Bitcoin is having a terrible, horrible, no good very bad day. Many are using the dump – which from a timing perspective aligns with a broader market selloff among Coronavirus fears – as a way to diminish the “bitcoin as a safe haven” narrative.
In this episode, @nlw revisits that narrative and argues that it is uncomfortably bunched up with the uncorrelated asset narrative, or, as Chamath Palihapitiya calls it “schmuck insurance.”
This episode also covers:
- Central bank digital currency (CBDC) news: Canada says it doesn’t see the need right now but that could change if private cryptos get more traction, while China’s work on a digital yuan is paused due to Coronavirus shutdowns.
- The six year anniversary of Mt. Gox’s lost 750,000 BTC coming to light.