Citibank's HUGE Crypto Move - Ripple Canada - Bitcoin ATM Coming to Supermarkets - Transcripts

June 23, 2022

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Citibank has selected Swiss cryptocurrency custody firm Metaco to develop the bank’s digital assets safekeeping capabilities. Nexo is working with banking giant Citigroup as it pursues a consolidation of other crypto lenders hit by the recent market...


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Citibank is making a massive move towards crypto. They have partnered with a firm for crypto custody services and they are going to support neck. So the crypto lending platform in crypto acquisitions, big move by Citibank also huge news out of Canada ripple has opened an office there and they're looking to hire about 50 people and also Q coin the crypto exchange got dinged by the Canadian regulators. I want to share the update there and we have a Bitcoin A. T. M. Company that is about to position a T. M's in major supermarkets across the United States. Let's break it down. Mm hmm. Mhm. Welcome back to the thinking crypto podcast, your home for Cryptocurrency news and interviews.

If you're 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, please give me a five star rating. Quick word from our sponsor and that is linked to which makes private equity investment easy link to is democratizing the process of being able to get shares and equity in crypto companies and tech companies. Previously, you had to be part of a venture capital firm or a hedge fund or some large investment firm to get access. Well now you can get access through linked to and some of the crypto companies they have in their portfolio include ripple bit paid dapper labs, upholding Abra. So just like the institutional investors, you can double dip, you can make money with the tokens which many of you hold but also invest in these companies. Pre I. P. O. Now linked to as part of the coin based I. P. O.

Or I should say investing in coin race before the I. P. O. And the users who of course made the investments then did really well well there's going to be many more companies. The crypto companies are going to I. P. O. So you have the opportunity here to get a stake my friends and once again make money on both sides of the aisle. So be sure to check out link to link in the description. Now, Fed Chairman jerome Powell spoke today and there was a lot of you know uncertainty with statements they were making and how they're going to combat inflation and so forth. And I think they're they got their jobs cut out for them. But you know something he said was our goal is a soft landing.

It's going to be very challenging. Now I've been talking about the pressure is going to mount as the midterm elections come up later this year and you could start seeing a reversal I think by september with QE quantitative easing starting again right now they're tightening raising rates but they can only keep that up for so long and and make you know, us feel the pain for so long because there's going to have to be a reversal at some point and you know with the elections coming up I think it will force biden who will then you know try to force the Fed to reverse. So once again we got some pain ahead and Powell and these guys are still trying to figure out what they're gonna do but be patient in the Q. T. Phase. You know the quantitative tightening phase, it's a great opportunity to buy the dip and by the lows and then be patient and let the market go back to normal as they start doing Q. E. So I just want to give a quick update there and been in C. E. zero cc. Says the worst part is probably over for the crypto route. You know, I still think we can go lower guys.

Um I still think there could be another drop down and don't be surprised be prepared for that. Bitcoin could go to 15 K. Right or lower. I don't think it goes below 10-K. Honestly, maybe it bottoms at 12 K. but be prepared for that and, and just have your dry powder on the side, not financial or investment advice of course. But uh, you know, do your own research and make sure that you are looking at the market cycles, understand that it's simple bite aloes and sell the highs and part of that process is putting your emotions to the side and looking at the charts and the investment principles and being patient of course. Now let's jump into the big news here. Citibank chooses Swiss firm, Mexico for digital asset custody. The custody platform integration is with securities services and will focus on tokenized securities to begin with. We know Citibank is already offering Bitcoin Trading services that our institutional clients and they are taking the next step for custody guys and we've talked about it over the years, those of you have been with me since 2017 or 2018, even 2019. We've been talking about all the banks will offer crypto trading and custody services and they will start hitting up their clients saying, hey, would you like to diversify and add crypto to your portfolio and guess what?

We will custody it for. You already have your money with us and so on and so forth. And the white glove service is going to be coming along with this. So we're seeing the moves happening guys, and this is coming from the biggest banks in the world, Right, Goldman Sachs, Jpmorgan and game theory playing out here. Citibank's gonna do it. And you're going to see walls Fargo and Bank of America and we've seen them make moves over the years and look at when it's happening during the bear market here. Right. So they're not being scared, They're not scared or they're not being disrupted by the price swings or anything like that. They have a long term view. So banking powerhouse Citibank has selected swiss crypto custody firm Medico to develop the bank's digital assets, safekeeping capabilities City, which holds about $27 trillion of assets under custody, intends to fully integrate Medicos harmonized crypto custody platform. The company said on Wednesday. The announcement concerns cities.

