Latest / Simply Bitcoin / WHY Is The Price Of Bitcoin CRASHING?! (80,000 BTC Sold!!) | EP 1288

Transcript

WHY Is The Price Of Bitcoin CRASHING?! (80,000 BTC Sold!!) | EP 1288 · Simply Bitcoin

0:00
What just happened as Bitcoin rallied through $123,000 might
0:06
just prove the paper Bitcoin narrative is wrong.
0:09
A massive whale was spotted moving 80,000 Bitcoin to the OTC
0:14
desk and at the same time the. To the the price solid.
0:18
Biggest pullback in weeks? A measly 3%.
0:21
Is the paper Bitcoin a myth or what does this mean for the
0:26
Bitcoin bull run? Let's dive straight into this
0:28
guys. Of course I'm here, here with
0:30
the wonderful Internet, Sophie next to me.
0:33
You know Nico got the day off. No, he he's doing some other
0:36
stuff. Alright guys, here's the
0:37
headlines. This is what everyone's talking
0:39
about you know Bitcoin hit 123 Ki had literally got my friend
0:43
again in the in my DM telling me it's over bro.
0:46
And I'm like Oh my God he's doing chart crimes and stuff too
0:48
and I'm just like I am done with you.
0:50
Anyways, on coin Telegraph, the headline is Bitcoin price
0:54
dropped to 114 K possible as Bitcoin whales take profits and
1:00
the sub subtext here is Bitcoin is at a risk of a deeper
1:03
correction to fill the CME futures gap down to 114 fueled
1:08
by profit taking from Wales. So we can pull this up for you
1:11
guys. We have the CME gap here, future
1:16
CME gap. So if you're unfamiliar with
1:17
this, this is kind of a long standing, I don't know,
1:21
heuristic in the Bitcoin space. You'll see the price kind of RIP
1:24
up and then you'll see these gaps here in the CME futures
1:28
right here. You'll see it, it's at 1:14-ish
1:30
to 1:16. And usually when the price
1:34
starts ripping, you'll see these gaps.
1:36
And historically, you're always kind of come back to these gaps.
1:40
You got to close those gaps. So that's I think what this
1:43
headline is saying they're they're kind of framing it as a
1:46
little more bearish than probably usual.
1:49
But I keep thinking without any more information here, we are
1:53
still in buy the dip territory. So buy all the dips currently.
1:57
But hey, potentially we are going back and closing that one
2:02
14K futures gap. But moving forward, which is I
2:06
think the real big news here. We've been wondering if there is
2:09
paper Bitcoin, how much paper Bitcoin is in the space.
2:13
I've been kind of leaning that, hey, there's probably is some
2:15
paper Bitcoin, but I don't think there is the quote UN quote
2:19
mythical price suppression, price manipulation as we've been
2:22
seeing. We've been seeing something to
2:24
the contrary and shouts out to Czech, maybe he's been all over
2:27
this. What we have been seeing again
2:29
something that makes very, very, you know, simple explanation for
2:34
what is going on in the space is just there are more sellers than
2:38
buyers currently. And as we've been covering, it
2:41
seems like the retail interest, the retail FOMO from just the
2:44
layman out there is non existent.
2:46
The new retail is coming from the ETF buyers.
2:50
But at the same time, we are seeing some mega whales dumping
2:54
Bitcoin. And honestly, we were kind of
2:56
having this conversation this morning.
2:58
We, we, we can't even really fault them.
3:00
We can't even get mad at them when you're holding Bitcoin this
3:04
long. Anyways, what am I talking
3:05
about? Well, a dormant Bitcoin, well,
3:08
sells $2.34 billion of Bitcoin, AKA 80,000 coins.
3:14
It transferred to a Galaxy digital after holding for 14
3:18
years, the first ever sell move from an address linked to a 2011
3:23
OG. So, you know, can you really
3:25
fault this guy holding from 2011?
3:27
He's got 2 point what, 2 point three, $4 billion in Bitcoin.
3:32
You know, he's probably like, hey, man, let me enjoy this.
3:35
You've been around for a long time.
3:37
You can't really even fault the guy here, you know, like I think
3:41
we would all do the same thing here.
3:43
And of course, this is how the Bitcoin coins get distributed
3:46
amongst a lot more entrance in the space.
3:48
Of course, the ETFs and the institutions want to buy this
3:51
up. And as checkmate is saying, and
3:53
literally I told Luke this morning, it's it sounds like
3:56
he's he's trying to dunk on you this morning, Luke.
3:59
And he just goes, look, the OTC desk found more coins.
4:02
And you guys know, I've been on the show kind of saying that I
4:05
don't really believe the narrative that the exchanges are
4:08
going to run out of Bitcoin. I think there you will.
4:11
We see something similar like this when the price goes up,
4:14
some whales or even some plebs out there, some average people
4:17
will sell Bitcoin on the exchanges.
4:19
I think there will always be a price to sell Bitcoin and as we
4:24
saw this played out yesterday hit 123K.
4:28
Huge whale. Sends a bunch to Galaxy digital
4:31
OTC desk you know gain some profit and as checkmate he says
4:35
the OTC desk found more Bitcoin and here's probably the kicker
4:39
before I give you guys some more examples of maybe what is going
4:42
on here is Vijay Boyapati and he goes once again the paper
4:46
Bitcoin thesis is shown to be false.
4:48
Whales are cashing in which fully explained why Bitcoin
4:51
stalled around 100K. Their supply is finite, however,
4:54
and will eventually flow through it, which is kind of what we I I
4:58
take more of the angle of saying and then further Andre from bit
5:03
bitwise basically saying something similar.
5:06
Watch significant spike in long term holder realized profits.
5:09
And you can see here Bitcoin long term holder LTH realized
5:13
profits and it's the biggest one since what you know, late 24,
5:19
maybe early 20. 5 So it looks like people.
5:23
Whales in the space are realizing some profit and as
5:26
I've been saying, keep it simple.
5:28
There's just more sellers than buyers right now and at this
5:31
point I can't really fault them. If you've been holding Bitcoin
5:33
from 2011 to now, I don't even know.
5:37
I'm sure someone can Fact Check me.
5:38
What would it? What's the average price of 2011
5:41
Bitcoin to now? It's basically like under a
5:44
dollar, you know, you're getting a dollar to 125 K Like I, I
5:49
can't even really fault them at this point.
5:51
It just, it is what it is. So anyways, Sophie and I, we're
5:55
having this conversation before the show and it's like, can you
5:59
really, can you really fault these guys for, you know,
6:02
locking in some profits here? Of course, as the the maxi here,
6:06
you're like, you know, the profit is in Bitcoin, but
6:09
sometimes you want to claim your purchasing power and and you
6:12
know, change your life a little bit.
6:14
So I'm not even really that mad, but this is what I think's going
6:17
on. This is what I'm seeing here.
6:19
And I do have some more receipts to kind of show you that even
6:22
though they're selling, a lot of selling is coming from these
6:24
whales. There is a lot of interest in
6:26
buys coming from other places. So before I get to that self,
6:30
what's your thoughts on this 80,000 coin whale selling some
6:34
Bitcoin? You know, as much as everyone
6:37
says that, you know, you buy at the price that you deserve, you
6:41
also sell at the price that you deserve.
