Ladies and gentlemen, Bitcoin has crashed from 123 K to 116 K
in one day, and I think it has 116 K more to go.
There's no intrinsic. Value to this.
Asset and now it's starting to be priced appropriately so it
has a you know what's Bitcoin at 16,000?
It has another 17,000. To go down.
Really. Yeah, there's no intrinsic value
to this product. What are we talking about?
Bitcoin just had its all time high in a daily close and we're
already getting the Ponzi scheme tweets.
Peter Schiff is coping because Bitcoin treasury companies are
buying nonstop and some are saying that Bitcoin's price is
only up because of stable coins. Here's the reality.
Bitcoin is likely to RIP to 170 to 180 K here pretty quickly in
the short term, and when it drops TO140K, we're going to get
the crash again. It's.
Going to surge to 180 and crash to 140 and people will be
freaking out about it again. Haters will continue to hate,
but for Odell Beckham and the rest of us, it's safe to say
that we feel pretty good about our decision.
Even with Bitcoin crashing Today, we're going to look at a
potential tsunami that could send bitcoins prices even higher
than the RIP that we just had. Is the money printer turning on?
Let's find out. This is Dante Koch with Bitcoin.
Simply, let's go. I, well, I, I am a firm believer
that it's going much, much higher from here.
Think about corporate adoption. Corporate adoption is probably
only about 2%. Central banks only about 3%.
Those are both going higher, much higher.
Retail investors going much higher.
So look at it through, I'll, I'll leave off with this.
Look at it through the market cap of, of Bitcoin.
That's around 2 trillion, let's say.
Look at the market cap of gold, that's around 20 trillion.
Maybe it doesn't have to be gold, but if it closes the gap
to 50%, you're looking at $500,000 per Bitcoin.
And I do think that in eyeshot, you're looking at two 5300 and
50,000 pretty easily for crypto. There's a couple of things, a
couple of hurdles, but I think those days of it losing 80% of
its value and then rallying up are long gone.
There's too many people that are looking for the assets.
That's Bitcoin just finished with its all time high daily
close at almost 120 K and based on every indication, especially
the M2 money supply, I would say that it's going much higher from
here. More institutions, more
government, more pension funds, more liquidity.
Every time Bitcoin hits all time highs, the haters come out.
And that's cool. And every time the haters come
out, we dunk on them like Johnny Furphy and then we leave them
with the receipts that they'll never recover from.
I feel bad for this dude right here.
The people who don't buy Bitcoin hate on people who did buy
Bitcoin, and when it hits all time highs, they cope.
The classic case, Dave Portnoy. That you know what we're going
to end up having? We have all these Bitcoin like
billionaires and all the rich people who just bought Bitcoin
didn't do anything else with their life.
They literally just buy Bitcoin and you see them and they're
throwing. They're buying apartments, cars,
B's throwing around money, acting like that cock walk.
It's like, what'd you do? Oh, I bought Bitcoin.
Oh, nice, 65 thousandth of Bitcoin.
Bitcoin depresses me like I I I respect it.
I I don't know how I haven't made a billion dollars on
Bitcoin and I've made I've made nothing I've lost I'm the only
guy. How do you lose on Bitcoin?
How do you behind on Bitcoin?
I am hey, I am I don't know how how do you believe in Bitcoin
and Michael Saylor the price you get the price I.
Don't be depressed Dave. You had a chance to buy it at 65
K. Don't sell your Bitcoin.
You mentioned Michael Saylor and then you had a conversation with
Michael Saylor, 30K higher, and he gave you the playbook.
You're the Michael Jordan Jordan of the analogy in which if
you're buying Bitcoin, MicroStrategy, you, you're just
buying forever. You're never going to stop
buying. Yeah, I'm going to keep buying.
I, I joke, it's like you said, well it's 100,000 too much and I
said I say look Dave, I'll be buying it at $1,000,000 a coin
and I'll probably be buying it at the rate of a billion dollars
a day at $1,000,000 a coin because that's what I do.
Just like you're like, you know crap.
Manhattan real estate's really expensive in 1930.
It's a lot more expensive than 1830.
I'm like, well, you know 100 years later we'll still be
buying it and we'll be paying a lot more.
The only issue is can you hold it for that time period because
people are going to want to buy it.
OK, so Michael Saylor gave you the playbook AT95K and now at
123 K you're still saying the same thing.
Listen, listen, sometimes we do these stock shows and I
literally like sent my stock guy, my finance guys like you
know, we talk everyday about stocks.
We should just shut up and bought Bitcoin.
Just shut up and bought Bitcoin. Forget everything else and bank.
Team, I hope we see a pattern. The best thing to do isn't to
talk about stocks or to try to be smarter, to try to time the
market or be a crypto trader. It's just to simply buy Bitcoin.
Anyone who can't control something or manipulate it might
call it a Ponzi scheme. And Speaking of controlling an
entire market, Warren Buffett owns 5% of the Treasury market
and people like him may be influencing your thoughts around
Bitcoin. I mean, the US government still
owes Warren Buffett a fake. That's why he buys treasuries.
Bitcoin is an asset that he can't control behind closed
doors. But despite what Warren Buffett
and Charlie Munger may have said in the past, the new potential
Fed chair, Kevin Walsh, says that he's not afraid of Bitcoin.
It's just software and it's a way to keep governments
accountable. You made reference to Bitcoin
and I thought I heard a little bit of condescension that people
are buying Bitcoin in these things.
But doesn't it Charlie Munger? This.
Is a two or three years before he died.
Charlie Munger attacked. Bitcoin.
He called it evil in. Part.
