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How Real Is Bitcoin’s Rally? 8 Interpretations of Bitcoin's Massive Surge
As bitcoin retraces slightly after reaching a new 2020 high about $11,000, NLW explores what’s driving the rally and how likely it is to continue.
As bitcoin retraces slightly after reaching a new 2020 high about $11,000, NLW explores what’s driving the BTC rally and how likely it is to continue.
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It was a beautiful Monday.
Bitcoin crashed through $10,000 and got all the way up to a new yearly high of about $11,000 before retracing slightly.
See also: Bitcoin Futures Volume Surges 186% as Price Hits $11K
As with any dramatic price action, people were quick to start giving their interpretations of why it happened.
Eight ways to understand bitcoin's massive surge
- Banks stacking due to changes in custody rules
- Money printer go brrr
- Stock to flow model
- Robinhood traders piling in
- DeFi gain recycling
- Buyers exceeding sellers
- “Perfect storm”
- Dollar crash, negative real interest rates and the search for a new reserve currency
Ultimately, NLW argues that it is this last factor driving up not only bitcoin but gold and silver.
See also: No, the Twitter Hack Wasn’t About Bitcoin
For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, iHeartRadio or RSS.
Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.
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