I'd Sell ALL Of THIS Crypto Right Now! FTX Buying Robinhood?
If you dont mind hitting the like button and subscribe button, there are no sponsorships or anything today just know there are links underneath the video in case you want to help out the channel. You can try out new platforms now uh turn on the bell notification too. So you know right when i post a video now the core pce inflation number comes out thursday june 30., be ready for that. We have the pce inflation core, pce inflation coming out as well. So just a lot of inflation talks going to happen towards the end of the week, its going to give us an indication of whether the feds going to continue raising rates as aggressively or more aggressively or less aggressively and thats going to push the overall market. Now we also have something big happening next week. Possibly this is something that has just been kind of a non event for months, if not a year and thats grayscale, that is trying to get their gbtc spot. Bitcoin etf, the sed the sec decision is next week. Now, i think, were always making progress to getting closer to that, because there are more and more products are being offered that give the sec more reason just to approve one of these spot etfs. But we still havent gotten anything definitive saying that they are going to approve one here soon, so it might still be a while, but that is something that could happen next week now.
One thing that we have to be careful of right now is that hedge funds have started to target tether now. Usdt is the largest stablecoin out there. You can see, though, that it is losing market value market cap compared to usdc theyre coming closer and closer together. Now they have recently said that theyre going to have a top 12 accounting firm audit them, but a lot of hedge funds are starting to short positions in usdt and trying to de peg it, and we have seen a lot of redemptions over the last over the Last week, or so now, the market cap has fallen by 20 billion dollars since mid may, so a lot of people are just being careful because they dont think that tether actually has the reserves. Now, of course, i dont give financial advice out on this channel. I cant tell you what to do, but if it was me and i had tether, i would sell out of all of it, even if it is just for a slight haircut. Usually, if you have a couple thousand dollars and you try to sell into usdc, you lose a few dollars, but i would move it into usdc or even in us dollars for now getting ready to deploy it into the market uh. I just dont think it makes sense to hold usdt unless you really have to and just know that theres a lot of risk in it right now. Note that theres a lot of risk in crypto too, just in general and im still dollar cost averaging im still buying just know that if tether falls down, thats going to be really bad for the market, which is where you want some dry powder on the sidelines And ill talk more about that later, but just know that it could get dangerous if usdt falls and thats what everyone is really fearful of in the market and has been for a while, but i dont necessarily think thats got to happen.
I wouldnt be surprised if people try to push for it, it did fall until it hit about 95 cents, and that was right around ust collapsing, but that caused that was a lot of manipulation and im not sure well get below that again. Just know if you have usdt might make sense to move it now. Moving on to someone that didnt have reserves, three arrows capital todays the day that voyager announced that 3ac has defaulted on their loan and a significant one at that voyagers down a lot today. I think there are some people that are holding out hope that they would be able to repay this or something, but that doesnt seem to be happening. We had sam bakeman freed, come in recently and give voyager credit line as well to help liquidity and theyre doing that with block fi as well. Weve talked about block by a lot over the last few days, but now theres news that they might be trying to acquire robin hood. Robin hood is pretty small compared to where they were before theyre eight billion dollars. If you look back right, they were much larger. They were up to seventy dollars, so almost you know eight times the size now theyre smaller than ftx. I believe ftx was around 40 billion dollars last time. They were. They got a valuation round, but i think theyre also extremely profitable. So it sounds like theyre going to try to make a deal for robin hood and will clemente says that it sounds like theyre trying to make a move on coinbase in his opinion, and he talks about how theyre actually really regulatory friendly.
And this is something that theyve been very clear about with me as well, because they do offer some interest products, but theyve never tried to push that and push the envelope with that. So you can see that might be kind of an interesting deal. Robin hood is up on this news today they spiked up about 12 percent within a couple minutes and then just a reminder on why we invest in crypto and ill try to keep this under eight minutes. So you dont get a mid uh mid roll ad. We just got news that california is looking to have this inflation relief check and theyre going to give up to a thousand dollars per family or a thousand fifty dollars per family, and some of the checks are going to individuals or families that make up to five 500, 000 a year as a family, so 500 000 a year and theyre gon na be giving you two hundred dollars per person. Now i dont know about you, but i think a family thats earning five hundred thousand dollars a year, probably doesnt need 400 in a stimulus check. Now i could always be wrong, and maybe you can tell me in the comment section if i am wrong, i understand it for people that are having a really hard time, people in lower income brackets, but if youre making hundreds of thousands of dollars a year. I think its on you, if youre not able to you, know pay for groceries now thats just my opinion, but you can see that there arent much better ways.
I think that the that california and the country could be spending their money. I think a lot of us agree with that, and i think it all comes down to this. If the governments going to keep on mismanaging money, the key is to gain more exposure to bitcoin and this person posts on reddit. I finally did it operation one whole bitcoin is now complete. This just provides you a a layer of safety, some diversification away from the fiat world. I think thats. What a lot of peoples goals should be is to get to that one bitcoin mark and we the reason that we want to do. That too, is because bitcoin and crypto become more and more adopted over time. Wells fargo just released a report stating actually crypto, not bitcoin is nearing an inflection point for the hyper adoption phase similar to the internet in the late 1990s. So even banks now are saying that crypto users are growing exponentially and this is generally a really cheap time to be buying bitcoin, its only traded. This far below the 200 day trend and its aggregate cost basis for three percent of its entire existence. So this is generally one of the best times to buy crypto. Now, of course, i could always be wrong. Im dollar cost averaging im not going all in because the fact is macro is bad and we could get more bad news. But i also dont want to sit out either because this has just been a very good time to accumulate and usually when youre fearful and you dont want to accumulate thats, usually a decent time to be doing so, because your emotions play a big role in investing Now, im gon na stop this before we get to that eight minute mark, so you dont have to watch another ad.
I apologize if the computer is a little bit loud, its working overtime. Apparently today it sounds like its about to take off, but i appreciate it.