Is Bitcoin in a Bear Market? with Willy Woo - WBD365
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 28 June 2021
⏱️ 72 minutes
🧾️ Download transcript
Summary
Location: Remotely Date: Thursday 24th June Project: Hypersheet Role: Co-Founder
Over the last few weeks, a significant amount of bad news and FUD has circulated bitcoin. Elon Musk publicly questioned the energy mix used by the bitcoin network shortly before the initial drop to ~$30k, and since then, Bitcoin has ranged between $30k and $40k.
While other positive news has come to market, such as El Salvador making Bitcoin legal tender, the news cycle has been dominated by bearish narratives, from energy concerns to China, again, banning Bitcoin.
During this period, the hash rate has dropped by nearly 50% as miners turn off their machines and move out of China, and the difficulty adjustment, expected around 2nd July, is expected to drop by over 25%.
The last month has been turbulent in bitcoin, and the narrative has become cloudy, with bitcoin continually defending the ~$30k mark. Is this the bottom? Or just the start of a longer-term bear market?
In this interview, I talk to on-chain analyst and the co-founder of Hypersheet, Willy Woo. We discuss the reliability of on-chain data and TA, miners moving out of China and whether we have entered a bear market.
Hosted on Acast. See acast.com/privacy for more information.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Bitcoin's now fighting the final boss in the video game. |
| 0:05.0 | It's really up against the central bankers and |
| 0:10.0 | and much earlier than we ever thought thought because our Salvador's decreed this as legal tender, |
| 0:16.2 | the World Bank, by their own charter, have to accept Bitcoin as payment of debt. |
| 0:21.6 | Hello that from Rainy Bedford in the United Kingdom. How are you doing? Okay, well the |
| 0:27.3 | Bitcoin price looks pretty good this morning looks like we are in recovery but |
| 0:31.6 | then again we have been ranging between 3030,000 and $40,000 for a while now. |
| 0:35.9 | Don't know about Yubik kind of feels like the battle for 10K we have last year, so it's probably |
| 0:40.9 | a good time to get right into the data and see what's going on. |
| 0:44.0 | So welcome to the What Bitcoin did podcast, which is brought to you by Gemini, the only place I am using for |
| 0:49.5 | buying Bitcoin. |
| 0:50.5 | I'm your host Peter McCormack, and today I've got got him back the show you've all been waiting for. |
| 0:54.6 | Yes, Willie Wu is back on the show and we're going to be discussing if Bitcoin is in a bare market. |
| 1:00.0 | But before that I do have a message from my amazing show sponsors and today we're kicking off with my newest sponsor which is Revolute |
| 1:07.6 | Now as many of you know those have been following me on Twitter |
| 1:11.1 | Lloyes T-S-B, my bank for 25 years. |
| 1:14.2 | Recently they closed down all of my bank accounts. |
| 1:17.4 | I think their problem is they don't like Bitcoin. |
| 1:19.6 | And I was approached by Revolute, who said to me, |
| 1:22.0 | come on, Pete, come over to Revoluteute it could not be easier for you to create an account and most importantly when I talked to them they said they want to promote Bitcoin they care about Bitcoin and they want to make it easy for you to transfer to exchanges. |
| 1:34.6 | And also, because Revolu are such badasses, they are often $20 or £20 to all new customers |
| 1:40.5 | that complete three card transactions. |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Peter McCormack, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Peter McCormack and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.