The pandemic selloff that tested Bitcoin's "digital gold" thesis
Fear & Greed
Extreme Fear
Bitcoin Price
$3,800
30-Day Change
+85%
What Happened
On March 12, 2020, "Black Thursday", Bitcoin crashed from $7,900 to $3,800 in a single day as global markets panicked over COVID-19. The crash shattered the "digital gold" and "uncorrelated asset" narratives, as Bitcoin moved in lockstep with risk assets during the liquidity crisis. However, what followed became one of the most powerful counter-narratives in Bitcoin history: the subsequent money printing, stimulus checks, and zero-interest-rate policy drove Bitcoin from $3,800 to $69,000 over the next two years, ultimately strengthening the "inflation hedge" narrative.
Key Narratives