
Microstrategy founder Michael Saylor suggest to Amazon founder Jeff Bezos to buy $600,000,000 worth of Bitcoin in a recent X post.
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JV
See DutchBros.com welcome crypto fam to the number one daily Bitcoin pod. In today's show I'll be sharing the latest technical analysis as we just dip under 95, 000. We'll also be discussing Interpol issues, Red Notice for Hex founder Richard Hart and CZ confirms the United Arab Emirates holds 40 billion in Bitcoin. Who broke that story first? Just saying. Still rumors at this point, but nonetheless it feels good to see CZ saying it. Also, Quantum computing will fortify bitcoin signatures according to the Bitcoin OG Adam. We'll also be discussing breaking news Crypto Analyst predicts incoming Bitcoin Parabolic rally. It says bitcoin is at the point where things are starting to get exciting and I'll be breaking down his targets and timelines and all that good stuff. Also, Michael Saylor suggests the Jeff Bezos to buy $600 million worth of the bitcoin. I'll be breaking this story down for you. We'll also be taking a look at the overall crypto market and also be sharing a bonus story, a Bitcoin hitting 25.71 million per coin according to a 7 trillion doll asset manager. We'll also be taking a look at the overall crypto market. All this plus so much more in today's show. Yo, what's good Crypto fam? This is first and foremost a video show. So if you want the full premium experience with video, visit my YouTube channel at cryptonewsalerts.net Again, that's crypto news alerts.net if you're new to the channel, important to smash the likes, then go ahead and subscribe to number one day, the bitcoin pod. Hit the bell icon. Turn on all notifications. Today is pod number 1856. I'm your host JV. It's December 22, 2024. Bitcoin's correcting today. We've been correcting all weekend, really since Friday I believe. And today we're currently just above 94. 500. But let's check out coin 360 here. Should be pulling up on your screen here in a moment. You can see the broader market all in the red. And correcting today. Bitcoin down 3%. Ether down 4% avax and the blood red and virtually everything down. And checking out coinmarketcap.com the current crypto market gap is at three and a quarter trillion. The Bitcoin market cap is all the way down to 1.87 trillion at the all time high. When we eclipsed 108 last week, we were above well above 2 trillion for the Bitcoin market cap. 133 billion worth of volume past 24 hours. Bitcoin dominance 7.6%. Ether dominance all the way down to 12%. Womp womp. And check it out, top 100 crypto gainers. It's sad. It's a sad day in crypto when the FTT scam token of scam Bankman freed is the top gainer on the day. You just can't make this is up. Let me know what alts, if any. You're bullish on family and checking out the crypto bubbles. Unfortunately, as you can see visually here, everything's correcting today minus scam token ftt Crazy, right? And zooming out on the monthly. We still got a lot to be grateful for. We got a lot in the green, but it's kind of divided. I'd say roughly 50. 50. And checking out the crypto get in for index today we're 73. Yesterday 73, last weekend 80 and last month a 94. Why do I sound constipated? I don't even know anymore. And checking out the time chain calendar. If this baby loads, let's get a fresh refresh, shall we? Come on now, time chain calendar. I need to know how many sats I can get for a dollar today. So we can exchange the fiat monopoly dollars. But if the site's not working. The site's not working. But there we have it. Thank you, Satosh. We currently can exchange US$1 for 1057 SATs. We're currently on block height number 875. 931 and there's 174,069 blocks until the next having 2028. Let's dive into today's technical analysis aka the astrology for the broskis and then we'd be P of the live charts. The headline here reads Bitcoin social sentiment drops to the yearly low signaling the Bitcoin breakout. That's right, social sentiment around the bitty has hit the lowest point thus far this year which could signal the incoming recovery above the 100G level. Let me know if you agree. Bitcoin's price currently down over 10% from the all time high. Oh no, it's the end of the world. But yeah, keep in mind five days ago we were just at 1083 which is the current all time high and you guys got to witness that live which is pretty spectacular. Following the 10 correction, social media sentiment around Bitcoin fell to the lowest level this year to an Average ratio of 4 to 5. Positive versus negative Bitcoin related Comments however, this low retail investor sentiment could be a sign of the incoming Bitcoin breakout. Quoting sentiment here, vocal traders are now showing severe foot and that's good news for the contrarians who know the markets move in the opposite direction of the retail expectations. That's right, Bitcoin's on its own trajectory. Who cares where they think it's going? Other crypto analysts also expecting an end to the bitcoin correction under 100 GS.
