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Bitcoin CRASHES Below $69K as Markets IMPLODE! | Simply Originals · Simply Bitcoin

• 0:00
  It's an absolute bloodbath out here.
• 0:02
  The past 24 hours markets have been getting annihilated.
• 0:07
  Gold dumped 5.5%, wiping out 1.94 trillion.
• 0:12
  Silver dumped 19%, wiping out nearly a trillion.
• 0:17
  The S&P dumped .95%, wiping out 580 billion.
• 0:21
  NASDAQ down 2.5%, wiping out a trillion.
• 0:26
  Russell 2000 dumped 2%, wiping out 65 billion.
• 0:30
  Of course, the mighty Bitcoin dumped 8%, wiping out 120
• 0:35
  billion in market cap. And the total crypto market
• 0:39
  dumped 7%, wiping out 184 billion in market value.
• 0:44
  That's nearly 5 trillion wiped out without any major bad news.
• 0:49
  Well, maybe at the time, because bad news did.
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  Come January, jobs cuts soared 118% year over year to 108,435,
• 1:00
  the highest for the month since 2009.
• 1:03
  Maybe that's a little foreboding.
• 1:05
  Absolutely nuts. Today, the crypto market is
• 1:07
  worth just about 2.3 trillion, losing 2 trillion worth of
• 1:11
  market cap in just four months. In other words, about 46% of
• 1:16
  crypto's entire value has been wiped out since October 6th.
• 1:19
  Bitcoin is back at previous all time highs.
• 1:22
  But think of the bright side. We're only down like 45%.
• 1:26
  Or is it? We're only down 45% so far.
• 1:31
  Either way, sats are on discount boys and this is when legends
• 1:35
  are made. We have massive new news out of
• 1:38
  the Epstein files. Michael Burry says Bitcoin is
• 1:42
  going to zero and would you look at that?
• 1:44
  JP Morgan just said Bitcoin over gold is a long term store of
• 1:48
  value. We got a massive show today and
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  believe it or not, the bullishness cannot be
• 1:53
  understated. And blood in the streets means
• 1:56
  it's time to eat, baby. Oh yeah.
• 2:03
  Your Bitcoin doesn't get 81, and you're looking at at what I
• 2:07
  regard as being the single worst moment in this decline was the
• 2:12
  moment between 3:30 and 4:30, and then Williams comes on and
• 2:15
  then suddenly everything's fine? I don't think so.
• 2:19
  You don't think? Everything's fine.
• 2:21
  No, there's a lot of people have to get out.
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  Let them get out. This is not what suddenly they
• 2:26
  wave Magic Wand. We always have real issues.
• 2:30
  We have issues with the building out the Data Center Unlimited.
• 2:34
  We have issues with a lot of people.
• 2:36
  You know the the strategies. Jim Cramer, you crazy son of A,
• 2:40
  you did it. You may have saved us all.
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  Despite Bitcoin being at previous all time highs around
• 2:46
  69K67K as of this recording. And there's micro strategy
• 2:53
  getting absolutely wrecked now. We get a lot of bullish news on
• 2:56
  our hands though like this. Not only is Bearish Framer
• 3:01
  bullish for Bitcoin, but so is Michael Burry.
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  Back in 2021, Bitcoin rallied 136% after Buries 2021.
• 3:10
  Short call and hold on to your butts because we got a doozy
• 3:14
  from the Epstein files. Yes, that guy sick.
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  But apparently there's this e-mail floating around that
• 3:21
  cites a report prepared for none other than Vladimir Putin by
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  Russia's Federal Security Service.
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  And what does it say? Oh, just that the Golden Fort
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  Knox, that stuff that allegedly backs up your entire economy,
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  the shiny bars we've all seen in movies is completely missing.
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  And the timing? Perfect conspiracy fodder.
• 3:43
  Right after this supposed bombshell discovery on May 14th,
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  Strauss Kahn gets charged and jailed in the US for sex crimes.