6:43
Maybe this OG actually more than likely is like a Gen.
6:48
X or boomer type because a lot of them are like, as much as we
6:52
like to dunk on the boomers, they are the ones that you know,
6:55
got into this early. A lot of them are because a lot
6:59
of the younger people started shit coining it just you know,
7:02
it is what it is. I don't make up the rules.
7:05
You know, it's fine to sell some, especially like what he
7:10
had 80,000 Bitcoin, what he sold 7000 and now he has a cool
7:16
73,000 left. Like, I mean, I, I'm not saying
7:21
that I would do the same thing, but I would probably do the same
7:25
thing just to, you know, live a cushy lifestyle and leave some
7:29
generational wealth for my kids. In terms of the price.
7:33
I mean, we're down like 3%. That's enough to, yeah, 3%.
7:37
That's that's enough to make the stock Bros lose their minds.
7:40
I know that, you know, my dad when he looks at the stock
7:43
market, he's like, we're down 3% and, and you know, it's enough
7:48
to like give them a mini heart attack.
7:50
But like if you've been in Bitcoin for more than 5 minutes,
7:53
3% is literally nothing. Like, I think we were at 58 K
7:58
for I don't know how long, and now we're complaining that we've
8:01
2X to that. I mean, I don't know, I'm kind
8:05
of happy. I think that it'll bounce back.
8:07
I don't think that this is gonna be a double top situation as you
8:13
were talking about. You know, we're Bitcoiners.
8:16
We're always gonna find something to complain about.
8:18
We're like a little bit perfectionist, but I don't think
8:21
that we're bullish enough. If you don't think that
8:24
institutions are looking at these prices and sharpening
8:28
their knives to buy some more than I think you're wrong.
8:31
I think that the best is yet to come.
8:34
And, and we just got to like, hang on to that opium, you know?
8:39
Well, it's on opium. We know it's going up exactly.
8:42
It's going up forever, Opti. It's totally going up for all
8:46
right, all right as I. Told you I have some other
8:48
receipts here. So that's kind of like I think
8:50
the big explanation for why the price kind of went what a 3%
8:55
correction again, it is very normal in a bull run parabolic
9:00
scenarios that we do get pull backs.
9:02
The price doesn't go up forever. I know a lot of bitcoiners right
9:06
now and and I would I honestly would put Nico in this camp
9:09
right here. He's been like, what are you
9:11
talking about? I think we're getting bored with
9:13
this price prediction where or this price action sorry where
9:17
it, you know it pumps like 10K and then it pulls back and
9:20
probably going to go sideways and then it does it again we're
9:23
we're so dopamine fried. We want the 2017 run again where
9:27
it just pumps insane amounts for the next, you know, three weeks
9:32
or something like that. But we do have some interesting
9:35
metrics coming out as well. So demand for spot Bitcoin ETF
9:40
hits an all time high of $94.2 million.
9:43
So again, as we've been kind of covering, yes, maybe we aren't
9:48
seeing retail from Main Street following into Bitcoin.
9:52
You're not getting the Google trend alerts.
9:54
But what you are seeing is retail through ETFs are
9:58
essentially buying right now. There's a lot of interest coming
10:01
from the institutional ETFs, which you can argue is retail.
10:05
It's just a new breed of retail. And maybe you could say they're
10:08
a little more sophisticated, but there is retail interest.
10:11
It's just coming from a different direction.
10:13
It's not people trying to search the Internet trying to figure
10:16
out how to buy Bitcoin on exchanges, though SOF might have
10:19
a good little heuristic on that one.
10:21
And then this next one is retail investors are though buying more
10:26
Bitcoin than miners can produce. Shrimps, crabs and fish are
10:29
stacking 19,300 Bitcoin a month, while miners only released
10:34
13,400 Bitcoin. So again, I think there is this
10:39
idea of a supply crunch coming or you know, short squeeze,
10:42
mother of all short squeezes. However you want to frame this,
10:46
I think it is on the horizon right now, but it is kind of
10:49
hard for a retail people DCA $100 a day or $100 a week, $1000
10:54
a week would have you to really compete with a whale dumping
10:59
80,000 coins in just one cell. So it is coming.
11:03
There is retail interest, it's just coming from a different
11:06
area. And you know just it is what is
11:10
what's today a Tuesday. Niko's not here.
11:12
So we'll just throw some memes in here to wrap up this segment.
11:15
And it's as TFTC said, we don't predict the future, but we front
11:19
run the inevitability. And guys, it seems like we are
11:22
in going into the banana zone. As you can see, you know that we
11:26
are kind of in the correction phase.
11:28
I think we're going to see some banana zone action.
11:31
We'll see another correction phase, and then eventually we
11:33
should probably see a real banana zone blow off top,
11:38
hopefully like we saw in 2021. But this is, I think, the
11:42
perfect meme to sum up what's going on right now.
11:44
So shouts out to Stacy Herbert and and you know, it's the cat
11:48
yelling at the price. And why is it going down even
11:51
though it's been going up? Like, if you really look at it,
11:54
look at the blip going on right now here.
11:55
Actually, I'll pull up a trading view here so we can kind of look
11:59
at it real quick, you know, in the grand scheme of things.
12:03
It's really not not that crazy like it's, it's a blip on what's
12:08
going on here, but I am getting friends hitting me up like, bro,
12:13
if it doesn't stay above 116, it's over.
12:16
And you come in here guys and you just kind of look at what
12:20
this movement is that everyone's freaking out.
12:23
It's currently at a 2%, a 2% dip.
12:28
So. I I wouldn't say there's
12:30
anything to freak out about here.
12:32
I think this is very normal. I'm still on the the take that
12:36
this is a by the dip scenario, by all the dips.
12:40
I think this is by the dip season guys.
12:42
You guys are by all the dips. If you still have Fiat, this is
12:46
by the dip scenario. I don't think this is a double
12:49
top scenario like 2021. I think that's already been
12:52
invalidated. I've been looking at the charts
12:54
in the 2021 double top, it went like 5% and then it completely
12:58
dipped. We're already at like a 10%
13:00
move. So I think we are in parabolic
13:03
run. Obviously we don't know.
13:05
We can't predict what's going on in the future, but we are seeing
13:08
some whales take profit right now.
13:10
And this is probably why, or rather I think this is the
13:13
reason why we're seeing the price kind of correct this early
13:17
in the space. And then of course, there's the
13:19
CME gap at 1:14-ish. So there's a couple of things
13:22
that I think once those get cleared up, you know, people buy
13:25
the Bitcoin. I think we're on the run.
13:28
So I think we are ripping. What's the CME gap for people
13:32
like me who don't? Yeah.
13:33
So the CME here, let me pull it up.
13:35
CME is the Chicago Mercantile Exchange and its futures
13:40
contracts here. So people betting on what the
13:43
price is gonna be, but when you see them play out.