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JV
Yes for less as per the Bitcoin daily chart. And I'll be pulling up some of the live charts here shortly. And let's not forget January 20th Gary Gensler resigns officially Nipinator chases them out of the sec, Trump takes the place of the Biden administration. Game on. Bitcoin could be gearing up for a recovery before the end of the year. Based on the price fractal patterns that are used in crypto trading to identify the key support, resistance levels and potential trend reversals. Based on the historical data quoting Elia Boom. Based on the emerging fractals on the daily Bitcoin could be set to recover above a hundred thousand. Thank you Captain. Obviously we have seen this before like 10,000 times have we eclipsed 100 GS? But anyways, Bitcoin's correction may extend another week based on historical data. According to another analyst by the name of Rec Capital quoting them here in 2017, week 7 as well as week 8 and 9 were also corrective. In 2021, week 6 and 8 were corrective. Bitcoin is currently in week 7 and slowly transitioning into the week 8. Yet Bitcoin's price trajectory flashes the optimistic signs for next year. Improving the macroeconomic conditions and easing the global monetary policy could bolster the price above 1 60. And this is according to Matrix Port. Let me know if you agree or disagree. And checking out some of the live chart Action Jackson for you. Give me a second to flip this scene so you can see even zoomed in here clearly. There you go. So yeah, we're looking at Coinbase via Trading View right now. This is the one hour chart. We're just going to take quick look at it all. You can see the one hour corrective red candle as we continue to correct. We do have a bull target in the red though sitting at 10:19 just shy of 102. Zooming out from the 1 hour, we'll take a quick look at a 4 hour 4 hour chart. As you can see here there is a rising wedge formation but we have been correcting pretty much all weekend. Again we're currently sitting just above 94 700. We do have a bear target on the four hour chart all the way down to 80,000. Let me know how low you think she'll go in the limbo and check it out. The one day massive rising wedge. They say when in doubt zoom out and it's a great reminder of how bullish we truly are. So don't get it twisted being corrected after whatever 10% drop. Still sitting in 94 is pretty sexy if you're to ask me, but there is a rising wedgie, the only type of wedgie I enjoy. And there is also a bear target here sitting at roughly 76. 7 on the daily chart and zooming out from there we'll take a quick look at the weekly and the monthly. The weekly chart shows we do have a bull target still in play sitting at 124,000. We do get the weekly candle close today at around 6p and we had 1-2-3456 consecutive green candle weekly closes. But it looks like this week we're finally struck with red. But zooming out on the monthly. As you can see we what do we got? Another week and a half left until the end of the year. Putting a bow on 2024. MoonVembers candle was the biggest we have ever had in the history of Bitcoin. Roughly a 30, 000 price appreciation. Clearly there's a red candle forming with where we're currently at. But we still have a week and a half left to finish strong for the year. But there you have it. Crypto fam. What do you think the bitcoin price is likely to go as far as the cycle peak for the year this year of 2024? Do you think the top is in just for the year at 183 or do you think we're likely to break that mofo? Let me know next. Story of the day fam. We broke down the latest astrology for the Broskis and now we're going to discuss this crazy story of the Interpol issuing a red notice for the Hex founder Richard Hart. That's right. The world's largest international police organization by the name of Interpol has issued a red notice for the Hex founder Richard Schuler, if I'm pronouncing that properly. Also known as Richard Hart for allegedly committing tax fraud and assault. Sounds familiar. Kind of like to the Roger Veer situation. A red notice is a global request for law enforcement to locate and provisionally arrest the person. So they want to ultimately get him in custody. With Finnish authorities seeking his arrest. However, a red notice is not an international arrest warrant. Schuler was also listed on Europe's most wanted fugitive lists. Wow. Where the same allegations went into more detail. It alleged that Schuler physically assaulted a 16 year old victim. What's up with that? I never heard this until now. By grabbing their hair and dragging them into a stairwell and knocking them to the ground. I pray this is just FUD because what adult in their right mind would treat a 16 year old this way? So I'm hoping it's just an allegation, nothing more. But you just never know in today's world. What are your thoughts to that heart is suspected of tax evasion. I think this is the real reason they want him. They're probably trying to set a precedent, make an example out of him. If I was to speculate. But nonetheless, between June 2 of 2020 and April 2 of 2024, the red notice comes just three months after a reman order was initially issued. And I'm curious how you are Hex or Pulse X or any of the tokens that he created. Holders do let me know. Now you can see like looking for.