Cities Securities services team Representative for the bank pointed out via email, meaning the focus for now will be on things like tokenized securities representations of stocks and bonds moved around and settled using Blockchain tech. So this is what I've been talking about guys, the token economy, you're gonna have crypto digital assets and tokenized stocks, tokenized commodities tokenized securities. So we're gonna see all types of tokenization, everything on the Blockchain 24 7 borderless trading guys. It is coming. It's amazing what is happening here. So The article continues here saying like Goldman Sachs and Jpmorgan City offers in Bitcoin features. And in November of last year the bank revealed plans to hire 100 staffers to beef up a digital assets division for institutional clients. Of course, they are guys, of course they are. They will keep building. They know we haven't hit full mainstream mass adoption yet. Yes, there's been some mainstream uh, commercial, excuse me, advertisements and and promotions and so forth, but we haven't hit full mass adoption yet. Right.

And when you look at crypto versus the internet, some folks have been charting that out. We're just past halfway for crypto but we're not at full adoption. So think about the internet from the nineties and dial up to broadband and eventually every home having internet. Right? So this is where we have to be patient. And we're still relatively early. Uh, and it's, there's still an amazing opportunity to make money here if you're buying early buying the lows. So here's a quote. We are witnessing the increasing digitization of traditional investment assets along with new native digital assets. We are innovating and developing new capabilities to support digital asset classes that are becoming increasingly relevant to our clients said, Okan Pekin Global Head of Securities services at city in a statement. Very bullish news. My friends very, very bullish now.

City is also doing something big here. Next. So the crypto lending platform hires Citigroup to advise on acquisitions. The crypto lender is planning to buy rival platforms. Now we saw neck so come out and say, hey, we're gonna, here's an offer to buy Celsius right now. It was maybe in bad taste to tweet that out right. They shouldn't have done that. But hey, they made it public and it looks like they're serious. They're gonna go look to buy up these rivals who are suffering right now. Yesterday we talked about block fire, getting $250 million from Sandbanks and freedom F T. X. And we don't know what's going to happen with Celsius.

We're still waiting to see they shut down withdrawals and swamps and so forth for many users and we haven't heard not much from them. So next so could be looking to acquire them. And also we'll see what else they acquire. But the fact is they're working with the banking giant Citigroup and it says here as they pursue a consolidation of other crypto lenders hit by the recent market downturn, according to an announcement shared with coindesk. The company also later announced the information in the blog post. The news comes weeks after the arrival lending platform. Celsius network halted customer withdrawals, spurring speculation of insolvency. Here's a quote. We have approached, we have been approached by multiple Wall Street banks and decided to officially explore the opportunities for acquisition to help stabilize our nascent industry said Antoni trench trench ev nexus co founder and managing partner. The announcement states and Mexico is planning a mass consolidation of the crypto industry through mergers and acquisitions on june 13th next to reveal that it was planning a bio of Celsius including assets mostly or fully of collateralized loan receivables secured by corresponding collateral assets. That's a mouthful. But guys, this is certainly an opportunity.

It's not something you know, new or specific to crypto, this has happened in other markets and this is the time for the companies who were doing well and have cash on the side to go buy up these um smaller companies or ones even who are larger who are not doing well. And I, you know, I talked about it yesterday that Sam bagman freed from a business standpoint, is making a really smart move, getting blocked by and making investments and other things. We talked about him taking a position, Robin Hood. So really smart move on his part where evaluations are down, some of these companies are having problems. That's that's the time you can go in and get, you know what you're asking for. It's kind of like shark tank, right? Um so smart move by next. So you know, they're in a position to do that kudos to them. Um Obviously it sucks to see companies go under or fail, but you know, they can survive by being acquired in a, in a way, right versus going bankrupt and cease to exist at all. So, you know, this is good, It helps the market, it helps prevent more black swan events, which could certainly drive the prices down. I hope Celsius does not collapse because if it does, we're going to have uh you know that that may be below $10,000 Bitcoin price because they hold a lot of Bitcoin, a lot of crypto. So that would not be good.

It will be another terra luna type situation, you know, because it's massive. Now let's move ahead. Um, out of Canada, we got some news here. Q coin exchange has been permanently banned from participating in the Ontario market by osc regulators. Um this is not good. Um, here, it says, we pull up the details, It's for failing to comply with securities laws. So, you know, I don't use Q coin. I know they certainly have people using their platform and they're a decent size, but this is a big time band and maybe they can, you know, right the ship and get back into the good graces of the securities regulators, but we'll see what happens. Um, and it looks like these regulators are going to go after these exchanges who are not following the rules now ripple. Uh they have opened an office in Toronto Canada to serve as a crypto hub and plans to initially hire 50 engineers. So brad Garlinghouse ripple ceo tweeted about this, he kind of made a joke. He said drake which is the hip hop artist of course just released a new album.

And a week later ripple opens its first office in Canada coincidence question mark exclamation point in all seriousness though, Toronto has some incredible technical talent and we're looking forward to meeting you. You know, some people might say hey why are you sharing this news as well? It just shows that ripple is a company despite the sec lawsuit is in a great spot. They continue to hire and expand and and their cash reserves are good. Obviously they have the escrow and so forth and they're they're expanding globally. Um they have offices around the world there they continue to build it. Just the United States that they're having, you know these these roadblocks and hurdles because of S. D. S. E. C. And Gary dancer in the lawsuit of course and I think ripple is going to win but we'll see what happens.

