The Crypto Lark
VIDEO TRANSCRIPT
Today in crypto, is Bitcoin getting ready for a big price run with a confluence of technical indicators, historical trends say yes, some of the biggest and most successful investors in history right now are betting big on Bitcoin. And you would be crazy to bet against these guys in theory. And futures have been launched over in the USA. And JP Morgan finally capitulates to Bitcoin, which is mega, mega bullish and kind of funny to the crypto lark. This is where you subscribe for all of the hottest and all of the latest happening out there in the wild, wildland of crypto. A big thank you to FedEx for sponsoring today’s episode. Fem X is an awesome place to trade the top Alte coins like Tasos and Chain Link, as well as, of course, Bitcoin and FedEx even offers gold for trading as well. They also offer sub-accounts, which allows for even more flexibility in your trading strategy, generous leverage and high liquidity. Make it an excellent option for traders looking for an exchange with institutional architecture and a super user-friendly interface. FedEx is only for experienced traders who properly understand how to manage their risk. There is a link Downbelow where you can get signed up and claim to a one hundred and twelve dollar trading bonus and get started trading today. Okay, so let’s get into the charts now. First, a good shot of opium there for you to get strapped in for today’s episode. The last time Bitcoin had seven green weekly candles, followed by a red doge’s candle, actually led to a massive surge in the price of Bitcoin. In fact, the price rallied by a whopping one hundred and sixty percent. Now, it is just a pattern, and it is far from certain that this pattern will indeed happen again as it did previously. But it is just some awesome opium for you. So put that in your pipe and smoke it. Now, moving onto the 20-week moving average, we can see that Bitcoin has been respecting the 20-week moving average, which has been very, very nice. Obviously, we need to see this week confirmed to be sure that it is indeed respected in that line. But if it does hold above this line, then it actually drags us closer and closer towards a break of that massive two-year downtrend for Bitcoin. That breakout moment that could be coming very, very soon, or we could even have a few weeks of sideways action before it does break out more. After the last having. We also had some sideways action before, had a big price run-up. So that could be a possibility here as well. But if Bitcoin does not break out here, then it means that a retest of ten thousand dollars will have failed again and that the moving averages, both the 20-week moving average and the 200-day moving average, have failed to act as important lines of support and essentially that the bears are back in charge of the market. But actually, I think that we are looking quite bullish right now on the daily. You see, the 200-day moving average has just acted as a key line of support for the price of Bitcoin. In fact, we have even bounced back from that. Seeing Bitcoin breakout come back down to retest and now it appears to indeed be moving higher is technically a very, very bullish move. And it could be setting us up for what could be a successful test of ten thousand dollars. Got a break at some point. Right. We have a lot of things coming together here for Bitcoin. Very exciting times. Definitely watching to see how this plays out. Moving forward of the next couple of days. Now onto the first big story of the day. The first CFTC regulated theory and futures contracts have just gone live. Now, these futures are only the second crypto asset after Bitcoin, of course, to pass these strict CFTC regulatory process. These futures contracts are physically delivered, meaning that trading requires buying it theorem to back these contracts, unlike, of course, the CMBS cash futures. This is definitely a cool thing to see. Keep it real. This is from Arris ex and Ara’s ex is far from being the biggest futures player by a long shot. But I do get the feeling that this is setting a precedent and that we will see the CMC actually issuing a theorem future potentially even sometime this year. In other ethereal news, one thousand newly wrapped Bitcoin have been issued on a theory of this one transaction alone, locked up more Bitcoin on the ethereal network than the entire lightning network combined. And that is just for wrapped Bitcoin. There are about three or four other wrapped Bitcoin variants right now like TB, DC and others. Now, until we actually get robust interchange operability, it seems that Bitcoin on ethereal is going to be the way that Bitcoin gets meaningful access to decentralized finance revolution. OK. Now, moving on to what is just a delicious little story. JP Morgan has finally capitulated to Bitcoin. It is now being reported that Coinbase and Gemini have been accepted as banking customers for JP Morgan, which is the first time that the bank has actually accepted clients from the