That's the analogy Brown sees with the bitcoin bubble of 2017, as explained in a recent episode of Bitcoin Macro, a pop-up podcast series featuring speakers from CoinDesk's upcoming Invest: NYC conference on Tuesday, Nov. 12.
No longer written off as some ignorable niche, increasingly people are asking: Is bitcoin a macro asset? Is it a safe-haven asset? How will it perform in the next recession?
Welcome to Bitcoin macro, a Pop-up podcast produced as part of the CoinDesk Invest New York conference in November.
Welcome to the latest edition of our pop-up podcast around bitcoin.
What can we say about bitcoin that's even close to being comparable? In the month of October, I think it's a world record of people around the world involved in various protests, whether we're talking about Santiago, or we're talking about what's going on in Hong Kong.
If we're worried about disinflation and we say that maybe people, if they're scared of their own currency, there'll be this huge rush into bitcoin.
So I would love to be able to answer in the affirmative and say, "Yes, bitcoin has now taken its place among the Pantheon of asset classes that people can use to express a macro view." But it just isn't, there's no evidence for that.
This is a fact, and then if we're saying, "Well, people are going to use bitcoin when they want to get out of the denomination of whatever their country is", or the jurisdiction.
So I know people don't have that much patience to wait 160 years to see their dreams come true, but I'm just pointing out, after the railroad bubble, there were probably a lot of people running around saying, "You see, it's all stupid." No, it wasn't all stupid.
Most of the people looking at this poster were like, "What the hell does that mean?" But some people know.
PODCAST: Josh Brown on Why Bitcoin Is Like the 1800s Railroad Boom
Published on Nov 8, 2019
by Coindesk | Published on Coinage
Mentioned in this article
XRP plummets to $0.24 as analysts watch for capitulatory move to 2020 lows
XRP, like many other major altcoins, has caught the brunt of Bitcoin's recent downturn, with the embattled crypto plummeting from its recent highs of $0.35 all the way down to its current price of under $0.25.
Watch out unlicensed crypto businesses, the Department of Homeland Security is coming for you
The crypto industry was given a warning in July of last year when U.S. President Donald Trump professed his disdain for Bitcoin and cryptocurrency in a tweet thread, which was closely followed by comments from Treasury Secretary Steven Mnuchin, who declared the lack of regulations surrounding crypto a matter of "National security."
Why the Bitcoin price just dropped below $9k in steep reversal, liquidating $83 million in longs
The Bitcoin price just dropped below the $9,000 level, hitting $8,964 on BitMEX. The sentiment around the cryptocurrency market noticeably declined after BTC rejected the $10,000 resistance level three times in a span of 15 days.
Why 2020 is an important year for cryptocurrency exchange regulation
Cryptocurrency exchanges represent one of the most diverse service offerings within the crypto industry.