BITCOIN CRASHING – WTF IS HAPPENING???

BITCOIN CRASHING – WTF IS HAPPENING???

does your faith ever get shaken especially during these these very volatile periods where Bitcoin has had a steep selloff the Bitcoin price continues to crash this is officially the deepest retrace of the cycle no in my entire career I’ve never seen anything as compelling and Unstoppable as Bitcoin Bitcoin has retraced over 25% thus far there are 8 billion people on the planet that need digital property and Bitcoin is the dominant digital property Network so if you zoom out and you ask the question how are you going to provide economic prosperity to billions of people at the speed of light over a computer network crashes are very normal in a bull market there’s no better idea than Bitcoin crashes are also very normal in a sideways summer a crab market and even way back here almost a month ago I warned you that there was a leverage in the system that if we passed below 59,000 the Longs would be wiped out suppressing the price lower if this were to happen happen around $59,000 per coin this crashes the price lower so let’s talk what comes next but now looking forward and understanding we just breached this Monumental support what comes next and how much more selling from these Mount gox payouts are still to come Bitcoin sliding after Mount gox begins repaying users inflaming fears that customers might quickly sell the coin so first off I want to offer you a little bit of perspective on this also give you an update on the German government now selling Bitcoin the governance of Bitcoin is Shady at Best But first this is what the mainstream media is sharing on the mount g selling so um mount g has obviously been tracked um you know pretty thoroughly in Bitcoin circles so it’s an anticipated event um and there’s also been a lot of trading of the claims prior to you know all of this being sorted out um on behalf of the creditors so um it’s really up for debate as to whether 9 billion is going to sort of flow onto the markets in one go and it’s actually highly unlikely so any selling is likely to be staggered over a period of time and actually there’s a question as to whether there will be any sellers because as I say it’s it’s likely that many of the claims have already traded hands and people already are either going to hold Bitcoin for the longer term um or or they’re going to sell but it’s unlikely to happen all at once so it should be managed and the market should be able to absorb any Supply coming through and she’s absolutely right there’s about 140,000 Bitcoin that has been unlocked from monox that’s about 7.6 billion that if sold all at once would need to be absorbed by the market well just the Bitcoin ETF inflows alone could absorb that over the next 30 60 days at their peaks they were doing a billion dollars in Daily volume and again there’s only $7 billion to absorb if sold all at once really just the coverage of Mount GX has caused more fear uncertainty doubt than the actual selling from Mount gox meaning the bark in this case is looking like it’s much worse than the actual bite and really the sooner that we get this over with the better this was the last big known liquidation from exchanges that was left this too shall pass but what about the country of Germany selling Bitcoin at the moment the Bitcoin has two elements going for it one is what we can call specul hype boom and the other is let’s say Bitcoin is a possibility to make transactions outside the legal system this is going to go away therefore I think it’s not the two points that you mentioned are completely wrong this is the amount of Bitcoin held by governments the United States is in first they hold over 200,000 BTC due to criminals getting caught by the doj and then the United States confiscating that and then China then the United Kingdom then Germany hold the next most and this major nation is now selling just in Germany has sold almost 4,000 Bitcoin since June 30th they are liquidating this Bitcoin into Euros we can see this on chain in the Bitcoin wallets that Germany controls I say weak hands to the strong hands Germany’s BTC can end up in better hands now now these wallets from the German government are being tracked so make sure you subscribe I’m going to keep you updated on this so far the they’re liquidating these assets this Bitcoin through coinbase bitstamp Kraken and then unknown wallets and we absolutely should have seen something like this coming this is the director of payments at Germany’s Central Bank speaking about crypto years ago I have difficulties in picturing let’s say an investment in cryptocurrencies as something like a long-term stable investment you would recommend let’s say w to Widow and orphans as a store of value for the next 10 years I have really difficulties in seeing this because uh if you look uh at the intrinsic value of such a cryptocurrency it’s extremely low if not zero and actually he is speaking about crypto in general so some of those points are fair a lot of altcoins so many altcoins are worthless but what are his thoughts on just Bitcoin and if I then take Bitcoin just because it’s the most prominent example the governance of Bitcoin is Shady at best you have elements of debasing Bitcoins of course we don’t call it debasing we call it Fork but the difference I would say is just the the semantics and we have this issue of trust and the issue of trust goes let’s say beyond the law it also includes let’s say the banking system in this case the intermediaries around the Bitcoin you are don’t need only to think about Bitcoin also think about the whole ecosystem and is this really a trustworthy ecosystem I have my serious uh doubts here again I will keep you updated on the German government selling so stay subscribed by the way the country of El Salvador keeps buying the dip they’re literally buying one Bitcoin per day every day but my general thoughts are this first off Bitcoin is still in a very good place compared to where we were at the beginning of the year meaning under $440,000 if we were to just have increased linearly from the start of the year it’s been up only but because we had the having not only the having but the Black Rock ETF launches all the ETF launches we went up too far too fast and thus we get these Corrections and really the next dip that we’ve only had the opportunity to buy was right after actually many weeks after the having that was about 20% 23 and then right at the beginning of the year it was again about 20 I think this is a buy the dip opportunity personally I’m not a financial adviser I have no clue what’s going to happen in the future but how many people thought like this I’m an idiot when Bitcoin was at near all-time highs why didn’t I buy Bitcoin at $57,000 back in March and now today lol I ain’t buying this crap when in doubt zoom out and understand that typically it’s not until 547 days after the having that Bitcoin really hits its peak for the cycle and I love this do not let short-term conditions overwhelm your judgment short-term is the Mount gaw selling the German selling longterm we still have the Bitcoin and E ETFs Trump or just the presidential election with Bitcoin as a talking point in general the Bitcoin Supply shock still in front of us from this Reon having this discount is a massive opportunity if you got value in today’s video hit the like button send this video to a friend who may be scared right now and like always see you tomorrow

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TimeStamps:
00:00 Intro
01:19 The Real Impact of the Mt Gox Bitcoin Selling
03:20 Germany Has Begun Selling Bitcoin
06:22 Bitcoin – Buy Now or Wait?

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