And this is certainly some good news to see when a lot of other companies are firing people, a lot of other companies are going under, right. So that's a good sign. And certainly you know, as I talked about the beginning of the video link to if you want to get shares and rippled you can certainly do that. So you know you can go through them and I'm sure with the market downturn. Valuations have probably gone down a bit. So you can probably get a some shares at a lower value for some of these companies or something to check out? Now, coin cloud brings always fresh, always authentic digital currency machines to card anus markets in three states. So this is an industry leading a Bitcoin A. T. M. And digital currency machine operator. And today they announced a partnership with Cardona's or Car Dennis.

I'm saying that right Markets one of the largest Hispanic grocery chains in the country, operating 59 stores in three states, including California Arizona and Nevada. Cardona's markets, customers will have access to coin clouds, dcm to buy and sell Bitcoin ethereum and other and over 40 digital currencies with cash. Now, I talked about this before. Some of you may say, dude, who the hell is gonna buy crypto from an A. T. M. What are you kidding me? I use an app by using exchange yada yada. Well you got to think beyond your demographic. You have to think beyond your age group. And I think of like people who are, you know, familiar with A. T.

M. S. There were comfortable with it and sure that's not everybody, but a certain segment of the demographic of the country, right? Not everybody lives in the same state, the same financial status, the same infrastructure is not, it doesn't exist in every state right there. There are levels of certain things based on the state you live in. So could some will some people buy crypto through the these machines of course, am I going to do that? Of course not. All right. Um, so you gotta think when mainstream adoption happens and you in these on and off ramps are set up, people are going to go in and even if they buy a 50 bucks of bighorn, every theorem or some other crypto on a T. M. That works for them, they feel comfortable with that you and I may not. Right?

So just get to think bigger than ourselves and those of us who are here and and think about the people who are not following crypto as much, but maybe they see it. They're like, oh, you know, I want to buy some, I'll put 20 bucks into it. Right? So this is, this is important. This is important infrastructure and pretty big in my opinion. Finally, Dennis Porter here reported the following news. The governor of Louisiana just signed a bill that allows financial institutions in Louisiana to custody Bitcoin and digital assets for customers. Big move my friends. And remember game theory will play out here. Um, we're just seeing many states within the US that are going full crypto, they're becoming very crypto friendly and it's also happening in government in Congress and so forth. So very bullish news. Um, some of you may say, Dude, you're saying it's bullish news, but why isn't the price pumping?

Well, that's where you have to separate news from market cycles We are in a bear market, there's downward pressure and sell pressure. But all of these approvals and, and, and partnerships and so forth. You will see the fruits of those things in the bull market. So some of some folks, you know, once again, I used to think this way to like, oh, this is good news came out. That means the price has no, because not, not necessarily, there's other factors out there, right? Um, and things that are happening and you, you're not going to see some massive run up in a bear market. That's just how it is. We just gotta be patient and follow the news closely who, who are making the moves, who's investing, what's happening. And that's what I, why I have this channel on this podcast so that you guys can keep up to date. Um, you know, with the information, I obviously share this, my sources and where I'm getting the news. So you can verify that it's not B. S.

Or I'm making it up, right? But it's factual, it's things that are actually happening and that's what we wanna focus on, not hype, not over speculation, but rather what tangible things what is actually happening and you know, who's making the moves, what capital is being invested, what our government's doing. And we're seeing all signs pointing towards crypto despite the bear market and the downturn because bear markets exist. We clearly see that with stocks, real estate, right? Everything. Um, and the Fed is a big catalyst right now but what they're doing that and every market is in a bear market right now. So you got to make sure you have that perspective and um, and keep these things in the back of your mind and not moved by emotions. Um uh, you know, having learned and educated, educate myself about these things. Um, it has helped me to make money and to be able to navigate markets to not listen to financial news on tv with jim Cramer but to go do my own research and understand what is happening here. Look at the chart and look at the moves being made, forget about what people are saying. It's not what they say, it's what they do and that's important right? Because guys guys can go on tv and say something.

They can even tweet something out and do the opposite. But if you look at sec filings, if you look at, you know certain reportings of things that they can't fabricate or um, you know, you know like switch up easily like they just injected like Sam Beckman free just invested $250 million Oh I think Sam is doing this. Okay. Well we need to see the actual um confirmation from, from news sources and government filings and so forth. Anyway. Hope you guys get what I'm saying. Um, and you know that's the news. Let me know what you all think about this city bank news. I think it's big further validation that these people don't care about the prices right now. They're just building, they're investing their looking to acquire different companies and um, they know there's money to be made and just wait out the excuse me, the bear cycle and get it back into the bull. Alright guys, let me know what you think. Leave your thoughts, comments below, hit the thumbs up button, share this video and I'll talk to you all

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