Bitcoin (BTC) was higher, changing hands just over $ 23,000 after falling from a record high of $ 24,300 for two days.
“The market appears to be entering a phase of consolidation above $ 22,000,” said Matt Blom, director of sales and trading for cryptocurrency company Diginex. “Further attempts to drive the market lower are likely to have solid support from the bulls.”
XRP (XRP), the digital asset used for payments, fell 17% for the fourth straight day after Brad Garlinghouse, CEO of Ripple in San Francisco, was notified of the company by regulators from the U.S. Securities and Exchange Commission sued. The upcoming lawsuit is believed to relate to the sale of XRP and whether the tokens are securities that needed to be registered with the authorities. Ripple denies the claim, arguing that other branches of the U.S. government have viewed XRP as a currency.
“It’s an attack on the entire crypto industry and American innovation,” Garlinghouse said in a statement emailed.
In traditional markets, European stocks made up some of Monday’s heavy losses, while US stock futures fluctuated between gains and losses as investors valued heightened coronavirus case levels along with the introduction of vaccines and stimulus measures.
Bitcoin was introduced in early 2009, and during its first decade, many well-known and respected investors, economists, bank managers, and financial news commentators said a lot about the cryptocurrency.
Times are changing and it is questionable whether this is old news or just water under the bridge in the pressures of global markets.
But while First Mover looks at the past year, all that was said in 2020 is fair game. Here’s a quick rundown of some notable Bitcoin debates in chronological order as the price of Bitcoin tripled from $ 7,168 at the start of the year to $ 23,000.
January 22, 2020. Peter Schiff, CEO of Euro Pacific Capital, tweeted: “I admit that a lot of people who bought Bitcoin in the past and now sold it will benefit from it. But those who buy and hold it now will suffer a loss. ”
February 24, 2020. Warren Buffett, billionaire CEO of the Berkshire Hathaway conglomerate, in an interview with CNBC: “Cryptocurrencies generally have no value.”
February 28, 2020. Greg Cipolaro, then Co-Founder of Digital Asset Research and now Head of Research at NYDIG, said: “When interest rates go down, the more likely you are to turn the seesaw on assets that are not yielding, such as B. Collectibles assets like works of art or gold or Bitcoin. ”
March 9, 2020. Connor Abendschein, Research Analyst for Digital Assets Data, wrote by email: “Bitcoin could find its position during this financial crisis and continue to shine in the future.”
March 12, 2020. Kevin Kelly, senior analyst at cryptocurrency analysis firm Delphi Digital, said, “Bitcoin and crypto in general are still way off the risk curve in the minds of investors.”
April 2, 2020. Joe DiPasquale, CEO of BitBull Capital, in a telephone interview: “There are so many people who are trying to swing the trade in crypto.”
April 7, 2020. Rich Rosenblum, Head of Market Group at GSR, wrote by email: “The record stimulus used by the central banks is a reminder of why Bitcoin was created.”
April 6, 2020. Jay Hao, CEO of Malta-based cryptocurrency exchange OKEx, in a blog post: “Bitcoin has the characteristics of a supranational currency.”
April 10, 2020. Arthur Hayes, CEO of BitMEX Exchange, in a blog post: “During the transition to the new system there are only two things to own, namely gold and Bitcoin.”
April 20, 2020. Mike Alfred, CEO of cryptocurrency analysis company Digital Assets Data, said, “We hear and see increased interest from retailers.”
May 11, 2020. Paul Tudor Jones II, hedge fund manager, in the CNBC interview: “We are watching the birth of a store of value, and whether this succeeds or not, only time will tell.”
May 18, 2020. Arcane Research, a cryptocurrency research company, reports, “Bitcoin has done well while the stock market has struggled…. If this trend continues, it could also be compounded by the fact that people finally believe in the narrative and then turn into a self-fulfilling prophecy. ”
May 27, 2020. Goldman Sachs Consumer and Investment Management Division in the presentation: “Cryptocurrencies including Bitcoin are not an asset class. … We do not recommend Bitcoin on a strategic or tactical basis. ”
2nd June 2020. Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, said in a report, “Something really has to go wrong for Bitcoin not to appreciate it.”
July 13, 2020. Arca Funds, investment firm for digital assets, in a weekly update: “We believe that Bitcoin will remain the best insurance policy against currency collapse and a complete relaxation of the financial system as we know it.”
August 3, 2020. Messari, cryptocurrency research firm, in a report. “We know that institutional allocation is only necessary when $ 50,000 bitcoin is back on the table.”