13:47
It always kind of returns back. There's actually 1, you know,
13:50
here at 91 K So hey, yeah, that's but here, here's a good
13:54
example in 2024, you see how there's this gap here that's at
13:58
77 K it skipped it, it went up and then the price eventually
14:02
returned back down, close that gap and then it's it took the
14:05
lift off so. I don't know if that's exactly
14:08
what's happening here but that's what a lot of trader boys are
14:10
saying. That's literally what my buddies
14:12
telling me in my DM's is like the trade.
14:14
There's a gap at 114 bro, like it's gonna close it and then if
14:19
it doesn't close it and hold strong, it's going to 100K bro.
14:23
I don't think that's what's going on here.
14:25
I'm totally I think this is just a healthy dip.
14:28
We might not even close. This gap it could keep.
14:31
You know what happens every single time there is a dip like
14:34
this and people panic sell, they regret it.
14:37
So you know, I think I think like it's obviously interesting
14:41
and and entertaining, dare I say, for all of Bitcoin Twitter
14:46
and you know, all the finance Bros to like talk about it and
14:49
speculate and analyze. But when you zoom out, that
14:52
chart is going up and to the right and everything is set up
14:56
for this bull run to be absolutely massive.
15:00
So, you know, if we just, if we just like calm down, I think
15:06
we're, we're all going to be very, very satisfied at the end
15:09
of the year. Yeah, I I this comment, I think
15:12
it hits the nail on the head, Aurelius goes.
15:15
Wait. I'm going to pose this as a
15:16
question, as are we free of our 2021 PTSD?
15:21
Totally not. I don't think we are.
15:23
You put it as we. Are free of.
15:25
Our 2021 PTSD as the question, I don't think, I don't think we
15:29
are free of of 2021 PTSD. As we've been covering, you
15:33
know, using the psychological chart here because again, the
15:36
Bitcoin price is psychological here and you are dealing with
15:39
the quote, you know, animal spirits going on and I don't
15:42
think we are free of that 2021 PTSD.
15:45
Like I, I'm even thinking are we going to double double top is?
15:49
This a double top. Are we?
15:51
Can we finally invalidate? That double top?
15:53
And until we start breaking out of this 125 kind of K area.
15:58
I'm still going to be PTSD like 2021.
16:01
I'm still going to be PTSD until we get to like at least 1:30,
16:06
you know, once we I feel like 130 psychologically is a number
16:10
that like I can, I can see the ride up to 150.
16:14
And once we get to 150, I'm going to calm down.
16:17
I'm going to be like, OK, like if it goes higher, if it goes
16:20
lower, whatever. Like at least we got to our like
16:24
the price that everybody like kind of assumed that it was
16:27
going to go to at the very bare minimum 150.
16:31
So but that's not, that's never what happens.
16:34
Everybody always gets blown away, everyone always speculates
16:38
1 price and then Bitcoin just blasts through to like, you
16:42
know, the stratosphere. So I think conservatively 150,
16:47
but we could probably make it to 200220K like you know, other
16:52
people are speculating. Wow.
16:54
That is what we're seeing, guys. We're seeing people start to get
16:58
more bullish here. And again, like everyone says,
17:01
you know, obviously I think price predictions are fun.
17:05
It's it's fun to. Speculate where the price is
17:07
going to go. As I used to do.
17:09
It's fun to kind of flex on your friends and kind of give them
17:12
the FOMO. Which is probably not the best
17:14
way to orange. Peel your friends to be honest.
17:16
It is pain, pain, maximum pain. You want them to feel that FOMO
17:23
of not buying Bitcoin. You want them to be like, damn,
17:26
I should have like in four years.
17:28
You want them to think that so that they finally get the
17:31
message and buy today. DCA, just buy a little bit every
17:35
day. It doesn't matter what the price
17:37
is. Like I saw one of the comments
17:38
saying like, I hate that we're talking about Fiat.
17:41
Unfortunately, like I don't really care about the Fiat price
17:44
either because at the end of the day, you know that the dollar is
17:46
going going down, but the reality is that the price number
17:49
go up is the best marketing tool for hyper bitcoinization.
17:54
That's why we talk about it so much.
17:55
That's why everybody loves to speculate.
17:58
That's why more people tune into this channel when the price is
18:01
going up because it really is the thing that people are Greed
18:06
is the reason that hyper bitcoinization will end up
18:09
happening. And so like, I want people to
18:12
feel that pain. I want people to understand
18:16
finally what we've been going through for the past four to
18:19
eight years and, you know, get finally buy some Bitcoin, put
18:24
into self custody, fight the state, separate the money from
18:28
the state, as Nico says so. Yeah, 100 percent, 100.
18:33
Percent bored. Get on board normies, Get.
18:35
It it's really whatever is needed for you to get off 0 and
18:39
play the game. As I always say, you know,
18:41
you're playing Pac-Man, you're playing Hungry Hippo.
18:44
You just want to keep accumulating, yes, you know.
18:46
Like I was saying, price speculation, wondering where the
18:49
price is going. It's fun, it's a good pastime,
18:52
but this shouldn't be taken as you know, you should be trading
18:56
this Bitcoin thing. It should just be all right.
18:59
Well, if I think the price is going to go to X and it's at,
19:04
you know, 100K today, then I should probably buy some hold
19:09
this long term, continue to buy this.
19:11
That's kind of how I use price speculation in my mental
19:15
framework. It's like, huh, I actually
19:17
Sailor said it the best the other day.
19:18
He's like, look, I think one Bitcoin's going to be worth $13
19:21
million. It's around 100K today.
19:24
So every Bitcoin you don't buy is basically a $13 million
19:29
opportunity cost. So what number you have in mind,
19:33
just discount that based on what the price is today and ask
19:36
yourself, hey, do I really want to miss out on whatever my
19:39
golden number here is because it's going up.
19:42
It's the best, hardest money in the world.
19:45
It is sound money. The world is waking up to this.
19:48
We're starting to see the institutional FOMO take hold.
19:51
We're starting to see, you know, nation states talk about it.
19:54
We have this crypto week in Washington this week where
19:57
they're supposedly going to implement some good regulations.
20:00
I'm not really holding my breath on it to be honest, but we're
20:03
seeing the tide shift in our direction as Bitcoiners.
20:07
And all you got to do is just buy Bitcoin, take it into
20:10
custody yourself, cold storage, and literally do nothing.
20:15
Go outside, do other things. The price of Bitcoin will do
20:19
whatever it does, but your Bitcoin will be there for you
20:22
when you need it. This is the real, real signal
20:25
here. But you know, everyone likes the
20:27
price speculations. Everyone's wondering what's
20:29
going on with the price. Today.
20:31
Because it's not. Going up all you know to the
20:33
moon every single day. I think this is healthy.
20:36
This is the healthy correction, healthy dip, and nothing to be
20:40
worried about. But.
20:40
You know, it was funny. It's caused by a whale.
20:42
My dad called me like the night that it was about to hit
20:46
120,000. He's like, it's hitting 120,000.
20:52
And me and Nico just look at each other and we're like, oh.
20:55
We just like we. We didn't know, like we had no
20:58
idea. It's and it's hilarious to me
21:00
that all these people who claim not to care about Bitcoin and
21:04
it's like whatever, and it's, you know, they're not like
21:07
Bitcoin Maxis like we are. They care so much about the
21:10
price, but people who have been holding on for forever were just
21:14
like O120 Hooray, slow clap, golf clap, right?
