It's time to talk about Crypto more specifically Bitcoin And unfortunately, even though I'm a big Bitcoin supporter looks like in the short term, the Bears might be prompting a bit of a breakdown. So first of all, let me set the scene from some interesting commentary and talks of recent with Crypto. Then we'll get into more of the technicals and the price action. what I'm looking for and really just what's going on in the world of crypto today? Which one is a Ponzi scheme? So on the top you have Fiat currency.

In this example, specifically the US dollar. and how we're at trillions and trillions and trillions of dollars in debt I mean I Think we're in the realm of 35 right now and we're adding it at an extraordinary rate. Unlimited Supply As in the Fed, the Central bank can print as much as they want. At fact, we were up to 9 trillion that they were just randomly printing out of nowhere.

It's crazy. It's not backed by anything. That's what Fiat means. We used to be tied to the Gold Standard and now we're tied to nothing but like a couple handshakes and wins of the US government.

Centrally controlled. Literally. That's what the Central Bank is. It's controlled by the FED.

On the other side, you have Bitcoin Uh, fixed. Supply At Max 21 million, 19 million's already out. Uh, backed by energy. That's just its total compute power.

the network, the grid. No one can control it. That's obviously the decentralized nature of it. This is a part that kind of like confuses me because when you talk about like what Bitcoin is and what the US dollar is, you hear a lot of people who are maybe just not informed and they're like, well, hang on like what's it back by like where does it get its value same thing with the US dollar.

same thing with paintings, the museum. same thing with the weird hats I Buy my cat Piper Where does its value come from? Value is just. do you think it's worth that much And if enough people think it's worth that much? Guess what? It's worth that much. Same thing with any stock.

It's it's all perception. So this idea of like, what is it, What's it backed by it? It's it. Even when we back things by gold, that's just because we attribute value to Gold Inherently, if just no one in humanity wanted gold, it wouldn't be worth anything. Look at diamonds.

They're worth an extraordinary amount. Why? it's just because of supply and demand. So you have a certain amount of supply. and with demand.

Obviously, price goes up if there's more demand, but if there's no demand, it goes down. So this concept of like, what's backing it literally Supply demand. A Lot of people understand that because as I'm filming this, Bitcoin trading just above 40,000 Which means it has a market cap of $800 million Now very quickly. it looks like as I'm filming that some of the market is breaking down.

but Bitcoin Uh, it was ripping all this excitement and Fomo going into the ETF approval rips right up to it and then unfortunately can't hold. Right now, the price action is below the EMA Cloud it's below the 48 EMA and now we're actually officially breaking down below this trend line and this is kind of what I've alluded to before of uh-oh like don't be surprised if there's more aggression here cuz in the short term this is very much a technical breakdown. I would be looking for support to be found somewhere between 36 and 38,000 that's what I'd be watching. but on the flip side, if it can pull itself out of this and get back up, maybe break above 40.

3 Okay, maybe has a fighting chance for this just to be a fake out breakdown type of a deal the New York Times still doesn't get Bitcoin response to the latest article misunderstanding Bitcoin That's a lot of people, especially in the older generation not to pick on them, but it's a new thing and I think there's a lot of confusion but also more so in like traditional Finance I think there's a lot of confusion about what Bitcoin is and the fact that it's just like wasn't around when they were coming up. they're like nope, don't like it, don't like new things Jeff Sumer A weekly Finance columnist for the New York Times which does anyone even really trust? the New York Times anymore doesn't seem to like Bitcoin ETF Jokes on him though because everyone else seems to. Up-to-date info isn't available, but it's not known that investors have poured at least 1.9 billion into the new Crypt tracking exchange traded funds in their first 3 days. The most bullish estimates expect up to 100 billion flowing into Bitcoin funds by the end of the year.

In the first 3 days, the amount of money in Bitcoin spot ETFs surpassed the amount of money in Silver Spot ETFs The only other commodity based ETF that's more popular is literally gold, and it only took 3 days for that to happen. That's astounding. Fomo is the main reason for putting money into Bitcoin which remains highly speculative, difficult to categorize, and without an immediately identifiable economic function. This is such a poor argument and they're saying oh well, it's going up just because other people are buying it.

Well, no, not really. There is actual utility here. We see it in just as compute Power alone. We see it in the we see in the supporting technology.

