🚨BULLISH CRYPTO NEWS!!! - Transcripts

January 24, 2023

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In crypto news today, Jim Cramer spreads FUD about crypto, Bitcoin's price looks bullish, Coinbase CEO Brian Armstrong tweets about BTC, Crypto to play 'major role' in UAE trade says foreign trade Minister. 🌟Sponsor - Signup with Uphold....

Transcript

Welcome back to the Thinking Crypto Podcast, your home for cryptocurrency news and interviews. If you are new here, please hit that subscribe button as well as the thumbs up button and leave a comment below. If you're listening on a podcast platform such as Apple, Spotify, or Google, please leave a five-star rating and review. It supports the podcast and it doesn't cost you anything. This content is brought to you by Uphold, which makes crypto investing easy. I've been using Uphold since 2017. After one of my go-to exchanges, they have 10 plus million users, 250 plus cryptocurrencies, and they're available in 150 countries. You can also trade precious metals and equities on Uphold. And like I said, I've been using this platform since 2017, so I can vouch for it. But as with all exchanges, you can buy and sell on them, but I highly recommend you custody your own crypto. Not your keys, not your coins. If you'd like to learn more about Uphold, please visit the link in the description.

All right, my friends, before we jump into the news, let's look at Bitcoin's price because we've been following it very closely. It made a move above $23,000. Of course, the bulls and the bears are debating everybody's fighting, saying, no, this is an epic bull trap. That's what the bears are saying. And of course, the bulls are saying, no, this is Bitcoin making a move to retracement, and some are saying it's to a new all-time high. And of course, I've been sharing with you guys my opinion in that I don't know what this is yet. I still need to see a bit more. It's certainly looking like 2019, when Bitcoin retraced after the 2018 bottom, I'm hoping that's the case, but I need to put my personal feelings and emotions to the side. That's not how you want to invest. I want to look at the data and the charts. I want this rally to prove itself, and it could roll over. Profits can do things that we don't expect it to.

Bitcoin can roll over and go to lows again. And I'm not saying I want that to happen. I want, of course, the retracement, Bitcoin going to $40,000 to $50,000, at which point I'll take profits. If Bitcoin does roll over, I'll dollar-cost average in again and continue my strategy of accumulation. So this is where I don't really have a dog, and if I'm just ready for whatever moves that happen, I have my strategy, and I'm waiting for the next bull market. Yes, I said I'm going to take profits, but I'm accumulating, for the most part, for the 2024, 2025 bull market. So that's how I'm looking at things. So we'll see what Bitcoin does. Right now, it's at $22,984, Ethereum at $1,631, BNB at $308, XRP looking strong, just over 42 cents. So we'll have to wait and see, my friends. I want to see more from Bitcoin here before I say, hey, this is definitely what's happening. I want to be honest with you guys, and I'm here to make money.

I'm not here to lose money. So I'm going to look at this carefully and see what happens. And also, we got the Fed meeting, the FOMC meeting coming up at the end of the month. So that'll also impact markets, depending on what the Fed decides to do. If it's a 25 basis points hike, I think that will be very good for the markets because it will continue the narrative that the Fed is ramping down and eventually they're going to pause rates this year. And then eventually start to cut rates and start money printing again. I'm not saying that's two months away or anything that's later this year, but it's the green light, the path, the light of the end of the tunnel, right? Narratives start forming and markets start pricing things in. And that's where folks need to understand and anticipate what may be happening. All right. Another reason why I'm bullish, guys, Jim Cramer continues to spread foot about crypto. Today he said investors should ignore crypto and stick with gold.

