Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Wednesday, March 19th, and today we are talking about the upside

of this weird period that we're in in crypto. Before we get into that, however, if you are enjoying

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One of the things that you've heard a lot on this show and probably from other sources is the fact that there is, or at least the argument that there is, some big divergence between how

normies and retail are feeling right now, specifically the set of retail and normies that hang

out on crypto Twitter, and how institutions are feeling about things.

The question is, is that really true? Are all these reports of institutions being super excited,

staying super excited, actually valid? Well, one resource seems to suggest the answer is yes.

A survey of institutional investors commissioned by Coinbase found that there is huge demand to

allocate to crypto this year. EY Parthenon surveyed over 350 institutional investors and found more

than three quarters planned to increase their allocation to crypto this year.

59% of respondents said they were planning to reach an allocation of more than 5% of assets

under management.

EY Parthenon's global blockchain leader,

Paul Brody said, the level of adoption in the highest net worth individuals and family offices

for some level of crypto, tokenized real-world assets, and defy was already quite high,

but now the interest is spreading broadly into the institutional investor space.

Alas, there is something of a caveat here. The survey was

...