Taps Coogan – March 30th, 20201
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The popular narrative is that Bitcoin is a hedge on central bank monetization and fiat currency debasement. While that may be the case, it has always been hard to square that narrative with the Bitcoin bull market in 2017, which corresponded to a period when the Fed was holding its balance sheet flat and talking about the first meaningful taper since the Global Financial Crisis.
The opposing narrative is that Bitcoin is just the bleeding edge measure of speculative froth in financial markets.
If the latter is the case, the following chart, from The Daily Shot, reinforces the gravity of the problem facing the momentum driven parts of the market, especially now that the last round of consumer directed stimulus checks for the foreseeable future is already largely out the door.
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