BREAKDOWN: Why Citi Thinks Bitcoin Is at a Tipping Point
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 1 March 2021
⏱️ 15 minutes
🧾️ Download transcript
Summary
A 108-page report from the bank argues that in the future, bitcoin could become the preferred currency for international trade.
This episode is sponsored by Nexo.io and Casper.
Today on the Brief:
- Michael Saylor bought the dip
- China bans bitcoin mining in Inner Mongolia
- WallStreetBets moving off Reddit?
Our main discussion: Citi’s analysis of bitcoin.
February saw a non-stop barrage of bullish bitcoin news with regard to institutional uptake. March is off to a similar start with a massive research report arguing that:
- Bitcoin’s evolution over the last seven years has been spectacular
- CBDCs are likely to become more important
- If CBDCs do become more important, it could spur more corporations to use bitcoin as a global settlement currency
NLW argues that the report itself may be the beginning of a new, important part of the institutional bitcoin narrative.
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Launching in mid-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network.
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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. What's going on, guys? It is |
| 0:23.8 | Monday, March 1st. Welcome to a new month. Today we are talking about why City thinks that Bitcoin |
| 0:31.0 | is at a tipping point. First up, however, let's do the brief. All three parts of the brief today are actually follow-up stories |
| 0:39.6 | from last week. So first, let's talk about Michael Saylor buying the dip. The entire point of one |
| 0:46.5 | of my shows last week was that at this stage, if you sell your Bitcoin when the price goes down, |
| 0:52.5 | it's going to be bought by big players like Square |
| 0:55.0 | and Micro Strategy. Well, this morning, Saylor announced that the company had bought another |
| 1:00.2 | 328 Bitcoin for around $15 million or $45,710 per BTC. That brings their total holdings to |
| 1:10.6 | 90,859 Bitcoin. And I'm mostly meming, but also |
| 1:15.7 | you actually have to consider these types of purchases when you think about selling decisions now. |
| 1:21.0 | There is a buyer who will hoover up anything we sell at this price, which means a price floor |
| 1:26.6 | that is much higher than anything previously. |
| 1:29.6 | Next up on the brief today, Inner Mongolia banning Bitcoin mining. |
| 1:34.5 | The South China Morning Post writes that Bitcoin mining in the northern Chinese province is to be |
| 1:39.6 | stopped to save energy. This has to do with larger concerns from the Chinese government around energy |
| 1:45.9 | consumption in Inner Mongolia. Bad news, right? Bitcoin mining being banned? Well, not necessarily. |
| 1:51.9 | Here's Nick Carter's argument in a tweet about it. There's two dirty provinces in China, |
| 1:57.8 | Xinjiang and Inner Mongolia, where BTC is primarily but not exclusively coal, lots of wind |
| 2:03.6 | as well in Inner Mongolia. Sichuan and Yunnan are clean, hydro. This is great news. Very positive to |
| 2:10.2 | see fossil fuel Bitcoin mining squeezed. Ultimately, the only Bitcoin mining will be off-grid |
... |
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