BREAKDOWN: Is $50,000 BTC the Beginning of a Bitcoin Supercycle?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 16 February 2021
⏱️ 20 minutes
🧾️ Download transcript
Summary
As bitcoin reaches a new milestone all-time high, NLW asks whether we’ve broken out of a traditional halving-based market cycle to something bigger.
This episode is sponsored by Nexo.io.
Early this morning, bitcoin reached a new all-time high above $50,000. While the market quickly retraced, the psychological barrier was breached. On today’s episode, NLW explores what it means, including whether there is any technical value in the number and Michael Saylor and MicroStrategy’s new $600 million debt offering to buy more bitcoin.
He also explores Dan Held’s concept of a bitcoin supercycle, looking at the three pillars of the argument:
- Perfect macro backdrop
- Singular narrative
- Availability and ease of use
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Transcript
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| 0:00.0 | And even if things start humming, if that humming is still fueled by low interest rates, |
| 0:06.0 | there are going to be a lot of people with an eye on the long-term asking when the House |
| 0:11.0 | of Cards comes crashing. |
| 0:13.0 | Even people who have a fiduciary responsibility to make a bunch of money while the duct tape |
| 0:17.6 | and paper clips hold. |
| 0:19.0 | Bitcoin has already demonstrated itself to this |
| 0:21.7 | group, and it makes it far more likely that they will keep hold of it as a potential hedge |
| 0:26.9 | against that eventual reckoning. Welcome back to The Breakdown with me, NLW. It's a daily podcast |
| 0:35.9 | on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:41.3 | The breakdown is sponsored by nexo.io and produced and distributed by CoinDesk. |
| 0:47.8 | What's going on, guys? It is Tuesday, February 16th, and today we are talking about, you know it, $50,000 Bitcoin, and specifically |
| 0:58.9 | whether it shows that we are in a Bitcoin super cycle. So first, the news. After a week |
| 1:06.4 | or so of threatening the Rubicon was breached this morning between 745 and 8 a.m. Eastern time, |
| 1:12.8 | Bitcoin punched up above 50,000. |
| 1:15.7 | Now, it immediately met a cell wall and had a $600 candle down, |
| 1:19.8 | and is at the time of recording closer to $49,000, |
| 1:23.0 | but to me, that technical response is far less significant |
| 1:27.0 | than the psychological barrier of a $50,000 |
| 1:30.3 | all-time high being breached. So today's special early breakdown is all about that. |
| 1:36.5 | I reached out to followers this morning asking what topics you all thought were important for a 50K |
| 1:41.7 | show. I also popped into a couple of different clubhouse |
| 1:45.1 | chats to see what people were focused on. And overwhelmingly, across both of those mediums, |
... |
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