Latest / Simply Bitcoin / Why Bitcoin CRASHED $7,000 in 24 Hours! | Bitcoin Simply

Transcript

Why Bitcoin CRASHED $7,000 in 24 Hours! | Bitcoin Simply · Simply Bitcoin

• 0:00
  Ladies and gentlemen, Bitcoin has crashed from 123 K to 116 K
• 0:05
  in one day, and I think it has 116 K more to go.
• 0:09
  There's no intrinsic. Value to this.
• 0:12
  Asset and now it's starting to be priced appropriately so it
• 0:15
  has a you know what's Bitcoin at 16,000?
• 0:18
  It has another 17,000. To go down.
• 0:21
  Really. Yeah, there's no intrinsic value
• 0:23
  to this product. What are we talking about?
• 0:26
  Bitcoin just had its all time high in a daily close and we're
• 0:29
  already getting the Ponzi scheme tweets.
• 0:32
  Peter Schiff is coping because Bitcoin treasury companies are
• 0:35
  buying nonstop and some are saying that Bitcoin's price is
• 0:38
  only up because of stable coins. Here's the reality.
• 0:41
  Bitcoin is likely to RIP to 170 to 180 K here pretty quickly in
• 0:46
  the short term, and when it drops TO140K, we're going to get
• 0:50
  the crash again. It's.
• 0:51
  Going to surge to 180 and crash to 140 and people will be
• 0:55
  freaking out about it again. Haters will continue to hate,
• 0:58
  but for Odell Beckham and the rest of us, it's safe to say
• 1:01
  that we feel pretty good about our decision.
• 1:03
  Even with Bitcoin crashing Today, we're going to look at a
• 1:06
  potential tsunami that could send bitcoins prices even higher
• 1:10
  than the RIP that we just had. Is the money printer turning on?
• 1:13
  Let's find out. This is Dante Koch with Bitcoin.
• 1:15
  Simply, let's go. I, well, I, I am a firm believer
• 1:22
  that it's going much, much higher from here.
• 1:25
  Think about corporate adoption. Corporate adoption is probably
• 1:29
  only about 2%. Central banks only about 3%.
• 1:34
  Those are both going higher, much higher.
• 1:37
  Retail investors going much higher.
• 1:40
  So look at it through, I'll, I'll leave off with this.
• 1:42
  Look at it through the market cap of, of Bitcoin.
• 1:46
  That's around 2 trillion, let's say.
• 1:49
  Look at the market cap of gold, that's around 20 trillion.
• 1:52
  Maybe it doesn't have to be gold, but if it closes the gap
• 1:56
  to 50%, you're looking at $500,000 per Bitcoin.
• 2:02
  And I do think that in eyeshot, you're looking at two 5300 and
• 2:08
  50,000 pretty easily for crypto. There's a couple of things, a
• 2:13
  couple of hurdles, but I think those days of it losing 80% of
• 2:16
  its value and then rallying up are long gone.
• 2:18
  There's too many people that are looking for the assets.
• 2:21
  That's Bitcoin just finished with its all time high daily
• 2:24
  close at almost 120 K and based on every indication, especially
• 2:29
  the M2 money supply, I would say that it's going much higher from
• 2:32
  here. More institutions, more
• 2:34
  government, more pension funds, more liquidity.
• 2:37
  Every time Bitcoin hits all time highs, the haters come out.
• 2:40
  And that's cool. And every time the haters come
• 2:42
  out, we dunk on them like Johnny Furphy and then we leave them
• 2:52
  with the receipts that they'll never recover from.
• 2:54
  I feel bad for this dude right here.
• 2:56
  The people who don't buy Bitcoin hate on people who did buy
• 2:59
  Bitcoin, and when it hits all time highs, they cope.
• 3:02
  The classic case, Dave Portnoy. That you know what we're going
• 3:07
  to end up having? We have all these Bitcoin like
• 3:10
  billionaires and all the rich people who just bought Bitcoin
• 3:12
  didn't do anything else with their life.
• 3:15
  They literally just buy Bitcoin and you see them and they're
• 3:17
  throwing. They're buying apartments, cars,
• 3:19
  B's throwing around money, acting like that cock walk.
• 3:22
  It's like, what'd you do? Oh, I bought Bitcoin.
