Why I Changed My Mind on Bitcoin

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 10 January 2021

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

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 -- Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io - A new era of innovation on Bitcoin has begun. Stacks 2.0 enables secure apps and smart contracts on Bitcoin, unlocking new use cases and value while laying the foundation for a user-owned internet. https://stacks.co. -- 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= Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW The Breakdown is produced and distributed by CoinDesk.com

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 Longreed Sunday.
0:29.4	And there are a ton of great candidates for this piece this week, but I decided to put two
0:35.1	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 CoinDesk 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
1:15.7	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 Money Python's Black
1:26.9	Night, Bitcoin believers
1:28.2	treat near-fatal volatility as mere flesh wounds. Drops of 80% are welcomed as fortuitous
1:32.9	buying opportunities. But far from being a weakness, this is evidence of the asset class's
1:37.6	longevity. The cryptocurrency rallied 224% this year, bringing to mind the wild advances of
1:44.0	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 maximum
	...

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