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JV
The actual publication here from Interpol Wanted by Finland Schuler Richard James says he's 45 years old. There's his beautiful mug shot. Not necessarily a mug shot, but you see what I'm trying to say. Just this photo there. Anyways, the police detective told YLE that Hart's income reporting did not match the tax estimates Schuler and guess what? They couldn't take down Al Capone. Want to know how they got him? Tax evasion. It's crazy, right? But anyways, he remained active on social media and has made comments that appear to allude to the matter. So he's still openly talking about it and they still can't locate him. It was kind of crazy. If the haters really wanted to get me down, they can raise more than the 27 million I did for medical research, he shared. And that was yesterday. Nothing makes haters angrier than success. It's a lot of truth to that. Every time they think of you, it reminds them of how they're not doing half of what they could. Meanwhile, Schuler is still caught up in a lawsuit with the US regulators. I guess that's considered the SEC over alleged unregistered offerings. I would take it. Gary deemed all of his tokens on registered securities and that's an ongoing lawsuit. August 22nd Hart requested to dismiss the one billion dollar lawsuit, but the SEC pushed back. Not surprised, arguing it has the full authority to bring the case to heart. It kind of makes you think they're pushing all this now because we all know Gary Gensler leaves office and Trump and his team is all pro crypto and may not deem everything unregistered security like Gary in the current Biden administration with their war on crypto. So maybe they're trying to get him in custody before Trump and then entire team in the White House trade places. That's my assumption here. The SEC claim Hart has raised more than a billion through the unregistered offer. Exactly. He's referring to his token as an unregistered security, hence this whole thing. And according to the complaint, Hart touted the tokens as a pathway to grandoids wealth for investors. But that's all I got for you let me know your thoughts surrounding that. Do you think he'll get locked up? Do you think he'll get away with it? Let me know. Talking about quantum computing, a big topic of conversation in the crypto community, quantum computing will fortify the bitcoin signatures according to the Bitcoin OG Adam Back if you've never seen a bitcoin gangsta before, you're looking at one and I ain't talking nipinator. Advancements in quantum computing have the potential to strengthen the bitcoin network. Do you hear that? Strengthen the bitcoin network in the coming decades even though they're widespread concerns about the text ability to compromise the cryptographic encryption. So yeah, industry insiders previously voiced concerns that quantum computing may break cryptographic algorithms in the future thanks to the ability to perform the computational processes at previously unimagined speeds thanks to the advancements of quantum physics. Yet despite these concerns, quantum computing could lead to a stronger bitcoin network. That's the other side of the coin they don't talk about. And according to Adam Back, the co founder and CEO of Block Stream, the inventor of hash cash and one of the most notable cryptographers of the world post quantum is still several decades out at least, which is why the hash based PQ scheme will never be viable. PQ signature research will eventually produce conservative, well reviewed, more compact signature and Bitcoin can add those schemes as another option. So the bitcoin OG has spoken. There's nothing to worry about with that quantum computing foot. Bitcoin signatures prevent the bitcoin transactions from being altered by another party as an essential part of the network security mechanism. When a transaction occurs, the private keys are used to sign the transfer as a mathematical proof that the bitcoin is owned by the address holder. Bitcoin and the future security of the network have garnered increasing attention from the investors over the past couple of weeks. As you know, we surpassed a hundred thousand milestone tapping a new all time high currently sitting at 183 now. Is Google's new quantum computing chip a threat to the crypto encryption? I think not. Concerns about quantum computing's potential to disrupt crypto transactions have been reignited by the Google latest quantum computing chip. The chip reportedly solves a computational problem in under five minutes, a task that would take the most advanced supercomputer approximately 10, septillion years to complete. And that's such a big number. I've never even heard the words septilian, but it kind of almost rhymes with reptilian. Gary Gensler and his folks. You feel me? The new chip known as the Willow can exponentially the Willow can exponentially correct errors and process certain computation at a mindboggling pace. Well, there you go. It lends credence to the notion the quantum computation occurs in many parallel universes, whatever that means. In line with the idea that we live in a multiverse, different timelines. I. I get it. A prediction first made by David David Deutsch, if I'm pronouncing that right. Tech entrepreneur and former senior product manager of Google, Kevin Rose shared in a statement that the Willow was still far short of being a threat to crypto. And until people's private keys are hacked by the Quantum computing this episode is.
