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 six-year anniversary of Mt. Gox brings reflection.

Bitcoin (BTC) 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 sell-off on coronavirus fears – as a way to diminish the “bitcoin as a safe haven” narrative. 

In this episode, @nlw revisits that narrative and argues it is uncomfortably bunched up with the uncorrelated asset narrative, or, as Chamath Palihapitiya calls it, “schmuck insurance.”

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Source: Coindesk