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.
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.
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.