BREAKDOWN: Why I Changed My Mind on Bitcoin
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 10 January 2021
⏱️ 13 minutes
🧾️ Download transcript
Summary
A reading of two recent essays by former bitcoin skeptics who have changed their tunes.
This episode is sponsored by Nexo.io and this week’s special product launch: Stacks.co.
On this week’s Long Reads Sunday, NLW reads two pieces from former bitcoin skeptics who have changed their mind about the asset.
“Bitcoin Crushes Doubters as 224% Rally Proves It’s Here to Stay” by Ed van der Walt
“Why I’ve Changed My Mind on Bitcoin” by Nick Maggiulli, COO of Ritholtz Wealth Management
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.1 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:15.1 | The breakdown is sponsored by nexor.io and stacks2.com and produced and distributed by CoinDesk. |
| 0:22.5 | What's going on, guys? It is Sunday, January 10th, and that means it's time for Long |
| 0:28.1 | Read Sunday. And there are a ton of great candidates for this piece this week, but I decided |
| 0:34.2 | to put two together because they both had the same TLDR. On December 24th, |
| 0:41.6 | 2020, Ed VanderWalt, who writes about markets at Bloomberg, tweeted out why I changed my |
| 0:47.6 | mind on Bitcoin, the full story. A few weeks later, Nick Majuli from Ritzholt Wealth wrote a piece on Coin Desk explicitly |
| 0:56.8 | called Why I've Changed My Mind on Bitcoin. |
| 0:59.9 | So I'm going to read these both together. |
| 1:01.5 | They form a little matched pair. |
| 1:03.1 | And we're going to start with Eddie Vanderwalt who writes, |
| 1:05.7 | Bitcoin crushes doubters as 224% rally proves it's here to stay. This is from December 24th, 2020. Bitcoin just |
| 1:15.8 | won't go away. The original cryptocurrency again has commentators eating their words in 2020, |
| 1:21.6 | yours truly included. It's now time to accept it's here to stay. Like Monty Python's Black |
| 1:27.0 | Night, Bitcoin believers |
| 1:28.2 | treat near-fatal volatility as mere flesh wounds. Drops of 80% are welcomed as fortuitous buying |
| 1:33.2 | opportunities, but far from being a weakness, this is evidence of the asset class's longevity. |
| 1:38.2 | The cryptocurrency rallied 224% this year, bringing to mind the wild advances of 2017 as it soared to record heights. |
| 1:46.9 | While the supply side of the schedule is algorithmically defined, I was caught off guard by the |
| 1:51.7 | ability of the demand side to withstand volatility. Supply of the digital tokens are capped at a |
| 1:57.2 | maximum of 21 million, which it is expected to reach in 2140, with periodic reductions |
... |
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