On this episode of “The Breakdown,” NLW analyzes value investor turned bitcoin bull Bill Miller’s contrarian take on a possible upcoming market bubble. Miller’s background lies in traditional markets, with a massive portion of his portfolio grounded in strategically held Amazon shares. That, in addition to his relatively early bitcoin investments, provides him with an insider perspective from an external base understanding of markets. While other top investors predict an “epic” market crash, Miller remains unconcerned.

Today on the brief, NLW covers the most recent crypto market news, including:

New CPI releases fanning the inflation debate fire
Crypto volatility spillover risks to traditional markets
Square’s forthcoming hardware wallet

Newly released Consumer Price Index (CPI) numbers fuel an ongoing, contentious debate around inflation. While the Federal Reserve sticks to its “transitory” assessment, others are not so sure. How will the numbers change as base effects no longer become a valid explanation?

As institutional investors fill the crypto space, a “spillover” system risk concern becomes increasingly relevant. Is spillover just another piece of FUD, or is it an inevitable reality as traditional and crypto markets become more entwined?

Square’s teasing of a hardware wallet project is materializing. CEO Jack Dorsey tweeted no less than 12 guiding principles for the project, and the project lead more recently announced the company’s dedication to make “bitcoin custody more mainstream.” Although no exact timeline for release exists, Square’s project is an exciting step towards easier entry to bitcoin mobile and self-custody use.

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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Abscent84/iStock/Getty Images, modified by CoinDesk.

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