A special breaking edition of The Breakdown follows the market’s reaction to Square’s surprise $50 million bitcoin investment. 

NLW breaks down the foundations for the investment, including:

• 2020’s alignment between the bitcoin narrative and structural economic realities
• An increase in bitcoin’s perceived resilience
• The precedent set by MicroStrategy

He also discusses the market’s reaction, from the (potential) connection to Coinbase’s “apolitical” stance from last week to the notion of Square intentionally setting a framework others can follow.