
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/
Latest episodes

Jun 29, 2025 • 23min
The Five Most Important Stories in Crypto This Week
This week, a groundbreaking policy shift allows Fannie Mae and Freddie Mac to treat cryptocurrency as mortgage-worthy, marking a pivotal integration into mainstream finance. Bitcoin's dominance is on the rise as altcoins struggle for attention. Texas aims to solidify its status as a crypto hub, while tokenized stocks and private equity offerings gain momentum. The evolving regulatory landscape promises innovation, with emerging financial products set to reshape the market. It's a thrilling time for blockchain enthusiasts!

Jun 27, 2025 • 12min
Crypto Mortgages Are Here
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 markets on-chain.
Brought to you by:
Grayscale offers more than 20 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal.
To learn more, visit Grayscale.com -- https://www.grayscale.com//?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-thebreakdown)
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5 snips
Jun 26, 2025 • 11min
The Central Banks Strike Back on Stablecoins
The Bank for International Settlements has raised serious concerns about the viability of stablecoins for mainstream use. They emphasize a stronger preference for central bank digital currencies. As the U.S. approaches stablecoin legislation, the potential impact on monetary policy is under scrutiny. Additionally, market dynamics are shifting, with Bitcoin gaining traction amid rising geopolitical tensions and evolving investor interests. This discussion reveals the complex future of finance in a world increasingly influenced by cryptocurrencies.

Jun 24, 2025 • 11min
Texas Gets to Bitcoin Buying
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.
Brought to you by:
Grayscale offers more than 20 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal.
To learn more, visit Grayscale.com -- https://www.grayscale.com//?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-thebreakdown)
Enjoying this content?
SUBSCRIBE to the Podcast: https://pod.link/1438693620
Watch on YouTube: https://www.youtube.com/@TheBreakdownBW
Subscribe to the newsletter: https://blockworks.co/newsletter/thebreakdown
Join the discussion: https://discord.gg/VrKRrfKCz8
Follow on Twitter:
NLW: https://twitter.com/nlw
Breakdown: https://twitter.com/BreakdownBW

Jun 24, 2025 • 11min
How the Markets Are Handling the Latest in Iran
Tensions flare as the U.S. hits Iranian nuclear sites, shaking up global markets. Oil prices soar while stock markets tremble, leaving investors on edge. Experts dive into the possibility of oil supply disruptions through the Straits of Hormuz and what that means for inflation. Bitcoin emerges as a crucial gauge of global sentiment amidst these conflicts. With geopolitics at play, the landscape of energy independence and financial stability is more unpredictable than ever.

Jun 23, 2025 • 10min
The Importance of the Token Transparency Framework
The podcast dives into the crypto market's 'lemon problem,' where token issuers hold more information than buyers, leading to hidden risks and mistrust. It introduces the Token Transparency Framework, a new initiative aiming to standardize vital token information. By drawing inspiration from traditional securities disclosures, the framework seeks to enhance transparency and boost investor confidence. The discussion raises questions about whether this efforts will truly remedy the transparency issues or if it’s just another ambitious yet challenging endeavor.

8 snips
Jun 21, 2025 • 23min
Bitcoin Holds Firm Above $100K as Senate Stablecoin Bill Opens Floodgates for Crypto
Bitcoin's surprising stability above $100,000 is a hot topic, showing its strength even in uncertain times. The recent bipartisan stablecoin bill is opening new doors for adoption, shaking up both crypto and traditional finance. There's buzz about Circle’s IPO success and JPMorgan’s intriguing move with Coinbase’s platform. Meanwhile, Elon Musk is pushing his vision for X as an all-in-one app. As the Fed grapples with rate cuts, the landscape for cryptocurrencies is shifting dramatically.

Jun 18, 2025 • 13min
Senate Passes Historic Stablecoin Bill
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.
Brought to you by:
Grayscale offers more than 20 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal.
To learn more, visit Grayscale.com -- https://www.grayscale.com//?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-thebreakdown)
Enjoying this content?
SUBSCRIBE to the Podcast: https://pod.link/1438693620
Watch on YouTube: https://www.youtube.com/@TheBreakdownBW
Subscribe to the newsletter: https://blockworks.co/newsletter/thebreakdown
Join the discussion: https://discord.gg/VrKRrfKCz8
Follow on Twitter:
NLW: https://twitter.com/nlw
Breakdown: https://twitter.com/BreakdownBW

4 snips
Jun 18, 2025 • 14min
Is Tron Going Public This Cycle's Shark Jump?
Delve into Justin Sun's bold plans to take Tron public, stirring controversy within the crypto community. The discussion highlights how U.S.-Iran tensions are affecting Bitcoin markets and the rise of MetaPlanet among corporate Bitcoin holders. Explore the growing influence of Bitcoin ETFs and the intricate challenges facing crypto legislation, especially with political ties and the Genius Act looming. This analysis reveals potential shifts in investor sentiment and market dynamics as the landscape evolves.

6 snips
Jun 17, 2025 • 14min
How Markets Are Reacting to the Middle East
Explore how the rising tensions between Israel and Iran are shaking up markets, particularly Bitcoin’s surprising stability at $105K. Discover the emergence of Bitcoin treasury companies—are they innovators or potential disaster creators? The discussion also highlights recent Solana ETF filings and how retail giants like Amazon and Walmart are eyeing stablecoins. Join the conversation on the intersection of geopolitics and crypto investment strategies as experts weigh the risks and future of cryptocurrency.