in

Buy Bitcoin, Take Your Money Out of Banks,Things Could Get WAY WORSE in 2020

VIDEO TRANSCRIPT

Today in crypto public interest in bitcoin is spiking at a time of massive price uncertainty. CNN warns people not to take their money out of the bank. Italy gets a ray of light in an otherwise dark time. And if you are stuck at home in isolation then I have got some good news for you about some things that you can do to help pass the time. The crypto laugh. This is where he used to scrap for all of the hottest and all of the latest happening out there in the wild wild world of crypto land. By the way, if you are new to crypto then you need to check out my beginner course called cryptocurrency explained. Now, this is a course that will walk you through all of the basics of crypto like how to buy bitcoin how to send bitcoin out of store bitcoin. All of that stuff and much much more doesn’t link down below in the description where you can learn more about that course. So the price of bitcoin is back under six thousand dollars. Well at least at the time recorded this video has been all over the place the last couple of days with this six thousand dollar zone I think it has been a quite important one over the last week. Looking here at the daily we are still in an uptrend from the bottom last week. At the moment we are seeing a retest of that key trend line now a retest and a bounce that would be nice to see but we are also about two days away from a death cross on the daily for Bitcoin which is obviously not a good sign to see. There does remain a strong chance that prices will go much much lower as the economic crisis continues to unfold. And wow the last week it’s just been crazy when you look at the prices of all these different assets fluctuating obviously bitcoin has not been immune to that the price of bitcoin has fluctuated from lows of forty-four hundred dollars up to seven thousand dollars and come quite a bit back down. Extreme volatility has been the trend over the last week. However, in spite of all that craziness and especially if you look at that weekly candle from last week Bitcoin looks to be closing above the 200 weeks moving average in a nice fashion which is definitely great to see but we are still in a very precarious market here. A further fall in price would really not be surprising since that weekly candle looks at the wicks on the thing that is far from a convincing solid candle. I would really like to see a nice strong green candle painted above and closed fully above the 200 weeks moving average get just a little bit more confidence back into the markets. But we will have to wait and see how next week closes out this week’s candle it does has a nice start but since the equities are likely to get slaughtered again this week Bitcoin may not remain immune to these wider market trends so tread carefully out there for the traders. Now interestingly in spite of the prevailing economic turmoil, there is actually a strong interest in bitcoin around the world. Bitcoin inquiries, for example, are up one hundred and eighty-three percent on Baidu over the past 30 days showing that Chinese investors at least are taking a huge and renewed interest in Bitcoin and Bitcoin searches are also up big time on Google jumping from twenty-nine all the way up to 57. As a search term on Google trends the last time the search trends were this high for bitcoin was all the way back in June of last year of course when the price was absolutely exploding. Now usually we see the public interest in bitcoin spike when the price goes up which makes this moment quite exceptional because we are seeing search volumes for bitcoin exploding while the price of bitcoin is down and we are in a major global macroeconomic event suggesting that people are actually looking to buy bitcoin when it is cheap which is definitely awesome to see. Now also data from major exchanges like Coinbase is showing that currently, more than 70 percent of the activity on the exchange is actually people buying Bitcoin or other cryptocurrencies. So would seem to indicate that yes this is indeed what is happening people see bitcoin as being cheap right now and they are Googling it or help it on Baidu and looking to buy it. Now let’s move on to the big story of the day. Over in the United States, the fallout effects from the virus are really starting to grind down on the economy. Goldman Sachs estimates that 2.5 million Americans filed for unemployment benefits just last week. That is the biggest number on record is absolutely unprecedented. It’s just insane. And that’s just the tip of the iceberg what we could be seeing tens of millions more jobs are at risk in the coming weeks. Entire sectors of the economy are about to be shut down. And of course, it’s not just the U.S. We’re talking about but all across the world. There is nowhere that will not be impacted one way or another from what is going on. And look just a quick word here on buying Bitcoin right now. Your first priority has to be to take care of yourself and take care of your family first and foremost so please make sure you’ve got enough cash on hand to be able to ride this event out. I know I know there’s a decent percentage of people out there who you’re privileged enough and you’re gonna be OK. You’re going to keep buying throughout the crisis. This is a massive opportunity for you because you’ve been saving for this kind of event. You’ve got a lot of cash on hand and of course the traders out there they’re