$200K IN 12 MONTHS?! Bitcoin Oversold As Whales Ignore The Hack — Transcript

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1. 0:00We are so oversold right now, right?
2. 0:02With Bitcoin, with most of the big caps,
3. 0:06with tech. Tech has been selling off no
4. 0:08matter what, right? So there actually
5. 0:11could be a chance that we double again
6. 0:1412 months from now, November of next
7. 0:18year, we may see
8. 0:21180%. From where we are. And that that's
9. 0:24actually wouldn't be that wouldn't be
10. 0:26that outrageous too because that would
11. 0:29put Bitcoin like roughly around 200
12. 0:32something,000 which it should be there
13. 0:35already. But [snorts] yeah, that that's
14. 0:37usually what happens. Okay. So, this is
15. 0:40why
16. 0:43this is why you need to stay in the
17. 0:44game, why you need a hold and DCA
18. 0:47because um so they're they're actually
19. 0:51different in many many many many ways,
20. 0:54but too many people don't quite
21. 0:56understand and they don't realize the
22. 0:57scarcity factor and they don't realize a
23. 0:59lot of things. So, they kind of equate
24. 1:01everything being the same and that's a
25. 1:03mistake. Every cycle it's been the same
26. 1:05way. towards a bottom, you have a lot of
27. 1:08guys that just capitulate and just
28. 1:11disappear or turn really bearish, okay?
29. 1:14And then all of a sudden, we recover up
30. 1:16and they're back on a bandwagon every
31. 1:19single time. Just wait until Bitcoin
32. 1:21gets back above 100, breaks 126, and
33. 1:24some of these guys will say, "Oh yeah, I
34. 1:26was wrong. You know, I should have never
35. 1:27said that." It's going to happen again.
36. 1:32Um, Binance net inflow turns positive.
37. 1:38Okay. After the big hack, they had
38. 1:40nearly as much being withdrawn, like
39. 1:44almost 5.6 billion being withdrawn. And
40. 1:47now some of that is coming back in.
41. 1:50So, people can't help themselves. They
42. 1:54still love and trust Binance. Uh,
43. 1:56Binance has spent half of its Safeu
44. 2:00reserve, about half a billion, and then
45. 2:03they said they're go replenish other
46. 2:05things from the treasury and all this
47. 2:07other stuff, but it's only adding up to
48. 2:08about a billion. So, they were hacked
49. 2:11for 6.3 billion. Where where's all that
50. 2:13extra? I guess maybe a lot of it locked
51. 2:16up with Circle and Tether and they're go
52. 2:18get that back, but seems like there's
53. 2:21still more money missing. I don't know
54. 2:23where they're going to get that from. Um
55. 2:26I did see like arbitrum
56. 2:29they took back 30 million of the hack
57. 2:32funds even without the key they change
58. 2:34their network protocol just to remove
59. 2:37the 30 million right which a lot of
60. 2:41people will say yeah this is a good
61. 2:42thing you take away from the hackers but
62. 2:45if you think about it one of the the big
63. 2:48ethos of crypto is once you send it no
64. 2:51one can stop it right so in this case. I
65. 2:55think there's some controversy. Should a
66. 2:57chain
67. 2:59change its own protocol to be able to
68. 3:03remove
69. 3:04crypto from its network or spend it? Um,
70. 3:11yeah, I don't know. I don't know the
71. 3:12right answer to this, but if you are
72. 3:14like a diehard
73. 3:17blockchain guy,
74. 3:19uh, then the answer is no. you know, the
75. 3:22the console in this case, like a 12
76. 3:24person committee, uh, rewrote the the
77. 3:28contract to to do this. But if you're
78. 3:30like a diehard crypto guy, you're like,
79. 3:33that should have never been done. This
80. 3:34sets the president with other chains,
81. 3:37right? What if the government, for
82. 3:39example, what if the US government comes
83. 3:42in and tells Arbitum, uh, I want you
84. 3:45guys to rewrite it so that we could take
85. 3:46all the crypto off of the chain or they
86. 3:49go comply, right? Now that the
87. 3:52government knows that they have the
88. 3:53ability to do so, so what about other
89. 3:55chains? Can they be compelled to do the
90. 3:57same thing? So it it leads to a slippery
91. 4:00slope, but in this case it's for good
92. 4:02reasons. But who knows what other
93. 4:06nefarious things that could happen in
94. 4:08the future. But uh yeah, there's no
95. 4:13no good answer to this, but it still
96. 4:16seems like Binance is missing a lot of a
97. 4:19lot of funds. I don't know where it's
98. 4:20coming from. No idea. Uh, North Korea
99. 4:24actually they're coming out and says uh
100. 4:26they deny they deny that they were
101. 4:28behind the hack and it wasn't Lazarus
102. 4:31this time. It's FBI points to a group
103. 4:34called Trader Trader. Um, and North
104. 4:38Korea says you Americans all you do is
105. 4:41point fingers at us. We weren't behind
106. 4:43this. I don't know. I don't know if
107. 4:44that's true or not. Like if if you were
108. 4:47behind the hack, right? Like if as a
109. 4:50country in North Korea, would you want
110. 4:52to take credit or would you want to deny
111. 4:54it? You don't know. I I don't know the I
112. 4:59don't know the best way to
113. 5:02Yeah. I I don't [gasps] I don't know if
114. 5:04it's better to just take credit and say,
115. 5:06"Hey, you know, you you dumb exchanges.