21:21
So this is nothing. I think that if we're feeling
21:25
this like mild, like comfort, then that means that, you know,
21:31
the we are very far, far, far away from the exhilaration and
21:37
the what is it, the euphoria? We are not at euphoria.
21:41
Yeah, we are not even close to euphoria, so that's probably a
21:45
good sign. Yeah, someone says it's for some
21:48
reason it's not popping up in my in my restream.
21:51
Where'd it go? It says Steve, Steve, OB says
21:54
looks like we are recovering fast.
21:57
The dip may be done, I don't know.
22:00
It's at 117 still so. Who knows who knows but hey buy
22:05
all the dips. This is dip buying season.
22:08
Don't freak out, don't panic. It is interesting, like Sophie
22:12
said in the beginning, how people freak out on a 3% move
22:15
right now cuz it's at 125 K 3% drop.
22:19
And they're like, it's over. It's like Chicken Little.
22:22
The world is falling. It's like, no, literally 3% is
22:26
nothing here. This is like we, as Sophie was
22:29
just saying. This doesn't even wake us up in
22:31
the morning. A 3% dip.
22:33
It's like, bro, what? Like what is it?
22:35
It's a dip for ants. And I'm not saying, you know,
22:37
dip it more. I'm just saying this doesn't
22:40
even get our heart pumping. A 3% pump is nothing. 3% dip
22:45
doesn't mean anything here. This is what true conviction
22:48
looks like. We're like, yeah, whatever.
22:50
Like, you know, as your dad was saying, 125K and we're like.
22:54
It's only at 125. I thought it.
22:56
Was going up higher. I, I thought it was going up a
22:59
way higher. Yeah.
23:01
You know, crashing, crashing was the click bait for today, guys.
23:04
Just capturing the zeitgeist of the normies.
23:07
You know, they're watching this Bitcoin thing.
23:09
They're used to Wall Street, and they're like it.
23:11
Crashed 3%, it's over. That's.
23:13
What they're going to be searching online, why is Bitcoin
23:17
crashing? And they have like, you know, $3
23:20
in Bitcoin, like they bought it yesterday.
23:22
And they're like, why did I just lose my money?
23:24
But it's fine because this is what gets them into the rabbit
23:28
hole and start becoming interested.
23:31
Yeah, and for everyone saying that we jinxed the price
23:35
yesterday in the chat, I think CC Suite really sums it up here.
23:40
More dip, Opti, they want more dip.
23:43
What is this, a dip for ants? This is nothing.
23:47
Keep it. Keep it dipping on us.
23:48
Let's go. We want more sets anyways, guys,
23:51
we got out, we got a packed show for you guys.
23:53
So it looks like Wall Street traders are making stupidly
23:56
bullish Bitcoin predictions on Squawk Box.
23:59
And then we got some more bank news coming out.
24:03
You know, ETFs in the UK going live, we have Deutsche Bank
24:07
saying that the Bitcoin market is maturing.
24:11
It seems like they are laying the foundation for the next wave
24:16
of FOMO. And then we saw some interesting
24:18
stuff going on in the men polls that I do want to talk about in
24:21
the culture. So we'll do all that.
24:23
But before I keep going, guys, of course, smash the like button
24:26
comment on this. Is this 3% dip scaring you?
24:29
Do you want cheaper sats? Are we in banana zone by the dip
24:33
season? Let me know in the comments on
24:36
YouTube and rumble. And of course, smash the
24:39
subscribe button. We drop the best content, the
24:41
most content. What's what's some Trumpism?
24:44
The you just can't. I don't I don't know.
24:45
I don't know. Anyways, anyways, I do want to
24:47
give a shout out to our partners over at Bitcoin.
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All righty then guys, let's go over some of the Bitcoin
27:29
numbers. So the current price of Bitcoin
27:31
is $117,460 per Bitcoin. It's over guys.
27:39
We had a good run. It was a good run.
27:40
The block height is currently at 905,701.
27:44
The market cap and Fiat terms is 2.34 trillion.
27:46
So I think we just. We just dropped below Amazon.
27:50
I think it was 2.4 where we're above.
27:52
Amazon, so you know, it was fun. It was fun claiming the 5th
27:55
largest asset in the world. For for.
27:57
What a day the Bitcoin versus gold market cap is at 9.89%.
28:01
We're almost at that 10%. And soon enough, you know,
28:04
everyone on Twitter goes like it'll never be under 100K.
28:07
Well, soon enough it'll never be under 10% of the gold market
28:10
cap. And you just love to see it.
28:12
And last one, decline from all time high of -4.6.
28:16
I've been saying this for a. While it's like.
28:19
We're not even down -5% from all time high and I'm getting blown
28:23
up in my DMS that it's over. I'm like what?
28:25
Are you guys? What are you guys?
28:26
Even talking about this makes no sense to me.
28:29
It's absolutely. This is this.
28:31
Is nothing what is this? It's a different and it's like,
28:33
come on, come on, guys, I don't need I don't need bears D Ming
28:36
me like. If you're a bear, I don't even
28:38
want you watching the show anymore.
28:40
Like I, I don't. I don't want to deal with.
28:42
Bears right now. All right, OK as I.
28:45
I was saying we got this clip coming out of a squawk box or
28:50
sorry, this is on fast money. Even worse guys, this is on fast
28:54
money Jim Cramer show and this is like a long term Wall Street
29:00
trader here named Steve Grasso and he's getting stupidly
29:04
bullish on Bitcoin. Now I don't know if this is a a
29:07
top signal. Is this a buy signal?
29:10
You know, a bear signal. I don't really know, but he is
29:14
making a pretty good case and it does seem like you know, Wall
29:18
Street is waking up here. It sounds like they might be
29:21
getting the FOMO bug. So we'll see if this catches on,
29:25
but let's just hear what he's saying.
29:26
Let's see, this is actually a good kind of, I don't know,
29:30
zeitgeist summaration. No, what's Wow, I'm I didn't
29:35
drink enough coffee this morning.
29:36
A good summary of what a non bitcoiner probably thinks about
29:42
Bitcoin at this current moment. I, well, I, I am a firm believer
29:46
that it's going much, much higher from here.
29:49
Think about corporate adoption. Corporate adoption is probably
29:52
only about 2%. Central banks only about 3%.
29:58
Those are both going higher, much higher.
30:01
Retail investors going much higher.
30:03
So look at it through I'll, I'll leave off with this.
30:06
Look at it through the market cap of, of Bitcoin, that's
30:10
around 2 trillion. Let's say look at the market cap
30:13
of gold, that's around 20 trillion.
30:16
Maybe it doesn't have to be gold, but if it closes the gap
30:19
to 50%, you're looking at $500,000 per Bitcoin.
30:26
And I do think that in eyeshot you're looking at two 53150
30:32
thousand pretty easily. For crypto.
30:35
There's a couple of things, a couple of hurdles, but I think
30:38
those days of it losing 80% of its value and then rallying up
30:41
are long gone. There's too many people that are
30:43
looking for the assets. Interesting take.