cryptocurrency industry. First, they laugh at you, then they fight you, and then they offer you banking services. That’s the way it goes. Hopefully, this will actually result in better access for retail customers to buy Bitcoin, since many banks, Chase included, have actually been denying purchases on Coinbase and other platforms to their customers when trying to buy with credit or debit cards. So be really nice to see that turnaround in this policy. But JP Morgan finally capitulating and offering banking services to these exchanges. It could be a very good thing for the industry as a whole if we actually see restrictions imposed by banks ease and of course, more banks making it easier for people to buy crypto and for crypto companies to have access to banking services. But wow, this is quite the turnaround for JP Morgan. Remember what JP Morgan frontman Jamie Diamond had to say about Bitcoin back in twenty seventeen? He said Bitcoin is a fraud. And he also said that he would fire any employee caught trading Bitcoin. And now JP Morgan has just accepted two of America’s biggest Bitcoin exchanges as clients. Resistance is futile. The honey badger. It will make all Vall before it. You’re either on the Bitcoin train or you get run over by the Bitcoin train. That’s your choice. And, of course, what better time to be in Bitcoin than to be in Bitcoin right now? News out of the USA is indicating that the USA could be seeing negative rates sooner than later. Trump has tweeted that the USA should accept the gift of negative rates. Imagine calling that a gift. What a gift it will be to watch the bankers suck away two percent every year from your bank account gifts. And on top of that, you, of course, you get the inflation rate, which is around two percent, which slowly devalues your money. More gifts and then you’re losing about four percent a year. All ups were probably actually much more than that. We considered Friday different factors. The game is rigged. No one is going to save you. You have to save yourself. The ship is sinking and Bitcoin is the life raft. And more and more we see it. The world’s biggest investors are waking up to this very reality as we go through the next few minutes. In the video, I want you to ask yourself, are you really going to bet against some of the world’s most wildly successful investors and their Bitcoin plays? First, let’s hear from Mike Novogratz, who now has a great moustache, by the way. And of course, he is the CEO of Galaxy Digital. We’re sitting in our shop just in a huge increase in interest in Bitcoin and getting into crypto from high net worth individuals from funds. This is not easy to buy. It takes a while to get set to buy it. It was easy to buy. It would be much higher. And so it doesn’t happen overnight, but it feels like a herd is on its way. Finally, you know, coined that phrase a long time ago, and I’ve been waiting and waiting for the institutional side. And I think this shooter news is very big news because in some ways it takes the career risk of looking at a buying Bitcoin. You can initialize that as a macro weapon. You know, it might or might not work, but you’re not. People are going to say, oh, you were a hold of that. You know, that’s too low. Now, it’s now seen as a legitimate store of value. And I think it allowed hedge funds to participate as well. Yeah. OK. So there are a few very interesting takeaways from what Mike said here. Yes, there is a huge interest coming from high net worth individuals and from institutional players. We’ve seen evidence of that from a lot of different sources already. That herd of big money, they’re here and it’s only getting bigger as time goes on. It’s going to eventually turn into a stampede of big money, followed by a stampede of retail. More and more Bitcoin is being taken seriously by the world’s biggest and most successful investors. And he’s absolutely right about Paul Tudor Jones entering Bitcoin. It has made it super serious for a whole new class of investors that might have still been on the sidelines thinking Bitcoin can really be seen to be investing in that Novogratz. He didn’t sell his Bitcoin to having either thought that was very interesting that he held his Bitcoin and that he’s calling for a 20 thousand dollar bitcoin by the end of the year. And speaking of Paul Tudor Jones, he got interviewed about his Bitcoin announced and of course, he did. So let’s have a quick listen to see what he had to say about that. If you just think about, say, Bitcoin versus cash, right. With Bitcoin, when I think of stores of value, I think of it four ways. Purchasing power, trustworthiness, liquidity and portability. That’s kind of the categories that put it in. So when it comes to trustworthiness, Bitcoin’s 11 years old, there’s very little trust in it. We’re watching the birthing of store value and whether that succeeds or not, only time will tell. What I do know is that every day that goes by, Bitcoin survives, the trust in it will go up. If you take cash, on the other hand, and you think about it from a purchasing power standpoint, if you own cash in the world today, you know your central bank as an avowed goal of depreciating its value two percent per year. So you have, in essence, a wasting asset in your hands. So Bitcoin, I think it’s great speculation. I’ve got something between one and I think just over just over one percent of my assets in Bitcoin megahits, almost two. There’s some super interesting commentary there. One thing that really stands out to me. We’re watching the birth of a store of value. Crazy, so true, so beautiful, such an incredible opportunity. Getting in on Bitcoin in 2020 is insane. Oh, sure. 2016 was better. 