This guy is hilarious, but he's the ultimate bull and bear signal, right? You do the opposite of what he says. There's an inverse ETF for this man. Can you believe it? This man, who's now a meme, people are using his signals, what he says, and do the opposite and they're making money. If you remember, he cried on TV about meta stock price. Meta is up 50% since he did that in late last year, right? One user here on Twitter did a great job consolidating some of the headlines, the FUD headlines we saw over the past month, guys, that were saying crypto is crap, it's garbage, don't put your money in it. We see it's up. Right. Since, since these folks make the statements that Jim Cramer made quite a few statements, but there's one from December 23rd, which I think was significant because the video made big headlines and it was getting circulated on social media where he said, Jim Cramer said, I would not touch crypto in a million years, right? He said this on TV, of course, and then Bill Gates on the 12th, January 12th of this year pours cold water on web three and cryptos.

Bill Gates continues to go around being a skeptic, but we know his foundation and different things he's working with involves crypto and blockchain. And here, Jamie Dimon, similarly, Jamie Dimon spread spot, but JP Morgan is neck deep in crypto with Ethereum, with their crypto fund and all the other things they're doing. So Jamie Dimon and Davos, of course, around January 19th said crypto is like a pet rock, decentralized Ponzi and so forth, but they put these statements out there and the price is up. So he goes to show you don't take your financial advice and your investment strategy from people on TV. They're not there to help you make money. They many times are putting out a narrative that helps them to make money and the institutional investors to make money while retail, who, you know, folks who just read headlines and they're not well versed, they're not, you know, taking the time to educate themselves about the market cycles and the fundamentals. They get burned. Right. But these big players, like I said, they go on TV, they put out a narrative that benefits them, whether they're short or they're long. And once you understand that you will know not to listen to these guys and go do your own research. I'm not saying you should listen to me. I may be pointing you in a direction and I share the facts of what I'm looking at.

And you should go validate that. It's important that you get it. You conceptualize it under, you know, it's like inception, right? That you get it in your mind, that you understand what is happening here. What's your thesis? How are the markets moving? You know, what's the fundamentals and so forth. But clear example, don't listen to these guys like Jim Cramer. Here's another interesting bullish signal and it may look silly on its face, but I think it's significant. And the history of how these guys usually start talking about the market when Bitcoin is moving. Brian Armstrong, the CEO of Coinbase, today started tweeting, you know, kind of bullish statements about Bitcoin. He tweeted out or retweeted Anthony Pompliano, who said U.S.

national debt is now 31.41 trillion dollars madness. So Brian retweeted Anthony's tweet here and said, this is the bull case for Bitcoin. Hmm. Interesting. Interesting. Here, Brian also tweeted out the news that Brazil and Argentina to start preparations for a common currency, which was reported by the Financial Times. Brian retweeted that and said, wonder if they would consider moving to Bitcoin. That would probably be the right long term bet. See these tweets that's coming in, guys? Very interesting here. And I think these folks see the bullish momentum and Bitcoin. Once again, probability here, right?

It's probable that it could go to that retracement, but we're still in the bear market, so it could roll over. So we'll have to wait and see, guys. It's about, you know, breaking through those resistance levels on the charts and building support levels before you can call, hey, this is a short term bull market or a bull run or whatever it is. And let's move ahead, guys. We got big news out of the UAE crypto to play a major role in the United Arab Emirates trade, foreign trade, says foreign trade minister. These are big statements, guys, I mean, wow, right? You're seeing crypto being talked about in an economic way. We're going to use this to conduct trades and we're going to have this part of our economy and we're going to make these investments and so forth. So the UAE's minister of state for foreign trade, Tani Al Zayodi, noted that as the country has attracted a lot of talent from the crypto sector, the UAE now needs to roll out the correct regulation to support further growth. This is happening globally, my friends. Crypto regulations, I think, are going to come this year. If not, it's going to roll over into 2024.

