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    The Bitboy Crypto Podcast

    Banks Make HUGE Bitcoin Prediction! ($50k in 2023?)

    Tue Jul 11 2023
    BitBoy Cryptomarket analysismacro market trendsinstitutional interestcrypto market discrepanciesUS debtpersonal debtfinancial violationsgenerational changesworld coin expansionRazer hackMr. Beast challengesfood opinionsBitcoin miningregulatory clarityBitcoin halvingtoken ownership

    Description

    This episode covers various topics including updates on BitBoy Crypto podcast, market analysis, macro market trends, institutional interest in Bitcoin, crypto market discrepancies, US debt concerns, personal debt and financial violations, generational changes, world coin expansion, Razer hack, Mr. Beast challenges, food opinions, Bitcoin mining, regulatory clarity, Bitcoin halving, and token ownership.

    Insights

    Bitcoin dominance predicted to hit 50%

    Tim predicts that Bitcoin dominance will reach 50% in the market.

    Institutions accumulating coins

    Sharks and whales have accumulated over 71,000 coins worth $2.15 billion in the last three weeks.

    Uncertainty in the market

    There is uncertainty with miners moving coins onto exchanges and tokens moving off of exchanges.

    Institutional interest in Bitcoin

    Institutional interest in Bitcoin has increased, with BlackRock's ETF application resulting in $800 billion in assets.

    US debt reaching alarming levels

    US debt has skyrocketed by over $1 trillion in five weeks, posing risks to the economy.

    Concerns about Binance.us price discrepancies

    Binance.us is experiencing unusual price discrepancies, with many calling it a D-Peg.

    Generational changes and political correctness

    There is a discussion about generational changes and the impact of political correctness on society.

    World coin expansion and Razer hack

    World coin is expanding its operations and has seen significant sign-ups in Spain and Portugal. Razer, a gaming firm, suffered a hack with customer details for sale.

    Mr. Beast challenges and food opinions

    Mr. Beast's new video features various challenges, and there is a discussion about unpopular food opinions.

    Bitcoin halving and token ownership

    The next Bitcoin halving is approaching, and there are discussions about token ownership and regulatory clarity.

    Chapters

    1. BitBoy Crypto podcast recorded on July 10th at 11:30 AM in the Bahamas
    2. Market Update
    3. Macro Market Analysis
    4. Institutional Interest and Bitcoin Predictions
    5. Crypto Market Discrepancies and Economic Events
    6. Binance.us Price Discrepancies and US Debt
    7. Personal Debt and Financial Violations
    8. Generational Changes and World Coin Expansion
    9. World Coin Expansion and Razer Hack
    10. Mr. Beast Challenges and Food Opinions
    11. Bitcoin Mining and Regulatory Clarity
    12. Bitcoin Halving and Token Ownership
    Summary
    Transcript

    BitBoy Crypto podcast recorded on July 10th at 11:30 AM in the Bahamas

    00:03 - 05:45

    • Ben is on vacation but still working
    • Tim is taken and off the market
    • Introducing a new mod named Sebastian
    • Encouraging viewers to hit the like button and subscribe to the channel
    • Promoting BitBoy Crypto merchandise, including Pluto Alliance merch and hats
    • Discussing the market cap and Bitcoin dominance percentages
    • Tim predicts Bitcoin dominance will hit 50%

    Market Update

    05:21 - 11:21

    • Bitcoin is down 0.3% but still above $30,000
    • ETH is largely flat, B&B is up 4.5%
    • Cardano and Doge are slightly down
    • Solana has had a great week, Litecoin has had a terrible week
    • Polygon is up slightly, Bitcoin Cash is down for the week but up for the day
    • Top gainers include E cash, B&B, Kava, Bitcoin Cash Polygon
    • Top losers include Avalanche, Synthetics, Pepe, The Graph and Phantom
    • Filecoin is down 13% on the week
    • It's not a bad idea to buy coins that have dropped severely with no fundamental reason