really unconcerned about this kind of event as well since if you’re a trader you’re making money if it’s going up you make money if it’s going down it’s all good. And yes of course. Much like the stock markets, we will also see whales and institutions stacking crypto and the fear is high in the market. But please please please if you’re on a fixed income and particularly if you’re someone who is at high risk of losing your job in the coming weeks then make sure that you are being very careful with your finances sure Bitcoin is doing OK today but it could easily crash again. Always remember that the market can remain irrational for longer than you can remain solvent. Bitcoin is a fantastic long term investment but short term many people are going to have very different priorities aside from making long term investments into cryptocurrency. So if that is you then please be careful with your finances in the coming months. Crypto is always going to be here. There’s always going to be an opportunity here in crypto land. Keep that in mind. Just remember that as we watch the global economy tank that things could get way worse before they start getting better anyway sadly our society seems to be geared towards the reality of socialism for the rich and rugged individualism for the poor and the middle classes. So while the average family out there you’re encouraged to save money for a rainy day. Companies never seem to face these kinds of problems. Now in the good year’s companies, they pocket the profits and of course through a web of different loopholes they pay basically bugger all in taxes. And when they do hit a bad year or a massive crisis like this or that 2000 equal financial crisis happens then they put their hands out to the government asking for free money you know at this stage it’s just so unsurprising anyway. It seems that the U.S. people are going to get a check in the mail from the government. Up to three thousand dollars is the numbers being floated around currently. But of course, Congress is stalling the bill trying to prevent different means testing or trying to work some kind of like my to a future tax credit thing or something like that. Just understand what a massive pile of B.S. that is because of the banks the airline’s casinos. Yes, casinos will be getting bailouts. Look the insanity of that sink in for a second. Cruise lines oil companies. These guys never get means-tested. They just get the money no questions asked. They bribe politicians, of course, they get the money. These are the same companies that I’ve spent the last 10 years doing stock buybacks to inflate their stock prices. These are some of the most profitable companies on the planet and yet none of them have rainy day funds. And you know what. Why would they? They know that when things get tough that the government will bail them out. They win no matter what it doesn’t matter how fiscally irresponsible these companies are. They always win. And right now in the USA, the U.S. Congress is even looking at buying corporate debt. So along with the bailouts of the major corporations, they’re also looking at actually gobbling up corporate debt. Now, who’s going to have to pay that off in the future I wonder. Now the U.S. Fed has also stepped up their repo operations-basically confirming that there will now be one trillion dollars in daily repo available and I do note that this is not a trillion new dollars every day. But as the daily allocation of one trillion dollars so that money is borrowed in the evening repaid on a daily basis. So it’s just one trillion in liquidity overall not you know seven trillion a week or whatever. Now that, of course, is double what they proposed last week when it was announced that five hundred billion dollars we put up for the repo markets. Now it is 1 trillion maybe it’ll be 2 trillion next week in total the coronavirus economic relief bill provides up to four trillion dollars in liquidity for U.S. markets at the time of recording this video again. We could see a lot more liquidity coming out similar responses have been seen all around the world with central banks offering up billions of dollars in stimulus and billions of dollars in loans to the economic sector. Now is this capitalism because it sure doesn’t look like it to me. Surely capitalism is said these criminally irresponsible companies that they should fail in this situation right. It seems more like we actually have a corrupt crony shit show where corporations by politicians and run the governments and everyone else kind of gets screwed by the way I’m sure you’re going to love this next story I have for you. CNN has informed their viewers do not to take a bunch of cash out of the bank because of the coronavirus now that to me says that you probably need to take your money out of the bank try to do the opposite of what CNN is saying when it comes to things like this. Now they went on to say that your bank deposits are insured. You shouldn’t be worried. You have the FDIC. So you have to keep everything safe under a trust the system and all that stuff. Look as a reminder the FDIC in America it only covers around 1 percent of deposits in the USA. Shocking I know right. They don’t tell you that part. Do they 1 percent of deposits but more than the B.S. about the FDIC is that you know why they don’t want you to take your money out of the bank because they don’t frickin have it? They only have a tiny fraction of total depositor cash so you personally. Yeah. You want