BREAKDOWN: Why Bitcoin Investors Aren’t Worried About This Price Pullback
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 8 September 2020
⏱️ 16 minutes
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Summary
Critiques of correlation between bitcoin and equities miss the fact that bitcoin adoption within traditional markets has been driven by a fiat collapse concern.
This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.
Today on the Brief:
- Stock market continues its descent
- Insider stock selling reached five-year high in August
- President Trump promises more aggressive decoupling from China
Our main discussion: Investors and the BTC price dip.
Over the last several weeks, bitcoin has pulled back from $12,400 to around $10,000. This dip has happened alongside a broader retracement in equities, led by falling tech stocks.
While some have levied correlation to equities as a failure of bitcoin, NLW argues this critique misunderstands the narrative that has driven accumulation from new holders over the last six months.
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Transcript
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| 0:00.0 | My answer really comes down to that, one, we should have expected Bitcoin to get more correlated |
| 0:05.2 | to equities over time, and two, the reason for that has to do with what people are hedging |
| 0:10.4 | with Bitcoin. Paul Tudor Jones didn't come out with a big think piece about how Bitcoin |
| 0:16.2 | hedges against falling stock prices. He came out with a big think piece and a large announced position |
| 0:22.5 | in Bitcoin with the concern being currency debasement, the concern being the future of |
| 0:28.6 | fiat currency and its ability to continue to hold value. Welcome back to the breakdown with me, |
| 0:36.7 | NLW. |
| 0:42.9 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:50.8 | The breakdown is sponsored by crypto.com, BitStamp, and nexo.io, and produced and distributed by CoinDesk. |
| 0:59.9 | What's going on, guys? It is Tuesday, September 8th, and today we are looking at Bitcoin, |
| 1:07.6 | specifically why investors don't seem particularly spooked by the last week or so of a Bitcoin dip. First, however, let's do the brief. First up on the brief today, the U.S. |
| 1:13.1 | markets, the traditional markets that is, continue their downturn. What happened? Well, last |
| 1:19.4 | week the S&P 500 fell 4.3% over the last two sessions, while the NASDAQ 100 has fallen 9% over the last three sessions, |
| 1:29.5 | including 2.2% today. |
| 1:32.1 | Tesla, one of the emblematic stocks of this time, fell 13% after being snubbed for S&P 500 |
| 1:38.8 | inclusion and is down 20% overall in September. |
| 1:43.4 | Alongside this, the dollar has strengthened and treasury yields |
| 1:47.7 | have gone down as investors move more into those risk-off type assets. So why is this relevant? Well, |
| 1:55.9 | I see a bit of a new narrative starting to creep in that I think combines old fears and new fears. |
| 2:03.2 | The old fears have to do with the U.S. and China, which we'll get into in a minute, and questions |
| 2:09.3 | of the durability of the rally we've had since the coronavirus crash. The new fears, I think, |
| 2:16.2 | have to do with this fall chaos idea and concerns about |
... |
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