Because it would begin to. Undermine the.
Fed's ability to manage the economy.
Or it could provide market discipline.
Or it could tell the world that things need to be fixed.
Bitcoin does not make you nervous.
Bitcoin does not make me nervous.
I can harken back to a a dinner I had here in 2011 with a
someone who is another guest on your show.
I won't say his name, OK? I just did.
Marc Andreessen, who showed me the white paper That was the
original white paper. I wish I had understood as
clearly as he did how transformative Bitcoin in this
new technology would be. Bitcoin doesn't trouble me.
I think of it as an important asset that can help inform
policy makers when they're doing things right and wrong.
It is not a substitute to the dollar.
I think it can often be a very good policeman for policy.
And if I were to speak more broadly to what did Charlie
Munger and others perhaps have in mind, there is a
proliferation of securities that go under all sorts of names.
Many, if not most of them are not worth what they're might be
being traded for. So what did Charlie say?
And maybe his his pal Warren say there's the innovators, the
imitators and the incompetence. They're real innovators that are
happening in and around that new technology.
And what I would try to impart towards businesses and bankers
is that the underlying technology that Mark showed me
in that white AER or tried to show me in that white AER, it's
just software. It's just the newest, coolest
software that will provide us an ability to do things that we
could never have done before. Can the software be used for
good and evil? Yes, both, like all software.
So I don't cast aspersions like that.
If there's a final point, it's these technologies are being
built here. I don't just mean on Stanford
campus. I believe in the United States
and the world's most talented engineers from China and Europe
and everywhere they come to the United States even now to try to
build this stuff. And my view is by building it
here, that gives us an opportunity to be more
productive and create something very special over the next
decade. And so the question for us is,
should you buy that house or should you just hold the
Bitcoin? Should you buy that Tesla or
that Ferrari or should you just hold Bitcoin?
I don't know. I think it's going up forever,
Laura. You do not sell your Bitcoin
every Bitcoin when your cell is going to cost you $13 million or
if you decide to go buy a Ferrari or a sports car with
three or four Bitcoin or five, it's a $65 million Ferrari.
So think really hard. Do you want the Ferrari, which
will be good, you know, may get you a few dates and people think
you're cool for the next few years, but would you rather have
$65 million twenty years out because you can retire on that
and live a very comfortable life.
So I cling to my Bitcoin. So if you have an asset that
could be worth $13 million, would you want to sell that
asset for an asset that's going to be worth less overtime We
measured in that asset. And the answer should be no, not
under circumstances that you can control.
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Simply one of the things that you should do if an asset's
going to be worth $13 million is learn how to protect it.
Learn how to keep it sovereign. Learn how to not get rug pulled
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Be prepared by getting a coach. Schedule a free 30 minute
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teach you how to do self custody for your generational wealth the
right way. More and more people are going
to be buying Bitcoin, hating on it publicly or not saying
anything about it at all. And that's OK for individuals.
But that's not OK when you're the largest shareholder in the
world of MicroStrategy, the largest Bitcoin treasury company
in the world, buying the most Bitcoin in the world.
They just crossed 600,000 Bitcoin or 3% of the network and
you still don't let your own customers buy Bitcoin.
Products next Vanguard's unintended exposure to Bitcoin.
The firm has long held firm that Bitcoin has no inherent economic
value, is an immature asset class and is not appropriate for
long term investors. Yet Vanguard is now the single
biggest shareholder of strategy as you can see here Michael
Saylor's software firm that's become a proxy for Bitcoin,
Vanguard owns 20 million shares. And the reason Index investing,
Vanguard mutual funds and ETFs that passively track indexes
have no choice but to end up holding of strategy, even though
the firm dislikes Bitcoin. Irony, clearly, and.
Ironic, they know something that we intuitively know as a human
race. Overtime we get bigger, better,
stronger, faster, smarter, wealthier.
We even have 17 year old girls throwing down to handed dunks in
basketball games now. Join.
Me steals it. Away.
Clear the wrong way. Oh.
What 2 handed. Throw down.
One thing that Vanguard knows is that governments and people
around the world need to continue printing money in order
for the system to work. Mike Binn says that Bitcoin's
price is only going up because stable coins are printing more
Bitcoin. He's missing the point.
It doesn't matter whether it's a stable coin or not, the printing
needs to happen. He even admits it himself.
I mentioned I was a little surprised when I was asked to
speak here because I just published a video called Bullish
on Bullshit Mike. They're not pumping the price of
Bitcoin. They're pumping the price of the
amount of liquidity that Fiat needs to prevent the impairment
of really bad just policies and and zombie companies that need
another breath of the Fiat air, right?
Or the Fiat liquidity. What would happen to the price
of Bitcoin if Tether died tomorrow?
Well, we would in the short term.
If liquidity dries up, Bitcoin gets punished.
We've seen this over and over again, but they can't let that
deflation RIP through the economy or else everybody's
living in tent city, right? Hence bullish on bullshit.
That's exactly right. They have to keep it going in
order to prevent that collapse and.
Tether reportedly printed $2 billion.
Circle printed another billion dollars in ChatGPT says that
this last rally is likely coming from that, but I'm going to call
BS because that's just $3 billion in a $2.4 trillion asset
class. That's literally nothing.
But regardless, it could have been China who just printed $700
billion worth of liquidity into the system.
It doesn't matter. The printer needs to stay on.
And when that does this is going to be me walking into work.
Like and share this video and subscribe to the channel if you
already have it before you go. If you want to go down to Dallas
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down on it. This is Dante Cook with Bitcoin.
Simply happy stacking.