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  Coincidence. Or did he stumble into the
• 3:53
  mother of all cover ups? I mean, come on people, Fort
• 3:56
  Knox empty. That's insane, right?
• 4:00
  Right. Look, I'm not saying it's true,
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  but if it is, it's horrifyingly hilarious.
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  Seems like a great time to drop this new gem from the legend.
• 4:08
  Siphadina Moose absolutely annihilating Peter Schiff.
• 4:11
  Here we go. One of the people who actually
• 4:13
  taught me about Austrian economics early on in 2007 to
• 4:16
  2008, Peter Schiff. And one of the most important
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  fact, the fundamental basic building block of all Austrian
• 4:22
  economics is the concept of subjective value.
• 4:25
  All value is subjective, whether it's gold, tomatoes, Bitcoin,
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  bananas, whatever it is, people value it because they have
• 4:32
  placed subjective valuation on it.
• 4:34
  And that can happen for all sorts of reason.
• 4:36
  And at a certain point, they placed a certain subjective
• 4:38
  valuation on this shiny yellow metal.
• 4:40
  And at a certain point they placed subjective valuation on
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  in this digital representation of value represented through
• 4:46
  private keys in a network that is decentralized, that is very
• 4:49
  robust, that allows you to send money internationally without
• 4:52
  having to go through intermediaries, which is
• 4:54
  something that nothing else allows you to do.
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  And that creates demand for it. So everything generates demand,
• 5:00
  generates value. The question is how it holds
• 5:02
  value. What is the value of meat to a
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  vegetarian? It's not very much, but you
• 5:07
  cannot argue that there is value there.
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  Objectively, air has value. Water has value.
• 5:13
  You can't tell me that. Well, it's all subjective.
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  Maybe air is worthless. We need air to live.
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  We need water to live. But water and air are abundant,
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  so the price is not very high. Now, if you're on a desert
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  island, water, you know, could be very expensive if somebody
• 5:27
  offers you some. But the fact of the matter is,
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  gold has value whether you believe it or not.
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  In your analysis, you said you're well, you know, gold was
• 5:37
  just this commodity that you could use as money.
• 5:39
  Well, why was it gold? Why not nickel?
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  Why not copper? Why not any of those things?
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  Again, all of those things have subjective valuation.
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  Only one of them has a limited growth in its supply rate and
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  limited supply growth rate, and that's what Bitcoin has.
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  And because of that, we see, as I was saying earlier, the $700
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  billion worth of new gold that's going to come on to the market
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  at current prices. And that's the problem with
• 6:02
  gold. The problem with the fact that
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  they don't have the difficulty adjustment in the halving means
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  that no matter how high the price goes, the price eventually
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  gets to the point where the new demand overwhelms.
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  The, the the new supply becomes so valuable because the price is
• 6:17
  high that it overwhelms the new demand.
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  And then the price crashes. And then once the price crashes,
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  sentiment shifts and then people dump their coins.
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  And because they don't have a difficulty adjustment, bear
• 6:28
  markets in gold can last decades.
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  In 1980, gold hit $800 and it was only until 2008 or so until
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  it hit $800 again. Are you willing to sit on your
• 6:39
  gold bags for 28 years to make a new all time high?
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  Bitcoin, being advanced money, has a difficulty adjustment if
• 6:47
  demand drops. If the price crashes, the
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  difficulty adjustment ensures that miners can't make more
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  Bitcoin. And then the halving comes along
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  to bail us out and drop the supply by half.
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  And basically increase the price because the the if the demand
• 7:03
  had gone down, the supply goes down even further.
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  Gold doesn't have that. And so because it doesn't have
• 7:09
  that, it doesn't hold on to its value and it's bull bear markets
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  can be much longer. There is no second best now.
• 7:15
  What if it wasn't the government shutdown, it wasn't the Epstein
• 7:20
  files, not the jobs report or the Warsh announcement that
• 7:24
  actually caused this insane crash that we've all just
• 7:28
  witnessed? What if someone just fat
• 7:31
  fingered it? We live in a simulation run by
• 7:35
  the sickest people on the planet.