The list goes on and on and on and they're just like I I Just don't get it. So it's actually all a scam. Talking about a scam. Look at our Central Bank Look at Fiat currency.

Look at the Perpetual devaluation when our government and other world governments just add to their debt, add to their debt, Add to their debt inflation. Inflation. Inflation I Mean we've all seen those CH charts about how over the past what hundred years the US dollar has been devalued to the tune of like 95 plus% That's ridiculous. They're like oh no no I like that one better to write off Bitcoin simply as a turn of the roulette wheel with 800 billion on the table is to willingly mislead oneself.

You don't have to personally believe that what bitcoiners believe to take their argument seriously for fear of mockery or ostracization. fuxu by your crypto skeptic peers. To be fair, Su did tip his hat to the technology behind Bitcoin Blockchain to hedge his own argument to wh. Bitcoin is a serious proposition in terms of underlying structure.

To use the use of blockchain, that decentralized per peer structure and the complex mathematical code demand respect Concepts Embedded in Bitcoin and other so-called cryptocurrencies could have real world importance at some point. So this is the classic thing of a lot of people saying. okay, well I like the technology. Maybe it's specifically Bitcoin and they don't view it as a currency.

In fact, I looked into what Jeff Sers was saying about it. the guy from The New York Times and he's saying I just don't see it as a currency. Well, okay, I guess at that point it's opinionated, but if something is a store of value and it can be sent easily I Mean that to me is checking off a lot of the the boxes the currency. It seems like a lot of people just have issues seemingly with the fact that it's a currency not controlled by a particular government.

But in my book, my personal opinion, that's a good thing because when I look at our government, the US government or any government I see a bunch of fumbles time and time again. I Don't see some sort of like intellectual superpower that gets everything right. No, I actually see the exact opposite. So I guess that part's a matter of opinion.

But yeah, mainstream media is always going to have an issue with it. Now on that side, you might be thinking, why do they have such an issue with it? Because in the world of cryptocurrency, yes, there are things that are obvious scams. we have allegedly the worst Financial crime of all time committed in the world of crypto talking about Sam Bigman freed and FTX So I guess my major argument is I don't think Bitcoin should be grouped with many other things that happen in the crypto sphere and one of them that really drives people up the wall is these meme coins such as Dogecoin and Flaky which oddly enough are actually going up right now Dogecoin and Flaky bullish bets r on X payment speculation Doge has the tendency to Surge on payments related developments at any Elon Musk owned company such as X or Tesla Floi named after Musk Dog moves as a beta bet among midcap. Traders So what's happening is we know Elon Musk the owner of Twitter turned it into X is attempting to be like a One-Stop shop for all apps and to be a One-Stop shop for all apps equivalent to we app.

you have to be able to send and receive money on the app. That's kind of an important thing if you want to be the dominant app. Well, to do that in the US. Obviously you have to have a payments license in every state and I think the most recent one that Elon was able to secure for X is actually from the state of Utah.

That's besides the point. he's going to try to get all these licenses for all 50 states so money can be sent and received on the app legally within Us regulations and there's always kind of these jokes of like well actually, Beyond USD is our main payments going to come in some sort of crypto and if it is, is it going to be the one that Elon seems to like quite a bit with Dogecoin We all remember what happened with him and the SNL skit and Bitcoin at one point ripped up to 70 cents and then came plummeting down. There was a story of the Dogecoin millionaire dude who took out all these loans got up to 3 million and I believe as of now is still holding it so there's craziness there and I understand how this absurd volatility and trolling nature people don't really like when you gamify, trollify any form of market and I guess I suppose I see why bitcoin's like kind of like grouped in with it but in my mind this stuff is hilarious to watch play out cuz whatever. If you're an active Trader you're an Trader I Wish you the best of luck.

but to group a literal like strong $800 billion potential long-term like investment that is a store of value. it's an inflation hedge. It's something that is like maybe putting some governments on their back. Hills Realizing that they can't just control all the money to group it like that? I I Just I I think a lot of the big picture is being Miss So I just want to give you some of the recent updates of what's going on.

Obviously, some craziness in the world of meme coins Bitcoin classic media attacking it. but I think every single day that passes more and more media starting to understand what it is. But I also want to let you know just from a price action standpoint in the short term does. Looks like the Bears might have regained a bit of control here, but that's because the Bulls have been dominating for an excess of like 8 n 10 weeks.

So I think this might be a natural E and flow of the crypto Market.