Bitcoin Is The Kenny Of Crypto (Twitter Gets Crypto)
Yep septembers typically been a month to forget for the crypto markets and so far it seems the trend is continued intact. Its all looking like a pretty typical end to quarter three flash crashes, panic and fear china banning bitcoin for the millionth time, but the market is holding its nerve. Why? Because if history is set to rhyme as many believe it will, then these could be the last moments of quiet for a pretty insane storm. The launch pad for a q4 of truly epic proportions so buckle up and lets get it welcome to bitboy crypto home of the bit squad, the largest and greatest crypto community. In all the interwebs. My name is ben everyday. On this channel, i show you how to make money in crypto, if you like money in crypto, be sure to hit that subscribe button in this video, we look at why bitcoin is still going strong. Bitcoin is the kenny of crypto poor kinney hes been chopped in half crushed by a falling satellite, eaten a lie by ozzy osbourne, but like bitcoin, this kids made of steely stuff he bounces back every time. Guess what its not even my analogy. This is coming from. None other than the head of asset management, firm, counterpoint, subsidiary of morgan stanley, who clearly spends too much time watching cartoons and not looking after his clients but anyway, bitcoins taken a beating this month crashing down from about 50k, find some solid support in the low 40s Support that suggests both retail investors and institutions been buying the dip with every chance they get.
But dont just take my word for it. The unchained metrics say it all. Smart money is moving bitcoin off the exchanges and into cold storage, something they tend not to do. Unless theyre confident of a kenny like revival its what they call smart money, theyre smart, like this guy, the lead on chain analyst at glass, node points out that long term huddlers now are at an all time high, while exchange reserves are bottoming out. Huddlers have withstood a ton of fun for months, and this is what theyre saying were not selling Applause. I hate maxis. So let me rephrase that theyre not selling yet theyre, buying just check out this data from coin shares, which shows bitcoin, is leading the charge with investors piling in despite the china, doom and gloom. Why? Because they dont see it as a threat. They see it as a great opportunity. Thats now one two three four five: six straight weeks of positive inflows of cash into digital aums assets under management. Liquid supply is at an all time, high theyre, not selling, because theyre huddling out for something bigger, the kind of parabolic run weve not yet seen this cycle and theres also more talk of china cracking down on crypto. If youre new here just understand that china banning crypto happens every six months, some of his old timers are kind of fed up of hearing about it. But let me break down whats happening and why you shouldnt be worried.
Crackdown began back in 2009 when they implemented a ban on digital currencies. Now this wasnt about bitcoin at all, it was super early days for crypto. This was actually more due to virtual currencies circulating in video games, but even then they saw it as a potential threat to the yuan, fast forward to december 2013, czp explicitly called out bitcoin by calling it a currency without real value and banning their banks from handling Transactions, we saw some fake news go around in 2014 about a full on band that briefly rocked the market and a few years later, they forced their exchanges to shut down, which is when bineets made. The move over to malta. 2019 saw the mining ban, which ultimately took full effect earlier this year, beginning the so called great mining migration, something anthony pompliano described as a major geopolitical error. Well, now, theyve doubled down with an all out ban the real deal and for those who dont speak fluent mandarin. Allow me to translate: crypto is finito. Illegal done were seeing exchanges like huobs scrambling to cut ties with customers on the mainland, most of whom are getting those coins into cold storage as fast as humanly possible. But, of course not before smashing that, like and hitting that subscribe button in the name of freedom, is this likely to have a negative impact on price action? Well, so far, its barely registered sure we had a small dump, a dump for ants.
