Is Bitcoin a Safe Haven or 'Schmuck Insurance'?

Canada decides a CBDC is unnecessary while the Twitterati debate BTC as a safe haven and the six-year anniversary of Mt. Gox brings reflection.

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Bitcoin BTC$75,807.15 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 sell-off on coronavirus fears - as a way to diminish the “bitcoin as a safe haven” narrative.

In this episode, @nlw revisits that narrative and argues 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.

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.