to you people watching this video you can take your money but everyone else watching this video. Sorry about your bad luck. In fact, only a tiny fraction of people can actually go and get their money out of the banks. Thank you fractional reserve banking and I understand why people want to get their money out of the banks. The banks are not to be trusted all over the world. We see this happen the banks screw people over big time. These are the same banks that stole more than five million people’s homes in the last financial crisis and these are the same banks that are been caught committing the worst kinds of fraud and treachery against their own client’s time and time and time again. They have proven without a doubt that they cannot be trusted. Why the heck would we trust them in the middle of a crisis situation. The next thing you’re gonna be told is that you cannot have your money because cash is a corona spreader which it is. They just haven’t started using that line yet but they probably will. Now all of this makes you understand why Bitcoin is just so gosh darn powerful. Just remember your bank your money, not your bank not your money. Bitcoin will never ask you why you want to access your money or tell you that you can’t spend your Bitcoin because it spreads viruses or any of this kind of stuff. Bitcoin digital gold it’s amazing stuff. Now one bank though that seems to be up to speed with the times is Italy’s Banco Sela which in response to the outbreak is launching a bitcoin trading service. Smart bank smart. So at one point two million Italians already is Banco Stella’s hype service to do transactions and now in addition to being able to just buy and sell bitcoin using this hype platform from Banco Sela Italians will also be able to pay for goods and services using their crypto. This is so nice to see that with the country in lockdown and Italians really unable to leave their houses that this bank is actually capitalizing operative on this opportunity and offering bitcoin to their clients. Nice don’t think of the bit the bank to keep my bitcoin mind you but it’s good you can buy and sell it from them anyway. Now finally if you are one of the many people who are now either in mandatory or involuntary self-isolation you’re trying to figure out what the heck am I going to do with all of my time. Then I’ve got some good news for you because many of this season’s major crypto conferences they’ve moved online. So, for example, you have Istanbul blockchain week. This has now been canceled and it has been reimagined as the virtual conference called block down. So speakers include famous crypto personalities people like Roger Fehr and of course even less known crypto people for being famous for crypto. People like the famous rapper and now crypto entrepreneur ACORN will also be joining the conference to discuss his a coin crypto project so you can get the hear of some really interesting people in the industry. Obviously this conference is not the only one. You can definitely check out blocked down but there are lots of other great conferences coming up too that have gone virtual. So do a bit of research see who is going to be hosting these virtual conferences who are going to be speaking a lot of the major conferences on the conference circuit. They have now gone online so check it out. Most of them are free as well. And of course, you can get a great opportunity to actually sit down and listen to some of the top minds in crypto talking about great ideas about Bitcoin and cryptocurrency overall. And of course, there are even gonna be some networking events with online chat rooms set up and different speed networking events as well. So you can connect with other enthusiasts and other investors too. So pretty cool stuff. Check out if you’re going to be isolated for a while. And my final thoughts for today’s video in spite of the world crumbling around us. There does remain massive opportunity out there for the savvy investor and yes I know I know that there is a global tragedy unfolding is incredibly tragic but the harsh reality is that this is the kind of fear and markets that will make millionaires in the years to come you may not want to hear that but it’s true. And the fact that Bitcoin is still fluctuating around the six thousand dollar zone actually is quite amazing to be considering how fear has absolutely savaged so many other markets anyway. Question for you for today do you think that corporations should be allowed to fail. Should the response to these big players be a capitalist response and let them fail let them go out of business. Or should it be a socialist response and bail them out. And why not regular people should regular people also be allowed to fail or should they be bailed out too. I’m curious to know your thoughts on that topic down below in the comment section. Thank you so much for watching today’s video. Make sure you’re staying safe out there. I hope you’re having a good time anyway in spite of all the craziness going on watching some youtube videos hitting the like button for the YouTube algorithm. Of course, the thing that we all have to do from time to time on YouTube and of course make sure is the channel guys. If you are new around here be share and lots of new updates as we go through this crazy crisis together on the crypto markets on the wider market. So make sure to tune in I’ll try to get out five or six videos a week for you anyway long live the blockchain and peace out the next 10.

