BREAKDOWN: Why Bitcoin's Longest Run Above $10,000 Matters
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 28 September 2020
⏱️ 17 minutes
🧾️ Download transcript
Summary
Bitcoin has been above $10,000 for even longer than the record 2017-18 run, giving confidence to long term HODLers in the process.
This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.
Today on the Brief:
- After four weeks down, bitcoin bounces back on suspicions that recent bearishness was overblown
- KuCoin exchange gets hacked for somewhere between $150 million and $280 million
- Jack Dorsey outlines Twitter’s blockchain and bitcoin beliefs during Oslo Freedom Forum appearance
Our main discussion: Digging in to bitcoin’s 64-day run over $10,000
Bitcoin has been above $10,000 for longer than any time in its history. Its volatility is also at recent historic lows. In this episode, NLW puts this in the context of broader market movements and explains why new price floors are self-reinforcing.
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Transcript
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| 0:00.0 | The psychological confidence that comes with what feels like a price floor around 10,000 is huge. |
| 0:08.7 | And this is, of course, not to say that Bitcoin couldn't dip below 10,000. |
| 0:13.2 | However, at some point, Hottlenauts joke, where he said, you know, |
| 0:18.3 | I don't think we're ever going to see Bitcoin below 10,000 again, |
| 0:22.8 | which by the way, he said probably more than a half dozen times now, so it's become its own meme, |
| 0:28.3 | at some point he's going to be right. |
| 0:31.0 | And the longer that Bitcoin stays above that magical, easy psychological number, |
| 0:37.2 | the more likely it is that it reassures the holders |
| 0:40.3 | who keep it there, who are also the people who, when it goes below that, are going to scoop and |
| 0:46.7 | gobble it all up because they think it's on the cheap. So this isn't just some other random number. |
| 0:52.7 | I think that when it comes to market psychology, Bitcoin's longest run above 10,000 matters. |
| 0:58.8 | It matters not just for long-term holders, but new people who have been brought in over the |
| 1:03.8 | course of this year, based on their concerns about long-term currency debasement and the great |
| 1:09.2 | monetary inflation. |
| 1:12.6 | Welcome back to The Breakdown with me, NLW. |
| 1:17.2 | It's a daily podcast on macro, Bitcoin, and the big-picture power shifts remaking our world. |
| 1:23.5 | The breakdown is sponsored by crypto.com, BitStamp, and Nexo.io, and produced and distributed by CoinDes. |
| 1:31.2 | What's going on, guys? It is Monday, September 28th, and today we are talking about Bitcoin's record run above 10,000, and why it matters. |
| 1:42.6 | First, however, let's do the brief. First up on the brief today, |
| 1:47.7 | after four weeks of continuous losses, global stock markets are starting to turn around. |
| 1:54.7 | This morning, stocks climbed in Europe and the U.S. quickly followed suit, and interestingly, |
| 1:59.6 | it was autos and banks that have led the charge. |
... |
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