In a special episode of CoinMarketRecap, Connor is joined by Molly Jane Zuckerman and Mike McGlone to reflect on the highs and lows of 2021.
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CoinMarketRecap, hosted by Connor Sephton, aims to break down the week's crypto news in a fun and accessible way.
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News Roundup of 2021: Bitcoin, Dog Coins, El Salvador
CoinMarketCap's content czar Molly Jane Zuckerman joins us for a look back at some of the biggest headlines of 2021.
Plus… how successful was El Salvador's rollout of Bitcoin as legal tender? Almost four months on, Connor and Molly Jane reflect on the country's achievements — and what could have gone better.
Elsewhere in our jam-packed discussion, we talk about the hoax that targeted Walmart and Litecoin, the death of John McAfee, and the dramatic collapse of the Squid Game token.
'I'd Give Ethereum an A, and Bitcoin a C+'
Bloomberg Intelligence's senior commodity strategist Mike McGlone — who has been monitoring the crypto markets closely — also joins us to assess how major coins have performed over the past 12 months. Giving Ethereum and A and Bitcoin a C+, he added:
"The biggest story to me has been the massive adoption and utilization of Ethereum in terms of NFTs and crypto dollars. It's part of the whole DeFi and fintech revolution."
Although Tesla and MicroStrategy have been early adopters when it comes to holding Bitcoin as a reserve asset, McGlone thinks institutional adoption fell behind expectations in 2021 — but it's "happening slowly."
"I was not more cautious before the correction … did not expect the 50% correction to happen that quickly. I didn't think it'd get much below $40,000."
McGlone said he fully expected the recovery that followed, explaining:
"That's a key thing to remember about the cryptos. They are the most speculative risk-on assets on the planet, and there's so much leverage. There's so much speculation, so much excess in this space. You gotta flush it out once in a while."
So… what about Dogecoin and SHIBA INU, then?
"Speculation machines. DOGE's initial peak was around April. And then SHIBA INU, the last peak was late October. They're great signs of excesses in the market — when they peak, everything collapses or drops, and that's what happened. I called SHIBA INU a pure, perfect speculation machine until it isn't — at some point, it's gonna plunge… and it did. I don't expect those highs again … They're good indicators for the overall market when silly things go up and they get to the top 10 of all cryptocurrencies — that's a warning."