• 7:36
  They see us as cattle and our only chance of ending this
• 7:41
  madness is to separate money from state.
• 7:44
  This is when legends are made my friends.
• 7:47
  We're about to bring it home but before we do, look at our likes
• 7:51
  3 or 4 times maybe? I'll pump those numbers up.
• 7:53
  Those are rookie. Numbers in this.
• 7:54
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• 9:08
  If someone you know, and I get people stopping me all the time
• 9:10
  now saying, you know, what do I do?
• 9:12
  Do I? I want to get into Bitcoin.
• 9:14
  I feel like I'm missing out on what others are gaining.
• 9:17
  But like at these levels, how do you touch it?
• 9:21
  Well, I think it's going a lot higher.
• 9:23
  So you're still talking about a ten time game, 1010 X Games from
• 9:27
  here in the next, you know, in the medium term.
• 9:31
  I mean, it's still going to outperform stocks, bonds, gold.
• 9:34
  It's going to outperform everything.
• 9:35
  It's going to outperform Warren Buffett.
• 9:37
  You know, Warren Buffett said famously said compared Bitcoin
• 9:39
  to rat poison. And you know what, he's right.
• 9:42
  And guess what? Warren is the rat.
• 9:45
  Jamie Dimon is the rat. Was at a Wells Fargo event
• 9:47
  yesterday who said they are absolutely advising clients not
• 9:50
  to touch Bitcoin with a. While they're stealing money out
• 9:53
  of people's accounts, Wells Fargo, oh, here's a bunch of
• 9:55
  checking accounts. I think I'll just steal money.
• 9:56
  Oh, don't buy Bitcoin and have individual sovereignty.
• 9:59
  This is the part of the cycle where everyone suddenly becomes
• 10:03
  a macro expert and also a coward.
• 10:06
  Prices are down, timelines are melting, and now everyone's got
• 10:09
  a reason why Bitcoin is finished.
• 10:11
  It's going to zero. Well, cool.
• 10:14
  Well, you don't build sovereignty when it's easy, you
• 10:17
  build it when it feels stupid, uncomfortable, and a little bit
• 10:21
  unhinged. The same playbook is always
• 10:24
  think long term. Ignore the freak.
• 10:26
  Out, it's just a matter of the money, you know, do you have
• 10:30
  hard money or do you have anybody?
• 10:32
  I mean, Bill, Bill Warren Buffett is, is poverty stricken
• 10:36
  in my view because his entire mindset is based on Fiat money,
• 10:41
  less so now because he bought into gold.
• 10:43
  But here's a guy who is one of the richest men in the world,
• 10:46
  never leaves his house. He took one trip to China once
• 10:48
  with Bill Gates and and he brought along a discount coupon
• 10:52
  from McDonald's to get a cheap deal on a McDonald's hamburger
• 10:56
  in China. That's where his mind is at.
• 10:58
  He's a poverty stricken guy. He thinks like a poor person.
• 11:01
  He's just engulfed with paper. He he's never produced anything.
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  He's never done anything. He just gets money from the Fed
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  and he buys strategic assets and he sits there in the same house
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  for 40 years and he says the same platitudes over and over
• 11:16
  again. That's Warren Buffett to me is a
• 11:18
  poor, is a very poor man because he has his his, he has no life
• 11:23
  force within him. He's spiritually dead.
• 11:26
  Many people who say are are poor, but they might have a
• 11:30
  little bit of Bitcoin and they're vibrant, they're
• 11:33
  spiritually connected, they're in tune with the global
• 11:35
  consciousness. They're rich.
• 11:37
  Those people are rich. So let's let's get out of this
• 11:39
  definition of who's rich and who's poor.
• 11:41
  If you have Bitcoin, you are rich as fuck.
• 11:44
  If you are all Fiat money, you're a poor bastard.
• 11:47
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  What do you guys think of all this?
• 12:25
  Let us know down below and don't forget to like subscribe and
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• 12:32
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• 12:37
  all next time. Live a guess.
• 12:39
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