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Market Wrap: Bitcoin Drops, Then Pops as Traders See Weaker Markets Coming

Daniel Cawrey

A Bloomberg senior editor today argued there were six reasons why 2020 was bad for bitcoin. Here’s the opposite case.

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This episode is sponsored by Bitstamp and Ciphertrace.

Today on the Brief:

  • Stocks down on coronavirus fears
  • Demand destruction
  • The looming retirement crisis

Our main theme:

Bitcoin is up more than 30% on the year. After a crash alongside equities, it has proved incredibly resilient. There are famous new entrants to the space like Paul Tudor Jones II. 

So how can a Bloomberg editor argue the year has been bad for bitcoin? 

In this response podcast, NLW argues that most of the arguments are about narrative, not the underlying fundamentals. He presents six reasons why not only has it not been a bad year, but the exact opposite is true:

  • Demonstrated institutional uptake
  • Demonstrated resilience 
  • New champions 
  • Narrative fundamentals  
  • Need in emerging markets 
  • End of economic orthodoxy 

See also: The Mirage of the Money Printer: Why the Fed Is More PR Than Policy, Feat. Jeffrey P. Snider

Related: Sorry, Bloomberg: Here Are 6 Reasons Why 2020 Is a Great Year for Bitcoin

For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, iHeartRadio or RSS.

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