Inflection Point

On today's episode of On The Margin Mike Ippolito is joined by Dan Morehead of Pantera Capital & Dan Tapiero of 10T. With collectively over 40 years in the hedge fund business at notable firms such as Tiger Management, before later pivoting to crypto in 2014, these two provide a unique insight into the growth of the crypto industry and just how big it could become over the next decade.Dan & Dan share their Macro outlook for 2022, the bursting of the U.S bond market, how crypto today compares with 2017, what the next big picture macro trade is, the mainstream adoption of crypto & discuss whether the bull market is over.--Follow Dan Tapiero: @DTAPCAPFollow Dan Morehead: @dan_panteraFollow Mike: @MikeIppolito_Follow Blockworks: @Blockworks_--Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks--If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

In this episode Mark and I covered two big topics: the fallout of Wednesday's FOMC meeting, and the announcement that the White House is cracking down on crypto as a matter of "national security."We kicked things off with one of my favorite charts of all time, the S&P going back to 1926 superimposed over every reason investors had to sell. Helps provide some perspective, you know? Next we covered what the market is pricing in in terms of rate hikes for 2022, and the likelihood that the Fed will follow through on their hawkish rhetoric.Next we moved on to real yields and gold's confusing response, the flattening yield curve, and the precipitous rise in the DXY. We also covered the precipitous drop in unprofitable tech, increased volatility in the stock market, and what both of these things tell us about where we're at in the business cycle.We also took a look at today's price action in the S&P and high yield credit market and how that compared to the 6 month period in 2018-2019 around the "Powell Pivot" (hint: there are similarities).Finally, Mark and I gave our thoughts on the impending crackdown that is rumored to be coming soon from the White House. For details on that, you'll have to listen to the episode.Follow Mark: @MarkYuskoFollow Mike: @MikeIppolito_Follow Blockworks: @Blockworks_--Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks--If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

In this episode of On The Margin Mike is joined by Andreas Steno Larsen Director & Lead Economist of Heimstaden. After spending 10+ years as a Chief Global Strategist, FX Analyst & Researcher at Nordea, Andreas provides a unique insight into the current macro factors driving markets.Andreas shares his global macro outlook for 2022, his thoughts on the effect tapering will have on markets, the slowing credit impulse as a leading indicator for growth, the rise of China vs the U.S & if we are in a period of secular inflation.--Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks--If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

This week in On the Margin, we have a special bonus episode for you. There's lots going on in markets and we thought if ever there were a time to speak to as many smart people as possible, it's now. In this week's episode we are joined by CoinShares Chairman Danny Masters and FTX's Jon Cheesman to give us a preview for the FOMC meeting on Wednesday.We also covered the increasing connection between macro and crypto, what constraints the Fed are operating under, and how different sectors of crypto will respond to increased tightening.--Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks --If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

In this round up, Mark and I are joined by Arca CIO Jeff Dorman to answer the one question on everyone's mind: what is driving the flash crash in crypto markets?We discussed the impact the Fed's tightening is having on markets, why the PBOC's rate cuts aren't having as much of an effect on crypto, the importance of a strong Bitcoin to crypto markets, and where we will see dispersion in crypto in 2022.Per usual, Mark and Jeff brought the fire, tune in to get their thoughts.--Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks --If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

In this episode of On The Margin Mike is joined by Jordi Alexander CIO of Selini Capital & Checkmate Lead On-chain Analyst for Glassnode. Jordi & Checkmate discuss the long term structural macro trends and how they effect the crypto markets. Jordi & Checkmate also explore if Crypto can forecast broader market conditions, wether Bitcoin has become a viable macro asset, is Crypto entering a bear market, Value vs Momentum & how will the Fed respond to the highest inflation in 40 years.Link to Jordi's Twitter thread - https://twitter.com/gametheorizing/status/1435693384694321158--Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks--If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

In this week's episode, Mark and I tried something a little different. We went super deep on one topic, namely inflation. The question we asked was "Have fears around inflation peaked? And if so, what are the implications for asset prices?"We started off by taking a look at which categories were driving CPI inflation. We took a look at which of these categories were sticky and likely to persists (like owners equivalent rent and energy) or likely due to temporary, pandemic related issues (used cars).Next we covered the differing roles that the Fed and Treasury have in inflation, and the wild price inflation in the price of goods. Mark gave his views on whether or not the Fed actually had room to tighten, or if they would just roll over like they have done in the past.Finally, we ended the discussion on the question every investor should be asking: are we headed towards an environment of negative real rates? And if we are, which assets will benefit? For the answer to that, you'll have to tune into the show.--Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks --If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

In this episode of On The Margin Mike is joined by returning guest Danielle DiMartino Booth, CEO & Chief Strategist for Quill Intelligence. As a former advisor at the Federal Reserve Bank of Dallas, Danielle provides a unique insight into the Fed's policy decisions throughout 2022. Danielle shares her thoughts on the dilemma's the Fed faces going into 2022, how the Fed exacerbated wealth inequality in America, Modern Monetary Theory, Universal Basic Income, her outlook for the U.S Dollar & so much more.--Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks--If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

In this first round up of the New Year, Mark and I started with the question that's on everyone's mind: are we still in a bull market?Answer - you'll have to listen to the episode to find out! But I will say... compelling narratives and data on both sides. Whatever the truth is, we have clearly entered a pattern of market behavior that is different from past cycles. Variety, as they say, is the spice of life.We went pretty deeply into the Fed's recent minutes, including the hawkish pivot and what that means for markets. Four separate rate hikes starting in March of this coming year are now being priced in with 80% probability. Assets are reacting accordingly, with everything from the S&P to the Nasdaq to Bitcoin falling percipitously.For our weekly stories, we covered the internet outage in Kazakhstan and the commensurate dip in hash power on the Bitcoin network. We also talked about the continued migration of hash rate out of eastern countries and into more stable regimes, primarily the US.Finally we closed on OpenSea's monster $300 million dollar round led by Coatue and Paradigm. For a more in-depth analysis of what drove their valuation, you'll have to give the episode a listen. --Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit https://onthemargin.link/fireblocks --If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter

In this episode of On The Margin Mike is joined by Brent Johnson of Santiago Capital & Lawrence Lepard of Equity Management Associates. Brent & Lawrence discuss Brent's Dollar milkshake thesis and the negative effect a rising dollar could have on the global financial system looking ahead to 2022.Brent & Lawrence also share their thoughts on the long term debt cycle, the bond market during financial repression, the current slow down in economic activity & inflation, what a return to sound money would look like & how to protect your portfolio in this environment.---If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletterOn The Margin is brought to you by Blockworks, a financial media brand delivering breaking news and premium insights about digital assets to millions of investors.For more content like On the Margin, visit http://blockworks.co/podcasts.