Podcast
Inflection Point
Hosted by Blockworks · EN
Inflection Point is a weekly podcast for institutional professionals navigating crypto’s transition from a retail-driven market to a core component of global finance. Hosted by Blockworks Research Analyst Marc Arjoon alongside Matt Hougan (CIO, Bitwise), David Lawant (Head of Research, Anchorage), and Michael Marcantonio (Head of DeFi, Galaxy), the show delivers top-down, institution-led analysis of ETF flows, policy, market structure, and macro. We cut through the noise to focus on the true inflection points shaping crypto’s institutional future.
24episodes
Episodes
Newest firstAll episodes
On the Margin: This Is Peak Hawkishness From The Fed | Joseph Wang
Dec 18, 202400:51:03Tap to summarizeIn this special crossover episode with Forward Guidance, Joseph Wang joins the show to discuss the latest Fed decision, its December economic projections, and what to expect from markets going into 2025. We also delve into why he expects way more than two rate cuts next year, why he’s bearish on US equities in 2025, and much more. Enjoy!__Follow Joseph Wang: https://x.com/FedGuy12Follow Felix: https://x.com/fejau_incFollow On The Margin: https://twitter.com/OnTheMarginPodFollow Blockworks: https://twitter.com/Blockworks_—Join us at Digital Asset Summit 2025 March 18th - 20th. Use code MARGIN10 for 10% off general admission!https://blockworks.co/event/digital-asset-summit-2025-new-york—Ledger, the global leader in digital asset security, proudly sponsors On The Margin. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at Ledger.com.MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability.Key Features:Built using Cosmos SDK, IBC compatible, with CosmWasm supportedSecured via a sovereign PoS validator setScalable up to 10k TPSBuilt-in Modules, SDKs and APIs to create, trade and manage regulatory compliant RWAsImproved User Experience to onboard non-native users and institutions to Web3Learn more: https://www.mantrachain.io/—Timestamps:(00:00) Introduction(02:26) Hawkish FOMC Conference(06:03) Immigration Impact(09:32) 2025 Surprises(12:16) Trump, Trade, & Tariffs(14:43) What Is The Fed Thinking?(20:07) Peak Hawkishness(21:41) Long-Term Rates(23:07) SEP As A Psychological Tool(25:16) Ads(26:41) Fed Surveys & Politics(28:29) The Neutral Rate(30:27) How The Fed Gauges Restrictiveness(32:11) Reverse Repo(37:52) Treasury Coupon Issuance(39:38) Equities & The Dollar(43:15) Gold & Crypto(45:07) Long Bonds, Commodities, & Inflation(49:42) Main Takeaways—Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
Transcribe →On the Margin: Convertible Bond Expert Breaks Down Why MicroStrategy Is Soaring | Richard Byworth
Dec 10, 202400:54:50Summary readyIn this episode, Richard Byworth joins the show to discuss MicroStrategy’s convertible bond strategy, the biggest MicroStrategy misconceptions, and why he thinks the premium to NAV should expand over time. We also delve into MicroStrategy's concept of Bitcoin Yield, the risks and opportunities of Saylor’s strategy, and much more. Enjoy!—Follow Richard Byworth: https://x.com/RichardByworthFollow Felix: https://x.com/fejau_incFollow On The Margin: https://twitter.com/OnTheMarginPodFollow Blockworks: https://twitter.com/Blockworks_—Ledger, the global leader in digital asset security, proudly sponsors On The Margin. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at Ledger.com.MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability.Key Features:Built using Cosmos SDK, IBC compatible, with CosmWasm supportedSecured via a sovereign PoS validator setScalable up to 10k TPSBuilt-in Modules, SDKs and APIs to create, trade and manage regulatory compliant RWAsImproved User Experience to onboard non-native users and institutions to Web3Learn more: https://www.mantrachain.io/—Join us at Digital Asset Summit 2025 March 18th - 20th. Use code MARGIN10 for 10% off general admission!https://blockworks.co/event/digital-asset-summit-2025-new-york—Timestamps:(00:00) Introduction(01:50) Richard Byworth And Convertible Bonds(09:45) MicroStrategy’s Convertible Bond Strategy(15:28) Accretive Dilution & The Value Of A Convertible Bond(21:13) Breaking Down The Convertible Bond Trade(27:07) Ads(28:42) Risks & Opportunities In MicroStrategy’s Strategy(36:55) Bitcoin Yield & Bitcoin Per Share(38:28) Leveraged Upside And Downside(42:47) MicroStrategy Index Inclusion(44:06) Biggest MicroStrategy Misconceptions(49:09) Impact Of Levered MSTR ETFs(51:52) The Changing Market Paradigm—Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
SummaryInflation Still Isn't Going Back To 2% | Vincent Deluard
Apr 24, 2024Tap to summarizeThis week Vincent Deluard returns to the show to discuss the most important topic in markets today... inflation. After joining the show in February 2023, Vincent was an early inflationista making the case that inflation would not return to 2%. Well, one year later that call has been correct as inflation remains elevated above the Fed's 2% target. The question is, what happens next? Enjoy!--Follow Vincent: https://twitter.com/VincentDeluardFollow Mike: https://twitter.com/MikeIppolito_Follow On The Margin: https://twitter.com/OnTheMarginPodFollow Blockworks: https://twitter.com/blockworks_Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/--MANTRA Chain is a Cosmos SDK-based L1 blockchain addressing regulatory compliance gaps in the Cosmos ecosystem. Positioned as the "blockchain for tokenized RWAs and regulated digital assets," MANTRA offers high-performance, scalable blockchain architecture, supporting both permissionless and regulated, compliant applications. Learn more: https://www.mantrachain.io/--Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii--(00:00) Introduction (02:17) The Rise Of Secular Inflation (10:50) Mantra Ad(11:56) Geopolitical Risk, Oil & The Inflation Feedback Loop (16:43) The U.S Dollar Is Still The Best Safe Haven (21:21) The Rise Of Fiscal Dominance: Gradually, Then Suddenly (26:08) The Inflation Spiral (35:39) Permissionless Ad (36:17) A Recession Free Future (42:18) Oil--Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
Transcribe →Inflation's Role In The Fourth Turning | Vincent Deluard
Feb 22, 2023Tap to summarizeOn today's episode of On the Margin, Vincent Deluard Director of Global Macro at StoneX joins the show for a discussion on the rise of secular inflation.Being early to the inflation call, Vincent walks through the dynamics that allowed him to spot the rise of inflation, and how it will impact the next decade and beyond. We then dive into the role of inflation during a fourth turning and how this could shift the balance back to labor, contrary to the rise of capital during "the great disinflation. To hear all this and more, you'll have to tune in!--Follow Vincent: https://twitter.com/VincentDeluardFollow Mike: https://twitter.com/MikeIppolito_Follow On The Margin: https://twitter.com/OnTheMarginPodFollow Blockworks: https://twitter.com/blockworks_Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/--Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/Use code MARGIN10 to get 10% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023--Referenced In The Show:Clip: Sir James Goldsmith Presciently Explaining Globalization in 1994: https://www.youtube.com/watch?v=UKe38mVpHgk--Timestamps:(00:00) Introduction(00:55) Why Is 2023 Data So Strong?(05:28) Turns Out... Europe Didn't Freeze(10:19) Liquidity vs The Economy(13:00) Blockworks Research(14:33) Becoming An Early Inflationista(21:47) Inflation Is The Solution(30:46) The End of Secular Disinflation(35:33) Permissionless 2023(36:17) The Fourth Turning(40:53) The Key To Inflation Is Trust(44:19) Preparing For The Coming Decade Amid Secular Inflation--Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
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