Report

Ledger Nano X - The secure hardware wallet

What do you think?

Comments

Leave a Reply
  1. Great video as always! I do not think businesses should be bailed out, or people for that matter. This sounds harsh but it is the natural way to clear out the weak and failing and strengthen everyone. I see many business opportunities right now and in ways to help people. Now, having said this, I see bailouts helping in crushing the current system, which would be good. But what will come in it's place? A new boss, same as the old boss? Continuing the improper concept of the "Government to the rescue" and now implementing UBI? This will be the final nail in the coffin for this species on the planet. This does seem like a focused attack on the current money system. I plan to take my "Free Trump Dollars" (FTD) and buy some BTC, silver (if I can find any), seeds, redundant water supply and other necessities. Thank you Lark for all the work you do.

  2. The government should stay out of people's financial affairs. If a business cannot stay solvent then why keep a sinking ship afloat. The government does not have enough money to help everyone!

  3. Hell yeah let them fail for making bad decisions and bail the people out for once . The tax payer should get a break for once , not the business's that were irresponsible

  4. America was built by people taking chances. And failing. We only started having these major problems when we started asking the government to always save us.

    Allow the businesses that fail. Allow people to fail. Abolish the federal reserve. A private institution shouldn't have that much power over the republic.
    Abolish the social security system. It's not government's job to manage our lives.

  5. In Italy BANKS are still 100% active, however parliament is not even meeting for discussing the will of the people (in a PARLIAMENTARY REPUBLIC!), the excuse is the word "emergency".

    Democracy is going to disappear, the dictatorship is silently coming.

    Always HODL. #Bitcoin

  6. So for your last question. My thought is if they're not bailed out how else will the company not go bankrupt and thousands of jobs lost? If they fail does that mean someone can buy it out or will it mean all is lost and the company is doomed? Because if theres no other way to save the jobs then that's the only time I'd support a company bailout.

  7. Last week the 4 big banks here in New Zealand, grabbed 200 million and these are publicly listed companies , free cash!! But all they do is snap up cheap assets, for themselves. Great video as usual cheers

  8. Heh CryptoLark, Very positive video!
    Bail out the corporations? Is that not the same as a citizen bail IN? Cyprus, does anyone remember?
    Bail out all citizens? Well, yes, maybe, at least before the corporations. But is that not another citizen bail in?
    Bail out those who now or will soon have nothing? Absolutely. Start with those who have the least then work up.
    Sequester 90% of all corporate value, distribute. Let them restart if they wish. 90% of all CEO wealth also, including their palaces. Politicians too.
    Let them experience what they created.
    And for dessert, we need more lamp-posts and rope!

  9. I'm a big advocate of personal responsibility, financial or otherwise, and I say let the corporations fail just as we would be expected to fail from poor planning and reckless spending

  10. Lark you know they are being fiscally responsible and trying to figure out where the money will come from to give to us. Funny this problem never arises for companies.

  11. Great vid Lark! If we let all the big companies fail, how many regular folks would be out of work? How much of a stain would that in turn put on the gov and tax payers with a flood of people getting onto food stamps and into the unemployment line? I think that we do need a mix of help both for the people and for some companies too… (I didn't like putting that last bit about companies on there but in these crazy times I think it is important to look at all the outcomes)

Leave a Reply

Loading…

0