Bitcoin to $120,000!!

folks we got a lot of cryptocurrency

updates to talk about in this video

let's just get right into them you know

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and the price goes up okay folks wow so

we know inflation came in at seven

percent today tech stocks started

rotating uh it initially rotated up but

they've kind of had a little bit of a

mixed day so guess what kryptos had a

relatively mixed day for example you

look at bitcoin we got rejected about

four times at forty four thousand we're

having trouble breaking that 44k but

that's all short term because folks we

got some long-term positive catalysts

here listen to this jerome powell is

going to be revealing with the federal

reserve a proposal for digital currency

regulation soon and legislation he

announced that this report is coming out

within the next

few weeks and it's predicted to actually

be quite progressive and in favor of

digital currencies and the crypto

industry keep in mind that the federal

reserve has been working on a central

bank digital currency for years now this

is kind of like a stable coin but

instead of being issued by gemini or

usdc or whatever or tether it's issued

by the federal reserve jp morgan already

uses something known as a jpm coin which

is built on the ethereum network

as a way to test blockchain technology

which remember i'm a big fan of

blockchain technology and think that in

the future blockchain technology is

going to be the monopoly of the world uh

that that means we are all going to use

blockchain on virtually all forms of

transactions in the future that it will

become a utility

is so common that they might have to

divide it up like in the past they

divided up 18t into bell south and the

other bells

but anyway that's a throwback to like

the 90s okay look here's what we're

expecting

we are not expecting any kind of bans on

stable coins in fact jpe or federal

reserve chairman jerome powell was

directly asked by senator pat toomey if

a central bank digital currency could

coexist with well regulated privately

issued stable coins because when pat

toomey asked hey are you going to

do anything that would preclude us from

having private stable coins and jay

powell said no not at all jpow seems

very enthused by a blockchain technology

and we're excited to see what this

proposed regulation is especially since

i personally don't think congress can

get their act together to actually come

up with logical regulation it's kind of

like how they're trying to apply kyc

rules to minors which is just like

moronic it's going to require

congressional amendments which there

were amendments for but failed because

again congress is moronic and tends to

fail but anyway

that's congress and while i don't

necessarily expect any kind of crypto

legislation to pass before the election

cycle which obviously the next election

ends or takes place in november of 2022

i am optimistic that when we start

getting a rotation down in inflation

we'll see some positive price action

substantially for cryptocurrencies no

guarantees of course

somewhere between the spring and summer

of 2022 and this could get compounded to

the next level as we start negotiating

cryptocurrency legislation which is very

exciting especially in committees that's

the united states but get this one folks

iran is expected to start accepting

cryptocurrencies for international trade

this will allow businesses to settle

payments with a central the central bank

of iran using crypto currencies the new

payment system is expected to be

finalized within two

weeks which is kind of incredible this

is a shift in crypto for iran in the

past iran has uh had substantial issues

with cryptocurrency expressing concerns

about uh safety and the regulation of it

and the energy uses of it uh

in other words well not in other words

on top of this the iranian government

has actually in the past been known to

cut power to crypto miners this is a lot

like china uh this which is

crazy that authoritarian governments

have been relatively anti-crypto but to

see this flip in iran or iran is really

really bullish

on top of this a redfin says that twelve

percent of first-time home buyers say

that selling crypto with profits helped

them save for a down payment really

incredible but of course with good news

always comes a little bit of shade kim

kardashian and floyd mayweather now

being sued for allegedly scamming

investors in cryptocurrency tokens

specifically ethereum max this time in

fact if you remember the logan paul

floyd mayweather fight you might

remember this picture uh or basically

floyd mayweather walking in with an

ethereum max shirt on i certainly

remember this as soon as i heard about

the lawsuit the first thing i thought

about was that highly popularized fight

between logan paul and floyd mayweather

which by no means was staged whatsoever

but anyway ethereum max is not related

to ethereum at all critics are

suggesting that creating a name ethereum

max just to capitalize on the reputation

of ethereum is kind of like making a

restaurant called mcdonald's max

suggesting that mcdonald's is somehow

affiliated with mcdonald's max when it's

not at all which is not fair because now

you're borrowing from the reputation of

mcdonald's now this is not the first

time mayweather has been involved in a

crypto scandal in 2018 he was fined by

the sec for promoting icos without

disclosing that he had been paid

this particular case has been filed as a

proposed class action which could mean

other individuals could end up joining

in on this lawsuit uh and essentially

anybody who lost money on emacs from

mid-may to about late june might be able

to join the lawsuit for the difference

between the purchase price of emacs

tokens and the price the emacs tokens

sold for taking a look at the chart for

emacs and uh well let's just say we

don't want to stay on this chart too

long because it's not the kind of juju