August 14, 2020. Lennard Neo, Head of Research at Stack Funds, said in a report: “Bitcoin could be a risky hedge that performs reasonably well in flourishing markets, but acts as a hedge against global uncertainties and has financial attributes that are in between those of equity and gold. “
September 9, 2020: Charlie Morris, chief investment officer of ByteTree, a digital asset-focused investment firm, said in a WhatsApp audio interview: “Bitcoin is still small and has great advantages from here.”
October 6, 2020: Marc Chandler, chief market strategist at Bannockburn Global Forex, in a video chat: “I just don’t know how Bitcoin can replace the greenback.”
October 9, 2020: Mati Greenspan, founder of forex and cryptocurrency analysis firm Quantum Economics, tells subscribers, “It’s a bit surreal to see giant corporations now knee-deep in Bitcoin.”
October 22, 2020. Zac Prince, CEO of crypto lender BlockFi, wrote in an email: “This merger of Fintech and Bitcoin is another positive development for investors.”
October 23, 2020. JPMorgan analysts in a report: “Even a modest displacement of gold as an alternative currency in the longer term would mean doubling or tripling the price of Bitcoin from here.”
November 9, 2020. Stanley Druckermiller, legend of hedge fund investing, in an interview with CNBC: “To be honest, if the gold bet works, the bitcoin bet will probably work better.”
November 10, 2020. Michael Saylor, CEO of MicroStrategy, in an interview: “Ultimately you have to find something that you can no longer print, the fundamental foundation of which is not tied to a fiat currency, and the only thing I can find right now is Bitcoin. ”
November 11, 2020. Ray Dalio, Founder and Co-Chairman of Bridgewater Associates, in an interview with Yahoo Finance: “I don’t think digital currencies will be as successful as people are hoping.”
18th November 2020. Jamie Dimon, CEO of JPMorgan Chase, at the New York Times DealBook conference: Bitcoin is “not my business”.
November 26, 2020. Nouriel Roubini tweeted: “Bitcoin does not play a role in the portfolios of institutional investors or private investors.”
November 30, 2020. Inigo Fraser-Jenkins, Co-Head of the Portfolio Strategy Team at Alliance Bernstein, reports: “Bitcoin’s volatility has decreased significantly, making it more attractive in its potential dual roles as both a store of value and a medium of exchange. ”
December 7, 2020. Wells Fargo Investment Institute, in the report: “Cryptocurrency investing is a bit like the early days of the gold rush of the 1850s.”
December 16, 2020. Scott Minerd, Chief Investment Officer of Guggenheim Partners, in an interview with Bloomberg TV: “Bitcoin has many properties of gold and at the same time an unusual value in terms of transactions.”
December 18, 2020. Ruffer Investment in the portfolio update: “Bitcoin has survived the acid test and has become stronger through several cycles of boom and bust.”
WATCH: 2020 Bears and Bulls: Before Wall Street Loved Bitcoin, They Hated It
((Editor’s note: Omkar Godbole from CoinDesk, who writes Bitcoin Watch, is absent this week.)
What is hot?
Uniswap is the top gas eater at Ethereum (CoinDesk)
Crypto exchange Huobi returns to the US after winning the Nevada Trust License (CoinDesk)
Grayscale Stops Bitcoin Trust Inflow as JPMorgan Warns Slowdown Could Hit BTC Price (CoinDesk)
India’s Leading Bitcoin Exchange Raises $ 13.9M From Block.One, Coinbase Ventures (CoinDesk)
Coinbase Crypto Exchange closes new Canadian operations (CoinDesk)
According to CoinShares (Reuters), investor inflows into cryptocurrency funds and products rose to $ 5.6 billion in 2020, a seven-fold increase over 2019.
Microstrategy has now spent $ 1.125 billion on Bitcoin, at an average price of $ 16,000. CEO Michael Saylor tweeted (CoinDesk)
Bitcoin mining computer maker plans to outsource businesses to end years of power struggle between top managers (The Block)
Anthony Scaramucci’s SkyBridge Capital files with the SEC to launch the Bitcoin fund (CoinDesk).
The latest on economics and traditional finance
U.S. Congress passes a $ 2.3 billion spending bill that covers $ 600 checks, additional unemployment benefits, and money for schools, airlines, and vaccine distribution – just hours after ordinary lawmakers first look at it who had thrown the 5,593-page measure. An additional aid package may be required by March (Bloomberg)
The European Union rejects British Prime Minister Johnson’s recent Brexit concession. Only nine days before the UK leaves the single market (Bloomberg)
Oil Prices Fall As New Coronavirus Strain Triggers Travel Restrictions (WSJ).
China wants to further reduce the weight of the US dollar in the index used to set the yuan’s daily reference interest rate (Bloomberg)