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Why Is Bitcoin CRASHING? | 5 Bullish Signals for October | Bitcoin Simply · Simply Bitcoin

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  Bitcoin has crashed from 117 K to 109 K in less than a week,
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  and you got to give him credit. Peter Schiff turns on the troll
• 0:07
  machine like no other to capitalize on the moment.
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  But here's the people out there, like Peter Schiff, who think the
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  Bitcoin bull market is over. What's your take on Because
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  price going down, everyone's freaking out online and this big
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  liquidation. Yeah, yeah.
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  If you follow some folks on Twitter, they'll say the cycle's
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  over, which is crazy because I think we're just at the backing
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  up, boys. What the heck is going on?
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  Why did Bitcoin crash from 117 K to much lower?
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  A Bitcoin analyst gives us an idea into what might be actually
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  happening, but despite it all, we're still going much higher.
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  I'm going to give you 5 bullish signals to hold onto on a day
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  like today. This is Dante Cook with Bitcoin.
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  Simply let's go. Why is Bitcoin crashing?
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  This is the question that everyone has on their mind.
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  I thought we were in a bull market and the price always goes
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  up and to the right. CIO and partner of Pro Cap
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  Bitcoin, Jeff Park had some ideas as to why we seen such a
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  large crash. Packing up boys, but it is
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  drawing right because I think it was a pretty large liquidation.
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  I believe it was the largest year to date Bitcoin has seen
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  something closer to a billion dollars and it did wake us down
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  from 117118K all the way to 112 pretty pretty fast.
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  So it is drying, but anyone who's been around Bitcoin long
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  enough knows these things are actually fairly typical apart
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  for the course. What's I think interesting is it
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  did also elevate and play volatility as a result for the
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  first time in a while. So it jumped from what was
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  already a very low denominator starting point in the low 30s to
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  maybe like mid high 30s. Funnily enough, it's all coming
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  back in again. And so I think the market is
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  pricing and further in action from this price point or more
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  optimism that there isn't going to be more liquidation to come
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  through. So, so you know, why did it
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  happen timing wise? I think the most notable reality
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  is it's right after FOMC and there was some leverage built
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  into system for perhaps people having expectations that the
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  rate cut would signal a start of a cycle.
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  But what Powell ended up coming online to share on Monday was
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  that this was a risk management decision, right?
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  This wasn't actually to initiate further rate cutting cycle even
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  though I think everyone in the market believes it will be and
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  and it is the case but but Powell did hedge that this was
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  more pre emptive than not from a risk management perspective, not
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  to signify the start of something new.
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  OK. The market was anticipating
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  Jerome Powell signaling a shift in regime from a quantitative
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  tightening or neutral position at a Fed to all out party in
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  rate cuts all the way down to the low fours or high threes and
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  percentage terms. And clearly when he didn't
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  signal that well, that ended in muted the hopes that the market
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  had for a rally to happen in September.
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  And honestly, the September FOMC meetings, I've never been that
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  good for Bitcoin. Historically, the month of
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  September has been Bitcoins lowest performing month.
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  But let me give you some reasons to be bullish #1 it's best
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  performing month October, or some people call that October.
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  It's just around the corner. And if Bitcoin holds on and ends
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  the month positive, well, it's at a 100% correlation to being
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  positive. Oh, and if Bitcoin somehow holds
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  on to have a positive month in September, well, there's a 100%
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  correlation that it goes up in October #2 bullish signal for
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  Bitcoin. The ultra rich are buying right
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  now. We're still in a transition
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  phase from Bitcoin being viewed as a risk on asset to a risk off
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  asset in a hedge, and that's why the ultra rich are accumulating.
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  Listen to these comments from a $200 billion hedge fund manager
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  of Tiger Global and what he sees from the ultra rich and their
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  intentions of buying more Bitcoin.
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  Bitcoin, has it taken some time to this?
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  I see it every quarter there's. A little more Bitcoin, A little
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  more Bitcoin. I feel like it's finally
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  crossing that hurdle of. We've got to own it.
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  Yeah. So Bitcoin as a market is still
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  only a 10th the size of gold, but they both are secure assets
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  in members mind. For the first time, people
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  aren't talking about Bitcoin just as speculation, but
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  actually an alternative asset that can be held during tough
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  times. Not everybody believes in it,
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  but those that do are making a big split, it went.
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  From so big. Speaking of the ultra rich,
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  Apple CEO Tim Cook said that he's been holding Bitcoin for a
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  long time in a recent interview with Andrew Ross Sorkin.