• 3:24
  Oh, nice, 65 thousandth of Bitcoin.
• 3:35
  Bitcoin depresses me like I I I respect it.
• 3:39
  I I don't know how I haven't made a billion dollars on
• 3:44
  Bitcoin and I've made I've made nothing I've lost I'm the only
• 3:48
  guy. How do you lose on Bitcoin?
• 3:49
  How do you lose on Bitcoin? How do you behind on Bitcoin?
• 3:52
  I am hey, I am I don't know how how do you believe in Bitcoin
• 3:56
  and Michael Saylor the price you get the price I.
• 4:00
  Don't be depressed Dave. You had a chance to buy it at 65
• 4:03
  K. Don't sell your Bitcoin.
• 4:04
  You mentioned Michael Saylor and then you had a conversation with
• 4:07
  Michael Saylor, 30K higher, and he gave you the playbook.
• 4:10
  You're the Michael Jordan Jordan of the analogy in which if
• 4:14
  you're buying Bitcoin, MicroStrategy, you, you're just
• 4:17
  buying forever. You're never going to stop
• 4:19
  buying. Yeah, I'm going to keep buying.
• 4:20
  I, I joke, it's like you said, well it's 100,000 too much and I
• 4:24
  said I say look Dave, I'll be buying it at $1,000,000 a coin
• 4:28
  and I'll probably be buying it at the rate of a billion dollars
• 4:31
  a day at $1,000,000 a coin because that's what I do.
• 4:36
  Just like you're like, you know crap.
• 4:38
  Manhattan real estate's really expensive in 1930.
• 4:42
  It's a lot more expensive than 1830.
• 4:43
  I'm like, well, you know 100 years later we'll still be
• 4:46
  buying it and we'll be paying a lot more.
• 4:48
  The only issue is can you hold it for that time period because
• 4:52
  people are going to want to buy it.
• 4:54
  OK, so Michael Saylor gave you the playbook AT95K and now at
• 4:59
  123 K you're still saying the same thing.
• 5:03
  Listen, listen, sometimes we do these stock shows and I
• 5:09
  literally like sent my stock guy, my finance guys like you
• 5:13
  know, we talk everyday about stocks.
• 5:16
  We should just shut up and bought Bitcoin.
• 5:18
  Just shut up and bought Bitcoin. Forget everything else and bank.
• 5:22
  Team, I hope we see a pattern. The best thing to do isn't to
• 5:25
  talk about stocks or to try to be smarter, to try to time the
• 5:27
  market or be a crypto trader. It's just to simply buy Bitcoin.
• 5:30
  Anyone who can't control something or manipulate it might
• 5:33
  call it a Ponzi scheme. And Speaking of controlling an
• 5:36
  entire market, Warren Buffett owns 5% of the Treasury market
• 5:40
  and people like him may be influencing your thoughts around
• 5:43
  Bitcoin. I mean, the US government still
• 5:45
  owes Warren Buffett a fake. That's why he buys treasuries.
• 5:48
  Bitcoin is an asset that he can't control behind closed
• 5:51
  doors. But despite what Warren Buffett
• 5:53
  and Charlie Munger may have said in the past, the new potential
• 5:56
  Fed chair, Kevin Walsh, says that he's not afraid of Bitcoin.
• 5:59
  It's just software and it's a way to keep governments
• 6:02
  accountable. You made reference to Bitcoin
• 6:06
  and I thought I heard a little bit of condescension that people
• 6:09
  are buying Bitcoin in these things.
• 6:11
  But doesn't it Charlie Munger? This.
• 6:13
  Is a two or three years before he died.
• 6:15
  Charlie Munger attacked. Bitcoin.
• 6:16
  He called it evil in. Part.
• 6:18
  Because it would begin to. Undermine the.
• 6:20
  Fed's ability to manage the economy.
• 6:23
  Or it could provide market discipline.
• 6:25
  Or it could tell the world that things need to be fixed.
• 6:29
  Bitcoin does not make you nervous.
• 6:31
  Bitcoin does not make me nervous.
• 6:33
  I can harken back to a a dinner I had here in 2011 with a
• 6:40
  someone who is another guest on your show.
• 6:42
  I won't say his name, OK? I just did.