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JV
Concerned, but according to Rose, estimates for the comprising bitcoin encryption would require a quantum computer with approximately 13 million qubits, whatever that means, to achieve decryption within 24 hours. In contrast, Google's Willow chip, while a significant advancement, comprises only 105 qubits. Not even close. I act like I understand what they're talking about. I really don't. Ethereum co founder Vitalik is also prepping for the post quantum era. Buterin has also proposed a way to mitigate the risk of quantum computing for Ethereum with a simple hard fork that can subvert the issue. So here's my two satoshis on this bottom line. Family, cryptographers and bitcoiners will be ahead of the curb versus the lizard folk. They don't really stand the chance. That's why we strike the gong very often here. Because Gary Gensler, Senator Warren, the Biden administration, Kamala and the rest of the lizard folk, they're not welcome around yonder. Just saying. Yesterday I shared big news of a circulating rumor of the UAE owning roughly 400000 Bitcoin and making a massive acquisition recently of 300000 Bitcoin. CZ actually posted it as fact. So I found that fascinating because at this moment it's kind of a rumor until they come out and declare it. But maybe they're not going to do so because it would be shooting themselves in the foot. Then bitcoin price shoots up and they have to buy and get less sats per dollar. So you got to fathom all that into the equation. But shout out cz, the Binance founder, he wrote the United Arab Emirates holds 40 billion in Bitcoin. What was my podcast about? What was the featured story yesterday? Exactly what CZ just said, meaning I'm ahead of him. That's pretty lit. But anyways, this was a featured story. UAE reaches new milestone Yesterday there were no articles written about it, but apparently I did a podcast about it and these article sources are now covering ultimately what I was discussing. So anyways, let's break this baby down, shall we? The rise of the broader global market boom further solidifying the UAE's position as a crypto leader. The country's embrace of the blockchain tech and digital assets is driven by both the government and private investments position it as a key player for the global crypto adoption. And as you know, even in yesterday's pod I shared all the stories going back from last year where Max was very aggressively hinting at there's massive buys occurring in the Middle East. You know we talk about the sovereign wealth funds in Qatar, I mean Abu Dhabi just recently had a major event with Trump Jr. Or what's his name, Eric Trump was very bullish, gave one of the best speeches there. We've been covering all this. The uae, which is the United Arab Emirates has actively nurtured a favorable environment for crypto. And guess where the fight, the biggest fight, the heavyweight fight was last night. It was also in the Middle east and I think they gave like 185 million fight purse between the two boxers which is like unheard of but it just goes to show you how much money is coming out of there. These strategic measures have encouraged both local and international blockchain startups to flourish leading to the rumored increase in the nation's bitcoin reserves. Market sentiment reflects growing confidence in the UAE approach as investors view to countries moves as timely in line with the global economic trends. Low interest rates and inflation concerns are driving the bitcoin appeal as a hedge and the UAE's proactive adoption. The digital currency aligns with the global shift. Technological advancements in blockchain are also boosting the bitcoin attraction, attracting or drawing institutional investors to the bitty. And looking ahead, experts predict the UAE will continue to expand its bitcoin holdings. The country's success is integrating crypto into the economy and setting a precedent for others, they want to do it the biggest and baddest, potentially encouraging further institutional investments and helping solidify the bitcoin place in the global financial system system. This strategic shift and I ain't talking Peter Schiffmeister is expected to have the long lasting economic benefits enhancing the job creation, innovation and financial inclusivity while reducing reliance on the oil. That's right, let's do away with the oil and just stack that biddy. We also had Lark Davis come out hinting at the UE UAE stockpiling of the bitcoin, which I did cover in yesterday's pod. Bitcoin has also reported that the Middle Eastern nation has accumulated significant amounts of bitcoin. However, at this current moment, none of this has been proven directly by the UAE. So I got to be 100 right now it's all speculation. If I was a betting man, I'd say they most likely most definitely have a bitcoin reserve in the stockpile of bitcoin. But I don't think they're going to announce it. It wouldn't be advantageous for them to do so. But we'll soon find out, won't we? Anyways, let's get into our next target. I want to break down our two feature stories here. I always share the best for last, if you haven't notice that. I mean, I organized the articles by what is the most bullish and I saved the best for last. So here's a parabolic rally prediction from an analyst and then we'll discuss the latest from Mikey Sailor and Jeff Bezos, their little back and forth here this morning.