30:48
I mean, first of all, the obvious, he's what like
30:51
250355100K per Bitcoin. He's like that's easy.
30:56
Obviously I think he's he's talking his bags here.
30:59
He he does kind of have the like Wolf of Wall Street kind of
31:03
slick vibe to him on that, on that clip.
31:05
I'm not going to lie, but I do want to kind of touch on that
31:09
last point, which is if this is a good kind of example of what
31:15
the conversations are happening on Wall Street right now.
31:18
There is probably more interest going on around Bitcoin as we've
31:22
been covering and we will cover on the show.
31:24
Bitcoin is maturing in real time.
31:26
People are starting to take Bitcoin seriously.
31:29
And I do kind of believe that last point that he said.
31:33
I I'm kind of leaning on that fence.
31:35
I don't think the four year cycle is over, but I am kind of
31:39
leaning towards a direction that we might not see another 80%
31:43
drawdown. Maybe a 50% drawdown is in the
31:46
books. I know a lot of people are
31:48
saying we're seeing the stepwise function.
31:50
It's just going to like pump, go sideways, pump again or wait,
31:53
they'll do your pump, sideways pump.
31:56
Like a step. Forever.
31:58
I don't know if you guys have looked at the S&P 500, but it's
32:02
literally just been up and to the right since like the 40s.
32:05
Maybe this is what's happening right now.
32:08
I know Nico and I have been kind of joking about wow, like are we
32:12
trading the S&P 500 like this is boring now, like are we trading,
32:16
you know, are we just trading a boring S&P 500?
32:19
Where's the fun in this? But you are starting to see,
32:23
hey, Wall Street is waking up. The institutions are here.
32:26
I'm sure the conversations are being had and now they're out
32:30
here being like 253100K Bitcoin this year.
32:33
That's. Easy.
32:34
So honestly, he's sounding more bullish than I am and I, I can't
32:37
have this on the show anymore. So as I've been saying, we're
32:40
going way higher. I am.
32:43
I can't be the bear when we have Wall Street coming in here and
32:45
being super bullish. Anyway.
32:47
So what's your thoughts on this guy?
32:49
Can we trust the slick Wall Street traders?
32:53
Look, if if he's saying it, as long as Jim Cramer isn't saying
32:57
this stuff, like I think we're safe.
32:58
I think we're good. Pretty much.
33:02
I kind of agree with that theory.
33:05
I don't think that the dips that we saw back in the day are going
33:10
to really exist. I mean, obviously I think some
33:12
people will end up selling. If we end up reaching an all
33:17
time high of, you know, 2/22/50, you are going to see some people
33:21
selling because they this is just like the nature of how
33:24
markets work. And you know, but now we have
33:29
big institutions and we have nation states who are making
33:34
Bitcoin reserves. We have whole companies who are
33:36
based basing their value on a Bitcoin reserve strategy.
33:41
So if that's the case, I think that they're in it for the long
33:45
run. They're not going to be, you
33:47
know, they're going to be the new whales, quote UN quote.
33:49
They're going to be the people who are going to be holding on
33:52
for a really long time. And if that's the case, we're
33:55
not going to see anybody, we're not going to see these dips like
33:59
we used to back in the day. And if we don't see these dips,
34:02
then maybe, you know, the normal pleb like you and I, we're not
34:06
going to sell either. We're going to be less likely to
34:08
sell. Maybe some people will sell a
34:10
little bit, you know, here and there to like pay their bills
34:14
and live. And that's totally normal.
34:16
But is that really going to affect the price of Bitcoin?
34:19
I don't think so. And it's in these institutions
34:23
and, and companies and, and nation states best interest to
34:26
just keep holding on because since this is a finite asset,
34:33
we're, it's just, it's in our, all of our best interests to
34:36
keep holding. If anything, you might see, you
34:38
know, people taking out loans here and there, but that, again,
34:41
I don't think that that's going to make the price of Bitcoin go
34:44
down. Yeah, I mean.
34:50
Yeah, it's super. I don't know.
34:52
I don't know. I don't know.
34:53
I don't. Dude.
34:54
We'll see to. Stevie, OB, we love you.
34:57
Yeah, we'll, we'll see. We'll see.
35:00
Yeah, as as Mickey said here, guys, we're we're we're we're
35:06
playing on what the normies are thinking here with the crashing
35:08
guys. This is I just said a minute
35:10
ago, 3% is nothing here. We've been here a long time.
35:14
This is just it's just kind of fun, man.
35:17
You'll yes, yeah as. Everyone's saying you'll regret
35:19
selling guys, it's very simple. Like even in regards to the
35:22
whale in the beginning of the show, if he sold 80,000 Bitcoin,
35:26
I'm sure he still has, you know, at minimum a, you know, a couple
35:30
10s of thousands of coins. So I'm pretty sure no one comes
35:33
into Bitcoin, sells all of their Bitcoin and goes back to Fiat.
35:37
If you understood Bitcoin from 2011 to now, there's no going
35:40
back. It's a one way Rd.
35:42
So everyone here, the point remains the same.
35:45
What you want you want to do is very simple.
35:47
You want to make sure that you're living below your means,
35:50
that you have some excess cash going into Bitcoin.
35:53
If you're all in on Bitcoin, then you just want to make sure
35:55
you are living below your means and you're not spending all the
35:59
Bitcoin you have. Like it's a very simple
36:00
strategy. You don't have to complicate
36:02
this if the price is going to go up.
36:04
You have the best performing money the last 15 years.
36:08
You have the only hard cap money in the world.
36:10
It's the only money that is deflationary.
36:12
Like it's going to go up. All you have to do is zoom out,
36:15
make sure you're not spending all of your savings.
36:18
It's very simple. It's like a normie.
36:20
It's like you just have to make sure you aren't blowing your
36:23
life savings on dumb stuff and you'll be you'll be in a good
36:26
position moving forward. It's not that complicated.
36:29
Yes, this is a buying opportunity.
36:31
As I said a minute ago, this is buy the dip territory buy all
36:35
the dips and if you're out of money, then you either sit on
36:39
the sidelines and watch people buy the dips or you know you
36:42
sell your chairs to buy the dips.
36:44
Maybe you don't need that second car.
36:45
I don't know this is not financial advice, but I'm just
36:48
telling you this is buy the dip territory you're in good hands
36:51
here if you're just constantly buying Bitcoin yes, the best
36:54
performing money period all right guys, let's get into some
36:58
some bank news. It's not the funnest, but hey,
37:01
again, this is signs of of what is going on.
37:05
And I think a growing trend we're seeing where Bitcoin is
37:09
kind of being taken more seriously as as the banks like
37:12
to say, it is maturing in real time.
37:15
And I think that's only going to lead to more capital coming into
37:18
Bitcoin. So let's cover that.
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All right, anyways, enough shilling, enough shilling.
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Let's get into the news story guys.
40:54
So I think as we've been seeing this year is kind of a
41:00
culmination of a few different things.
41:02
Obviously Trump coming in nation state, FOMO making the US quote
41:07
UN quote, the Bitcoin superpower of the world.
