Oh Bitcoin

hey everyone meet kevin here we've got a

lot to talk about regarding bitcoin

today this is incredible a potential

bitcoin city bitcoin bonds new trends

and patterns that we're seeing in the

bitcoin charts

there's a lot to talk about let's get

right into it right after i mentioned

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folks let's get into the news so the el

salvadorian president has declared that

they want to create a bitcoin city but

they don't really have money to create a

bitcoin city so they are going to

write you

an iou for

1.4 billion dollars which it's worth

noting that the el salvadorian gdp

sits at about 24 billion dollars per

year uh that's billion not trillion okay

that the united states economy is like

27 trillion per year

florida alone has a 1.1 trillion dollar

gdp so 24 billion dollars of an economic

size is literally one 44th of florida so

just take florida and divide it into

like 44 slices and then you have el

salvador with one of those slices

and 1.4 billion dollars of money that

this country is trying to raise is about

six percent of their gdp

to create a new city

so they're gonna try to raise six

percent of their gdp to create a new

city

and when they raise this six percent

they're going to write you an iou if

you're if you want to be an investor in

this so here's how that works they

basically write down on a piece of paper

all right i

owe

you

1.4 billion dollars and they would give

this to somebody in return for 1.4

billion now probably not just one person

is gonna do that instead we're gonna

take this little scissor here and we're

just gonna you know slice off a little

slivery roux there you go now you have a

bond this is a bond raise this is a bond

right this could be let's say ten

thousand dollars and so let's say you

bought this so you paid el salvador ten

thousand dollars towards their project

you got this little piece of paper in

return this little piece of paper

represents a promise of money in the

future unless of course they go bankrupt

and then the promise is worthless right

and what el salvador is going to do with

your ten thousand dollars in that case

is they're gonna take half of it or five

thousand dollars and put it into bitcoin

the other half they're going to have

denominated in u.s dollars and they're

going to build infrastructure

in a new city that they're going to

create this city is going to be built

near a volcano

of course so that they can use

geothermal power to power it in a clean

way and the city will have no capital

gains tax no income tax and no property

tax in fact the president says come here

and make as much money as you can the

only tax you'll pay are sales tax

because they expect this to be a tourist

destination sort of an experiment to try

to build a capital on el salvador now

this works out

brilliantly if bitcoin does what it did

the last time el salvador the el

salvadorian president did something

you know on the new frontier i don't

want to say radical because that implies

bad uh where he essentially issued

roughly the equivalent of 30 u.s dollars

worth of stimulus to every citizen via a

bitcoin wallet in bitcoin if you had

huddled that you'd probably be up about

double right now you'd probably have

about 60 dollars of stimulus if that

were to happen again

uh and and let's say they put 5000 in

bitcoin and 5 000 into usd to fund their

city and then bitcoin doubled they could

essentially give back their entire iou

and boom

[Laughter]

they would literally pay for a city

with bitcoin

which then i can only imagine the uh the

president of el salvador making a video

perfect click bait the zero dollar city

thanks bitcoin it's great uh anyway so

so that gives you a little bit of

insight into the bitcoin city uh bitcoin

denominated bonds how how that might

essentially work very fascinating uh

it'll be an interesting experiment to

see how it goes uh most countries seeing

bitcoin obviously is substantially

volatile

and potentially not uh investment grade

because of that uh and of course i would

say anybody watching this video would

just roll their eyes at that and like

forget the fiat people they don't know

but anyway

bitcoin in terms of liquidations we have

not seen as many liquidations here in

the last uh three days here as we had

seen on the 10th and the 15th i believe

let's see yeah we've got the 10th year

where we had uh longs of about 456

million 351 on the 15th and 277 on the

16th so we had some liquidations here

bitcoin helping us get our bitcoin

pricing down from about 68 000 to about

64 000 and then another set of

liquidations bringing us from about 65

000 down to about 60 000. of course

since then we did break below the 58 000

support level multiple times here let's

go ahead and look at the chart here for

a moment we're sitting at the time of

this recording at 58.2 it's worth noting

though that i've added a line here i've

added the 56 6 line now the reason i did

that is on the hour candlestick we hit

56 663 right here we hit 56

826 right here that's two hits today we

did over correct on the 18th to about 55

6 but we're not seeing a lot of

confirmation at this level so i'm seeing

much more here again on the 18th a hit

at about 56 000 the middle of the 56

level and so it's possible that this 56

level becomes sort of a temporary

stopping ground before we get to

potentially a 54 300 which i see is a

little bit of a stronger support we do

have some uh historical precedent for a

level

at 56 000 as well more so at 58 000

which is right here but if we do go back

to the beginning of october we do get a

few hits over here uh right around that

56 300 level so uh it is this is an

argument here that 56 600 could be

a smaller resistance level more

importantly to me i think it's possible

we're really going to channel between 60

000 and 56

until we get some kind of moving

catalyst whether that's a negative

catalyst or positive catalyst something

that's going to actually get us to break

out we either need to push over 60 and

stay above 60 again so we can really see

new highs 70 80 90 000 especially if

we're trying to get to 100k this year i

personally don't think 100k this year is

realistic uh though but but i do think

that there are there is a potential for

a 100k sometime between now and the

summer of next year and i say that

because i expect inflationary concerns

to continue to be relatively uh wild oh

and i've been looking into that camera

and we're over here here let me fix that

there we go

uh but um

but anyway uh it is possible that if we

don't have any kind of larger positive

catalyst or or some new momentum flowing

into btc it is possible that we could

potentially see a little bit of uh

either a channeling where we trade

sideways or potential bleed down to 54

000 of course if we do go down to 54 000

i think that could be a buy the dip

opportunity there aren't a lot of levels

though between 54 000 and 47

which is a stronger support level so

there's always that risk of potentially

buying at 54 and then dropping to 47

anyway so we'll see what happens uh

right now i wouldn't be surprised if we

end up trading sideways in sort of a

channel and that's because bitcoin has

historically done this you get these

substantial runs you channel you run you

channel you look back uh same thing here

you get runs you end up channeling up

you channel down very very common to see

channels in bitcoin especially this year

so i wouldn't be shocked to see a little

bit of a drawdown here trade sideways

channel and then we'll either break up

or break down and so we'll definitely

have to pay attention to see if we

create or or form any kind of wedge

patterns to give us any kind of

indicator as to which way we might go

personally i think it's a little bit too

early to tell so right now i'm in sort

of the hurry up and wait mode where i'm

just standing by waiting to see what

happens keep in mind also the bitcoin

spot etf very unlikely to happen anytime

soon unless we actually get

congressional approval

for the sec to do something i'm not very

optimistic about waiting for congress to

do something about that i mean look at

what congress did with the uh know your

customer crap

in the bipartisan infrastructure package

i think it's a complete disaster uh and

uh it won't be long before congress

realizes they're going to have to amend

some of the silly regulations they've

passed uh and who knows maybe then we'll

we'll see something for the bitcoin spot

etf because a bitcoin futures etf is

risky it's expensive of course with

these if you don't understand

backwardation or contango do not buy a

bitcoin futures etf stay away from the

futures etf you're better off just

holding the coin favorite spot of course

to buy is a coinbase pro

it it has much less of a of a lock-up

grasp than you might see at some other

platforms uh and uh just for example

voyager digital i'm excited about the

yields but boy oh boy if you want to

transfer out they limit you they really

limit you on on transfers going out and

that's frustrated me a little bit lately

here but anyway that gives you a little

bit of an update here if you found this

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black friday coupon code and folks we'll

see in the next one thanks so much

goodbye

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