But I think after the FTX collapse, there's a narrative, there's an urgency to get crypto regulations right. So this is just amazing. So speaking with Bloomberg on January 20th in Davos, Switzerland, where world leaders are currently gathered, and this is obviously from a couple of days ago, the Al Zayodi provided a host of updates regarding the UAE's trade partnerships and policies heading into 2023. Commenting on the crypto sector, the minister said that the crypto will play a major role for UAE trade going forward. As he outlined that the most important thing is that we ensure global governance when it comes to the cryptocurrencies and crypto companies. Now he's at Davos. You think he's the only one thinking about that or talking about that? You have all these country representatives and leaders there. They're all on the same page, my friends. Maybe the one exception will be China, but I've been on record. China will eventually capitulate and reverse any cryptocurrency bans that they have, because this is going to be the economy, guys. This is what's going to drive GDP and so forth.

So Al Zayodi went on to suggest that as the UAE works on its crypto regulatory regime, the focus will be on making the Gulf country a hub with crypto-friendly policies that also have sufficient protections in place. Here's a quote, we started attracting some of the companies to the country with the aim that will build together the right governance and legal system, which are needed. Guys, incredibly bullish statements. I hope you see what's happening. If you're on the fence about crypto and you're still not convinced, just look at what these world leaders are saying. The regulations are coming. It's not happening at the pace we would like, but the dialogue is happening and countries are going to start to move really fast as this asset class and technology continues to grow and get adoption. Here's another example, Central African Republic eyes legal framework for crypto adoption. A 15 member committee is tasked with working on a legal framework that will allow cryptocurrencies to operate in Central African, excuse me, Central African Republic and expedite the development of the national economy. So like I said, this is going to be a big part of economies, GDP growth, all that stuff. It's coming, my friends, and I think we're seeing all the signs here. So I'm going to try not to butcher this name.

My gosh, according to Fosten, our change to data, the president of SCAR, C-A-R, which is a Central African Republic, cryptocurrencies can potentially help eradicate the country's financial barriers. He believed in creating a business friendly environment supported by a legal framework for cryptocurrency usage. A rough translation of the official press release reads, with access to cryptocurrencies, the monetary barriers existing until now will disappear. The main objective of the measures adopted by the government being the development of the national economy. See what's happening here, my friends. He tweeted it out, by the way, this is happening globally and it's I think it's clear as day this is the future, and get on board, get in early, take your position and be patient. You got to huddle, right, because there's still once again, the regulations that need to be figured out and then the market cycle is playing out, right, bull and bear. You can't ignore those things. It's not going to happen based on your emotions and feelings of when you want it and your bias. It's going to happen according to the market cycles and the regulations, but take your positions at the lows, of course, not at the tops, not when everybody's euphoric, not when you Uber drivers are talking about crypto and so forth. When there's blood on the streets, that's when you want to take your position. All right.

Let's move ahead. Hester Purse, SEC commissioner, Hester Purse, who I've had on the podcast many times. She's obviously an advocate for crypto, has been fighting on behalf of the industry. She gave a speech recently and one user here called out what she had to say on DeFi. So he said, fantastic speech from Hester Purse at the Digital Assets at Duke conference from this past weekend. It's lengthy and well worth reading in its entirety. And don't miss some in some entertaining footnotes in there. This passage on DeFi particularly caught my eye. And it says here, attempts to force DeFi into a traditional regulatory framework likely would produce a system in which a few large companies operated registered DeFi front ends. Sounds a lot like centralized finance. Hester is absolutely right here and that we got to figure this thing out. And we know there's a lot of incumbents who are trying to stop DeFi, but they can't the technologies here.

So it's best they put the guardrails in place and regulate it. Yes, you have to make sure there's regulations, but it has to be balanced regulations. It can't be draconian and it can't stifle innovation. We got to find a balance because the technology is here to stay. It's going to grow overseas. The United States does not get this right. Now, let's talk about grayscale, guys, because the vultures are swarming here. They're circling around grayscale and GBTC. So you have a bunch of this is an article, by the way, reported by Blockworks asset managers licking their chops over potential GBTC takeover. More than 100 institutions have engaged with an online campaign seeking to force an uncomfortable conversation around alternative visions for GBTC. So, you know, with the genesis collapse and filing and filing of bankruptcy and, of course, they still owe Gemini earn customers their funds. Things are not looking good.

