BREAKDOWN: What the Market Crash Means for Bitcoin, Feat. Delphi's Kevin Kelly
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 9 March 2020
⏱️ 34 minutes
🧾️ Download transcript
Summary
Bitcoin’s price has cratered, but it’s nothing compared to the broader market havoc. From the Coronavirus scare to an oil price war, a confluence of factors is aligning to make it a very rough Monday.
On this episode of The Breakdown, @nlw is joined by Delphi Digital’s Kevin Kelly to discuss:
- Why the stock market is just catching up to what the bond markets have been saying
- Why the bond markets have been a better reflection of potential economic pain
- Why we need to pay attention to what happens in the credit markets
- The role of the oil price war in today’s market drop
- What the declining bitcoin price means for the safe haven and uncorrelated asset narratives
- Which assets are actually acting like safe havens
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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. |
| 0:22.8 | It is Monday, March 9th, and it is a Black Monday. |
| 0:27.3 | Yesterday I got the dreaded blockfolio. |
| 0:29.8 | Bitcoin is down 3% in the last hour text, and it has just gone worse and worse and worse |
| 0:35.4 | from there. |
| 0:36.7 | We're experiencing right now a huge confluence of |
| 0:40.2 | problematic events. The markets are catching up to themselves with regards to coronavirus |
| 0:46.0 | and the potential dislocations from everything being closed, people stopping travel. All of these |
| 0:52.6 | sort of second and third order effects are coming home |
| 0:55.4 | to roost a little bit, while at the same time we're also seeing other challenges like a global |
| 1:01.0 | oil price war that ignited last night. Now, one of the things that I love about crypto and |
| 1:06.4 | Bitcoin is that it attracts people from all walks of life and background, right? |
| 1:11.0 | Not everyone in this space was in, you know, traditional markets before. |
| 1:15.7 | Because of that, however, when there are these large-scale global macro events that have |
| 1:20.9 | an impact on the price of Bitcoin that have an impact on actions in our industry, |
| 1:26.6 | it can be hard to figure out exactly what's going |
| 1:29.1 | on and where you should go to get information. So to help with that, I've brought on Kevin Kelly |
| 1:34.4 | from Delphi Digital. Delphi are one of the best research houses in the crypto space. Kevin has a |
| 1:40.3 | background in traditional markets. And basically what we do for the next half hour is like a |
| 1:45.4 | primer effectively on everything that's going on. Right. So we talk about the difference between |
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