2012 was even better than that. But we are far from too late. There is still incredible potential if someone like Paul Tudor Jones is doing one to two percent of his portfolio into Bitcoin, then you know that this is indeed super serious. Personally, I’m way above the two percent mark, but Jones is also spot on about his statements on Fiat. Your local central bank is indeed devoted to ruining your long term. Wealth. The game’s totally rigged. Negative rates. QE, infinity, debt bubbles, all the stuff we talk about here on the show on a regular basis. It’s totally nuts. And finally, let’s hear from Chamitoff Joe. This is again now. Now you’re seeing a lot of lines of different thinking converge. So when we started to believe in the long term value of Bitcoin, it was as a store of value. And it was that schmuck insurance that you kept under the mattress. And there was a small cohort of us that had to believe this for like almost the last 10 years now. But when you have people like Paul Tudor Jones, sophisticated market participants, who don’t necessarily come to it from that perspective because he was probably first thing in gold or, you know, a curve steepens or whatever. Now, all of a sudden, even he is looking at Bitcoin. And the reason is that we are in this massive deflationary spiral. And you have to figure out how to protect yourself. And so however you think about it from a classic economic theory or the schmuck insurance where you’re somewhat sceptical of the, you know, established governing masses, it is important that we have a hedge non-correlated patch. And I still struggle to find anything that is as uncorrelated to anything else and to everything else than Bitcoin. And I think that you know, if we see it have its day, it’s a moment where you’re going to wish that you had just bought the one percent and just kept it. He knew all along Bitcoin was the one. This guy, by the way, is one of the biggest Bitcoin whales out there. Bitcoin is maturing as a store of value, although, of course, it’s still early in its price discovery phase, which is obviously where the opportunity lies. Bitcoin is the insurance against the craziness of central banks. Bitcoin is the insurance policy for everyone else. Wall Street gets bailouts with central banks. Well, yes. Guess what? People for regular people. Bitcoin is the bailout. All you have to do to get your bailout Bitcoin is to trade in your dirty, dirty Fiat. Anyway, I play these tips today because I want you to understand when you bet against Bitcoin, you’re also betting against some of the most successful investors in the history of the world. People like Peter Teil and Tim Draper and Smyth and Paul Tudor Jones. And of course, the list is only growing with time. These are the guys that the Bitcoin haters are betting against. And time and time again, all of the Bitcoin haters, they are proven wrong. It also says a lot to me that even JP Morgan has finally had to concede that fighting bitcoin, the losing battle. There’s no point continuing to try to do it. That story about Jemini and Coinbase finally getting banking services through JP Morgan, it is huge because it shows the capitulation of one of the biggest outspoken Bitcoin hating companies. Now, all we have to do is to have JP Morgan announced that they are buying and holding bitcoins. The circle will be complete. So your question for today, what percentage of your wealth is sitting in Bitcoin? For me, it’s probably around 30 percent, which I think is a nice little number. Obvious a lot of their stuff, you know, on top of that. But just in Bitcoin, around 30 percent. And in addition to what percentage of your wealth is in Bitcoin. Do you think that that’s the right percentage? Or do you want to increase your overall Bitcoin holdings as a percentage of your portfolio? Or do you think maybe you’re a little too exposed? Bitcoin may want to decrease your percentage a little bit. Let me know down below in the comments section. Thank you so much. Watching today’s episode. As always, you are frickin awesome. Thank you so, so much for your support. It means everything that’s changed is not possible to value. So thank you so, so much. And of course, we did enjoy today’s video. Whack that thumbs up button. Subscribe the channel. If you do around here. Long live the block, Jane. And peace out next time.
