Welcome back to the Trader Top 9. The last week has been one of the most chaotic and eventful in American political history. As FinTwit and Crypto Twitter try to make sense of everything in markets, we also ask where bitcoin fits.
9. One of the key intersections of mass demonstrations and the world of finance has to do with wealth inequality
8. For many in the bitcoin community, a central force for exacerbating inequality over the past decade has been monetary policy designed to keep asset prices artificially high. This is one reason that many are cheering these comments from Mohamed El-Erian.
7. For some, the next previously inviolable idea likely to crumble is that interest rates would never go negative in the US
6. Taken all together, people are left debating what might be next, inflation or deflation?
5. Within this confusion, however, bitcoin is experiencing some strong narrative resonance.
4. Importantly, for many people around the world, bitcoin's value isn't just a narrative, as CoinMetrics Lucas Nuzzi reminds us
3. Now, bitcoin being bitcoin, it wasn’t just going to be all clear and peachy keen. It’s still notable how nascent the infrastructure for the market is.
2. But long term trends in holding patterns are looking strong
1. That technical and fundamental strength is being noticed. While price predictions should always be taken with a grain of salt, Bloomberg’s opinion that “something needs to go really wrong for bitcoin to not appreciate” is worth noting