Guy Answers Your Questions: Celsius, The Fed, and Bitcoin's Bottom! 😎
This is the second time this week and i think theyre going on strike again in a couple of days. Time as well were just yeah strikes everywhere here in uh here in britain at the moment, so im working from home – and i thought i would yeah. I thought id do a q, a uh video for you, uh from here in the garden, so um apologies in advance. We are going to get a bit of interesting background noise that might be the odd plane going over. Um might be uh some bees buzzing. Some neighbors making interesting sounds all that sort of stuff, so um yeah its a uh, its a 360 degree, sound experience for you today, um anyhow, as you might recall, i uh i put out um quite recently on instagram a call for some questions for a q. A and loads of you have sent some in so um. Some of my colleagues at coin bureau have selected a handful for me to answer for you today, so without further ado lets crack on okay. So the first question comes from prev underscore 101. Some interesting usernames here – apologies if i uh mangled pronunciations of any of them, so preve 101 asks. Do you think bitcoin will drop back under 17, 000 again and uh yeah, i mean wow. That was that was pretty interesting. That was last weekend, as i recall wasnt. It um we just saw prices going down and down and down.
It was tough, obviously off the back of the celsius news and the three arrows capital news and just general market fud, its really been a tough few days for prices, hasnt it and weve seen them kind of rally a bit in the last few days. Do i think btc can go under 17k again? Yes, i do. I do. I dont want to sound all doom and gloom here, but unfortunately the macro situation, as i keep saying, has not really fundamentally changed in the last few days and i cant really see it fundamentally changing at all. In the next few weeks and months. We are still fighting rising inflation. We have still got more interest rates rises to come from the likes of the federal reserve. Um inflation is running really hot here in the uk as well. The bank of england recently put up its interest rates not as much as the fed, which means its probably going to have to put them up a lot more in the near future, were seeing interest rate rises across the board. So, basically, that translates to to a rough ride for asset prices and stocks and in particular, crypto, i think, are gon na have a really rough few months, possibly even years ahead. So can bitcoin go below 17k? Yes, it can um. I think it seems to have found it seems to be kind of holding reasonably steady around the 20k uh range at the moment.
Now that i think indicates that bitcoin is really really oversold at the moment, and it is an asset. People still want to people still want to accumulate, but weve seen so much for selling uh recently um because of celsius because of three hours capital. Because of all these liquidations. So a lot of entities have been forced to sell their btc and that has translated into a lot of cell pressure. I still think it can go lower from here im kind of looking at well, i mean it could even, i think, go down to around 14k. If we have more crypto related bad news and there is a possibility of that so yeah we could see it go lower. I am expecting it to go lower in the kind of short to medium term but long term. I am, of course, still very, very bullish. Gosh, that was a long answer to that question. Wasnt it. I think the birds are sort of tweeting their um protest. Okay, uh, naz, dot qwerty says: are you feeling better guy? I hope you are best regards from argentina. Thank you very much. Yes, i am feeling better, i felt absolutely terrible over the weekend. I dont know what it was. I dont think it was covered um we dont actually have any covert tests here, um in the flat at the moment, so i wasnt able to test. All i know is, i felt absolutely crap, but i feel a lot lot better now ive been drinking lots of water, lots of hot honey and lemon trying to get lots of sleep, and you know a bit of fresh air generally, just looking after myself.
So yes, thank you. I do feel a lot better and well yes, best regards back to argentina. Thank you, um, okay, camellia2633 says: do you think move to earn tokens will still be alive after the bear market is complete. This is an interesting question before i um before i kind of fell ill at the weekend. I was chatting to sue to um some fellow fellow cryptopians, if you like on friday night, and we were chatting a lot about move to earn things like step and obviously i think we had the the walken um sale on the horizon for that. A lot of people were talking about walken. I i recall on friday i kind of think step move to earn. I think is a really interesting. Uh, really interesting kind of niche thats um thats popped up in the last. You know in the last few months or so um do i think it will do. I think it will last until the bull market comes back around again. I think it can. The thing that strikes me about move to earn is that i think, because already now, i think were seeing. I think people were saying with steppen. You know the barrier to entry for steppen is now quite high. You know if you want to buy these trainers now its quite difficult, and this is something that we saw as well with axia infinity. I recall you know it was. It was fine if you were an early adopter, but if you, if you kind of heard about it and thought you know later on and uh and you wanted to get in suddenly, you know youve got to put down basically thousands of dollars in order to get Started and thereafter after that kind of expenditure, its quite difficult to you know to to earn that money back and then get into profit.
