BITCOIN AND CRYPTO DIPS AGAIN BUT HERE'S THE GOOD NEWS…
Is it just like the thumbnail suggests? Things are going lower, so first thing were going to talk about is a little bit of negative news as coinbase just completely folds, and decides to actually give up their urn program as dictated by the sec. I think this is a mistake and well dive right into it. Also well take a look at a new cryptocurrency bill, thats being ushered in which im going to urge you to take a look at and hopefully contact. Your representatives, then, were going to go into some more positive things and talk about why banks are going to lose this war and then well take a look at the actual good news and put everything in perspective so before we get into that lets. Just take a look whats going on into the market, and today is, as expected a little bit down. Uh were at uh 1.87 trillion. We dip below 2 trillion, like i thought we would, and then we kind of went up a little bit. Then came back back down so its like a dip within a dip within a dip and uh. What ive learned along the way is to not just put everything into the first dip, because it seems like theres like a dip and like a rebound, then another dip. Then a harder dip and before you know it youre, like man, i i have no money to put in these dips. So i just kind of break things up, so i dollar cost average in and i dollar cost average even the dips these days, because it seems like theres.
So many and september is just one of those months which uh we had talked about before its just going to be a very volatile and bearish month, so thats whats going on there and then the actual uh price of uh different coins, bitcoin being one of them. Uh almost uh forty one thousand uh or forty one, nine. Maybe we see in the thirty nine ranges who knows: ethereum lost the three thousand footing now its a twenty eight eighty and then tether as you may notice, is now in that third spot overtaking cardinal, and the reason for this is because, when everything goes down, uh Investors like to whats called tether up, which means they sell off their positions. They hold in a tether which is a quote, unquote, stable coin and they wait uh to buy or do whatever they want to do until things just kind of stabilize so thats. Why? You got those price action everythings just down across the board, except for avalanche avalanche, doing six percent so not too shabby and then algorand, one percent, so thats whats going on the market in a nutshell, lets take a look at what is going on as far as Like a little perspective and uh whats happening with with coinbase, but before we do that, i just want to give you just a little bit of a visual, and that is that this that i know that we believe that everythings going to go up exponentially every single Day it doesnt work like that, so this to me is pretty much uh most of the crypto market right now, uh 94 or 90 plus.
But if you just got in like i dont know two days ago three days ago, not a great timing, but dont worry. If you dont, like the price, itll change – and this is how i see things – everybodys complaining about – ah down 10 or 15, but all honesty – if youve been here for any length of time – you are massively massively up and you are being the pants off of everybody Who is in traditional finance s, p 500 down jones things like that, so just kind of keep that in perspective, so thats what we have there and then this was the story that i im very disappointed, honestly in coinbase than their decision to do this. I understand why, because the because they did their due diligence, they went to the sec; they they sat down with them. They uh they played that role. They were good boys and girls, and what did they get? The sec said thanks so much for coming in and guess what were going to sue the pants off you if you keep going forward and thats. Essentially, what is happening here so coinbase have abandons the plan for the land, and this is what they stated and id uh its just awful. So they uh coinbase comes out and says: look our goal is to create great products for our customers and to advance our mission to increase economic freedom in the world, as we continue our work to seek regulatory clarity for the crypto industry as a whole, we made The difficult decision not to launch the usdc apy program, so i guess it was only for the usdc uh stablecoin and they were going to give you around four percent just for holding that and then this is where it kind of comes down to it.
We have also discontinued the wait list for this program before we go on. I want you to think about if the sec and the regulatory environment is doing is protecting the investor. As far as what is going on here in the statement right here uh we have this. We have discontinued the waitlist for this program as we turn our work to what come. Next, we had hundreds of thousands of customers from across the country sign up and want to. Thank you all for your interest, but we cant move forward and they pretty much say. Like look uh, we could have given you a nice fat, four percent apy on stable coin. So, instead of keeping your bank, which gives you point zero, whatever one percent something ridiculous paltry, they would give me four percent and the principle would have been guaranteed, as they say right here so uh to me. I think this is uh a battle that has been lost uh, but not the war and thats what it comes down to and then uh. Also, on top of that, there was a a meeting with uh gary gensler and he was he have an interview to washington post its the same thing that he talked about in the uh for the uh regulatory committee as he came forth. Uh from for the senator for uh or the senate, the senate committee for for housing and banking – and he pretty much said the same exact thing.
