In today's @Markets newsletter, I wrote about all the ways that 2020 has undermined a bunch of popular Bitcoin narratives.
bloomberg.com/news/newslette…
Despite all the volatility and turmoil and hype, Bitcoin has not broken its general trend of going lower, and making lower highs.
![](https://pbs.twimg.com/media/EajFP0BXsAEgGbu.jpg)
Despite being pitched as a portfolio diversifier (by many people who wear blazers and sit on industry panels) it's basically just moved in line with the stock market this year. No diversification. Just more beat.
![](https://pbs.twimg.com/media/EajFmTYXkAMb4LT.jpg)
Despite the "digital gold" narrative, it basically just did the same thing as Ethereum during the crisis. It did not exhibit any special safe haven properties
![](https://pbs.twimg.com/media/EajF1vPWoAI0mJg.jpg)
Early May saw the much hyped "Halving" of the new supply that many proponents said would engender a price boom. But actually it's done nothing.
![](https://pbs.twimg.com/media/EajGJeeX0AER38W.jpg)
Despite popular narratives about "money printing" resulting in a surge in inflation. We've seen nothing of the sort. So the old misinformed Austrian tropes that suffuse the Bitcoin world are getting debunked before our eyes.
![](https://pbs.twimg.com/media/EajGyvAXQAMDaLz.jpg)
And finally -- perhaps most importantly -- The Robinhood phenomenon. A throng of people are discovering the stock market, and this has robbed Bitcoin of attention and the casino premium, since people can get their thrills elsewhere.
![](https://pbs.twimg.com/media/EajHIjNWAAAMknR.png)
-- Bitcoins never claimed that the halving would make price go up
-- They never claimed Bitcoin would diversify your portfolio
-- They never claimed it would do well during turmoil