BREAKDOWN: How Real Is Bitcoin’s Rally? 8 Interpretations of Bitcoin's Massive Surge
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 28 July 2020
⏱️ 25 minutes
🧾️ Download transcript
Summary
As bitcoin retraces slightly after reaching a new 2020 high about $11,000, NLW explores what’s driving the rally and how likely it is to continue.
This episode is sponsored by Bitstamp and Crypto.com.
It was a beautiful Monday.
Bitcoin crashed through $10,000 and got all the way up to a new yearly high of about $11,000 before retracing slightly.
As with any dramatic price action, people were quick to start giving their interpretations of why it happened.
In this episode, NLW explains eight of those interpretations, including:
- Banks stacking due to changes in custody rules
- Money printer go brrr
- Stock to flow model
- Robinhood traders piling in
- DeFi gain recycling
- Buyers exceeding sellers
- “Perfect storm”
- Dollar crash, negative real interest rates and the search for a new reserve currency
Ultimately, NLW argues that it is this last factor driving up not only bitcoin but gold and silver.
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Transcript
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| 0:00.0 | It feels to me possible that we're in one of those restructural reset moments where the connection |
| 0:05.3 | to digital gold in the context of gold performing so well has a halo effect that really |
| 0:11.0 | connects the Bitcoin narrative to the macro narrative in a way that completes the circle from something |
| 0:15.8 | that started to happen in a huge way in March and April. The fact that the odds of some major, major shift in the |
| 0:24.0 | global arrangement of power around the dollar has increased makes the gold narrative |
| 0:29.3 | trade look even better, even if that narrative is overstated. |
| 0:34.9 | Welcome back to the breakdown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond. |
| 0:43.8 | This episode is sponsored by BitStamp and Crypto.com. |
| 0:48.3 | The breakdown is produced and distributed by CoinDesk. |
| 0:53.3 | And now, here's your host, NLW. |
| 0:58.1 | What's going on, guys? It is Tuesday, July 28th, and today, you know we're talking about |
| 1:04.8 | Bitcoin's massive rally yesterday. We're going to talk about what happened, why it happened, |
| 1:10.5 | and how real it is. |
| 1:12.5 | Now, one quick note, I said that yesterday we'd be back to the normal brief schedule, but |
| 1:16.9 | there's not a brief on today's episode. And the reason for that, as you'll see, is that the story |
| 1:21.6 | of Bitcoin's rally yesterday, I think, is the story of markets much more broadly. So |
| 1:26.4 | we're going to actually talk about a lot of the different things that we might have hit on |
| 1:30.0 | in the brief in the course of the main show. |
| 1:32.2 | But I promise the brief isn't going away. |
| 1:33.9 | It just so happens that this episode isn't really well suited for it. |
| 1:37.3 | Anyways, let's talk about Bitcoin's rally. |
| 1:39.7 | So first of all, what happened? |
... |
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