Hes, like look uh everythings, a security except for bitcoin ethereum uh, because they are fully uh, decentralized or, however, he termed it, but everything else outside that is going to be a security. So if you want clarity thats what genzler is doing hes going to save security? Why is this bad well, its bad, because right now, youve got coinbase and kraken and voyager and every other exchange binance out there theyre selling unregistered securities, and that is uh will lead them to fines by the sec if they, if they move forward, also uh the Actual projects themselves, they actually are dabbling and putting forth unregistered securities, which means theyre going to get fined as well. The only way this works is, if congress steps in senate steps in and says, look we got to change the some of these uh these rules and we need to actually have some type of grandfather in clause like what hester pierce talked about uh. Who is one of the commissioners for central banking and uh, she could say or the sec and she could say, look uh. We need to do these. These types of things, if not were gon na, have a lot of problems and uh just grandfather things in so it was the same type of thing and then on top of that, if you dont uh, if you like more great news, theres a bill that just Came out – and it looks something like this – it is hr 4741 rep donald bayer, its a very long.
If you want to read like 30 or 40 pages, i will link that in into it for you, if you do not like to read uh all that time, because maybe you got something else going on im going to just paraphrase what this bill is going to Do what this bill is going to do is congress tends to regulate crypto on a level uh very deeply theyre going to designate bitcoin ether and their hard forks as commodities and regulate their transactions accordingly, theyre going to create legal uncertainty for all their crypto projects and Icos by allowing them to be labeled as securities theyre going to ban the use of unauthorized stable coins. Well, how are they going to do that? Theyre going to rebrand smart contracts, take longer than 24 hours to deliver as futures contracts and regulate and theyre going to redefine legal tender and change. The way money is created by the federal reserve and authorize the issuing of a digital or digital dollar of which all transactions are recorded. So i think this is a massive disaster and this has been under the radar, and i want to thank the person that brought it to my attention on twitter. Twitter is a great place. Twitter. You can find all the information you ever want to know. So the thing is with this: if you want to get involved in this in the united states, so all you have to do is first of all ill link this.
Here there is uh. The committees are the uh financial, the house, financial services, agricultural ways and means all you have to do is go here. You can click on agricultural ways and means the other one and uh. Once you go there. Just click on the theres, a little hamburger menu here and about commodity exchange energy about here and itll, say the members and all these members will pop up and you can talk to all these guys, just email them or call them what everyone do and say. Look this bill uh cannot pass because it is not defined well enough and its going to uh, stifle innovation thats, all i got to say, stifle innovation, thats it an email or a call, also heres the ways and means committee again you just click on about, and You just click on community members and then itll bring them all up there. They all are very simple, very easy. The worst one, though, is this one right here. This is the financial services uh by chairman chairwoman. Maxine waters. Look, i know you probably hate maxine waters. Do not give this video a thumbs down if you dont, like her, give it a thumbs down because you think its awful but uh this ones, the worst to find out all the different members you got ta go to about us and ill pull up some uh. The full committee ill give a thing and then itll talk about where you can find them, maybe potentially kind of sucks but uh thats, where you can find everybody and you can send the information – and we did this last time with the last bill that came about And uh we almost got it reversed, but it was the most amount of outpouring in a technology sector uh, since we saw for uh the last uh innovation as far as like stifling the internet, so yeah.
If you could do that, that would be fantastic, and that is what is going on. As far as i guess, you would say like a little negative news about whats happening, so lets switch gears a little bit and talk about some good stuff, pretty much why banks might lose this or the uh old guard, and this is what is going on. So this was actually from jake gervinski hes, a lawyer, one of the at a crypto project. Ive got the name of escapes right now, but he says it very simply and its a pretty good history lesson. If you werent around, he says, look the entertainment industry didnt defeat peer to peer file sharing by regulation or enforcement, which is what were seeing right now happening. People are scared. Banks are scared. The old old guard is scared and theyre trying to use their power and influence, which they give the chair, people to congress and senators because they pay for all those things thats how america works and uh theyre going to say. Look. We need to get more regulation here, and this is why and then you know, help us out because were your buddies, but you have to remember just like jake says its not about that uh you, it didnt really happen because of peer to peer it just what Happened was they offered better services. People were willing to pay for. So let me read this again: the entertainment industry didnt defeat peer to peer file sharing that would be like napster.
Everybody was up in arms about that by regulation or enforcement. They just offered better services back in the day. I remember when uh napster came about, you could download any type of music that you ever wanted to. It was super simple, really easy, but uh that was, it was totally free and uh. The powers that be were freaking out and that was riaa and mpaa and then what they did was. They said you know what were just going to offer some services that people want to downl download this and and have it accessible quite easily. And now do you know anybody who uses napster? Do you know anybody who uses a a file download service that they know what to pay for? No because they innovated their way out of it, but heres the thing: banks, arent, innovators and theyre – not going to do it and jake says it perfectly says: the banking industry wont defeat decentralized, money and finance by regulation or enforcement. Itll just use crypto and again they are not innovators. So, just remember that if you think, like ah theyre, going to shut us down everything else, probably they can try but its inevitable about whats going to happen, and on top of that lets, take a look at uh whats, going on the traditional markets. Real quick because yesterday we had a huge sell off right and huge sell off. You had a huge dip and it was all over the news we talked about it yesterday.
