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6 REASONS IT& #39;S BEEN A BAD YEAR FOR BITCOIN.
In today& #39;s @Markets newsletter, I wrote about all the ways that 2020 has undermined a bunch of popular Bitcoin narratives. https://www.bloomberg.com/news/newsletters/2020-06-15/five-things-you-need-to-know-to-start-your-day?sref=vuYGislZ">https://www.bloomberg.com/news/news...
In today& #39;s @Markets newsletter, I wrote about all the ways that 2020 has undermined a bunch of popular Bitcoin narratives. https://www.bloomberg.com/news/newsletters/2020-06-15/five-things-you-need-to-know-to-start-your-day?sref=vuYGislZ">https://www.bloomberg.com/news/news...
REASON 1
Despite all the volatility and turmoil and hype, Bitcoin has not broken its general trend of going lower, and making lower highs.
Despite all the volatility and turmoil and hype, Bitcoin has not broken its general trend of going lower, and making lower highs.
2
Despite being pitched as a portfolio diversifier (by many people who wear blazers and sit on industry panels) it& #39;s basically just moved in line with the stock market this year. No diversification. Just more beat.
Despite being pitched as a portfolio diversifier (by many people who wear blazers and sit on industry panels) it& #39;s basically just moved in line with the stock market this year. No diversification. Just more beat.
3
Despite the "digital gold" narrative, it basically just did the same thing as Ethereum during the crisis. It did not exhibit any special safe haven properties
Despite the "digital gold" narrative, it basically just did the same thing as Ethereum during the crisis. It did not exhibit any special safe haven properties
4
Early May saw the much hyped "Halving" of the new supply that many proponents said would engender a price boom. But actually it& #39;s done nothing.
Early May saw the much hyped "Halving" of the new supply that many proponents said would engender a price boom. But actually it& #39;s done nothing.
4b
In fact, Bitcoin has underperformed Ethereum since the halving
In fact, Bitcoin has underperformed Ethereum since the halving
5
Despite popular narratives about "money printing" resulting in a surge in inflation. We& #39;ve seen nothing of the sort. So the old misinformed Austrian tropes that suffuse the Bitcoin world are getting debunked before our eyes.
Despite popular narratives about "money printing" resulting in a surge in inflation. We& #39;ve seen nothing of the sort. So the old misinformed Austrian tropes that suffuse the Bitcoin world are getting debunked before our eyes.
6
And finally -- perhaps most importantly -- The Robinhood phenomenon. A throng of people are discovering the stock market, and this has robbed Bitcoin of attention and the casino premium, since people can get their thrills elsewhere.
And finally -- perhaps most importantly -- The Robinhood phenomenon. A throng of people are discovering the stock market, and this has robbed Bitcoin of attention and the casino premium, since people can get their thrills elsewhere.
Anyway! Sign up for the newsletter here. http://link.mail.bloombergbusiness.com/join/4wm/markets-signup&hash=b9b2681361bede0e1069ca238efb1ec2">https://link.mail.bloombergbusiness.com/join/4wm/...
PS: even as I wrote this piece this morning, Bitcoin has just tracked S&P futures
PPS: I do think there& #39;s a way for this crisis to end up as being bullish for Bitcoin, as I wrote about in the pice.
Here& #39;s a good counterpoint thread from @twobitidiot https://twitter.com/twobitidiot/status/1272500767551881221">https://twitter.com/twobitidi...
A lot of good responses to this thread. Among the things I& #39;ve learned
-- Bitcoins never claimed that the halving would make price go up
-- They never claimed Bitcoin would diversify your portfolio
-- They never claimed it would do well during turmoil
-- Bitcoins never claimed that the halving would make price go up
-- They never claimed Bitcoin would diversify your portfolio
-- They never claimed it would do well during turmoil