I kind of feel that move to earn can be a really cool sector and i think it can survive. But i honestly think it shouldnt be about. You know a handful of people being able to make hundreds of dollars a day, or you know, or a week or thousands of dollars a week or whatever it is. I because i dont think that is sustainable or practical, and i dont think you can keep attracting users to that. What i think it should be is it should be a way by which anyone can earn. You know maybe a few dollars a day and really it has to be. You know it has to be an even spread so lets say you know lets say you decide to walk instead of take the bus home for the for the last bit of your journey. You know that if you can earn like a couple of bucks for doing that a day, then that i think is great and thats a sustainable model. But if youve got like, i say, a handful of people who are just able to clean up. Meanwhile, everyone else either has to pay thousands of dollars just to just to get in um, and you know, is not really going to make any sort of meaningful money. After that. That to me is just you know: thats thats going to fall apart pretty quickly, so i kind of feel that move to earn. It needs to become a lot more egalitarian.
It needs to be about everyone being able to make a few extra bucks. A few extra quid here and there, but as soon as it as soon as it gets too concentrated as soon as it gets too centralized in the hands of you, know a few who got there early or had the capital to buy in um buy in early. Then yeah, i i dont think it can survive in that sense. So yeah move to earn sounds really exciting, but i think it needs to be. It needs to be for everyone, and not just for a few people. Okay, so t3k asks: when will the fed figure out its better to regulate crypto than continue to raise interest rates? Okay, so the fed has a dual mandate, and this is all that the fed can really do it. The feds dual mandate is to keep inflation manageable, which is kind of around two percent a year and to keep employment high and the only way it can do this. The only way it can fulfill this dual mandate is to raise or lower interest rates. So thats, really all the fed can do so. This is a question i guess of whether the the wider us authorities um, can get their act together to properly regulate crypto uh. Now i think we are definitely seeing signs of this. I was talking just the other day in a video about um, a new about a bill that is now being starting to work.
Its way through the u.s, through the u.s congress, thats been proposed by senator lumis and senator gillibrand, and this is a republican and a democrat senator, so it looks like it could have cross party support, which is very, very exciting. Now it looks like if this bill is eventually approved, and that is quite a long way off, because a lot of talking about it and a lot of deal making has to be done first before the bill can be signed into law by the president. And that means it would have to pass through the senate and through the house of representatives um. It does certainly look like the us is starting to become aware of the fact that it needs to put some sort of sensible crypto regulation in place in order to basically basically keep uh the crypto industry in the united states. Because if, if we dont get regulatory clarity in the united states uh, then crypto businesses crypto projects, you know all these crypto focused companies will simply up sticks and move to other move to other places, and the innovation in the sector will be will be strangled in The us – and that will be to the benefit of other countries. So i guess we are starting to see steps towards sensible crypto regulation in the united states and it has to be said elsewhere as well, because uh authorities here in the uk have been making noises about uh, crypto regulation too, so um yeah, i mean.
Unfortunately, we are going to see the fed continue to raise interest rates for quite a while um, because that really is the only thing it has in its locker um to try and combat the rampant inflation. So until inflation starts going down – or until we see that inflation has actually peaked, then interest rate rises are going to be with us for a while, yet im afraid darshit4554 asks will celsius ever recover yeah. This is a question. I think a lot of people are asking themselves at the moment, um now, obviously, first and foremost, we have to see celsius, uh reactivate withdrawals and let its users yeah and honor its withdrawals to its users. That is the most important thing we obviously want to see. Celsius avoid bankruptcy, because that would be very, very bad news for its users and everyone else. So can it recover? Yes, i think it can. Obviously its celsius is talking to restructuring lawyers. At the moment, um theres also uh talk of uh arrival and i think nexo is the is the one that everyones talking about here, maybe taking it over, so i think theres definitely a chance that celsius can survive. Obviously, i think the brand is really really tarnished now, so, even if it does manage to uh manage to honor its user withdrawals, then its still got a lot of bad pr to try and come back from. So short answer is yes, but i think it will look a lot lot different if it does in the long run.