So the s p 500, just the basic top 500 uh great biz – are big companies youre. Looking at 4314 and everybody was freaking out yesterday, they couldnt believe it and then uh. If you take a look at what happened today, lets see over here nice little fat rebound so pretty good from monday to tuesday everything looks to be okay and then it just kind of went up that way and then, on top of that, if we want to Take a real big look into whats happening in traditional finance heres. Some more good news. Take a look at the 10 year treasury yield too. I think this was very important in terms of giving people some sense that it was not some broad macro stress event, because the yields – yes, they were down yesterday, but in a very modest way, and nothing that really kind of changed. The idea that were firming up in terms of yield now maybe were capped at 1 4. We havent really been able to get over that, but the point being it was not really a rush, a headlong rush for safety. As we talked about a lot of these issues such as evergrand, which has been an ongoing thing for six months, we spent all day yesterday talking about it, but this has been a six month meltdown. So maybe that also uh is reflected in the fact that it wasnt necessarily something fresh that just hit the markets yesterday and there you go and hes absolutely right.
So we saw a big downturn and everybody was freaking out and of course, this guy was falling and well never recover and then, once again we do the same thing uh. You know the traditional market recovers. However, i mean theres, so many different players from traditional finance dabbling into our space because were okay with them spending money, but we hate when they sell uh. That is exactly whats going on here. So we see a little bit of a recourse traditional but now were still suffering the effects over here. However, do i think that crypto will do pretty well, i do and heres a little proof. So if we take a look at that and then also just a little uh history, note take a look at these great numbers to put in perspective in 2015. Six years ago, bitcoin is 230 2016., and this was this was uh september, 20th, 2016., 600, bucks 2017 and september 20th, ’00, 6500, 2018, 2019., and these were bad years. I i might remind you 6 500, that was in crypto winner still not too bad. 10. 100. 2020, not that great, because it was kind of a low gear, 2010, nine and looking 20 21. 44. 000. So if you think i have to ask yourself well, where is where are things going? You want to hope for the best, but expect the worst. I still believe that were going to have more dips to come thats why im dollar cost averaging my dips essentially, but i think in the long run, were okay and speaking of that.
If we take a look at the long run, we cant not help but mention stock to flow and just like he says here, bitcoin is below 34 trigger and this was on june 20th and he says, look and you and i sketch this out, but i still Think were on track to 100k in december, and he says this was his his price on chain based august nah, 47k september 43k, because every single september for the last four years, its been pretty bearish. We talked about that a length in the last i dont know 20 videos october. He sees 63k november 98k december 135k and uh everybodys got their own interpretation of plan b. Some people say well like september, you know they. Some people say well thats the floor. Thats. The lowest it can go and some people say no thats, not what it is its actually the price at the end of the month, and you dont know what youre talking about. So i just say its around there and well just go with that and thats. Where i see things as far as going and that my friends is pretty much the good news about whats happening, it always seems to happen in september its just a bad junky month and ill link, the the video we talked about that, but every single time. Well, every single time it seems to do pretty darn well as we rebound into october november december, maybe january february, but again not financial advice, just financial opinion and then to finish all up its going to throw one more thing in there.
And that is that uh im, pretty good at dollar cost averaging im pr ive kind of figured that whole thing out. I think you could tell on this channel, but uh im horrible about taking profits im just just bad at it i mean i do it. Ive been doing it along the way, but i could have done better and thats the whole thing just improving about what your shortcomings are and just admitting that hey youre, not perfect, and you got to do better and learn something so im going to team up with Uh, the folks over there at market rebels or market rebellion and uh were going to go over and and see if they can help me uh fix that issue. Now my channel is not going to change its the same form and everything else, but somewhere along the way im going to talk about my process of taking profits because its like nobody talks about taking profits, at least not that much everybody talks about buying buying buying. But im going to talk about taking profits along the way here and there how it relates to taxes also for staking and everything in between, because you know you have to think about those things and look thats it for today. So look if you made it all the way hand, i want to say first thanks for sticking with me all the way. I really appreciate it if you liked todays video go and give it a thumbs up, give it a like, and then, if you like, these types of videos go ahead and subscribe.
We talk with these things every single day about whats, going on in the market.