• 6:46
  Marc Andreessen, who showed me the white paper That was the
• 6:50
  original white paper. I wish I had understood as
• 6:53
  clearly as he did how transformative Bitcoin in this
• 6:57
  new technology would be. Bitcoin doesn't trouble me.
• 7:01
  I think of it as an important asset that can help inform
• 7:04
  policy makers when they're doing things right and wrong.
• 7:08
  It is not a substitute to the dollar.
• 7:11
  I think it can often be a very good policeman for policy.
• 7:14
  And if I were to speak more broadly to what did Charlie
• 7:18
  Munger and others perhaps have in mind, there is a
• 7:23
  proliferation of securities that go under all sorts of names.
• 7:27
  Many, if not most of them are not worth what they're might be
• 7:31
  being traded for. So what did Charlie say?
• 7:34
  And maybe his his pal Warren say there's the innovators, the
• 7:38
  imitators and the incompetence. They're real innovators that are
• 7:42
  happening in and around that new technology.
• 7:45
  And what I would try to impart towards businesses and bankers
• 7:50
  is that the underlying technology that Mark showed me
• 7:53
  in that white AER or tried to show me in that white AER, it's
• 7:56
  just software. It's just the newest, coolest
• 7:59
  software that will provide us an ability to do things that we
• 8:03
  could never have done before. Can the software be used for
• 8:06
  good and evil? Yes, both, like all software.
• 8:09
  So I don't cast aspersions like that.
• 8:12
  If there's a final point, it's these technologies are being
• 8:16
  built here. I don't just mean on Stanford
• 8:18
  campus. I believe in the United States
• 8:21
  and the world's most talented engineers from China and Europe
• 8:26
  and everywhere they come to the United States even now to try to
• 8:29
  build this stuff. And my view is by building it
• 8:33
  here, that gives us an opportunity to be more
• 8:36
  productive and create something very special over the next
• 8:39
  decade. And so the question for us is,
• 8:41
  should you buy that house or should you just hold the
• 8:44
  Bitcoin? Should you buy that Tesla or
• 8:46
  that Ferrari or should you just hold Bitcoin?
• 8:48
  I don't know. I think it's going up forever,
• 8:51
  Laura. You do not sell your Bitcoin
• 8:54
  every Bitcoin when your cell is going to cost you $13 million or
• 8:58
  if you decide to go buy a Ferrari or a sports car with
• 9:01
  three or four Bitcoin or five, it's a $65 million Ferrari.
• 9:06
  So think really hard. Do you want the Ferrari, which
• 9:09
  will be good, you know, may get you a few dates and people think
• 9:13
  you're cool for the next few years, but would you rather have
• 9:15
  $65 million twenty years out because you can retire on that
• 9:21
  and live a very comfortable life.
• 9:22
  So I cling to my Bitcoin. So if you have an asset that
• 9:26
  could be worth $13 million, would you want to sell that
• 9:29
  asset for an asset that's going to be worth less overtime We
• 9:32
  measured in that asset. And the answer should be no, not
• 9:35
  under circumstances that you can control.
• 9:38
  And that's why people work with Leaden, the leader in Bitcoin
• 9:41
  back loans, which allow you to unlock liquidity in the best
• 9:44
  performing asset in the world, pristine collateral without
• 9:47
  selling your Bitcoin. They've issued over $9 billion
• 9:50
  worth of loans to 10s of thousands of customers across
• 9:52
  the globe. The process is fast, simple and
• 9:54
  transparent and your account can get funded in less than 24
• 9:57
  hours. Go to learn dot leaden dot AO
• 10:00
  slash simply to get started. Loan start at just 12.4% but you
• 10:04
  get .25 percent off if you go to learn dot leaden dot AO slash.
• 10:08
  Simply one of the things that you should do if an asset's
• 10:10
  going to be worth $13 million is learn how to protect it.
• 10:13
  Learn how to keep it sovereign. Learn how to not get rug pulled
• 10:16
  by crypto exchanges when they fail.
• 10:18
  And believe me, even this cycle, they will fail.
