BREAKDOWN: Is the ‘Bitcoin Supercycle’ Theory Dead?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 29 May 2021
⏱️ 12 minutes
🧾️ Download transcript
Summary
Given the past few weeks’ price actions, has the popular theory been disproven?
This episode is sponsored by Nexo.io and Bitstamp.
On this edition of “The Breakdown’s Weekly Recap,” NLW looks at what this cycle has taught us in terms of:
- Who is investing and how it’s influencing markets
- How market structure and narrative interact to shape price action
- Why stablecoins could be a dark horse for reducing the duration of future market downturns
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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. |
| 0:15.2 | The breakdown is sponsored by nexor.io and BitStamp and produced and distributed by CoinDest. |
| 0:22.5 | What's going on, guys? It is Saturday, May 29th, and that means it's time for the weekly recap. |
| 0:28.1 | And today, we are looking at the super cycle theory and whether recent price action means that |
| 0:33.6 | we need to just banish it to the dust heap of history. There is nothing that people love more |
| 0:39.3 | than telling you when things go badly that that is real life, that all the excitement, dreaming, |
| 0:43.8 | and optimism is fake, and that the disappointment is real. By those metrics the last couple of weeks |
| 0:48.6 | have been the realest of this cycle. Bitcoin has lilted listlessly along for months since its |
| 0:53.8 | early to mid-April highs, |
| 0:55.5 | and it felt even before the parade of Fudd over the last couple weeks that some momentum |
| 1:00.1 | had been lost. Maybe it was not enough new institutions buying, or at least not buying fast enough |
| 1:05.1 | or publicly enough. Maybe it was more of the trader and whale attention shifting to Ethereum, |
| 1:09.4 | defy, and dog coins. |
| 1:15.9 | Whatever the case, the scene was set for some exogenous force to push the mood and consequently the price even lower. And along that came perfectly in the form of that fickle friend, |
| 1:21.3 | that Loki trickster himself, Elon Musk. After helping drive the price from the high 30,000s |
| 1:26.7 | to the 60,000s thanks to Tesla's |
| 1:28.5 | big Bitcoin buy, Elon effectively took it all back when he announced that Tesla was reversing |
| 1:32.9 | course on Bitcoin payments for vehicles due to environmental concerns. That was followed up with |
| 1:38.1 | ChinaFud, insignificant seeming at first when it was just Reuters sensationalizing policy |
| 1:42.4 | that had been enacted four years earlier. But it became much more significant when it was the viceuter's sensationalizing policy that had been enacted four years earlier, |
| 1:48.2 | but it became much more significant when it was the vice premier of China talking about Bitcoin mining bans from the highest echelons. More significance still was when it was miners |
... |
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