The Breakdown Newsletter

The future of crypto isn’t just going to happen

The banking system still processes payments like it’s 1975. Crypto might have a fix.

Markets look forward, even when we can’t see past the news

Greenwood was a success story before it was a tragedy

Asymmetric information is threatening crypto the same way it once threatened equities. Disclosure might be the fix.

Even in today’s fully fiat system, the question of who ultimately stands behind the dollar still matters

From bank porters to stablecoins, the history of money is a story of acceleration

Why is it controversial to say things are better than they used to be?

Crypto continues to do its thing: incentivizing behavior

The financial backwaters they laughed at might be the only thing keeping the dollar afloat

The best capital markets are open to the most people — and crypto capital markets are open to everyone

The bond vigilantes you heard about this week aren’t real

Is crypto straying too far from things of value?

Discounted cash flow is as close as you can get to a fundamental truth in the art of financial valuation

What the history of global reserve currencies says about crypto’s future

Cash enables law evasion at a small scale and crypto enables it on a large scale

This week’s market action seems to suggest that even a 10x increase in tariff rates won’t derail the US economy

Could crypto disintermediate DC lobbyists?

Money, it turns out, is emergent, like consciousness

The Breakdown becomes your central hub for insightful, daily crypto macro analysis

Prediction markets show that people bet in anticipation of things happening far too often

A recent Citi report predicted that stablecoin AUM could hit $3.7 trillion by 2030, largely because of institutional adoption

Warren Buffett attributes his astounding investment returns to only about a dozen “truly good decisions” he’s made

Could we stop using BTC to amplify our short-term risks — and start using it to hedge our long-term ones?