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Why Did Bitcoin's Price Crash in October? | Bitcoin Simply · Simply Bitcoin

• 0:00
  Dante, what the heck? I thought Bitcoin always goes up
• 0:03
  in October. Barring something ridiculous
• 0:05
  happening today, Bitcoin is going to end October in the red
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  for the first time in seven years.
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  Why? What the heck is going on?
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  If you go to December 15th of last year, Bitcoin was at 106 K.
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  Bitcoin is literally been running fast to nowhere this
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  year. Yeah, I feel you.
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  But go back to October 31st and Bitcoin was making all time
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  highs at $69,400 a coin. And go back to October 31st, 16
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  years before that and Bitcoin was just an idea.
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  An idea that nobody thought would work.
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  An idea that has a sitting in front of this screen right now.
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  A peer-to-peer electronic cash system that would allow online
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  payments to be sent directly from one person to another party
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  without a financial institution in between.
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  This is still a growing idea, an idea whose time has come.
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  Beneath this mask, there is more than flesh.
• 1:00
  Beneath this mask there is an idea.
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  Mr. Creed here and ideas are bulletproof.
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  And as we probably end the month of October in the red, remember,
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  Bitcoin is bulletproof and it won't be stopped.
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  And as always, it's my job to remind you this is Dante Koch
• 1:15
  with Bitcoin. Simply, let's go.
• 1:21
  Skeptical of crypto? At one point he was.
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  Still skeptical anyway with no damage so far.
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  Crypto is real. If you mean blockchain stable
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  coins, you have a JP Morgan deposit coin.
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  You can move stuff, smart contracts to real.
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  All that stuff is real. It will be used by all of us to
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  facilitate. When you listen to Jamie Dimon
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  talk, you'll hear him say that crypto is real, blockchain is
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  real, Jamie Dimon coin is real, JP Morgan token is real.
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  But somehow Bitcoin, the mathematical marvel that
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  actually saw the hardest computer science problem in the
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  world at the time, the Byzantine Generals problem, isn't somehow
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  actually real yet it's the one thing that was an abstract idea
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  that was implemented into that we all now use, and somehow
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  that's not real. The big idea was this.
• 2:00
  What is needed is an electronic payment system based on
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  cryptographic proof instead of trust, allowing any 2 willing
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  parties to transact directly with each other without the need
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  for a trusted third party. Why will Jamie Dimon admit
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  everything is real except Bitcoin?
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  Well, it's because it's the only thing that absolutely removes
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  the financial institutions from the equation.
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  He has a family to feed, He has hundreds of thousands of
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  employees to feed, and it's the single asset class that can kill
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  is enterprise. That's why he says things like
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  this. But I love this explanation from
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  Ricardo Salinas at the Future Investment Initiative, where he
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  says that there's a difference between Bitcoin stable coins in
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  crypto. They're not all the same.
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  There's Bitcoin and then there's everything else.
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  I think it would be very useful for people here that are not so
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  familiar with the terms to clarify what is this crypto
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  thing. And in my idea, there's Bitcoin,
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  there's stable coins, and then there's all the other tokens.
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  That's crypto. Crypto is all tokens based on
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  the blockchain. So which one are we talking
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  about? We say consensus on crypto.
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  Are we talking Bitcoin as a future of money?
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  Are we talking stablecoin as a future of banking?
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  Or are we talking other tokens as a future of new technology,
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  decentralized, open source? For those of you who are new to
• 3:23
  the show or new to crypto in general, Bitcoin was the first.
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  It was an actual technical breakthrough and no other
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  project has been able to achieve consensus decentralization or it
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  actually being truly open source in a way that Bitcoin has.
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  They are tokenized securities that are able to be monetized
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  without going through the same rigor that other tokens like
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  publicly traded stocks do in order to monetize.
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  There's only one commodity that allows the world to operate
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  financially without any trusted in the middle, and that's
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  Bitcoin. Well, what if you can tokenize
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  gold? Won't that kill Bitcoin?
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  Won't that kill this whole narrative about digital gold and
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  digital finance? That's the question that Tom Lee
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  asked Ricardo Salinas, and here his answer.
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  Think about the Bitcoin rationale, why investors buy
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  Bitcoin. I think one of the principal
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  things that draws them here is the idea that Bitcoin is digital
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  gold. You know, it's a store of value
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  in a world that's increasingly digital.
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  What do you, what do you all think about the idea of is
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  Bitcoin going to be attractive if gold itself is available on
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  the blockchain? So that if gold becomes
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  digitized and we can buy it as easily as we can buy Bitcoin,
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  would we still want to own Bitcoin?
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  The thing about tokenized gold is that you still have the
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  party, the counterparty risk, and you might show up there and
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  there might not be any gold. The thing about Bitcoin is that
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  the token itself, once you have it in your address, that's it,
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  it's final settlement. Bitcoin is the only thing that
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  allows final settlement, a native money built on the
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  Internet that doesn't have counterparty risk, just willing
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  parties and honest actors in a network operating autonomously
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  without anyone in between. And he was spitting straight
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  fire at this conference. But of all the things that he
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  said, here's the note that gives me the most hope and gives hopes
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  to new investors that are looking to enter into this
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  world. Personally, it's been a long
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  journey. I started in 2013, so I'm very
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  happy, of course, to be here and a bit regretful that I didn't
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  take it more seriously at the beginning.
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  But the one message I would say to everybody else is it's still
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  early and Bitcoin is the ultimate hard asset.
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  It's still early and Bitcoin is the ultimate hard asset.
