Bitcoin has notched yet another record high, but can the bull market continue or will prices come back down to earth?On this bonus episode of the Friends With Money podcast, Money’s Tom Watson is joined by Charlie Sherry, head of finance at BTC Markets, to discuss the latest surge in the price of Bitcoin and the drivers behind it.
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Episode Transcript
Welcome to the Friends with Money podcast, brought to you
by Money Magazine, creating financial freedom for Australians since nineteen
ninety nine.
Speaker 2 (00:13):
Hello and thanks for joining us for a bonus episode
of Friends with Money, Money Magazines podcast to help you earn, save,
and achieve your financial goals. My name is Tom Watson,
a senior journalous here at Money Magazine, and as always
it is a pleasure to be with you today. I'm
very pleased to say that we are joined by Charlie Sherry,
the head of finance at Australian crypto exchange BTC Market Center.
(00:36):
Hopefully Charlie is going to give us a bit of
an update on what has been a pretty eventful past
week or two for bitcoin. So Charlie, first of all,
a very warm welcome to you. Thank you so much
for joining us on the show today. Thanks Tom, thanks
for having me. So to start off with, Charlie, can
you give us a bit of a run through of
what's happened to the price of bitcoin over the past
(00:57):
week or two and I guess where it is sitting
roughly at the moment, with the caveat being that we
are recording on Friday afternoon and that is Friday, the
eighteenth of July. Absolutely.
Speaker 3 (01:09):
Yeah, it's a pretty exciting time for the industry from
a price point of view, and beyond price, which we
can get into that. Yeah, Bitcoin is currently trading around
one hundred and nineteen one hundred and twenty thousand US dollars.
It broke out of a range that was in there
for some time a couple of weeks ago, breaking through
one hundred and twelve thousand, which was the previous all
time high. And typically when you get an all time
(01:30):
high breakout, you know, you can sort of expect things
to propel quite quickly. We tapped one hundred and twenty
five thousand US dollars. It was quite incredible, the speeder
which moved from one hundred and twelve to hundred and
twenty five, and now it's sort of settled in that range.
And yeah, I guess we're in uncharted waters. We're in a
new range for the asset, and I guess we'll see
where it goes.
Speaker 2 (01:49):
Yeah, looking at some grass before we jumped on Chaia
and just seeing that kind of initial spike can that
happened last week, I believe it was pretty pretty incredible.
So I guess My big question coming into this is
it is why, you know, what's driven this latest spike.
Speaker 3 (02:05):
Yeah, I mean there's lots of reasons, some maybe more
valid than others, but I suppose you know, over the
past couple of years, bitcoin has certainly been in a ballmarket.
There's been different catalysts somewhat along the way that have
driven that. You know, we had the the ETFs launching
in the US in twenty twenty four, which really opened
the door for bitcoin buyers through like typical for the
(02:26):
traditional finance institutional products. You know, black Rock has their
ibit ETF. That narrative and that fundamental change created a
lot of structural buying which got the price up to
I think like seventy four thousand was the high in
March twenty twenty four. So that's like one catalyst has
an effect. Obviously, towards the end of twenty twenty four,
we had Trump being very pro crypto in his campaign trail,
(02:48):
and with him clinching the election, you know, that narrative
really propelled bitcoin too. It's twenty to five January al
tim high of around one hundred and eleven thousand US
dollars if I'm correct, And then after Trump got inaugurated,
we were kind of lacking narratives for a while. You know,
he was in there, he was very pro crypto. We
talked about the changes he would make. But once he's appointed,
(03:08):
it's like, okay, well, you know, the best thing that
could happen has happened, So there's nothing really left for
the market to look forward to. Maybe one of the
reasons why we saw that bear market over the last
couple of months. So it's just like some of the
pieces along the trail to where we are today. And
as for now hitting like these new highs. I mean,
you're probably a combination of things. I suppose bigcoins survived
(03:29):
the macro challenges that we saw around April with the
Trump tarist global trade. You know, bubble markets getting shocked
and become is actually quite strong in that period, So
maybe a bit of resilience was was baked into the
asset in the market sort of believed in that resilience
that Okay, this thing isn't going to just collapse when
there's a bit of a shake in the global markets,
that can survive, that can even outperform things like the
(03:50):
SMP when there's a downturns improve investor confidence you have. Obviously,
the administration in the US is quite pro crypto compared
to previous administrations, having some regulation getting passed in the
last couple of days around stable coins. And of course
there's always you know, forward looking and considerations around maybe
changes to interest rates, et cetera. And there's even corporate
(04:12):
spuying up bitcoin and other assets on their balance sheets.
Speaker 2 (04:15):
So long went away.
Speaker 3 (04:16):
There's lots of different factors at play, and I suppose
it's just all bolted up and with the price touching
a previous old time high and just getting past that,
then it exploded to where it is now.
Speaker 2 (04:26):
Kel you mentioned a future looking there, and I'd like
to touch on that very briefly before you go. Obviously you
don't have a crystal ball, but what are your expectations
for bitcoin prices, I guess in the months ahead? And again,
are there any other factors beyond the ones that you've
already touched on that that might you know, affect prices
either way? Yeah, it's the.
Speaker 3 (04:47):
Missing dollar question obviously, or the one hundred and twenty
thousand dollars question. As of recording. You know, personally, I've
kind of felt like I've had a decent sense on
the market probably up until this point because bitcoin was
in and around its previous highs and it was holding ranges.
You know, it didn't drop below one hundred and five
thousand when there was some sort of shaky news there
(05:07):
around at the Middle East conflict in June, so you're like, Okay,
it's not dipping below one hundred thousand, so there's still
you know, there's still some eggs in this market. But
now that we're in uncharted orders, just you don't really
know where it's going to go. If it was to
dip below one hundred and twelve thousand for a sustained
period of time, for example, then you might think, kay,
this is looking kind of bearish. We've lost the previous
all time high. Confidence is lost. But until then you can,
(05:30):
you know, you can kind of just watch and see
what happens.
Speaker 2 (05:33):
Well, we'll have to keep our eyes open for that.
It's such an interesting subject and I feel like you've
given them such a great explanation today, Charlie, but we
barely scratch the service. Sadly, that is all that we
have time for. So thank you so much for joining us.
It's been a real pleasure having you on the show.
Thank you. That is it for this episode of the
Friends with Money Podcast. As always, Friends of Money will
be right back in your podcast feed before you know it.
(05:55):
So until next time, I am Tom Watson. Goodbye for now.
Speaker 1 (05:59):
Thanks thanks for listening to the Friends with Money Podcast.
For credible, independent and easy to understand financial commentary, visit
moneymag dot com dot au. Please remember that the views
and opinions expressed in this podcast are general in nature,
and further independent advice and research based on your personal
circumstances should be sought before making an investment decision.
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