• 10:21
  Be prepared by getting a coach. Schedule a free 30 minute
• 10:23
  consultation with the team at the bitcoinway.com/simply
• 10:27
  Bitcoin. Their team will hook you up and
• 10:28
  teach you how to do self custody for your generational wealth the
• 10:32
  right way. More and more people are going
• 10:33
  to be buying Bitcoin, hating on it publicly or not saying
• 10:37
  anything about it at all. And that's OK for individuals.
• 10:40
  But that's not OK when you're the largest shareholder in the
• 10:43
  world of MicroStrategy, the largest Bitcoin treasury company
• 10:47
  in the world, buying the most Bitcoin in the world.
• 10:49
  They just crossed 600,000 Bitcoin or 3% of the network and
• 10:54
  you still don't let your own customers buy Bitcoin.
• 10:58
  Products next Vanguard's unintended exposure to Bitcoin.
• 11:02
  The firm has long held firm that Bitcoin has no inherent economic
• 11:05
  value, is an immature asset class and is not appropriate for
• 11:10
  long term investors. Yet Vanguard is now the single
• 11:12
  biggest shareholder of strategy as you can see here Michael
• 11:15
  Saylor's software firm that's become a proxy for Bitcoin,
• 11:18
  Vanguard owns 20 million shares. And the reason Index investing,
• 11:22
  Vanguard mutual funds and ETFs that passively track indexes
• 11:25
  have no choice but to end up holding of strategy, even though
• 11:28
  the firm dislikes Bitcoin. Irony, clearly, and.
• 11:33
  Ironic, they know something that we intuitively know as a human
• 11:37
  race. Overtime we get bigger, better,
• 11:39
  stronger, faster, smarter, wealthier.
• 11:41
  We even have 17 year old girls throwing down to handed dunks in
• 11:45
  basketball games now. Join.
• 11:49
  Me steals it. Away.
• 11:50
  Clear the wrong way. Oh.
• 11:52
  What 2 handed. Throw down.
• 11:54
  One thing that Vanguard knows is that governments and people
• 11:56
  around the world need to continue printing money in order
• 11:59
  for the system to work. Mike Binn says that Bitcoin's
• 12:02
  price is only going up because stable coins are printing more
• 12:05
  Bitcoin. He's missing the point.
• 12:06
  It doesn't matter whether it's a stable coin or not, the printing
• 12:09
  needs to happen. He even admits it himself.
• 12:12
  I mentioned I was a little surprised when I was asked to
• 12:14
  speak here because I just published a video called Bullish
• 12:16
  on Bullshit Mike. They're not pumping the price of
• 12:19
  Bitcoin. They're pumping the price of the
• 12:22
  amount of liquidity that Fiat needs to prevent the impairment
• 12:26
  of really bad just policies and and zombie companies that need
• 12:31
  another breath of the Fiat air, right?
• 12:35
  Or the Fiat liquidity. What would happen to the price
• 12:37
  of Bitcoin if Tether died tomorrow?
• 12:40
  Well, we would in the short term.
• 12:42
  If liquidity dries up, Bitcoin gets punished.
• 12:45
  We've seen this over and over again, but they can't let that
• 12:49
  deflation RIP through the economy or else everybody's
• 12:52
  living in tent city, right? Hence bullish on bullshit.
• 12:56
  That's exactly right. They have to keep it going in
• 12:58
  order to prevent that collapse and.
• 13:01
  Tether reportedly printed $2 billion.
• 13:03
  Circle printed another billion dollars in ChatGPT says that
• 13:07
  this last rally is likely coming from that, but I'm going to call
• 13:11
  BS because that's just $3 billion in a $2.4 trillion asset
• 13:16
  class. That's literally nothing.
• 13:18
  But regardless, it could have been China who just printed $700
• 13:21
  billion worth of liquidity into the system.
• 13:24
  It doesn't matter. The printer needs to stay on.
• 13:27
  And when that does this is going to be me walking into work.
• 13:37
  Like and share this video and subscribe to the channel if you
• 13:40
  already have it before you go. If you want to go down to Dallas
• 13:43
  TX to the largest Bitcoin mining Expo in the world from November
• 13:46
  11th through November 13 at mining disrupt well, we got you
• 13:49
  hooked up use the promo code simply Bitcoin for 20% off your
• 13:52
  ticket. Get down on it bam bam bam get
• 13:55
  down on it. This is Dante Cook with Bitcoin.
• 13:58
  Simply happy stacking.