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No, This is Not Your 2017 Bitcoin…

Nov 18, 2020 · 5 min read

By Kevin Kelly, CFA

Three weeks ago, I began one of my Delphi Daily’s with the following statement:

“Bitcoin has leapt back into the limelight after taking a backseat to the “summer of DeFi” craze. Initially, I thought this was just another intermarket move driven by the reallocation of capital from big winners back to BTC, but something seems different this time and I can’t help but notice the landscape shifting beneath our feet.”

I wrote this at the end of October, right after bitcoin broke above $13,000 in the face of rising market volatility and a 40 print on the VIX. Fast forward three weeks and we’re within striking distance of a new all-time high.

While we haven’t breached it yet, the significance of a new all-time high in USD terms can’t be overstated. Many skeptics have publicly denounced BTC for failing to reach a new high despite such a favorable macro backdrop so a strong move north of $20,000 would be yet another testament to bitcoin’s stayin

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