warnings, their preference for central bank digital currencies (CBDCs), and what this means as the U.S. nears stablecoin legislation. Plus, a quick market check-in as geopolitical tensions pause.
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June 24, 2025 • 10 mins
On today's Breakdown, the big story is Texas becoming the first state to actively build a Bitcoin reserve. Governor Greg Abbott has signed legislation allocating an initial $10 million to the reserve, making Texas the clear frontrunner in a growing state-level Bitcoin adoption trend. Plus, a quick check-in on escalating tensions—and attempts at ceasefire—in the Middle East.
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Grayscale offers more than 20 diffe...
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June 23, 2025 • 10 mins
The US has officially entered the conflict with Iran, bombing nuclear enrichment sites and raising fears of escalation. NLW explores immediate reactions across markets—from oil price spikes and stock market jitters to rising inflation risks and crypto volatility. He discusses whether the critical Straits of Hormuz might close, the geopolitical chess moves involving China and Russia, and why Bitcoin remains a crucial indicator of gl...
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June 22, 2025 • 10 mins
Crypto markets have a lemon problem. Token issuers know way more than token buyers, creating hidden risks and a lack of trust. Today, NLW explores Blockworks' ambitious solution—the Token Transparency Framework. Inspired by traditional securities disclosures, it aims to standardize essential token information like supply schedules and insider deals. Could this new industry-led initiative finally bring transparency and investor conf...
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June 21, 2025 • 22 mins
On this week's Friday Five, NLW and Scott dive into Bitcoin's remarkable stability above $100,000 despite global uncertainty, major bipartisan passage of the Genius stablecoin bill in the Senate, Circle's blockbuster IPO performance, JPMorgan's surprising move onto Coinbase's Base layer, and Elon Musk's continued push toward making X an "everything app." Plus, Fed divisions deepen as rate cuts remain uncertain.
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June 18, 2025 • 13 mins
The U.S. Senate has passed landmark stablecoin legislation, signaling a new era for digital finance in America. As institutions gear up for massive crypto adoption, JPMorgan announces plans for its own permissioned token in partnership with Coinbase. Meanwhile, escalating tensions between the U.S., Iran, and Israel rattle global markets. NLW breaks down the implications for crypto, geopolitics, and finance.
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June 17, 2025 • 13 mins
On today's Breakdown, NLW dives into Justin Sun's controversial move to take Tron public on the Nasdaq, signaling a potential peak in the Bitcoin treasury hype cycle. He also explores how escalating tensions between the U.S. and Iran are influencing Bitcoin markets, examines Metaplanet’s rapid ascent among corporate Bitcoin holders, and provides an update on the latest crypto legislation battles in Congress, complicated by Trump's ...
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June 17, 2025 • 13 mins
As tensions flare between Israel and Iran, NLW explores how markets—particularly Bitcoin—are reacting to escalating geopolitical risk. Despite missile strikes, assassination reports, and fears of oil supply shocks via the Strait of Hormuz, Bitcoin remains steady at $105K. NLW dives into whether this marks a new resilience or just a temporary lull. Plus, a deep dive into the rise of Bitcoin Treasury companies: Are they pioneering a ...
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June 15, 2025 • 10 mins
Circle's IPO wasn't just successful—it was a rocket ship, surging from its initial price of $31 to over $100 per share in just days. But why did analysts and markets underestimate Circle so dramatically? In this episode of The Breakdown, NLW explores the real story behind Circle's IPO frenzy. He examines why markets are betting big on stablecoins as essential financial infrastructure, breaks down the evolving regulatory landscape, ...
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June 14, 2025 • 12 mins
On today's Breakdown, NLW covers a dramatic escalation as Israel launches airstrikes against Iran, rattling global markets. He explores Bitcoin's initial response as a risk asset rather than a safe haven amid geopolitical tensions, and analyzes whether that dynamic might shift in the coming days. Plus, the SEC's Paul Atkins labels self-custody a foundational American digital right, Stripe deepens its crypto commitment with a new ac...
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June 12, 2025 • 13 mins
Nathaniel dives into the growing momentum behind stablecoin legislation in Washington, including the Senate’s latest approval of the Genius Act, the political posturing surrounding it, and why this isn’t a crypto bill—it’s a dollar dominance bill. He explores Meta’s potential reentry into stablecoins and breaks down Stripe’s major crypto infrastructure move with its acquisition of wallet provider Privy. Plus, what Treasury Secretar...
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June 11, 2025 • 11 mins
Bitcoin is sizzling this summer, surging back to $110,000 amid optimistic predictions from figures like Michael Saylor, who argues that crypto winter is permanently behind us. But is this bullish enthusiasm a sign of strength or a setup for disappointment? Meanwhile, the SEC hints at an upcoming wave of altcoin ETFs, led by Solana, suggesting a busy fall ahead. At the same time, Connecticut makes headlines by banning state-level cr...
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