    Macro Market Analysis

    10:51 - 17:30

    • The podcast host is sore from working at a horse stable in Atlanta.
    • They discuss their love for Canada, specifically bacon and Jim Carrey.
    • The podcast host wants to take a macro look at the market due to recent positive sentiment from institutions like BlackRock.
    • Institutions have the ability to bring the price back before launching into a bullish initiative, which can trap emotional retail traders.
    • Over 71,000 coins worth $2.15 billion have been accumulated by sharks and whales in the last three weeks.
    • There is uncertainty in the market with miners moving coins onto exchanges and tokens moving off of exchanges.
    • Bitcoin has been holding at a level for over 900 days, but it doesn't necessarily mean it will go up from here.
    • A liquidity washout to the downside is expected before potential upside movement.
    • Various levels on the chart indicate potential support for price action coming down.
    • Emotional trading can benefit hedge funds, institutions, and smarter traders in the space.
    • The likelihood of price coming down is higher due to consecutive lower candle body closes and lower highs on the chart.
    • Traditional indicators like MACD, RSI, and Stikastics show money flowing out of the market near the zero line. This could push prices up or down depending on bullish sentiment.

    Institutional Interest and Bitcoin Predictions

    17:05 - 23:16

    • Traditional indicators suggest money flow is coming out of the market
    • A clear break above 32,000 is needed for a bullish setup
    • BitLab Academy offers live sessions and courses
    • Standard Chartered Bank predicts Bitcoin to reach $50,000 by the end of this year
    • Institutional interest in Bitcoin has increased
    • $800 billion in assets as a direct consequence of BlackRock's ETF application
    • $100K by the end of 2024 and $173K by the end of 2025 are projected prices for Bitcoin
    • Different opinions on future Bitcoin prices between $97K and $150K
    • The question arises about who will buy Bitcoin at higher prices
    • The assumption is that the Bitcoin ETF will be bought through platforms like Robinhood or E-Trade
    • BlackRock partners with Coinbase for exchange services and surveillance

    Crypto Market Discrepancies and Economic Events

    22:53 - 28:48

    • The speaker owns a moderate amount of chainlink cryptocurrency.
    • Bitcoin's price remains above $30,000 as investors await US inflation data.
    • Uncertainty surrounding the Federal Reserve's tightening policies after July creates uncertainty for crypto prices and risk assets.
    • Arbitrage trades on Binance.us show a significant price difference for Bitcoin and Ethereum compared to other exchanges.
    • There may be an opportunity to make money through arbitrage, but it is not as easy as it seems.
    • Upcoming economic events in July include CPI data release, PPI data release, FOMC meeting, GDP report, and ECB meeting.

    Binance.us Price Discrepancies and US Debt

    28:18 - 34:35

    • Cryptocurrency exchange Binance.us is experiencing unusual price discrepancies, with many calling it a D-Peg.
    • Other currencies like ETH and Tether are also trading at a discount on the platform.
    • However, new USD deposits have been suspended since June 9th, so the discount can only be bought with existing USD on the account.
    • The last day for withdrawals will be July 20th.
    • USDT did not lose its peg according to Tether CTO.
    • US debt has skyrocketed by over $1 trillion in five weeks, prompting suggestions to buy Bitcoin as a hedge against inflation.
    • The US government's debt is projected to reach 98% of GDP by the end of 2023 and surpass its historical high in 2029, posing risks to the economy.

    Personal Debt and Financial Violations

    34:08 - 39:53

    • People are still buying excess but now with credit, resulting in over a trillion dollars of personal debt.
    • Europe is looking like it's heading into a recession.
    • Wars are typically funded by printing money rather than taxing citizens.
    • JP Morgan Chase has paid $39 billion in fines for various banking violations.
    • The firm deleted 47 million emails that were required to be maintained and accessible to regulators.
    • JP Morgan booked $128 billion in profit last year alone, making the fines seem insignificant.
    • There is speculation about what band or artist will have ironic t-shirts worn by future generations.

