Nic Carter, general partner at Castle Island Ventures, and cofounder and chairman of Coin Metrics, explains why the Bitcoin price has been rising without the retail bubble seen in 2017-2018. In this episode he covers:
- how this Bitcoin rally differs from the ones in 2017-2018 and why the market is much more mature
- how much the pandemic and other macro forces this year have helped propel Bitcoin
- what it says that the number of Bitcoin addresses with $10 or more worth of bitcoin are is at 18 million now, compared to 2014 in the 2017-2018 bubble
- the significance of realized cap, and why there’s less pressure to sell now since the current cost basis of all bitcoins is much higher than in the bubble
- the significance of the fact that open interest in CME Bitcoin futures hit $1 billion this week — and why, even though they’re cash-settled, they do impact the Bitcoin price
- what the appreciation of the Bitcoin price in other countries’ currencies such as Turkish lira means
- what it means that the stablecoin free float has grown from $1.5 billion in the last bubble to $23 billion during this rally
- what he makes of the theory that Chinese miners are having difficulty to sell their BTC being a driver of the price rise
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Episode links:
Nic Carter: https://twitter.com/nic__carter
Castle Island VC: https://www.castleisland.vc
Coin Metrics: https://coinmetrics.io
Nic’s post: https://medium.com/@nic__carter/nine-bitcoin-charts-already-at-all-time-highs-78abbfe82804
Chinese miners unable to sell BTC: https://www.coindesk.com/bitcoins-rally-supply-crunch-in-china
Dispute with this report: https://twitter.com/WuBlockchain/status/1328893579515682816?s=20
CME Bitcoin open futures surpasses $1 billion: https://www.theblockcrypto.com/linked/85045/cme-bitcoin-futures-1-billion-open-interest
Link to the Crypto News Recap:
https://unchainedpodcast.com/what-info-will-come-out-in-the-binance-lawsuit/