Hey yo, what the tuesday word with my family,
the Chico army & if this is your 1st time,
just a lowly viewer of the tube.
My name is Tyler, the host of the crypto channel
whose content looks like it’s going to go
one way, but then breakDANCE, kind of like
this girl washing her car...she
got them booker T spinaroonie moves on, it’s
time for Chico Crypto!
And away….she goes!
BTC has done it, and broken the resistance
many thought wasn’t possible...12k, and
as of yesterday, we were staying above.
And like I mentioned over this weekend's livestream,
in which I though the price would pump above
12k, this is seriously unknown territory for
the Bitcoin price, shoot even being above
10k is fairly unknown.
What do I mean?
Well over the past 3 years, btc hasn’t spent
much time above 10k.
November 28th 2017, we break 10k and push
up to 20k, but then fall back under by January
31st 2018.
A total of 65 days above 10k.
Then we broke 10k for a tad bit of time, between
February 2018 and March a total of 22 days
to be exact.
Finally we broke 10k again on June 20th of
2019, and basically stayed above it until
September 20th of the same year, a total of
92 days above 10k.
And finally the most recent one which began
on July 27th of this year, so we have a total
of 22 days above 10k since then.
Adding all the days together, we have basically
stayed 6.5 months, just over half a year,
over the past 3 years above 10k.
That is just 18 percent of the time.
That means, there is the chance for bullish
price discovery, as a flurry of shorts gets
absolutely blown through.
Now people understand this is unknown territory,
and if the past has told us anything, shorting
when we get into this unknown territory can
be very profitable.
So pulling back out the 3 year price chart,
when we fell under 10k in January of 2018,
the price immediately dipped into the 6k range,
rebounded but eventually fell into the 3k
range.
Shorters, they made out like bandits then.
Then we broke 10k again in June of 2019, by
March of 2020 the price had fallen to the
5k range, shorters once again made out pretty
damn well during that time….so now that
we have once again crossed the critical mark,
there a shorters, who have been around this
whole time, who could foresee it happening
again.
Thus in my personal opinion, there is a lot
more money, for the exchanges to be made in
the short term on the way up, than the way
down.
Rekting the bearish whales, who think the
past is an indicator of the future.
As I personally don’t see too many people
putting in too many LONGs when the unknown
is staring them right in the face.
That’s just my opinion, who knows what these
markets could do in the short term, but the
long term bullish case for BTICOIN is being
written like a storybook before our eyes.
This case, is Bitcoins verifiable, immutable
and ever shrinking supply of Coins….
There’s a Bitcoin shortage if you didn’t
know....
And it’s only going to get more apparent
as the clock goes tick, tick, tick…..
So let’s talk about BITCOIN Supply.
It’s a controlled supply system using computer
code, and the peer to peer network of bitcoin
nodes and miners.
The Bitcoin generation algorithm defines,
in advance, how currency will be created and
at what rate.
Any currency that is generated by a malicious
user that does not follow the rules will be
rejected by the network and thus is worthless.
That’s basically how it works, and as we
know, the 21 million BTC supply hardcap is
coded into the bitcoin protocol...that is
the MAX supply that will ever be created,
and the release of these coins is following
a halving schedule, where about every 4 years,
the total amount issued per year, is cut in
half.
Scarcity, is a feature of BITCOIN, not a bug
like some would lead you to believe.
Satoshi created BTC as he anticipated it just
might replace the traditional money supply.
In an email with former BTC core dev, Mike
Hearn Satoshi semi explained the reason for
the 21 million hard cap.
He said this “ My choice for the number
of coins and distribution schedule was an
educated guess.
I wanted to pick something that would make
prices similar to existing currencies, but
without knowing the future, that’s very
hard.
I ended up picking something in the middle.
If Bitcoin remains a small niche, it’ll
be worth less per unit than existing currencies.
If you imagine it being used for some fraction
of world commerce, then there’s only going
to be 21 million coins for the whole world,
so it would be worth much more per unit...and
he goes on to compare this with a Euro Example….
So he was kind of predicting, and anticipating,
bitcoin being where it is today, being used
for some fraction of world commerce, and Satoshi
said, regarding this “then there’s only
going to be 21 million coins for the whole
world”
That is the key word, only 21 million coins,
for the whole world.
And it’s actually going to be less than
that.
Its estimated between 2.5 million to over
3.5 million BTC are lost forever, so you can
take that down to at max 18.5 million coins.
Which if you didn’t realize where we are
on the emission schedule, that is about how
many coins are actually in circulation right
now, or have been emitted about 18.5 million.
So, we are already at the max, 18.5 million
& guess how many millionaires there are in
this world?
Estimates by the 2019 global wealth report
put it around 47 million.
They are the top of the global wealth pyramid,
just .9 percent of the population, which owns
43.9 of the global wealth.
Now if every single one of these pyramid toppers
wanted some bitcoin, you would need to dive
18.5 million by 47 million, and that gives
you a total for each millionaire, just .39
of a BTC.
Now these millionaires own a diverse range
of assets, stonks, real estate, companies,
and many precious metals as a hedge.
Why wouldn’t they want BITCOIN as it surges
back into the spotlight & deeper into mainstream
thought.
I’ve always held this thought, even when
I first got into the industry, the limited
supply & number of millionaires alone could
push BTC to limits we only dreamed of, as
having a whole BTC could become a power symbol
of sorts for millionaires in the future.
And the millionaire tide is turning.
I’m sure you heard last week Microstragey
was adopting BTC as their primary reserve
asset, by purchasing 21,454 BTC for a price
of 250 million.
You know who MicroStratiges founder and CEO
is?
Multi Millionare, Micheal Saylor….and guess
what Mike tweeted in 2013 “Bitcoin days
are numbered.
It seems like just a matter of time before
it suffers the same fate as online gambling”
But it isn’t only the millionaires, there
are billionaires too.
Over 2100 of them worldwide according to the
most recent estimates.
And this arena of people, are the ones whose
portfolios are majority made up of businesses
and shares in companies, controlling seats,
corporate governance heads & the like.
These people always have a wide web of power
and control.
And when they start turning towards BTC, you
know things are looking ripe.
In May of this year, it was announced that
famed hedge fund Billionare, Paul Tudor Jones
was buying Bitcoin as part of his portfolio
to hedge against inflation.
And he actually explained the move and how
much of his portfolio is in BTC, let’s listen
in now.
Well Tudor, if you have 2 percent, that is
116 million dollars of your wealth in BTC
& as we can see while he was on CNBCs squawk
box talking about it, BTC was at 9128.
With the growth recently, to over 12300, that
is a 35 percent return, if Tudor did it on
that day.
That would mean, his BET on BTC, would now
be 157 million dollars.
Pushing up in percentage in his portfolio.
That is just one example of a billionaire
who has gone BTC, I’m sure you know of Chamat
Polyapatia, who has been vocal of his support
for BTC across the airwaves, and being featured
on many different Bitcoin related podcasts,
channels, and talks.
Now like I said, these billionaires have influence
across their web of control, and when they
start turning the tide on BTC, so do their
companies.
Just like the multi millionaire example of
Micheal Saylor and his company Microstrategy...the
millionaires and billionaires are coming,
to save their wealth, and we are going to
have a Bitcoin shortage.
Cheers viewers I’ll see you next time!
