CRUCIAL Bitcoin Update (Crypto Fights Back)
All of these battles have gone down in history as some of the most heated donnie brooks of our time. Every single one of these epic battles all come with their own unique batch of controversy, media coverage and notoriety. Recently, the crypto space is no different and it has been gridlocked in a war of its own. The bitcoin bulls and bears have been locked in a fight where the 60 000 level is the metaphorical octagon since reaching the 68k level for the first time earlier this month, bitcoin has corrected and since then its been a seesaw battle at 60k, we practically need bruce Buffer to give us the play by play every time we refresh our phones, unlike the battles mentioned earlier, this feud goes on every second of every day and each opponent has its own way of landing, punches and bunches, regardless of what side prevails to be the winner By the end of 2021, its safe to say that sun tzu would be proud lets get it welcome to bitboy crypto home of the bit squad, the largest and greatest crypto community and all the interwebs. My name is ben every day on this channel. I show you how to make money in crypto, if you like money and crypto, then make sure to hit that subscribe. Button in this video were going to talk about the recent battle between the bulls and the bears, the news from each corner and some insight on what side is going to have to throw in the towel by the end of q4.
In the blue corner, weighing in at 1.1 trillion dollars fighting out of the optimism of mass adoption, we have the bulls in the red candle corner, laying down the hopes and dreams of your average retail investor fighting out of fud stories crafted in dirty gary ginzors basement. We have the bears the battle at the 60k level, its been going, the distance and the crypto connoisseurs of the world have been leaning in making their side bets on which side will prevail. Those options expire on friday november 19th and that always seems to play a small role in price action also on friday, the 19th is a full moon, which also has had a slight correlation in price action as well. Although correlation is not causation, these two factors could work out in favor for the bears for this week, but after that november will start to wrap up and december will begin a battle of its own. The bears have a few other factors in their favor as well. Besides the usual fight about mining in china, joe bidens 1.2 trillion dollar infrastructure bill recently passed, although the tax mandates that are now in motion wont begin until 2024., the vague language of what constitutes a broker continues to cause fear, uncertainty and doubt in the eyes of Those on the sidelines who want to get into crypto but havent, yet made their first investment. On the flip side, fat crypto was mentioned on page 2433 of this enormous 2, 700 page bill legitimizes the future of the industry in its own way.
Considering that the us government is relying on using crypto taxes to pay for a portion of this massive spending bill at least tells us. The crypto is here to stay for the long haul. In a weird way, this bill hurts the bears just as much as it helps them. So what else is helping the bears right now, whos in their corner, helping out with pad work and cardio. Quick answer to that is fudd stories. News circulates faster than ever in our industry and in the past, weve seen how fast one measly story can put us down for the 10 count. For example, the elon musk story back in may saying that tesla will no longer accept btc to pay for cars due to environmental reasons, was a major catalyst, the biggest dip of the year. The story shouldnt have had the impact it did. I mean tesla only sold 17 cars through accepting bitcoin. Nevertheless, that flood was still a devastating blow to the bulls. The bears took the w that day, but we battle on cant, win, todays fight off of yesterdays efforts. An ounce of sweat can save a gallon of blood. Recently news stories about the sec going after block fi are helping the bears get hyped up in the gym. As pointed out in a recent bloomberg article, the sec is going after blockfy questioning whether its marketing elicit financial products, the lack bedrock consumer protections lets all be real. Here. Is this really about protecting the people, or is this due to the fact that the interest rate for a new jersey savings account is .
06 and you can make a 9.5 yield on your money by utilizing lending and borrowing features on block five, keep in mind the Only reason dirty gary ginsler and his team of misfit toys are continuing to pressure. Great companies such as blockfi is because they are a threat to the legacy system. This is why the bears spend millions of dollars every single month, marketing and circulating these fud stories about mining, environmental issues, taxes etc. Who would ever want to go to a bank again for zero six percent? If you can make guaranteed money without the risk of trading and wont stop here, the sec will continue. Posturing against block five coinbase xrp and stable coins are next. As pointed out in a decrypt article, gary gensler noted that decentralized finance platforms not only implicate securities laws. Some platforms also can implicate the commodities laws and the banking laws. Stable. Coins are the backbone of d5 and they need to incentivize the american population to not use crypto, so they can continue buying bonds and keeping their money in banks. If the treasury doesnt sell enough bonds, there are implications that could result in the government defaulting on the debt ceiling. The legacy system is threatened, yet they dont want us to make more money, but they still want to tax us to pay for their infrastructure bill. They shouldnt be able to have it both ways and we can fight back with our wallets by using crypto instead of the traditional system.
No one in the world that knows about crypto would buy bonds when they can double or even triple their returns by using sites. Like blockfi thats, why you will continue to read negative articles. Flood stories are the ammunition for the bears, thats keeping us locked in at the sixty thousand dollar range. If you love, crypto and making money, make sure to smash that like and subscribe button puts you in the bit squad the most well trained informed crypto squad on the planet. But what are the bulls going to do to combat this tidal wave of negativity? How do we keep a mental edge over the bears to ensure a flawless victory? Luckily, not only do we have sitters such as ted cruz and cynthia lummus on our side fighting for clarity, the truth is each and every day we are tiptoeing closer and closer to mass adoption. No fudd can stop that. Look around at the headlines. Just from this past month alone, its happening right now burger king, has a promotion for customers to get into crypto mcdonalds. Has a mcrib nft spicy, the houston rockets recently added ny dig is a team sponsor and the team will be paid in bitcoin tom brady, steph, curry, shohei ohtani are all ambassadors for ftx. Even churches are going to accept. Bitcoin donations portal has partnered with polygon to advance devi on bitcoin. You can buy bitcoin from atms and gas stations all across the country. There are commercials for various crypto exchanges in wallets during most prime time nfl games.
The pointed out that the staples center, which will now be known as the crypto.com arena, is a 20 year contract for 700 million dollars. How can bitcoin ever go to zero of the stable center as a 20 year contract? Promoting crypto comment below on the next place that crypto.com or ftx should put their names on, but the road to mass adoption is infrastructure for crypto and it was paved this year. Yes, the bears can sucker punch us with flood news stories and cause catastrophic liquidations. But if you stand your ground, take their punches on the chin and keep fighting, you will win this battle. You can only lose if you throw the towel in and sell the bottom. We make these videos, so the members of the bit squad know how to hold their ground dont over leverage and to keep fighting back with your wallet. Crypto is here to stay folks. This is a war and dont. Forget knowledge. Is your high ground be smart, learn everything you can take profits trade responsibly? The decision is in and its unanimous. If you mess with the bulls, you will get the horns.