Just How Bearish Are the Bitcoin and Crypto Communities?

The Breakdown

Blockworks

Business, Investing

4.8 • 806 Ratings

🗓️ 15 December 2021

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by NYDIG. Today on “The Breakdown,” NLW looks at a few explanations for the current bearish sentiment turn, including: A belief that a bubble is finally bursting A larger market shift to risk-off based on inflation concerns and expectations around shifting monetary policy A normal crypto “micro-cycle” NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW. Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: sesame/DigitalVision Vectors/Getty Images, modified by CoinDesk.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:16.3	The breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
0:22.6	What's going on, guys? It is Tuesday, December 14th, and today we are digging into just how
0:29.3	bearish the Bitcoin and Crypto community actually is. There is very clearly a dreary mood on
0:36.4	crypto Twitter, and by dreary, I kind of more mean
0:39.1	a pissed off, angry, more antagonistic than usual mood, which is always a sign of markets
0:44.9	not going the way that we'd like.
0:47.3	Yesterday I tweeted, bare market mood, but how concerned are you really?
0:52.2	And basically, this was a poll of me trying to figure out where people's actual sentiment
0:57.0	was.
0:58.2	I'm always interested to break apart a little bit of the surface layer of crypto Twitter from
1:03.5	what's going on actually underneath.
1:05.8	And I think that understanding why people are worried or concerned or getting more bearish is super, super useful. So,
1:12.8	I gave people four options. The first one was one, this is a bubble bursting. Two, this is
1:18.7	everything going risk off. Three, this is a normal micro cycle inside something larger. And four,
1:24.4	no idea I just want it to go back up. I'm going to read the results and then
1:28.4	we'll dig into the analysis. Of the 1,500 or so voters, 4.8% said this is a bubble bursting. Now,
1:35.4	of course, this was always going to be the lowest, if only because of the confirmation bias of my
1:39.7	audience. I'm not followed by a lot of people who think that crypto is a bubble. Number two, risk off macro.
1:45.6	29.1% said that the market currently reflected a broader risk-off move in equities.
1:52.9	Micricycle.
	...

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