Okay, rajendra underscore chowdhury underscore 38 says: when can we expect the next bull market brother rajendra? I i dont want to sound. I dont want to sound like a massive fudster here, but i think we are stuck with this bear market for a while. Yet and i my my best estimate would be till at least the end of this year, and possibly all through 2023 as well. Im kind of looking at 2024 as when the bull market will come back. I think that there was just so much pressure at the moment on the crypto markets and lets face it on all other asset markets as well, because of this unprecedented global situation that we find ourselves in uh. I really really think that yeah this um this bear market is with us for a long long time. Yet so dig in and keep warm okay uh lima765 asks. Is it best to keep the crypto stash in a cold and hot wallet or just all in one specific wallet? Okay, interesting question here, so i think its definitely a good idea. Well, i mean im a big big fan of cold storage. I keep the vast majority of my crypto in cold storage, spread across several different hardware: wallets that are all in different locations and at least a few of those are in safety, deposit boxes as well. That may sound a bit paranoid, but then you know i have been in crypto for a while.
I have got quite a bit and id like to keep my risk spread. So, even if one wallet gets compromised in the very unlikely situation that one wallet gets compromised, then you know at least i havent lost my whole stack. So i think its really really important to keep your keep your crypto portfolio diversified, because if its all in one place, then that is really asking for trouble and you can ask a lot of celsius. Users um what they think of that because they will be experiencing. You know they will be feeling pretty bad at the moment if they were keeping all their stack on celsius, which im sure a lot of people were so yeah buy a hot wallet. You know anything thats connected to the internet. Now this could be an exchange. Now i dont i dont advocate keeping crypto on exchanges unless youre planning to trade with it, so you could keep a small amount of crypto on an exchange. If you are planning to trade, if youre not you need to move it into your own wallet now. That, ideally, is a cold wallet, but i also think desktop. Wallets things like exodus are very, very good as well. They are a little less secure because they are connected to the internet. They are on your. They are on your device um, but they are still very, very safe, so yeah the main thing is to keep it spread across several different wallets.
So next question uh crypto mx, says us double d, nay or yay. Well, uh, us double d is last time i looked was off its peg at around 97 cents, so that is a hard, nay okay, uh santosh vajallah 18. I hope i pronounced that right says is bitcoin dead, no and dont. Let anyone tell you otherwise. Ashes.Remain says: can btc go below 9k? In your opinion, wow it was below 17k. At the start of this q a and its now uh its now. Can it go below 9k, its dropping like a stone um look. I dont want to rule anything out because yeah, if you make sort of price predictions, you can be made to look very, very foolish, very quickly ill just say i would be amazed and pretty shocked if it went below 9k, but im going to cover my cover. My backside and say look anything is possible, but i dont think it will happen. Okay, cryptomagnet says: do you prefer staking on a ledger or a lending platform, so a ledger hardware wallet i dont actually use ledger wallets. I i know that theyre very, very good devices. I havent used ledger uh since it suffered that massive uh data hack, um a couple of years back uh. Otherwise i know ledger devices are great. I personally use a tresor its a bit its a bit tricky at a stake uh via trezor. So actually i stake. Um some crypto through uh through exodus wallet, which i think ive mentioned um before.
But if you do have a ledger, then yeah. That is probably a much safer way to stake um than through a lending platform at the moment, because again lending platforms like celsius yeah and having a bit of a tough time at the moment, so yeah staking through a a ledger or another wallet. Yeah is a very, very good option as long as that wallet of course supports the crypto that you want to stake, and then final question, uh jack bolly to rosney interesting name says: would you be the next bond? Well, um, all i am getting a thumbs up from behind the camera. Uh all ill say is uh jack. I guess if the makers of the bond franchise wanted to take it in a very, very different direction: um and possibly wanted to uh completely tank a long running and much loved film franchise. Then yeah. I could be your man um yeah, next bond, well, uh yeah, im a bit busy with crypto at the moment, but yeah who knows: okay, folks, thats your questions uh for today. Thank you so much for sending them in um. I hope you enjoyed this little al fresco filming session that we did probably got some very interesting noises in the background for you, but that is the joy of filming outdoors um, so ill be back with another one of these uh. Probably you know in a week or sos time and ill be back on your screens with more youtube videos very very soon.