BREAKDOWN: Kraken’s Dan Held on What’s Different About Bitcoin at $10K This Time
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 7 February 2020
⏱️ 26 minutes
🧾️ Download transcript
Summary
Bitcoin is on a 7 week upward trend. Having already smashed through its $9,000 Vegeta memes, it is now inching closer towards $10k.
On this episode, @nlw is joined by Kraken’s Dan Held to discuss how bitcoin has changed in a number of ways since the last time we were at the $10,000 price level last year. They look at:
- Narrative - Speculation around bitcoin as a safe haven and the role of the halvening continue to shape the conversation
- Infrastructure - The tools for how people can interact with bitcoin - from lending to derivatives - have never been broader
- Audience - Institutions are no longer just around the corner but actively participating in the market
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Transcript
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| 0:00.0 | Welcome back to The Breakdown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond, with your host, NLW. |
| 0:15.0 | The Breakdown is distributed by CoinDesk. |
| 0:20.0 | Welcome back to The Breakdown. It is Friday, February 7th, and today we're doing |
| 0:26.0 | something a little different. So we're recording a day early, so I'm not exactly sure where the |
| 0:30.9 | price is today as you're listening to this on Friday. But for the last month, we've seen steadily |
| 0:35.4 | increasing Bitcoin prices, and we are now nudging |
| 0:38.4 | up against the edge of 10,000. |
| 0:41.2 | We got up as high today at the time of this recording as 9,800. |
| 0:45.8 | And I think that that barrier of 10,000 is a really interesting psychological barrier. |
| 0:50.8 | It's a really interesting context, I think, in which to look back at the last year or so |
| 0:56.7 | since we previously saw 10,000, and ask what has changed, what has evolved, what is different |
| 1:03.3 | about the crypto markets and the Bitcoin industry specifically since the last time we were here. |
| 1:10.7 | And so I invited Dan Held to join me in that |
| 1:13.6 | conversation. Dan has been around the block with Bitcoin. He has started multiple Bitcoin |
| 1:19.0 | businesses, including recently Interchange, which was acquired by Cracken. He is now in BD at Cracken |
| 1:25.9 | and thinking about Bitcoin in that context. And so we talk about a few things, all in this, how Bitcoin has changed since the last time we were at 10,000 lens. We talk about first how the narratives have changed, whether Bitcoin is a speculative store of value asset, a speculative macro asset, and what that means. |
| 1:46.0 | We talk a little bit about the having narrative and whether it's priced in or not, and what that means. |
| 1:50.0 | We talk about the new entrance in the market since the last time that we were here, |
| 1:55.0 | and what it means to have this sort of price point and the having coming up in the context of institutions actually being |
| 2:01.7 | involved in the industry in a meaningful way. We talk about the infrastructure and the different |
| 2:07.1 | things that you can do with Bitcoin, including a pretty deep conversation around options and |
| 2:12.2 | derivatives, which is obviously a growing part of the market. Finally, we touch on briefly the |
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