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JV
We'Ll do the live Q A. Let me know if that sounds good. And again, welcome everyone joining us. Crypto analyst predicts incoming Bitcoin Parabolic rally Send the parabola says bitcoin is at the point where things are starting to get exciting. Thank you Captain Aubrey. Obvious. As if we weren't so excited already. But anyways, Tech dev shared on X the bitcoin's flashing the technical signal that preceded the steep rallies of the past. The trader shares the Chart suggesting the biddy has breached the upper range of the Bollinger band in the two month time frame after spending about two years recovering from the bear market bottom keyword Bear market bottom Traders use Bollinger bands to identify the potential periods of volatility expansion to determine whether the asset is overbought, bought or oversold. Tech Dev's chart suggests the two signals were present during the 20162020 market cycle just before the Bitcoin ignited the parabolic surges. Quoting them here, this is where things have gotten exciting. That's right, the charts don't lie. Look at that. It just shows you where we're currently at right before we ascend to new all time highs. 420 in play is all I'm saying. And looking at Bitcoin from a different perspective, the analyst says Bitcoin is in the early stages of the parabolic ascent. Agree with that. Based on the King crypto logarithmic moving average convergence divergence known as the MACD indicator. The MACD is designed to reveal changes of an asset trend, strength and momentum. According to the analysts here, paying attention to the high time frame offers the best chance to trade the cycles. 30000 was not the top because the high time frame expansion had not ended. 50, 000 was not the top because the high time frame expansion has not ended. 70000 wasn't the top. 90, 000 wasn't the top and the high time frame expansion still has not ending. Hence it's going up forever. Laura. So based on the trader's chart which you can actually see here in your screen, he seems to suggest Bitcoin will not witness a cycle top until the macd on the two month chart hits the resistance of a 0.12. The Bitcoin MacD appears to be currently hovering at point 04 which was that give us 3x potential from here. So hypothetically can you say 300000 in play? But let me know your thoughts fam and I'll read the comments out loud. Now for our featured story of the day. Michael Saylor suggests to Jeff Bezos one of the richest men in the world to buy 600 million worth of Bitcoin. So let's break down this tweet and also I guess I'll preface this with more recently Michael Saylor gave a three minute speech to the Microsoft board of directors and pitching why they should put Bitcoin on the balance sheet. Unfortunately for them, Microsoft that is because Bitcoin doesn't need them, they need Bitcoin. They denied it, but nonetheless, Saylor is the man at Orange pilling rich folk, as we know. And so it's pretty cool to see some interaction between Jeff Bezos, one of the richest in the world. I would speculate maybe the second. On paper. I'm pretty confident Elon is the richest in paper. I heard elon hit the 400 billion dollar club. The first human being in existence on paper to do so. But let's break this one down. So yeah, Jeff Bezos was ultimately shooting down alleged rumor or allegation that they were planning like a crazy extravagant wedding for like, was it $600 million. So ultimately, let me just read you the tweet Bezos wrote. Furthermore, this whole thing is completely false. None of this is happening. I guess referring to the $600 million wedding, the old adage, don't believe anything. You didn't he just like successfully divorce and have to pay the wife half the assets. I, you know, I mean, obviously if he did get married, it's, you know, prenup, prenup, prenup. But I digress. Is even more true today than it ever has been. Now lies can get all the way around the world before the truth can get its pants on. Be careful out there. But anyways, Sailor responded to all that Mess and wrote 600 million would buy a lot of the bitty. And it sure would. Can someone run the math? How many bitcoin can Jeff Bezos Smash buy with 600 million? And what? 600 million to a billionaire worth hundreds of billions? It's nothing that would be considered bearish. And let me tell you why that is here. There was a, a 7 trillion dollar asset manager recently here on the Swab network preaching that if you don't have at least 10% of your assets in bitcoin, you are going to fall significantly behind. Now run some math. And I'm not a math whiz, but this is what it says. 900 trillion times 10% is 90 trillion of a hypothetical demand. 90 trillion, which I know we have more, more than that in the total addressable financial market, which people speculate is 3,400 trillion. So it's very doable. By the way, Max Kaiser in fact has said he believes half of that will flow into bitcoin. Half the total addressable financial market. So this is very conservative. 90 trillion times the 6x multiplier would equal a 540 trillion market cap and that would turn Bitcoin to 25.7 million. Okay, I have to tell you, I.