And I've been beating the drum here saying, look, all emotions and feelings aside where there's smoke, there's fire. I'm worried here. There's even reports that Kathy Wood, ARK Invest dumped their GBT shares, I think. But don't quote me on that. I couldn't find a solid report on that, but I'll keep looking. But, you know, people recognize what's going on here. Right. If you have a major hole of over a billion dollars for one of the companies owned by DCG, you know, grayscale and the other companies could be affected. Right. You just have this kind of contagion within DCG. So let's see what happens. But, you know, Osprey and these other companies are looking to grab a GBTC and three IQ as well and a bunch of other people.

So let's see what happens. You know, I've been on record saying I tweeted at Barry Silbert. He needs to call up the guys at BlackRock and let them take over because they'll be able to give them the bailout and they can merge it with the grayscale Bitcoin spot trust. And maybe they can get a Bitcoin spot ETF. Who knows? But we'll have to wait and see. Now, interesting news from Jeremy Lier at Circle, which, of course, is the creator of the Stablecoin USDC. They have an interesting new product coming out here. Jeremy tweeted Circle's cross-chain transfer protocol, also known as CCTP, is getting closer to launch such an important piece of infrastructure that can help foster more scalable, efficient, secure and user friendly apps built on USDC. So big move here by Circle. And it's the Stablecoin war as my friends playing out. And I think Stablecoin regulations are coming this year.

That's why we see Tether and even Circle and all these guys all are bolstering up their audits and their reserves and all that stuff. And we'll see who's the clear winner. And if Tether can survive, I'm not saying I want Tether to fail. I'm not spreading Tether for it. But I know the history of Tether and issues that have been reported. Right. Circle is not the one that got sued or the excuse me, the New York attorney general going after them. It was Tether. So we need to see, you know, once once the regulations come into books and everybody gets audited, what's going to happen there? But I think USDC Circle are in a great position because they're in the US. They're you know, they have been very transparent with their books. Of course, they're regulated to a certain degree, I think more than Tether and Bitfinex.

So we'll see what happens this year. I'm trying to get Jeremy back on the podcast. I did interview him a couple of years ago and to talk about what's what's going on and what they're working on. Finally, guys, you know, I I, of course, was young when Web 3 or excuse me, when Web 1.0 took place. But I remember using the Internet back then. I was let's see. Well, in 1996, I was 15 or so, I believe. But I was using, you know, websites, I was using Netscape. I was using Google and so forth in the early days. I was doing a little bit of hacking back then as well with some friends. And then, of course, there was Web 2 and now we are in Web 3. But here, Mike Manning of A16Z Crypto highlighted that 30 years ago today, Mark Andreessen basically launched the Web 1.0 era.

So those of you who know your history, Mark Andreessen created the Mosaic browser. And of course, eventually founded Netscape. And we know that the rest is history, right? And Mark Andreessen formed, of course, with Ben Horowitz, Andreessen Horowitz. They've made incredible investments and developments in Web 1.0, Web 2.0. And of course, they're now here in Web 3.0. And it's just food for thought that, you know, some of the brilliant minds who were at the dawn of the Internet are here investing and building. And these are things that I'm looking at, guys, who's here, who's investing, who's participating, not what they're just saying, but what are they doing? And it's clear as day these guys at Andreessen, how it's a big time investors and believers and they're building as well. So incredible how far we've come. And it's incredible that Mark Andreessen and these guys are still here. I really, really want to interview Mark Andreessen just to talk about that evolution.

One Web 1.0 to two to three, just incredible stuff with this technology. And I'm glad I'm here early and I have the capital to take a position. And I understand it. I'm not a kid like I was in the 90s learning about Web 0.1. I'm here in Web 3.0 and I can take advantage of this to get financial freedom. And I hope you guys are looking at it the same way. But that's the news. Let me know what you think. Leave your thoughts and comments below. Hit the thumbs up button, share this video and I'll talk to you all.

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