we want around here get that fud out of

here all right so then the president of

el salvador said that he trades bitcoin

on behalf of his country not from a

computer but from his mobile phone

which is kind of cool it's actually

really relatable so far estimates are

that the president of el salvador has

bought a 1391 bitcoin it's hard to get

an exact number because he only

discloses these on twitter so it's

possibly on more who knows maybe they

even sold a little bit we have no idea

but this would total about 60.5 million

dollars it is so far expected that he

has lost the country money so far and

given that uh the average prices were

between 48 000 and 53 000 the bulk of

the purchases were between these ranges

and of course btc right now is

struggling to get above a 44 sitting

roughly at about

500 bond yields in the country are

signaling pain bond yields as high as 34

right now and it certainly doesn't help

that the international monetary fund

says no thank you to bailing out el

salvador partially because el salvador

is using

bitcoin or buying bitcoin as a form of a

treasury now we did hit a big milestone

for ethereum theorem reached a nine

million dollar ethereum staked milestone

recently uh that's a 9 million aetherium

or 9 million ether have been staked in

ethereum a 2.0 uh this does raise a lot

of questions as to once we finally move

from proof of work to proof of stake

what's going to happen in potentially

the largest lock-up expiration ever

for for a token which is really really

wild uh because

a lot of folks wonder does this mean

ethereum might plummet once we actually

switch to proof of stake buy the rumors

sell the news on top of this massive

lock-up of people who have had their

money staked for a very long period of

time

are probably profitable of course no

guarantees depending on when you staked

but these 9 million

estate ethereum represent about 280 000

active validators providing security

this is a significant progress and a

good sign that ethereum will transition

to ethereum 2.0 on schedule the change

to ethereum 2.0 will uh ultimately be

one of the biggest and most hyped and

look forward to transitions to lower

transaction fees for the network where

it's not uncommon for transactions as

little as five dollars to ultimately

cost ten dollars in transaction fees

which is kind of nutty right now but

that's the way sometimes the cookie

crumbles and it's all part of developing

a very new and exciting space

now the entire crypto space has been

growing including nfts sales of the

board ape yacht club surpassed one

billion dollars in all-time sales the

floor price of the board a yacht club

has now surpassed that of crypto punks

with net inflows into digital assets

over up over 36 year-over-year in 2021

and net inflows into crypto mutual funds

otc trusts and etfs of 9.2 billion

dollars

flows into bitcoin year over europe 16

in ethereum or up 30

kevin o'leary legendary shark tank

investor and mr wonderful says if you

invest in microsoft google and amazon

what's the core that you're investing in

folks it's software and since bitcoin is

actually software and you're willing to

invest in software as equity in

microsoft google and amazon why wouldn't

you invest in software such as ethereum

or bitcoin now obviously i think there's

a massive difference between companies

that are selling products and services

and making profits and revenue from this

and coins that propose utility and

allowing you to use the blockchain

either as potentially a store of a value

as a method of of trading or speculation

uh or as a method of uh contracting in

other words uh exercising smart

contracts to conduct business uh in the

defy space or stake to

collect yields or farm yields

so different but an interesting analogy

by kevin o'leary nonetheless

now bitcoin did just uh well actually

did not yet uh is getting ready to cross

the uh or form a death cross pattern

here uh on uh on the bitcoin chart if we

look at the 50 day it is about to cross

the 200-day moving average and this is

expected to be a negative catalyst for

btc we did see the death cross happen in

the summer as well uh and we actually

did not see bitcoin drop that much after

the death cross uh there were occasional

little sells down sell downs but if

anything in my opinion looking back at

the last death cross we had it was more

of a sign of a bottom than a sign of

more pain to come remember last time we

did bottom out around 29 000.

now uh stack funds just released a

report and they believe that currently

we are at a low uh for bitcoin greed and

we're actually at a relative peak in

terms of bitcoin fear here's a chart of

bitcoin greed i'll hide myself there for

a moment here you can see we're pretty

much bouncing around summer lows on the

right side of that chart there which

could potentially indicate a an

opportunity to go shopping uh for uh for

cryptocurrencies

uh okay now another thing to keep in

mind is that stack funds gives a few

different reasons for investing in

cryptos right now one reason being

significant inflows from investors

buying the recent dip

a lack of a blow off top as suggesting

the current super cycle has not ended

and technical swings suggesting overall

bullish momentum minus a death cross

suggesting we're still in a crypto super

cycle

their report ultimately predicts that

bitcoin will continue to beat the

appreciation of gold exponentially and

they believe that we could be targeting

a 120 000 price target for bitcoin in

fact here you go folks they do think

that a crypto market is going to be

quote disjointed over the next few

months but look at this bitcoin is

currently trading in the middle of the

range establishing itself alongside the

law of mean reversion should this

support hold we could see the digital

asset bitcoin breaking up towards 120

000 in 2022 folks there you have it if

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and folks we'll see in the next one

thanks so much goodbye