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EBay. Things people love per biddy. And again, that's just what, a 10. Allocation of the assets into bitcoin. What happens if it was 50 and Max's numbers are more accurate? Holy moly. Talk about 100 million bitcoin becoming a possibility here. Pretty amazing. Now another breaking thing. For the seventh week in a row, Mikey Sailor posted the Sailor bitcoin tracker. Every single time he has done this. The following day he announces a massive bitcoin acquisition. So my speculation leads me to believe tomorrow Michael Saylor, very bright and early in the morning, is going to say we just purchased another $5 billion of Bitcoin, adding an additional 50, 000 Bitcoin to the balance sheet. So you already know. I mean, look at the orange tracker every single time, without fail. So Michael Saylor already has his company at least 430,000plus Bitcoin. His goal is to control 5% of the circulating supply, which I have no doubt in my mind he'll do it because he figured out the Sailor put where he can just borrow infinite money doing some convertible shareholder stock witchcraft. At the end of the day, I'm not going to pretend to understand how all that works. I'm not a corporate guy. But nonetheless, he figured out and he's just going to continue to buy at virtually 0% interest and stack as many bitcoin as possible. And a lot of the corporations are going to follow the Sailor put because if they don't, they're going to get left behind. And so let's see if Bezos takes some advice from the Giga Chad. And let's see how much of a billion dollar purchase he announces tomorrow. That's what I'm anticipating at least. So let me know your thoughts on that. And do you think Amazon will eventually adopt Bitcoin as a form of payment? Because I want you to think about this. This I believe, correct me if I'm wrong, I'm just assuming, I would assume Amazon is the largest retailer in the world. I mean the two things I think of when I think of retailers, Amazon largest Online and Walmart. Correct me if I'm wrong, if something's bigger than those two, they're juggernauts. But if they start accepting bitcoin payments, they can save themselves billions of dollars just in transaction fees that don't have to go to freaking Visa, MasterCard, Amex or whatever the traditional legacy payment Rails they're using. This would be extremely significant because with a bitcoin transaction, the transaction is the settlement. That's the genius of bitcoin. The transaction is the settlement. The retailers can literally save billions of dollars and pass those savings to their customers. If you can purchase things with bitcoin and save money, who wouldn't do so? So let me know your thoughts on that. I think it's a sign of the times and it's inevitable. Will they do that? Likely in 20. I don't know what year they're going to do it, but eventually all the companies will adopt bitcoin some way, somehow. And most all the companies already have exposure to bitcoin some way, somehow. Let's not forget 90% of the companies that the S P 500 who are the primary shareholders, BlackRock's in the top three of every company, including Microsoft, including Micro Strategy. Right. It's always Vanguard BlackRock. The same people own everything. Yeah, I mean, and we're trying to change that with the biddy. But let me know your thoughts and let me know if you think Bezos will do the smart thing and adopt bitcoin so he could, you know, I mean, be a trillionaire here. He's not too far away already as it is. Up forever jv. Shout out to the fruits and veggies. I appreciate it, amigo. I appreciate that. Super. This gong strike is for you, broski. I gotta hit that harder. Hold on. That's a gong strike. But anyways, welcome everyone to the Q A segment of the live stream. I'm gonna do my best to read as much of the comments out loud. And don't forget to check out cryptonewsalerts.net for the full premium experience with video and to participate in our live Q A. And I look forward to seeing you on tomorrow's episode hop.
