{"id":23275,"date":"2022-06-26T23:20:47","date_gmt":"2022-06-26T23:20:47","guid":{"rendered":"https:\/\/davidgerard.co.uk\/blockchain\/?p=23275"},"modified":"2022-06-26T23:20:48","modified_gmt":"2022-06-26T23:20:48","slug":"how-2020-set-the-stage-for-the-2021-bitcoin-bubble","status":"publish","type":"post","link":"https:\/\/davidgerard.co.uk\/blockchain\/2022\/06\/26\/how-2020-set-the-stage-for-the-2021-bitcoin-bubble\/","title":{"rendered":"How 2020 set the stage for the 2021 bitcoin bubble"},"content":{"rendered":"<ul>\n<li><em>By Amy Castor and David Gerard<\/em><\/li>\n<li><em>Be sure to subscribe to our Patreon accounts \u2014\u00a0Amy\u2019s is <a href=\"https:\/\/www.patreon.com\/amycastor\">here<\/a>; David\u2019s is <a href=\"https:\/\/www.patreon.com\/davidgerard\/overview\">here<\/a>. <\/em><\/li>\n<\/ul>\n<p>We often get asked by reporters: \u201cWhy are crypto markets crashing?\u201d The short answer is because there\u2019s no money left, and no more coming in. The long answer is more complicated.<\/p>\n<p>Bitcoin peaked at $64,000 in April 2021 and again at $69,000 in November 2021. Many of the network effects that drove the price of bitcoin to those heights were put into place in 2020.<\/p>\n<p>The same network effects are now working in reverse. Markets take the stairway up and the elevator down.<\/p>\n<p><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">Act I, Scene I: Pandemic Panic<\/span>.<\/p>\n<p>This one is posted over on Amy&#8217;s blog. Like and subscribe! [<a href=\"https:\/\/amycastor.com\/2022\/06\/26\/how-2020-set-the-stage-for-the-2021-bitcoin-bubble\/\"><em>Amy Castor<\/em><\/a>]<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2022\/06\/26\/how-2020-set-the-stage-for-the-2021-bitcoin-bubble\/set-the-stage\/\" rel=\"attachment wp-att-23276\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-23276\" src=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2022\/06\/set-the-stage.jpg\" alt=\"\" width=\"510\" height=\"315\" srcset=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2022\/06\/set-the-stage.jpg 680w, https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2022\/06\/set-the-stage-300x185.jpg 300w, https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2022\/06\/set-the-stage-348x215.jpg 348w\" sizes=\"auto, (max-width: 510px) 100vw, 510px\" \/><\/a><\/p>\n<br><br><div align=\"center\"><p><a href=\"https:\/\/www.patreon.com\/bePatron?u=8420236\"><img src=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2021\/10\/become_a_patron_button.svg\" alt=\"Become a Patron!\" title=\"Become a Patron!\" width=217 height=51><\/a><br><p style=\"align:center;\" class=\"patreon-badge\"><i>Your subscriptions keep this site going. <a href=\"https:\/\/www.patreon.com\/bePatron?u=8420236\">Sign up today!<\/a><\/i><\/p><\/div>","protected":false},"excerpt":{"rendered":"<p>Act I, Scene I: Pandemic Panic.<\/p>\n","protected":false},"author":1,"featured_media":23276,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[460,21],"class_list":["post-23275","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorised","tag-amy-castor","tag-bitcoin"],"jetpack_featured_media_url":"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2022\/06\/set-the-stage.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/23275","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/comments?post=23275"}],"version-history":[{"count":3,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/23275\/revisions"}],"predecessor-version":[{"id":23279,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/23275\/revisions\/23279"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/media\/23276"}],"wp:attachment":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/media?parent=23275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/categories?post=23275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/tags?post=23275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}