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Welcome back to The Breakdown.

It is Monday, June 15th.

And today's main topic is a rejoinder to a piece by Joe Wisenthall from Bloomberg

this morning on six reasons why this had actually been a bad year for Bitcoin.

I saw this.

I know Joe. I know that it was bait, and I'm still

going to take it. So that'll be our main topic as both the rejoinder to his points, but also

six reasons why I think this has actually been a very good year for Bitcoin. But before that,

let's get into the brief. First up on the brief, stocks are down on new coronavirus fears. We've seen numbers rising in a number of

southern states, in particular, Arkansas, Texas, Arizona, which has an extremely fast infection rate

right now. And because of that, stocks are getting nervous. If we saw even another partial attempt

at a shutdown, it could be just totally disastrous for the

economy. So the Dow is down 2%, 1,15 points. The S&P 500 is down 1.5%. Nasdaq is down 0.8%.

What's more volatility, which is kind of like Wall Street's fear monitor, is up. The CBOE Volatility Index or VIX

is up 11%. I'm going to talk about this later, but Ryan Selkis from Masari called this the COVID

Fear Index earlier, and I think that's a brilliant way to look at market movements right now. So we'll come

back to that idea. So long story short, as coronavirus cases go up and fear of more shutdowns goes up,

stocks and other parts of the market are going down.

Next up on the brief, I want to talk about an idea called demand destruction,

which has to do with how we understand the likely recovery of markets in the wake of COVID-19, although in the wake of COVID-19

...