41:09
But at the same time, we have the corporate Bitcoin treasury
41:12
strategy, all of the Michael Saylor strategy that is kicking
41:15
off. And then as all this is
41:17
happening, we are finally getting a lot of bank regulatory
41:23
clearance coming through. And with that comes a lot of
41:28
banks starting to pivot into Bitcoin.
41:31
They're starting to see, you know, I think whether they like
41:34
it or not, the writing on the wall, I think very famously was
41:37
the Jamie Dimon news where he came out and he was like, look,
41:40
I may not like Bitcoin, but I protect your right to buy
41:43
whatever you want. You know, if you want to smoke
41:45
cigarettes, like I'll make sure that you're able to buy those
41:47
cigarettes or whatever. He said.
41:50
We're starting to see this trend kind of kick off everywhere
41:53
around the world right now, and the first one we're going to
41:56
cover is essentially this is coming out of Reuters Standard
41:59
Charter. If you guys have been watching
42:01
the show, they've been getting more and more bullish on the
42:04
price of Bitcoin, but it looks like they just launched Bitcoin
42:07
and of course, the mother of all shit coins, Etherspot trading
42:10
for institutional clients in the UK.
42:12
So just reading this a little bit.
42:14
Standard Charter will allow institutional clients to trade
42:17
Bitcoin through its UK branch, the bank said on Tuesday,
42:20
becoming what it said was the 1st globally systemically
42:23
important bank to offer such crypto services.
42:26
Again, the irony is not lost on me.
42:28
That 2008 great financial crisis that Bitcoin was born out of
42:32
was, of course, the systemically important banks blowing
42:36
everything up. And now they're like, hey, you
42:37
know, trust us, we wanna, we wanna get in this Bitcoin thing.
42:41
These fees sound pretty good. Let's get into this reminds.
42:43
Me of that Steve Buscemi meme of like what up children?
42:47
What up kids, I mean. I like this Bitcoin thing too.
42:51
Yeah, it's they're trying to be hip and cool and it's like, OK,
42:54
fine, Boomer. Like you can, you can be part of
42:56
a club like it's all right. Like, well, I feel bad dunking
42:59
on the boomers because I feel like they are a lot of them are
43:02
with it. I don't.
43:04
It's not just. It's not.
43:05
The Bitcoin boomers are cool, The other ones are not.
43:09
Yeah, yeah, never, Because there's a lot of like Gen.
43:13
X and Millennial people too, who just have like their head up
43:15
their ass and they they don't. Yeah, we don't.
43:18
I'm not. I'm not going to say that we're.
43:19
Not with it. I'm telling you, this might not
43:21
just be a boomer problem. This might just be.
43:24
This is a normally problem. It's a normie problem.
43:26
OK. Yes, 100%.
43:29
Anyways, again, there's a little more signal coming out of this
43:31
Reuters article and it goes some financial institutions have said
43:35
they are seeing more client demand from crypto products as
43:39
the price of Bitcoin hits record highs.
43:41
Guys, it's simple. You may you may think there's
43:44
there's something more interesting about Bitcoin than
43:46
the price. Oh yeah, you're a bitcoiner.
43:48
The normies see the price go up and they're like, maybe I should
43:52
buy this. I it makes no sense.
43:54
They see the price of Bitcoin crash and they're like, actually
43:56
I'm going to wait till it goes lower to buy.
43:58
Then they see the price start ripping and the FOMO kicks in
44:01
and they're like, actually I should just buy right now.
44:03
They're kicking themselves in the ass because they didn't buy
44:05
it at 58K or 16K3K, etcetera. They see it at 125 K and they're
44:11
like, I need to buy this now. And of course, to add on this,
44:15
it says helped by U.S. President Donald Trump's pro
44:17
crypto stance. And then it just kind of goes on
44:20
talking about the institutional climate.
44:22
Clients, including corporates, investors and asset managers
44:24
will be able to conduct spot crypto trading through standard
44:27
charters, existing platforms. So, you know, I've been very
44:30
critical about what's going on in the European Union, in the
44:35
UK, and of course, what's coming out of the ECB.
44:39
They're not really in a good position, but I think this is a
44:42
good sign that hey, they're seeing that there is some demand
44:45
coming for Bitcoin. Yeah, they need Bitcoin is all
44:49
I'm saying. You know, it's either CBDC or
44:51
Bitcoin. Now the next story in here is
44:54
also kind of interesting coming out of Deutsche Bank, which is
44:57
of course in Germany, which of course a small, I, I forget what
45:01
it's called, province or state selling 50,000 Bitcoin.
45:06
They've been making a lot of bad moves in Bitcoin.
45:09
Obviously, it's not one monolithic thing over there, but
45:13
Deutsche Bank comes out and they say Bitcoins volatility will
45:16
continue to decline as adoption grows.
45:19
I think kind of stating the obvious here, but it is kind of
45:23
painting a picture that we're seeing as more people come into
45:26
Bitcoin as the price goes up, as the market cap increases and
45:30
these big institutions are able to get into the market and not
45:34
make a splash and make the price start running or dump a lot,
45:39
people are going to be more comfortable.
45:40
And I think this is kind of a growing trend that I'm seeing a
45:43
lot of people as even the chat was saying it's like we might
45:47
not see an 80% drawdown. The trader guy from Wall Street
45:50
said it again, Steve Garasa, He's like, we're probably not
45:53
gonna see an 80% drawdown. Maybe it's like a 50% drawdown.
45:56
But the trend is still going in One Direction.
46:00
A lot of institutions are starting to say the same thing.
46:04
Bitcoin is maturing. With that maturation comes, you
46:07
know, maybe less volatility on the downside.
46:10
Maybe it also means less volatility on the upside.
46:13
We have still yet to see how that plays out this year.
46:17
Maybe we are just going up forever.
46:19
Maybe this is just going stepwise function up and to the
46:22
right forever. The volatility just kind of goes
46:25
with boring us to death by chopping sideways chop
46:28
solidation. But anyways, let's read this
46:29
article a little bit. And then there was actually an
46:32
interesting news story coming out of the OCCFDIC around banks.
46:36
Let me see if I can pull that out because I think it's a good
46:38
thing to kind of wrap into this portion.
46:40
But Bitcoins volatility could continue to fall as mainstream
46:43
acceptance grows and the cryptocurrency is adopted by
46:46
companies, these retail investors and government,
46:49
Deutsche Bank said in a research report on Tuesday.
46:52
Again, we've been saying this on the show, but you know, we don't
46:55
really wear suits and we're not a big bank, so there's probably
46:57
people don't listen to us. But we've been saying the same
47:00
thing as more companies buy Bitcoin, as retail starts
47:03
catching FOMO, and of course, as nation states start buying
47:06
Bitcoin, this isn't going away. And a lot of these people are
47:10
here to hold Bitcoin for the long run.
47:13
As we heard from, you know, I don't know if Senator Lummus's
47:15
bills will pass, but if you read the writing, they're talking
47:18
about holding Bitcoin for decades here.
47:21
So if this does happen, a lot of the Bitcoin that they scoop up
47:25
will be held long term. It's not going to just be trader
47:27
volatility anyways. This is probably I've, I've been
47:32
seeing people attribute this to the price coming up this week,
47:34
but excitement over upcoming legislation in the US.
