Bitcoin Hits New All-Time High: What Happens Next?

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 1 December 2020

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this historic day, NLW looks at bitcoin’s punching through its previous December 2017 all-time high. Specifically, he looks at: How different people benchmark the all-time high What drove the latest price action, including the prospect of new investment from institutional asset management giant Guggenheim Why historian Niall Ferguson is arguing bitcoin has won the COVID-19 monetary revolution Why macro giants including Raoul Pal, George Gammon and Ben Hunt got into disagreements with Bitcoin Twitter about how co-opted by the state and Wall Street bitcoin is likely to become

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.0	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:14.9	The breakdown is sponsored by crypto.com, nexo.io, and all nodes.
0:19.2	And produced and distributed by CoinDesk.
0:22.5	What's going on, guys? It is Monday, November 30th, and oh man, I know by the time you're
0:28.9	listening to this, you already know already, but Bitcoin has hit a new all-time high. And
0:35.2	of course, I couldn't delay conversing about that with a brief or anything,
0:40.1	so we have to just dive right in. Let's talk about Bitcoin's new all-time high and what might
0:45.8	come next. So one of the big questions after early last week's rally was whether Bitcoin
0:51.1	would punch through its all-time high over the holidays. As you could probably
0:55.3	tell from my pre-recorded Thanksgiving episodes, I was pretty flummoxed by the possibility, so I really
1:01.2	appreciated holding out, but this morning, the U.S. woke up to an absolute Bitcoin surge as the assets
1:07.3	smashed past 19,000 again and very quickly started threatening all-time highs.
1:12.5	Now, what the all-time high actually is is different to different people.
1:17.9	Here are three good common arguments I've seen.
1:21.4	Dan McArdle, who is from OnChane FX, Masari, and most recently the case for Bitcoin,
1:27.1	pinned it as BitStamps all-time high,
1:29.9	with his argument being that BitStamp is the longest-running exchange.
1:34.2	By that metric, Bitcoin's high would be 19,66666.
1:39.2	The most common metric for people who are actually quoting a specific number is the Wikipedia and Google
1:45.5	search number of 19,783. And then finally, of course, there is that big psychological number
1:53.7	20,000. That's a number that Bitcoin hit on some exchanges, but more importantly than that,
	...

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