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BREAKDOWN: 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 Gox brings reflection.

February 26, 2020

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.