47:37
Again, it's crypto week right now in Washington there there's
47:40
a bunch of deliberations around some Bitcoin crypto acts in
47:45
Washington has spurred Bitcoin's recent rally, the German lender
47:49
said, But it is notable that the crypto's rise has also been
47:51
accompanied by a historic decline in volatility levels.
47:55
And of course it kind of goes up and says, hey, it's been up 75%
47:59
since mid November. It's going up they're talking
48:02
about it in Washington and here's probably the kicker.
48:05
I mean, who knows what they see that we don't see again, this is
48:09
probably pure speculation, but it it's some good marketing I'll
48:12
take it. Deutsche Bank suggests a drop in
48:15
volatility signals a maturing market where regulatory clarity,
48:18
broader adoption and long term investment behaviors are
48:21
stabilizing performance. As Bitcoin gains legitimacy
48:25
through and regulation and integration into traditional
48:27
portfolios, it may continue to shed it's speculative image and
48:31
revolve it into more stable strategic asset, the report
48:34
added. I I think it's honestly kind of
48:37
a yeah, it's kind of whitewashing what's going on
48:40
over here, but here. So if you go a little bit, let
48:42
me see if I can find this other news and and I'll wrap it this
48:46
portion up. I just think it's comical that
48:48
Deutsche Bank's like this is finally becoming a more stable
48:51
currency. Like Doug, we're in a bull
48:54
market. Like just be honest, you want to
48:57
get in because the price is going up.
49:00
Like stop talking about all this like volatility stuff.
49:03
We know you don't like that, that that's kind of like a
49:06
secondary issue. Like yes, volatility, it might
49:11
start becoming more stable because all these institutions
49:14
are coming in. But realistically, you are all
49:19
scared for your life, that debt is going up, your money printer
49:24
is going Burr, and you have nothing to back up the wealth of
49:29
your country or your bags for that matter, and you're finally
49:34
coming to terms with the fact that, hey, I have to actually do
49:39
something about this. This is not sustainable and and
49:44
and that's when people actually like turn to Bitcoin and they
49:47
see it as more of an asset, more than an asset and, and more than
49:52
just like number go up. The number go up is what gets
49:56
people interested to dip their toes.
49:58
But the, you know, long term valuation and the long term
50:04
value is what gets people to stay.
50:07
And, and since they don't want to backtrack because they,
50:10
they're never wrong, right? These big institutions are never
50:13
wrong. They're the experts.
50:15
They're never going to say like, hey, actually, like we might
50:18
have been wrong about this. Like, no, no, no, this is just
50:20
becoming stable now, guys, this is just becoming stable.
50:25
I want to see them go through their first cycle.
50:29
If they're having a little heart attack over 3% dip, then let's
50:34
see what happens when it goes down 20 percent, which is
50:38
totally feasible. You know, I, you know, I just I
50:43
don't, I don't know what to. It's not that complicated.
50:46
It's. Really not that complicated.
50:48
Exactly. Slap who?
50:51
Oh man. Yeah.
50:53
Why? Let's go.
50:54
OK, I don't. Get our fans sometimes.
50:57
This is an old joke inside joke that we we scam people into
51:01
profits because of our click bait titles.
51:03
You watch the video, you want to buy Bitcoin.
51:05
It's like we scam you into making money.
51:08
That's the point. But that's the point of the joke
51:11
is that, hey, we're literally not scamming people.
51:14
But you know, if you watch this show.
51:17
You want to buy Bitcoin, so we're scamming.
51:18
You we're we're scamming you to become.
51:20
Rich, so you become rich, not us.
51:21
Wait, hold on. Also, didn't Germany sell?
51:24
Yeah, they sold 50,000 coins and now they're like, hey, you know,
51:29
maybe we want to get back into it.
51:31
But to Sophie's point here, I think this is kind of the signal
51:36
as well. Sailor tweeted this morning.
51:39
But this really came out of the Office of Comptroller of the
51:41
Currency and it goes the OCC, the Fed and FDIC reaffirmed that
51:46
banks may offer custody and safekeeping of crypto assets
51:49
such as Bitcoin under existing risk management expectations.
51:53
So again, as Sophie was kind of saying, you know, the, the pivot
51:57
towards Bitcoin right now, reaffirming that they can hold
52:01
it, that hey, our clients want it.
52:03
Oh, it's becoming more mature. It's, it's, it's greed taking
52:07
over. They they want a piece of the
52:08
action, even though they've been talking bad about it.
52:11
You're becoming more mature, you're coming to terms with
52:13
reality and that's actual maturity.
52:15
That's growth. We're really proud of you.
52:17
But like, don't blame it on Bitcoin becoming more stable.
52:22
We're still in the middle of a bull run like.
52:25
It's stable. On the downside, actually here,
52:28
let's do this. It's kind of not breaking,
52:30
breaking. But this just dropped.
52:32
This morning. We have Donald Trump tweeting.
52:35
Happy Crypto Week. The House will soon vote on a
52:39
tremendous bill to make America the undisputed #1 leader in
52:43
digital assets. Nobody does it better.
52:45
The Genius Act is going to put our great nation light years
52:48
ahead of China, Europe and all. Others who are.
52:50
Trying endlessly to catch up, but they just can't do it.
52:54
Digital assets are the future. Bitcoin is the future and we are
52:58
leading by a lot. Get the first vote done this
53:01
afternoon. All Republicans should vote yes.
53:04
This is our moment. Digital assets, genius, clarity,
53:07
it's all part of making America great again, bigger and better
53:11
than ever before. We are leading the world and
53:13
we'll work hard with the Senate and the House to get even more
53:16
legislation on this pass. You know what, Trump pump those
53:20
bags, pump those bags and buy, use it to buy more Bitcoin
53:24
because we know and you know, and everybody knows that you're
53:28
going to end up using all that money.
53:30
Like this is just, again, this is just marketing for all of the
53:34
shit coins to just, you know, keep giving him more money.
53:38
And then hopefully the government or him or whatever
53:42
will use that money to buy more Bitcoin because somebody's got
53:45
to tell him, right? I mean, the Winklevoss twins are
53:48
advising him on this stuff, right?
53:52
I mean, they have good advisors. I don't know about the
53:54
Winklevise in particular, but. Listen, there's a lot of smart
53:59
people, is my point, who are advising him on this stuff.
54:01
And if they're telling him to seriously, to seriously hold,
54:07
you know, basically like the, the shittier version of Fiat,
54:12
you know, I, I don't know what to tell you, but if it's good
54:16
for bitcoins bags, like I'm, I'm happy about it.
54:19
Yo, Trump, just pump the bags. Yeah, I can't.
54:22
I can't, I can't be mad at the man for doing it.
54:25
Like I just just pump the bags bro.
54:27
Just pump the bags. Get out of our way.
54:30
Yeah, it's 100. Percent bags get out of our way,
54:33
let us, you know, have our right to self custody and it's all
54:37
gonna be good. Hold on, this is a good one
54:41
before I move on because I am going to wrap up the show pretty
54:44
quickly. But I did see some interesting
54:46
stuff coming out of the mem polls that I think we should
54:48
talk about for a second. But shouts out to Utxo and he
54:51
goes the Winklevi aren't advising the Trump, the Trump's
54:55
the Bogdanov twins are, the Bog Nadalf twins are.