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  Well, let me ask you A. Different question because you
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  you. Just said that you might not do
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  it. Personally.
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  Do do you own crypto in any Bitcoin or Ethereum?
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  Would you play around with? This I, I do, yeah.
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  I think it's reasonable to own it as a, as a part of a
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  diversified portfolio. And I'm not giving anybody
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  investment advice. By the way.
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  When when did you get? Interested in it?
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  I've been interested in it for a while and I've, you know, been
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  researching it and and and so forth.
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  And so I think it's interesting. The elite start to make plans
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  that we see today. Four years ago, this interview
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  clip came out about Larry Fink proving this exact point in that
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  in 2020 and 2021 they had Michael Saylor come in and
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  consult them on this whole thing about Bitcoin long before the
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  ETF strap. And we used to bring in all
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  these different people who were big believers in it, like
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  Michael Saylor from micro strategies.
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  I mean, Michael came to her office with his with the stock
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  was in the teens, but he was a huge believer that transformed
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  his company. I mean, I could just say all
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  these different people came in and talked and then we became,
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  you know, we, we became a leader in working with the SEC and, and
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  try and try to move forward in this and Fast forward out a
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  little more than 18 months when we first started creating a
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  Bitcoin ETF. Today it's Ibid is $86 billion.
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  Speaking of bullish signal number 3IN BlackRock Bitcoin
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  products are being built out there in the market, like this
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  new ETF product, the premium income product just dropped by
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  BlackRock. This is what I assume can be a
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  covered call strategy, allowing people who own Ibid shares to
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  earn a yield on the shares that they have by selling out of the
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  money covered calls to other investors in collecting a
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  premium. And Speaking of Michael Saylor,
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  who was consulting BlackRock, he's we've also been consulting
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  another potential big buyer, the US government. 1st, I do want to
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  start with the fact that there are reports that you were in
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  Washington last week meeting with policy makers about this
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  strategic Bitcoin reserve bill. How are you advising lawmakers
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  right now and and why is the case there to create a strategic
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  reserve? Well, I think bitcoins good for
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  the nation and and then the country would benefit.
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  We did buy something like 78% of the entire United States for
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  about $40 million over the past hundred years or so.
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  So I think the United States ought to own a large part of
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  cyberspace and and Bitcoin is the next frontier.
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  This leads me to bullish point #3 the consistent adoption of
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  Bitcoin buying through the form of corporate companies buying
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  Bitcoin. You know, I think the real story
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  in Bitcoin right now is corporate adoption.
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  We've got a consistent acquisition of Bitcoin by the
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  big ETFs like Black Rock and, and that's taking up all the
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  natural supply. And they're, and they're doing
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  that on behalf of institutional investors.
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  But these 180 companies that are capitalizing on Bitcoin are
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  buying even more than the natural supply being created by
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  the miners. And they're putting upward
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  pressure on the price. And I think that as we work
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  through the resistance of late and some macro headwinds, we'll
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  actually see Bitcoin start to move up smartly again toward the
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  end of the year. This is a trend that's not going
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  to stop. Matt Cole, the CEO of Strive,
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  made waves last week when Strive acquired similar scientific in
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  an all stock deal. It was acquired at a 210%
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  premium in an all stock transaction, signaling that the
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  main goal is to have a strong balance sheet and to acquire as
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  much Bitcoin as possible. With this combined merger,
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  they'll now own 10,900 Bitcoin, which will put them in the top
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  ten of all Bitcoin treasury companies.
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  And the reason that he's doing it, it's because you said that
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  in five years you won't be able to stack Bitcoin like this.
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  We think that the digital gold rush is a 10 to 15 year
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  phenomenon and over time it's going to be harder and harder to
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  stack stats for these companies. And so that's why we do think it
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  is early that people that are able to get going are able to
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  build pretty large stacks of Bitcoin.
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  But I think the focus, and you see this focus and across this
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  room is stack stats. There's a million ways you can
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  monetize a massive balance sheet over time, but that exercise is
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  fruitless right now during the digital gold rush era because to
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  your point, in five years you won't be able to get anything
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  close to what you can get today. This leads me to bullish point
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  #4 Jeff Park. In that interview with Pomp, he
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  said that he saw Bitcoin seeing me open options interest rise
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  above $6 billion, Meaning that there's some people who are
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  betting that bitcoins going to go much higher from here with
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  future options contracts. And we also recently saw well,
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  purchase $171,000,000 worth of Bitcoin in a few short days.