Meanwhile, we actually saw a rally in divide coins largely attributed to chinese retail, seeking out the decentralized alternatives, not even the ccp can ban. This is what crypto is all about: folks, economic freedom, financial sovereignty, self custody of our assets. China can ban the centralized exchanges. They can ban transactions, but the difference between banning and actually stopping something is huge. The war on crypto is just another war. You dont win. It is by definition unstoppable by overbearing governments so long as theres internet and its the very reason satoshi invented it. In the first place, bitcoin has moved up and right ever since 2009, in spite of many so called bans from china, it certainly isnt about to stop now. Meanwhile, weve also had some hugely bullish news for bitcoin this week, while one of the most powerful countries on earth is trying to stomp it out, one of the most powerful companies in the world is going all in yes, im talking about the integration of the bitcoin Tipping service on twitter and in its own low key way its a big deal. You got ta hand it to jack dorsey the dudes not playing around just look at him. He used to look like this now. He looks like this and say he doesnt think theres. Anything more important in his lifetime to work on true to his word. Twitter will now allow users to tip content creators in bitcoin thanks to the strike network brainchild of the other jack jack mullers, a man so bullish on bitcoiny literally sold everything in his house to buy the dip.
So in terms of adoption and onboarding content creators to crypto the significance of this move, cant be understated plans or other features like wallet, integration and ft. Authentication are set to be coming soon best. Yet in line with its hippie credentials, jack and twitter wont be taking a dime in commission weve, already seen major names like diplo leading the way. But you want to know something really cool, because ive got some huge news about an actual major celebrity preparing to accept. Bitcoin tips and this one could be a real game. Changer anyway. Jacks influences is solely limited to twitter fact. Is this payment company square were likely to have the biggest impact on crypto. We already know theyre building a divide platform along with big hitters dedicated to bitcoin, with a current working name of tbd hes invested with jay z to build an endowment fund promoting bitcoin in africa in india and hes made moves into mining and look like him or Loathe them we need people like jack in the space people whose commitment go beyond making a quick buck, hes an idealist hes, a billionaire hes, not in it, for the gains and its not just about tech. He genuinely believes in bitcoin and unfortunately, for now exclusively bitcoin as a transformative technology capable of bringing about world peace. People like max kaiser, say the same thing, but he just shouts at people and posts me tweets and wears shorts. Michael saylor says it while accumulating even more bitcoin and posing inspirational quotes.
Meanwhile, jacks building affordable hardware wallets investing millions into renewable mining. Sometimes we need powerful people like him to focus on why? Because the esg narrative is fundamental to bitcoins success and as much as the mainstream media likes to misrepresent the facts on it, theres, no denying its all our interests from miners to retail investors for cheap and available renewables to secure the network. Miners flock to the cheapest energy, which tends to be sustainable there, just isnt enough of it to go around plus theres intermittency issues, the storage problem, a whole set of cost benefit, trade, offs and incentives. The esg market is a two billion dollar industry and mining wants to be on the cheaper side of the curve. Besides the number one criticism from morons, like the banking broad elizabeth warren, just makes sense to go green from every angle, and the good news is some of the critics. Dont tell you we already: are: mining fluctuates between being 40 to 70 percent sustainable by comparison, the u.s grid is about 12 to 18 green, so its already ahead of the game, its just an easy target. Theres already some super cool innovation happening using landfill waste and harnessing natural methane gas, rather than flaring it and now the coolest, yet atomic bitcoin yep weve had volcanoes now cryptos going nuclear. This recent article suggests that, in light of the esg fudd, mining companies are now partnering up with nuclear power plants in a symbiotically.
Beneficial move like the joint venture between talon energy, corp and mining company, terra wolf, who started development on a facility, the size of your football fields, next to a pennsylvania, nuclear plant and, of course, the worlds most handsome mayor mayor suarez is now trying to woo miners. To nuclear facilities in texas, its clear win for everyone, clean, stable energy for the miners and a viable business model for ailing nuclear facilities can deliver serious hash power plus its awesome ive said it before and ill say it again. Dont get swept up in the fud. Look at whats, actually happening zoom out think were on the way down. Kenny doesnt, look ready to capitulate, yet hell bounce back. He always does, but he also does die again, probably in time for christmas, so dont forget to start planning an exit strategy or youll be crying into your empty stockings q4 is all yours kenny its gon na be a heck of a ride thats.