Very underpenetrated can provide a service of insurance against financial catastrophe that no one else can provide and uh and can go up 10 times or 50 times. The answer is nothing, so perhaps you should have some of this hey welcome back everybody to altcoin daily. Let me know which cryptocurrencies youre buying in the comments below, of course, the reason why you subscribe to this channel is because, on a daily basis, we take you through everything, going on in cryptocurrency around the world different altcoins. This is exactly what were doing today. If you appreciate that support the channel, like the video lets, get in to the top story of the day, big news, legendary billionaire value investor bill miller, he became a billionaire by making great investments, has gone on record where he has already said in years past that He owns a little bit of bitcoin and hes just watching the asset. He now says: 50 of his personal wealth is in bitcoin and he describes himself as a full bitcoin bull huh, a billionaire 50 of his personal wealth thats got to be hundreds of millions of dollars. This gentleman has in bitcoin, so the big question is: why has bill miller gone so big on bitcoin in his personal account? Listen to this id say its a combination of of things, as it would have to be to allow something to get that bigger part of your portfolio, because you know its. It goes against many of the tenants of of uh financial discipline um.

On the other hand, the people that actually are the richest people in the country all are massively concentrated. You know buffett and berkshire jeff bezos mark zuckerberg, so theyre not theyre, not widely diversified, they may be theyre, theyre highly concentrated and i think thats, because they have a high degree of confidence or have high degree of confidence in the in the value of those investments. Amazing to hear bill miller talk like this before we get to ethereum before we get to chain link before we get to alt coins. Lets just finish. This up lets listen to him go further. Why is he a bitcoin bull now, what turned him so bullish? Listen as he describes the paradigm shift, that is bitcoin, and so it comes down at the very basic level for supply and demand. So bitcoin is the only economic entity where the supply is unaffected by the demand, so even with gold. If gold, which is eighteen hundred dollars today, if gold goes to eighteen thousand dollars, there will be a lot more gold mined, because mines that are unprofitable will become profitable and so gold which, which accretes today the production of gold, is about equal about one and a Half to two percent of the total value per year, thats the same uh accretion. That bitcoin has currently uh that, but this year 2022, i think well drop below 1.5 on that, so only only 21 million bitcoin can ever be created or close to it.

It doesnt matter if bitcoin is 100, 000 or or 20 million theres only going to be that many of them so um. All you have to really believe is that the demand for bitcoin will grow faster than one and a half percent. You know over the next number of years and the price inexorably will go up, so i ive only recently been allowing myself to be described as a bitcoin bull. I i used to tell people he said: oh youre, a bitcoin bull, you own, a lot of bitcoin im like i do own a lot of it, but im actually a bitcoin observer and im observing its trajectory as a new technology and comparing it to the trajectories Of things like uh, the printing press or the steam engine, or the railroads or the automobile or electricity and and its following that very uh, not not predictable, because its not predictable. Certainly in the early days, a well understood path for the adoption of new technologies. And you know stan, i think it was stan. Druckenmiller uh said earlier in the year that and and now he owns bitcoin by the way um, but he said that bitcoin was a solution in search of a problem and what ive found amusing about that is. Every new technology is a solution in search of a problem, because you have a new technology and trying to figure out what youre going to do with it. And so you know when you, when we created the internet, what are we going to do with that? So uh the defense department had used good uses for it, but it was tough for other other people to see, and but now everybody can see what the value of the internet is same thing with the internal combustion engine, which was very dangerous.

