BREAKDOWN: $50K BTC in 2021? Bloomberg Analysts Join the 'Traditional Onslaught' Driving Bitcoin's Rally
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 5 December 2020
⏱️ 10 minutes
🧾️ Download transcript
Summary
A new crypto outlook from Bloomberg suggests BTC could reach $50,000 in 2021, topping off a month of major institutional momentum for the asset.
This episode is sponsored by Crypto.com, Nexo.io and this week's special product launch, Allnodes.
On this edition of the weekly recap, NLW looks at the consolidating narrative of a bitcoin rally that is:
- Being driven by institutional investors
- Shifting the center of the industry from East Asia to North America
- Winning converts from major research houses and institutions
- Driving the price of bitcoin to new all-time highs
This week on The Breakdown:
Monday | Bitcoin Hits a New All-Time High: What Happens Next?
Tuesday | Why a $631B Asset Manager Just Changed Its Mind on Bitcoin
Wednesday | Josh Brown on Bitcoin’s ‘Respectability Rally’ and Why We’ll See Dow 100,000 in Our Lifetime
Thursday | Why Stablecoins Are the First Battleground of the Coming Crypto Regulation Wars
Friday | A ‘Santa Claus Rally’ for the Stock Market?
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.1 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:14.8 | The breakdown is sponsored by crypto.com, nexo.io, and all nodes. |
| 0:19.1 | And produced and distributed by CoinDesk. |
| 0:22.4 | What's going on, guys? It is Saturday, December 5th, and that means it's time for the weekly |
| 0:28.1 | recap. So, Bitcoin years plus 2020 years combined means that it feels like about |
| 0:36.2 | 100 years since Bitcoin punched above all-time |
| 0:39.5 | highs at the beginning of the week. Then again, this could also be because the real psychological |
| 0:44.9 | barrier is 20,000 no matter what the technical number is. It could also be because, frankly, |
| 0:52.0 | after waiting for three years, a whole lot of folks out there want to see |
| 0:56.5 | more than just a touch-up to previous highs. They want to see a smash to a whole new dimension. |
| 1:02.8 | Whatever the case, however, one thing that is clear is that there has been a consolidating |
| 1:07.0 | narrative around this rally. And that narrative is that this time isn't being driven by |
| 1:13.4 | wonky retail speculators. Instead, the new market participants are U.S. institutions. And the |
| 1:20.5 | narrative for those institutions, the raise on debt for them to be involved, focuses on limited |
| 1:26.0 | supply in the face of unlimited printing. |
| 1:29.5 | To get a sense of just how clear this is, Reuters yesterday published a piece called |
| 1:34.1 | How American Investors are gobbling up booming Bitcoin. Bitcoin has grabbed headlines this |
| 1:39.3 | week with its dizzying ascent to an all-time high. Yet under the radar, a trend has been playing out that |
| 1:45.1 | could change the face of the cryptocurrency market, a massive flow of coin to North America |
| 1:50.2 | from East Asia. It is North American investors who have been the bigger winners in the 165% rally |
| 1:56.4 | this year. Weekly net inflows of Bitcoin, a proxy for new buyers to platform serving mostly North |
... |
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