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News Episode 1856: Michael Saylor Suggests Jeff Bezos Buy $600 Million Worth of Bitcoin Release Date: December 22, 2024 Host: Justin Verrengia (JV)
In Episode 1856 of Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News, host Justin Verrengia delves deep into the latest happenings in the cryptocurrency world. Covering a range of topics from Bitcoin's technical analysis to high-profile legal issues and influential endorsements, this episode serves as a comprehensive update for crypto enthusiasts seeking to stay informed and ahead in the fast-paced digital asset landscape.
Bitcoin's Current State: JV opens the episode by discussing Bitcoin's recent price correction. As of December 22, 2024, Bitcoin has dipped just below $95,000, marking a 3% decline, while Ethereum has fallen by 4%, and Avalanche (AVAX) is also experiencing a downturn. The broader cryptocurrency market mirrors this trend, with a total market capitalization gap of $3.25 trillion and Bitcoin's dominance slipping to 7.6%.
Notable Metrics:
Notable Quote:
"It's a sad day in crypto when the FTT scam token of scam Bankman freed is the top gainer on the day."
— JV [00:53]
Technical Indicators: JV presents various charts from platforms like Coin360 and CoinMarketCap, highlighting the current bearish trends across major cryptocurrencies. Despite the downturn, a monthly view shows a divided market with roughly 50% in green and 50% in red, signaling potential recovery signs.
Social Sentiment Analysis: Bitcoin's social sentiment has plummeted to its lowest point this year, with a positive-to-negative comment ratio of 4:5. JV suggests that this low retail sentiment might paradoxically indicate an impending breakout, citing contrarian trading principles.
Notable Quote:
"Vocal traders are now showing severe foot and that's good news for the contrarians who know the markets move in the opposite direction of the retail expectations."
— JV [04:19]
Allegations and Legal Status: A significant portion of the episode is dedicated to discussing the Interpol Red Notice issued for Richard Schuler, the founder of Hex. Allegations against Schuler include tax fraud and assault, particularly involving a 16-year-old victim. Finnish authorities are actively seeking his arrest, although the Red Notice is not an international arrest warrant.
Legal Implications: Schuler's income reporting discrepancies have led to serious legal challenges, including lawsuits with U.S. regulators like the SEC over alleged unregistered offerings. The SEC claims that Schuler has raised over $1 billion through these offerings, categorizing his tokens as unregistered securities.
Notable Quote:
"Schuler was also listed on Europe's most wanted fugitive lists... physically assaulted a 16-year-old victim."
— JV [11:42]
Speculations and Community Impact: JV speculates whether the charges against Schuler are a strategy to set a legal precedent or make an example out of him, especially in light of potential administrative changes with figures like Gary Gensler exiting the SEC and a shift towards a more crypto-friendly stance under a new administration.
Community Response: Listeners are encouraged to share their views on Schuler's situation and its impact on tokens like Hex and PulseX, emphasizing the importance of community vigilance against fraudulent schemes.
Assessing the Threat: The discussion shifts to the role of quantum computing in potentially compromising Bitcoin's cryptographic security. Concerns have been raised about quantum computers' ability to break current cryptographic algorithms, posing a threat to Bitcoin transactions.
Expert Insights: Adam Back, co-founder and CEO of Blockstream, counters these concerns by stating that post-quantum (PQ) cryptographic solutions are still decades away. He emphasizes that Bitcoin's existing signature schemes are robust against current quantum advancements.
Notable Quote:
"Post quantum is still several decades out at least, which is why the hash based PQ scheme will never be viable."
— JV [16:45]
Google's Quantum Leap: JV references Google's latest quantum computing chip, the Willow, which reportedly solves complex computations in under five minutes—a task that would take classical supercomputers 10 septillion years. However, industry experts like Kevin Rose assert that Willow's capabilities are still insufficient to threaten Bitcoin's encryption.
Mitigation Strategies: Ethereum's co-founder, Vitalik Buterin, is proactively preparing for the post-quantum era by proposing a hard fork to enhance Ethereum's resilience against quantum threats, showcasing a forward-thinking approach within the crypto community.