No, but now thats taken over the world and now were going to move to electricity. So all kinds of technologies have to grow into their uh grow into their potential and bitcoin is, i guess you want. The theoretical answer to the question is: thats the work of brian arthur santa fe institute and and stanford, who is kind of the leading authority on what he calls increasing returns economics and what he calls lock in and path dependence in the economy. So his basic idea is that, when technologies reach a certain dominance and theyre theyre, the leader, its almost impossible to dislodge them even without a very superior technology and bitcoins there is that what thats, what thats, what i would say, i and the other bulls believe: okay, So this is the way i think about it. Look were in a downtrend, i think, were close to finding a bottom here. I do think therell be a huge bounce, but until that happens were chopping around this kind of stuff doesnt happen overnight were going to enter some chop solidation in my opinion, but eventually i see much higher prices for me, its a long term thing with the quality Coins now think about it, like this bitcoin today at forty thousand dollars exactly like bitcoin one year ago from today in 2021. One year ago, when bitcoin was the exact same price, the sentiment in the market was extreme greed. Today, one year later same price, the sentiment in the market is extreme fear.

This is a tale as old as time plus taking a look at this chart. Bitcoins rsi has been this low just two other times in the last two years, looks like a bottom is near and abouts due, but well see well see. Let me know what you think in the comments section below im curious to know what you think about all this. Have you been shaken out? Do you know people who have been shaken out and lets move forward and talk about some altcoin news? American rapper meek mill. Are you a fan? Well, many people are. He has almost 11 million followers just on twitter, american rapper, meek mill, says fans need an ethereum address to hear his new mixtape and he told his fans. You gon na need an e address to hear this new mixtape google how to get one asap now. I can really rap thats pretty cool. I, like it lets talk about chain link and the bowl case for chain link going forward chain link has been at lowes for quite a while now, so you know make your own decisions, but if chain link is to have a future its going to be because Of stuff, like this link is a bet on the smart contract economy number one vast majority of smart contract use cases require oracles to function number two: the ecosystem is increasingly becoming multi chain number three chain link is natively blockchain agnostic, with 90 plus oracle market share.

On integrated chains, so ethereum cardano solana, polkadot elrond, who will win the smart contract settlement layer, war doesnt matter all, will be chain linked. The success of any one or multiple smart contract chains lead to increased adoption and success of chain link more adoption, more user fees, paying the oracle services so chain link is not picking aside, necessarily just profiting from the war. I guess is the investors thesis as chain link, god.e 2.0 has put it speaking of fees. Pretty interesting. Metric ethereum did 150 x bitcoins fee volume. This might seem normal to a lot of people, but it didnt used to be this way. Bitcoin used to have the most fee volume its pretty interesting. I think you know its its just a difference in networks right most people, most people, i think just hold bitcoin its like gold to them. Well, a lot of people hold ethereum as well for an investment, but ethereum ether is also the utility coin within the ethereum ecosystem. So, of course, its going to be used more for fees, and we hear people complaining about eat fees all the time because sometimes they are very, very high, so its just interesting. I just wanted to point out this metric to you just like i want to point out this doge shib whats, the move, guys are you guys still huddling amc, ceo, says doge and shib payments to be added most likely in march, so theres a little hope in The future with that, i guess in other news getting a little glimpse into the future.

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Take two interactive: the publisher of grand theft, auto and other major game franchises will acquire xanga for 12.7 billion, the mobile game maker. Recently announced plans to develop games that make use of blockchain networks and nfts were not even in the first inning of blockchain gaming. Actually infinity was a proof of concept. All of these players are getting involved, 2022 might be the year, it might be 2023, but i think its going to get a whole lot. Bigger 2021, in my opinion, was the year of nfts. I think its going to continue. I dont think its going to be the same, but again like things like openc proof of concept, openc was the most popular retail nft place to buy and sell. I think some market share might be taken away from them in 2022, and here is five nft market places that could topple open c. According to coin telegraph, they say: coinbase nft, i think thats going to be a huge one. They say ftx nfts on the solana network, but i think theyll also be compatible with ethereum. Yes, i think thats going to be a huge one, wearable its already been around. I think that is going to remain big and get bigger, zora and magic eden. So let me know what you think in the comments below as far as nft marketplaces, what you would like to see, let me know which coins youre buying or which coins youre holding which coins you believe in that being said, my name is aaron at altcoin daily.