116. 5:09You know, I'm you know, we're able to
117. 5:11hack you left and right." Or it's better
118. 5:14to just pretend you didn't do it. like
119. 5:17you know I I actually don't know what be
120. 5:19better in this case.
121. 5:21Um all right what else?
122. 5:26What else? Well, besides all the
123. 5:28negativity, it seems like there are a
124. 5:30lot.
125. 5:31You still have positive people and
126. 5:34positive countries
127. 5:36and companies that are still holding on
128. 5:40strong. Tether, which has now become a a
129. 5:44behemoth. They're probably the biggest
130. 5:46right behind Binance. They may be even
131. 5:48worth more than Binance at this point.
132. 5:51They [gasps] have they just make so much
133. 5:52money from all the transactions and all
134. 5:56the buys and sells and everything and
135. 5:59the swaps that happen. They make so much
136. 6:02money. If they were a public trade
137. 6:04company, they would be worth trillions.
138. 6:06Okay? If they were in the US market,
139. 6:08they'll probably be worth anywhere
140. 6:09from$1 to2 trillion dollars.
141. 6:11um they're making that much money to
142. 6:13justify that. But they hold 150,000
143. 6:17Bitcoin, which is enormous,
144. 6:20right behind Sailor, but most people
145. 6:22don't pay attention to them because
146. 6:24they're not publicly traded. Okay, they
147. 6:26should they probably should go raise
148. 6:27money because they they would be a $2
149. 6:30trillion company. Um but they continue
150. 6:33to buy every quarter. They take some of
151. 6:36their profits, they go buy Bitcoin, but
152. 6:39they also buy gold. They also go buy
153. 6:41bonds. They like they recently got
154. 6:44audited. They have more funds than they
155. 6:46need to have and they're just like going
156. 6:49all out. But it's good to see that they
157. 6:52are using a lot of it to buy Bitcoin and
158. 6:55hold Bitcoin. That's the proper way to
159. 6:58do it. any I I feel like any crypto
160. 7:00company if they are making money a lot
161. 7:03of money hand over fist and they have
162. 7:05all this profit they should do something
163. 7:07for the community which is to go buy and
164. 7:10hold Bitcoin that's the right thing to
165. 7:12do because without it they wouldn't
166. 7:14exist none of these companies none of
167. 7:16these chains none of these protocols
168. 7:18would exist
169. 7:21is also doing the same thing they don't
170. 7:23have nearly as much but still they keep
171. 7:25buying more and more and more they're up
172. 7:27to 43 3,000 Bitcoin. So they may become
173. 7:31the second largest public Bitcoin
174. 7:32holder, right? But still pales in
175. 7:37comparison to Tether and some of the
176. 7:38other projects.
177. 7:41Uh lastly, I'll show you guys this
178. 7:48this blue line right here, right? I
179. 7:51don't know what what moving average this
180. 7:52is, but it's some kind of moving
181. 7:54average. This is on a monthly scale, but
182. 7:57every single time, every single time
183. 8:00Bitcoin hits that moving average, could
184. 8:03be the 50w week or 100 week, there are a
185. 8:06lot of these, right? Every time we hit
186. 8:09it, sometimes we break through it
187. 8:12like this one, 2022 FTX black swan, that
188. 8:16was horrible. But every time we go
189. 8:17through it, we break through or we touch
190. 8:21upon it, what happens afterwards is
191. 8:24really good. Really good. And it happens
192. 8:27to be like all election years too.