It was a beautiful Monday. 

Bitcoin crashed through $10,000 and got all the way up to a new yearly high of about $11,000 before retracing slightly. 

As with any dramatic price action, people were quick to start giving their interpretations of why it happened. 

In this episode, NLW explains eight of those interpretations, including:

• Banks stacking due to changes in custody rules
• Money printer go brrr
• Stock to flow model
• Robinhood traders piling in
• DeFi gain recycling 
• Buyers exceeding sellers
• “Perfect storm”
• Dollar crash, negative real interest rates and the search for a new reserve currency

Ultimately, NLW argues that it is this last factor driving up not only bitcoin but gold and silver.