Today on the Brief:

• Stocks down on coronavirus fears
• Demand destruction
• The looming retirement crisis

Our main theme: 

Bitcoin is up more than 30% on the year. After a crash alongside equities, it has proved incredibly resilient. There are famous new entrants to the space like Paul Tudor Jones II. 

So how can a Bloomberg editor argue the year has been bad for bitcoin? 

In this response podcast, NLW argues that most of the arguments are about narrative, not the underlying fundamentals. He presents six reasons why not only has it not been a bad year, but the exact opposite is true:

• Demonstrated institutional uptake
• Demonstrated resilience 
• New champions 
• Narrative fundamentals  
• Need in emerging markets 
• End of economic orthodoxy