Kraken’s Dan Held on What’s Different About Bitcoin At $10k This Time

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 7 February 2020

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

Bitcoin is on a 7 week upward trend. Having already smashed through its $9,000 Vegeta memes, it is now inching closer towards $10k. On this episode, @nlw is joined by Kraken’s Dan Held to discuss how bitcoin has changed in a number of ways since the last time we were at the $10,000 price level last year. They look at: Narrative - Speculation around bitcoin as a safe haven and the role of the halvening continue to shape the conversation Infrastructure - The tools for how people can interact with bitcoin - from lending to derivatives - have never been broader Audience - Institutions are no longer just around the corner but actively participating in the market

Transcript

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0:00.0	Welcome back to The Breakdown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond, with your host, NLW.
0:15.0	The Breakdown is distributed by CoinDesk.
0:20.0	Welcome back to The Breakdown. It is Friday, February 7th, and today we're doing
0:26.0	something a little different. So we're recording a day early, so I'm not exactly sure where the
0:30.9	price is today as you're listening to this on Friday. But for the last month, we've seen steadily
0:35.3	increasing Bitcoin prices, and we are now nudging
0:38.4	up against the edge of 10,000.
0:41.2	We got up as high today at the time of this recording as 9,800.
0:45.8	And I think that that barrier of 10,000 is a really interesting psychological barrier.
0:50.8	It's a really interesting context, I think, in which to look back at the last year or so
0:56.7	since we previously saw 10,000, and ask what has changed, what has evolved, what is different
1:03.3	about the crypto markets and the Bitcoin industry specifically since the last time we were
1:09.6	here.
1:10.7	And so I invited Dan Held to join me in that
1:13.6	conversation. Dan has been around the block with Bitcoin. He has started multiple Bitcoin
1:19.0	businesses, including recently Interchange, which was acquired by Cracken. He is now in BD at Cracken
1:25.9	and thinking about Bitcoin in that context.
1:28.3	And so we talk about a few things all in this, how Bitcoin has changed since the last time
1:33.3	we were at 10,000 lens.
1:35.3	We talk about first how the narratives have changed, whether Bitcoin is a speculative store-of-value
1:42.3	asset, a speculative macro asset, and what that means.
1:46.0	We talk a little bit about the having narrative and whether it's priced in or not, and what that means.
	...

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