BREAKDOWN: More Than 1/5th of Surveyed Goldman Sachs Clients Think Bitcoin Will Reach $100,000+ in 12 Months
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 6 March 2021
⏱️ 11 minutes
🧾️ Download transcript
Summary
A survey of pensions, sovereign wealth funds, hedge funds and more affirms growing institutional interest in crypto.
This episode is sponsored by Nexo.io and Casper.
On this edition of The Breakdown’s weekly recap, NLW looks at:
- Whether bitcoin is being caught up in the larger macro volatility
- The latest NFT shenanigans including a burned IRL Banksy
- The latest on institutional adoption including a positive survey from Goldman Sachs
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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. |
| 0:15.5 | The breakdown is sponsored by nex0.io and Casper and produced and distributed by CoinDesk. |
| 0:23.6 | What's going on, guys? It is Saturday, March 6th, and that means it's time for the weekly recap. |
| 0:30.4 | First of all, this week, let's discuss the macro environment. I'm continuing to see debates on Twitter |
| 0:37.4 | about whether Bitcoin sideways slash down |
| 0:40.3 | price this week had to do with larger macro volatility or that was just a convenient narrative. |
| 0:46.3 | So what's going on in the larger markets is basically that the stock market is making a bet that |
| 0:51.6 | the improving economy is going to force the Fed to let rates rise |
| 0:56.0 | and eventually taper off their asset buying program as well, which is going to ultimately put |
| 1:01.9 | downward pressure on stock prices. Ben Carlson put the irony perfectly in a tweet saying |
| 1:07.3 | last year, why is the stock market rising when the economy is getting worse? This year, why is the stock market rising when the economy is getting worse? This year, |
| 1:12.3 | why is the stock market falling when the economy is getting better? Either way, as my show on Thursday |
| 1:17.4 | was all about, this has brought up a ton of questions around Bitcoin correlation. If you didn't |
| 1:23.4 | happen to listen, my basic thesis is that stocks correlation to Bitcoin has more to do with the |
| 1:29.1 | fact that stocks have taken on a store of value safe haven role in the context of forever |
| 1:34.8 | suppressed interest rates than it does with Bitcoin's risk asset nature. If we're talking |
| 1:40.4 | about short-term correlation, however, I do think that given how much of the |
| 1:44.8 | upward price pressure has come from institutional allocation mandates, it could make sense that in |
| 1:50.3 | the short term, some of the buying pressure could have been put on pause in the context of |
| 1:54.4 | larger resets. Frankly, there could even be some profit-taking for institutions that got in around |
| 2:00.1 | 20K- 25K. |
... |
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