54:58
And so I don't know if you know that it's the guys with like the
55:01
crazy plastic surgery, but that. I thought they I thought they
55:06
passed away. No, no, I'll I'll show you on
55:08
the break. I'll show you on the break.
55:09
All right, guys. Anyways, let's talk about some
55:11
men pull stuff, some I think, some crazy, some interesting
55:15
things going on as we. I want to give a shout out to
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our partner Hive Digital Technology.
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At hivedigitaltechor@hivedigitaltech.com.
56:07
All right guys, so this popped up on my timeline last night and
56:12
I've been telling you guys for a while.
56:14
You know I know when the price goes up, the fees may also go up
56:18
and you should probably be consolidating your UTX OS make
56:22
sure your cold storage is in a good position before you know
56:26
you see a crazy, I don't know, 5-10 X of your net worth go up.
56:31
Well, shouts out to Ben Kaufman 'cause this is a pretty nuts
56:35
actually, it starts with mempool.
56:37
So at mempool the official Twitter account goes don't
56:40
overpay for block space .1 SAT per V by is the new one SAP per
56:46
V by minimum fee of .1. I honestly didn't even know it
56:50
could get that low to be honest. But Ben Kaufman tweets unfairly
56:53
cheap this time for real. And a lot of the stuff going on
56:57
in the you know, 2017 or rather 2016 block size war is like fees
57:01
are getting crazy as the price. Well, actually let me get some
57:04
context here. In the past, as the price went
57:07
up, people would buy and fight for block space getting your
57:10
transaction in and the fees would get pretty nuts.
57:12
I've seen them get up to, you know, the the last time we had
57:15
this whole ordinals inscriptions kind of debacle play out to say
57:22
you put it one way, I saw the fees go to like 405 hundred 6.
57:27
I think it got all the way up to like 1000 SAT per V byte.
57:32
And right now we're basically all time high and there's just
57:36
no activity on the chain. And it makes you think one
57:41
thing, maybe all the retail Bitcoin is just kind of getting
57:44
swapped around or sorry, the ETF bitcoins getting swapped around
57:48
on like an SQL database. Maybe it's just internally in
57:51
Coinbase, but no one's using the the chain right now.
57:55
And you can see fees are super low.
57:57
And if you look at some of these boxes here, which is of course
58:00
pending transaction, they're as low as point 3.35.
58:04
You know, there was a, there's a couple 30-30 SAT per fee here.
58:09
So people are way overspending right now.
58:12
I think it's just something to keep in mind if you are oh, I
58:15
didn't pull it up. If you are trying to consolidate
58:17
some UTX LS or even if you're just sending a transaction, it's
58:21
kind of stupidly cheap right now.
58:23
So maybe you can get, you know, maybe this is just one of those
58:26
things you want to do just to say you can get a transaction
58:30
with under one sat fee right now.
58:32
So as Ben was saying, it is unfairly and this time it's for
58:37
real. It seems like the mempool is a
58:40
ghost town right now so. Does that just mean and like
58:43
correct me if I'm wrong cuz I don't know that much about the
58:45
mempool like I only know the very basics.
58:48
Does that just mean that people aren't transacting?
58:51
But yeah, basically. What about that guy who moved
58:55
his 7000 Bitcoin? That's just still 1 transaction.
58:58
There's just not that much activity on the main chain.
59:01
So you guys, you know, no one's actually buying Bitcoin from
59:05
these exchanges or rather no one's taking Bitcoin into
59:08
custody. Now's the time to take Bitcoin
59:10
into custody. Now's the time to consolidate
59:12
your UTX OS. I've done the course on this
59:15
show many, many times, but you don't want to have small
59:19
transactions out there if the price of Bitcoin and goes
59:22
nuclear and fees go up. So I just found this very
59:25
interesting. This is some nerd talk here.
59:27
What if it means? What if it means that a bunch of
59:30
people are just buying on exchanges and they still don't
59:33
know about self custody? Yeah, that could be.
59:36
It no one's using the main chain, no one's no one's using
59:38
on chain. Here.
59:40
It could be lightning. It could be, you know, there's a
59:42
lot of lightning activity. As someone just said, it means
59:45
ordinals are, you know, non existent anymore.
59:49
It could mean all of us in Bitcoin have no more Fiat and
59:53
only the whales and the sailors are able to buy Bitcoin.
59:56
But it also could mean that the corporate treasuries, who knows
59:59
where they're getting that Bitcoin, They could be moving
1:00:02
it. You know, they could be moving
1:00:04
it on a where do I have my no, I don't have it on open dime.
1:00:08
You know they're doing off chain transactions but Manpools is a
1:00:12
ghost town right now so you might be able to get an under 1.
1:00:16
SAT fee right now, which is just I, I honestly didn't even know
1:00:21
that was a thing. I thought it was just like no
1:00:23
fee or one SAT fee. So I'm I might make some
1:00:26
transactions and see if I could get a .3 SAT per V byte fee in
1:00:31
this morning just to say I can so.
1:00:34
Who knows? Who knows?
1:00:37
Let's see. Let me see what this that's.
1:00:39
The thing to learn about? ACH bed wire.
1:00:43
Yeah, totally, totally. That's exactly what it means.
1:00:47
All right, anyways, I do have to get off the show today, guys.
1:00:51
Niko does need to use the stream set up currently, so I don't
1:00:56
mean to cut it short for you guys today, but this was, I
1:01:00
don't even know what 1288 I believe.
1:01:02
Yes, episode 1288. It's Tuesday, July 15th guys
1:01:07
again. Stack some stats, go outside,
1:01:10
touch some grass, eat some good food, call your loved ones.
1:01:13
Go out in the sun. Go out in the sun.
1:01:15
Yes, that's the new recommendation. 20 minutes of
1:01:18
vitamin D for everyone that watches simply Bitcoin.
1:01:22
Yeah, this is as he's saying, you know, low volume.
1:01:25
Very few used lightning. OK, All right.
1:01:27
Well, it just looks like no one. No one's selling.
1:01:31
Well, no one's using. Bitcoin.
1:01:32
No one's using Bitcoin. All right, guys.
1:01:35
We love you. We'll be back tomorrow, of
1:01:38
course, same time as always. Officially 12:16 PM,
1:01:42
unofficially 12:30 PM. But you know, hey, yell at us
1:01:47
and that's when we go live. Hang out in the chat, we know
1:01:49
you guys all love each other like just.
1:01:51
You know they don't. They don't.
1:01:52
They don't. They really don't.
1:01:54
Anyways, I'm. Trying to I'm trying to
1:01:55
incentivize the the chat hangout alright.
1:01:58
Yeah, yeah, the chat hangout. Anyways guys, we love you.
1:02:01
We appreciate you. We'll see you tomorrow.
1:02:03
On that note, this is your host Opti and then Co host the
1:02:08
wonderful Internet selfie. Peace out guys, we'll see you
1:02:12
tomorrow. Today's episode was brought to
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you by bitcoinwell.com, a Bitcoin only platform on a
1:02:18
mission to enable financial independence.