Rumors and Confirmations: A hot topic is the rumored and now partially confirmed reports that the United Arab Emirates (UAE) holds a substantial reserve of Bitcoin, estimated between 300,000 to 400,000 BTC. CZ, CEO of Binance, corroborated this by stating, "The United Arab Emirates holds $40 billion in Bitcoin."
Strategic Implications: The UAE's aggressive adoption of blockchain technology and digital assets is positioning the nation as a global crypto leader. Government and private sector investments are fostering a conducive environment for blockchain startups, potentially increasing institutional Bitcoin holdings.
Market Impact: JV discusses how the UAE's substantial Bitcoin reserves can influence global market confidence, attract more institutional investments, and solidify Bitcoin's role in the global financial system. This strategic accumulation aligns with global economic trends like low interest rates and inflation hedging.
Notable Quote:
"The United Arab Emirates holds $40 billion in Bitcoin. What was my podcast about? What was the featured story yesterday?"
— JV [17:14]
Future Predictions: Experts predict that the UAE will continue to expand its Bitcoin holdings, integrating crypto into its economy, enhancing job creation, fostering innovation, and reducing reliance on oil revenues. This move is expected to set a precedent for other nations considering similar strategies.
Analyst's Outlook: A prominent crypto analyst predicts an incoming parabolic rally for Bitcoin, indicating that the cryptocurrency is entering an exciting phase with potential steep upward movements. According to the analyst, Bitcoin's current technical signals precede past parabolic surges.
Technical Indicators:
Notable Quote:
"The charts don't lie. Look at that. It just shows you where we're currently at right before we ascend to new all time highs."
— JV [22:46]
Historical Context: The analyst references previous market cycles (2016-2020 and 2021) where similar technical patterns preceded major bull runs, reinforcing the optimistic outlook for Bitcoin's future.
Market Enthusiasm: JV shares excitement about the potential for Bitcoin to reach unprecedented heights, encouraging listeners to stay engaged and watch for upcoming market movements that align with the predicted rally.
High-Profile Endorsements: A standout moment in the episode is Michael Saylor's (CEO of MicroStrategy) public suggestion that Jeff Bezos, founder of Amazon and one of the world's wealthiest individuals, should invest $600 million in Bitcoin. This endorsement underscores Bitcoin's growing appeal among top-tier investors.
Bezos' Response: In response to rumors about a lavish $600 million wedding, Jeff Bezos publicly denied the claims. Saylor seized the opportunity to pivot the conversation towards Bitcoin investment potential.
Notable Quote:
"600 million would buy a lot of the bitty. And it sure would."
— JV [27:52]
Market Implications: JV breaks down the mathematics behind such an investment, referencing a 7 trillion dollar asset manager's prediction that allocating 10% of assets to Bitcoin could drive demand to $90 trillion, potentially elevating Bitcoin's market cap to $25.7 million per coin.
Future Projections: The discussion speculates that Michael Saylor may announce further Bitcoin acquisitions, potentially adding billions more to his company's holdings. Additionally, JV envisions Amazon adopting Bitcoin as a payment method, which could revolutionize transaction efficiencies and cost savings for one of the world's largest retailers.
Notable Quote:
"If something's bigger than Amazon, I don't know what is. But if they start accepting Bitcoin payments, they can save themselves billions of dollars."
— JV [28:05]
Strategic Insights: JV emphasizes the inevitability of major corporations like Amazon embracing Bitcoin, highlighting the strategic advantages of lower transaction fees and streamlined settlements inherent to cryptocurrency adoption.
In this episode, Justin Verrengia provides a thorough analysis of Bitcoin's current market dynamics, legal challenges within the crypto space, and the technological safeguards against future threats like quantum computing. High-profile endorsements and strategic national investments further underscore Bitcoin's ascending trajectory. With influential figures like Michael Saylor advocating substantial Bitcoin investments and rumors of Amazon's potential adoption, the episode paints an optimistic future for Bitcoin amidst a landscape of volatility and skepticism.
Listeners are encouraged to engage with the content, share their opinions, and stay tuned for future updates as the crypto market continues to evolve.
Stay Informed and HODL!
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