    Generational Changes and World Coin Expansion

    39:27 - 45:20

    • Eminem has made money off of people's hatred of him.
    • Some of Eminem's early lyrics are antithetical to the new age.
    • The world has changed a lot, even TV shows like The Office have had to censor politically incorrect jokes.
    • Every generation thinks the new generation is soft, but there is a line between good discipline and abuse.
    • There is a difference between being disciplined and being abusive.
    • Some people think kids are soft these days because they don't understand the value of discipline.
    • A video of a father encouraging his crying son to keep going on a bike was criticized as abusive, but some see it as good parenting.
    • Political correctness has gone too far in some cases.
    • Arcum Intelligence has launched a marketplace for buying and selling on-chain cryptocurrency data using bounties.
    • Privacy advocates are concerned about the potential risks of this marketplace.

    World Coin Expansion and Razer Hack

    45:06 - 51:33

    • World coin ID flourishes in Spain, becoming the fastest growing market in the EU
    • World coin expands its operations to Barcelona and Madrid
    • The expansion of World coin's world ID has attracted over 150,000 sign-ups in Madrid
    • World coin introduces a custom biometric imaging device called the orb for verifying uniqueness and humanness
    • Portugal also sees significant sign-ups for World ID, surpassing 1% of the nation's population
    • World coin follows Peter Thiel's strategy of dominating a small sub-niche before expanding
    • Razer, a gaming firm, suffers a hack with customer details for sale in Monero
    • Razer had previously experienced a similar attack due to an employee accidentally disabling security settings

    Mr. Beast Challenges and Food Opinions

    51:16 - 57:42

    • Mr. Beast's new video features various challenges with a box containing $50,000
    • Stellar Lumens may mimic XRP's price movement
    • Discussion about Mr. Beast's popularity and content creation
    • Unpopular food opinions shared by listeners, including lettuce making burgers and tacos worse

    Bitcoin Mining and Regulatory Clarity

    57:15 - 1:03:21

    • It's a real thing.
    • Cooking food I've grown in a kitchen I built wearing clothes my wife made just hits different.
    • Did you tweet from a phone you built onto a platform you coded?
    • Is nobody else concerned about the huge orb in Las Vegas?
    • I like the report. This was a pretty good tweet there, talking about Bitcoin and banks.
    • US chicken is banned in the EU because it's washed with chlorine, corn is banned because it's sprayed with atrazine. Be careful what you put in your body.
    • The American food tournament of Bud Light is true American food. Europe has way better food than the United States.
    • There are some things that have been coined as being unhealthy that are just not actually unhealthy, like certain types of fats.
    • You need a good amount of saturated fat to keep your testosterone levels high.
    • They've done whole studies to talk about how terrible fat is for you, but when you look at real done studies more recently, fat is actually important for brain function.
    • Some oils used for cooking are cheaper and companies choose them based on cost rather than intentionally trying to harm people's bodies.
    • Ryan Treihan did a new penny series on YouTube where he starts with one penny and turns it into income by buying and selling items.
    • This day marks the seventh anniversary of the second Bitcoin having, when the block reward dropped from 25 Bitcoin to 12.5 Bitcoin every 10 minutes.

    Bitcoin Halving and Token Ownership

    1:02:59 - 1:08:18

    • The mining reward curve for Bitcoin will continue until the year 2140 when the last Bitcoin will be mined and introduced onto the Bitcoin network.
    • The value of the last Satoshi is expected to be significant.
    • Bitcoin halvings have occurred in the past, reducing the mining reward from 50 to 25 and then from 25 to 12.5.
    • The next Bitcoin halving is approaching.
    • Lawyers are proposing that large token holders should disclose their identities and the percentage of total supply they control or possess, similar to regulations in traditional financial markets.
    • Pro-XRP lawyer John Deaton agrees with this idea but emphasizes the need for regulatory clarity.
    • Deaton also criticizes the SEC for accusing Ripple of conducting unregistered securities offerings while using transparent practices themselves.
    • There is a discussion about whether token ownership of Ethereum luminaries such as Joe Lubin, Vitalik Buterin, and Consensus has been investigated by the SEC.
    • People are curious about whale activity in cryptocurrency markets and whether it should be disclosed to the public.
    • There is mention of SHA-256 encryption method used by the NSA and speculation about its potential wealth if it could decrypt encrypted data.
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