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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 6-year anniversary of Mt. Gox brings reflection.

Feb 26, 2020 at 8:06 p.m. UTC
Updated Sep 13, 2021 at 12:21 p.m. UTC

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.

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.

Bitcoin (BTC) 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.

DISCLOSURE

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