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  Someone knows something's coming.
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  And This is why we believe that Bitcoin is still going to have a
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  strong finish to the end of the year, just like Jeff Park said.
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  There's a lot of people you mentioned earlier they think the
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  bull market's over, but it's plenty of people who still
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  think, hey, this is just kind of a low.
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  Where do you come out on kind of from here through the end of the
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  year with Bitcoin kind of sentiment, performance?
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  Yeah, there's I think some degree of kind of disappointment
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  that Bitcoin's lacking so much, right.
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  I mean, if you look at all the other gold bugs, they're beating
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  us. It's gold bugs.
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  But even like I said, the Swiss franc and the equities market
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  and generally what people track as global M2 liquidity having
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  outperformed to 160 trillion and how Bitcoin should actually have
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  played a bigger catch up to it. I think, I think there are
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  legitimately kind of disappointment within the
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  Bitcoin investors. But but I think sometimes these
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  are actually the coil spring effects as I've observed that
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  really can create some meaningfully strong moves and in
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  a in a rapid pace. The of the fact that we'll share
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  with you is that actually I haven't seen many people talk
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  about it, but right now is the highest options open interest
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  for the Bitcoin CME options. It's a 6 billion, it's the
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  highest it's ever been. So I don't know what that means
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  in terms of what traditional Wall Street investors are
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  hedging or speculating for. But you know, despite the
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  futures open interest not having surpassed its peak from last
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  year at the election, despite the volumes not having peaked
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  that time period, the one thing that is at its all time high is
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  the open interest on Bitcoin, CME futures options.
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  And so I think there's still a lot of, you know, excitement to
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  be had for we for imagining volatility could pick up.
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  And I still think it's a generational opportunity to be
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  able to take advantage of low volatility when the effect of
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  that cold spring could actually create some asymmetric outcome.
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  So I'm still very bullish and I think that in the next three
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  months we're going to see something pretty, pretty
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  meaningful. But before I get to my #5
• 11:24
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• 12:33
  Despite Peter Schiff trolling Bitcoin right now, Bitcoin is
• 12:36
  still a better asset in investment than gold.
• 12:39
  It's more portable, divisible, verifiably scarce, and it's
• 12:43
  preparing you for owning something digital in cyberspace
• 12:46
  for the future digital world to come.
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  A huge run right now too. It's a $3800 an ounce.
• 12:52
  It's basically trading at at record after record this year,
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  but Bitcoin hasn't sort of moved lock steps.
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  So how to think about that analogy in this environment?
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  JP Morgan said gold is money, everything else is credit.
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  This morning I said Bitcoin is money, everything else is
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  credit. The success of gold is
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  indicative of the demand of mainstream investors to have a
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  bearer instrument that's a long term store of value, that's not
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  a currency derivative and doesn't have counterparty risk
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  to a corporation. Gold fits that bill.
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  Bitcoin fits that bill even better, and it's sort of got the
• 13:26
  digital upside. You know you could.
• 13:28
  You can't teleport gold and you can't program gold to vibrate it
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  a million times a second on a computer.
• 13:35
  So Bitcoin is is the technology version of gold.
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  It's digital gold. It's going to be, in my opinion,
• 13:41
  10X bigger than gold, but they're the same idea.
• 13:43
  Bitcoin is a superior asset and while other people are risk off,
• 13:47
  this is a good opportunity to accumulate with a long term view
• 13:51
  in mindset of Bitcoin. 5 reasons to be bullish.
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  Just to review, October or October is Bitcoins best
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  performing month which is right around the corner.
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  The wealthy and the ultra rich are changing their tune on
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  Bitcoin and they're accumulating now.
• 14:03
  They don't make plans for the future in the future.
• 14:06
  They're making them at this point, and they're starting to
• 14:08
  buy Bitcoin. Bullish signal #3 products
• 14:10
  continue to be built on top of Bitcoin, and people are going to
• 14:14
  issue digital credit instruments on top of this scarce sovereign
• 14:18
  asset. Option number four, People are
• 14:20
  buying in large quantities in accumulating lots of Bitcoin.
• 14:23
  There's large options interest out there, $6.2 billion to be
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  specific, and it's not stopping. And #5 nothing's changed about
• 14:31
  Bitcoin being a better asset than gold.
• 14:32
  And when gold runs, Bitcoin sprints.
• 14:35
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• 14:47
  This is Dante Cook with Bitcoin. Simply Happy stacking.