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  That is the message for you young investors and I know
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  you're struggling right now. You want to know how I know that
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  you're struggling? Well, this message from Chipotle
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  CEO tells me everything. Chipotle absolutely got hammered
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  after hours after announcing its earnings and it was down 15%
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  yesterday saying that the 25 to 35 year old cohort absolutely
• 6:02
  has no money to spend. A Chipotle burrito that used to
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  feed a poor college student for a week for just 7 or 8 bucks now
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  is a luxury item. And this is the problem with
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  Fiat. All of the gains are stripped
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  from the people coming into the system and given to the people
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  who are the asset holders or the people that are closest to the
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  money supply that have seen their assets grow over time.
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  Future generations and investors will have no choice but to turn
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  to something like Bitcoin, and here is what Luke Grumman is
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  telling to his kids who are in this same financial position.
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  You know, I've, I've said this is I think the game of like,
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  Hey, buy a house cuz, you know, buy a house to get rich.
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  I think it's over. I think that's over.
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  Buy a house because, you know, you like it, It's in a good
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  school system, it's a place to raise a family, it's safe, it's
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  whatever you like the location. But I just I don't particularly
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  when we overlay, you know, sort of the demonetization of housing
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  of that Bitcoin is doing right, which is younger generation.
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  I've been advocating to my my sons.
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  They all own some Bitcoin been advocating it for five years.
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  Buy some Bitcoin, buy some Bitcoin, buy some Bitcoin.
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  That Coinbase ad that was on TV. It was a 32nd ad and during NBA
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  game back in May was mind boggling.
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  Same house that was thousand Bitcoin in 2016 was 10 Bitcoin
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  in 2020, and now it's, you know, 2 Bitcoin.
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  And that house is going to one Bitcoin in the next five years
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  and five years after that it's going to be half a Bitcoin and
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  five years after that it's going to be a 10th of a Bitcoin.
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  And that's my base. Case, that house ain't gonna
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  retire you like it once did. So what are you gonna do?
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  Buy overpriced burritos and shake your fist at the man?
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  Or ride with an idea that's bulletproof?
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  Whose time has come? Openness, freedom, reward on
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  merit. Wasn't this the American dream
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  that we were all sold in the 1st place?
• 7:58
  Seems like there's only one asset that truly offers this
• 8:01
  promise, not tokenized finance, and that's Bitcoin.
• 8:04
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• 8:19
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• 8:31
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• 8:46
  Simply we got you hooked up. And like Ricardo Salinas was
• 8:49
  saying, the only way that you can remove counterparty risk
• 8:53
  from Bitcoin or gold or any other asset is by actually
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  removing it from the system. When you have final settlement
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  into your wallet. Well, you have to remove that
• 9:02
  wallet and the keys to that wallet offline and a system that
• 9:06
  you control. And that is, this is exactly
• 9:07
  what the coaches at The Bitcoin Way will help you to understand.
• 9:10
  How do you actually protect your generational wealth the right
• 9:13
  way, privately, safely, securely?
• 9:15
  It's not easy if this is your first time into this.
• 9:17
  So I advise that you get a coach, go to
• 9:19
  thebitcoinway.com/simply Bitcoin and they'll tell you all about
• 9:23
  it. OK, honestly, this is a great
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  depiction of what Bitcoin has been doing all year.
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  And that's OK. The only true way to 10X to 100
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  extra money is by picking the right thing and picking the
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  right thing that everyone else disagrees with.
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  And I don't think it's a bad thing, because the only way
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  you're going to make 10 to 100 X your money is if you pick the
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  right thing and everybody disagrees with you.
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  No. If everybody agrees with you and
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  you do the right thing, well, everybody agreed you should buy
• 10:11
  Amazon in the year 2020 during the lockdowns because it was
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  quite obvious that you need an Amazon during the lockdowns.
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  It's the worst investment of the past five years because
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  everybody agreed that it was a good investment.
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  And there's a lesson in that. This is that box where you have
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  consensus and right and non consensus and wrong.
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  You have to be non consensus and right to generate real alpha and
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  real return. And that still even today with
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  Bitcoin at $110,000 is still Bitcoin.
• 10:39
  So many people don't realize how valuable of an asset that this
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  is and they truly don't understand what the innovation
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  is that Bitcoin brings and what was brought to the fold.
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  October 31st, 2008, all those years ago, Bitcoin wasn't
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  launched with the government. It wasn't launched through an
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  IPO. It wasn't given a price by some
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  other person. It was assigned a market value
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  from the market that thought this thing was valuable.
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  And honestly, that trend of Bitcoin being the right thing
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  from that idea to where it is now will continue.
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  Bitcoin versus other Kryptos or other currencies will all trend
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  towards zero. Other currencies and other
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  Kryptos relative to Bitcoin will all trend towards 0.
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  Overtime, there's only one asset and there's everything else.
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  Despite the chopped solidation in October not going up at all,
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  Bitcoin is still the only asset that you want to own.
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  There is no second best. This is Dante Cook with Bitcoin
• 11:28
  simply, and if you haven't already got your tickets down to
• 11:30
  the mining Disrupt conference. Well, we're like 2 weeks out and
• 11:33
  we're super excited to meet all of our friends and fans down
• 11:36
  there at the largest mining Expo in the world at Mining Disrupt
• 11:39
  Dallas, TX, November 11th through November 13th.
• 11:41
  Get 20% off your tickets by using the promo code simply
• 11:44
  Bitcoin. This is Dante Cook with Bitcoin
• 11:46
  simply. Happy Halloween and happy
• 11:48
  stacking, yeah?