There we have it everyone Bitcoin is now dead once again, unfortunately, we saw it rise hit a high in early June of nearly three thousand three thousand dollars a Bitcoin and now it’s two thousand it was even below two thousand for a short period of time. here and it’s now dead they were right all these colonists who’ve been cheering for bitcoins demise calling it a bubble at $10 $30 $100. Certainly it’s a bubble now $500 thousand dollars right we were all waiting for it to go back to 500 when they hit a thousand but it didn’t stop at a thousand it went to 1,500 and then went into overdrive going to $3,000.
It sucks that if you bought Bitcoin at 3000 and it’s now 2,000 yeah that’s a 33% loss on your money this is the type of moves that we are going to see in the crypto market. I don’t think volatility is going to slow down right away now I do believe it’s going to stabilize and by the way I was being facetious I don’t actually think Bitcoin bubble is bursting, to its demise certainly it’s going to correct and have a new base of support where new people come on to the market and buy at these levels and create new support that’s important for any market. Google Amazon right Facebook these types of businesses have seen major moves in their prices and when that happens yeah you can’t expect a stock or any asset class when everyone is sitting gains to not see some Corrections at $3,000.
Just over a month ago every single person who has ever purchased Bitcoin was sitting on profits and that’s something that should worry you. When you buy into an asset so Corrections are good when price are selling and new people come in to buy to support it at a higher price buying confirmed transactions per day since its inception in 2009 out of the bellies of the 2008 financial crisis. Bitcoin was born and we saw it steadily increased Ederle increase in transactions per day. This is important because this fundamental network uses this is new businesses taking Bitcoin and the more people used it the more it went up in price and we’ve seen that it’s gone up up up.
And it just so happened to peak right here right in May here right before we saw the June pullback the June high and the pullback in Bitcoin we can see here Bitcoin it went up to roughly $3,000 at the spot here and then starts to pull back. Right at the point when transaction volume peak so did the price and that’s that euphoric stage that everyone was getting in and it’ll just keep going and going and going is it ever going to stop and sure enough it did have a pullback and that’s what I think it was it was a pullback and then we have all these different people here investing calm. Yes it’s a bubble and it’s about to burst all these people who’ve been cheering for the Bitcoin bubble that it will go down to some intrinsic value of zero because they just don’t get it they don’t understand what’s happening and it’s just there are so many people just cheering for bitcoins demise and I don’t believe that’s going to happen.
These are the same people again who’ve been saying bitcoin was a bubble at $500 $1,000 and they just yeah what do they do they’re throwing darts at a board saying that it’s going to come down, but the real underlined issue the real underlying trajectory of the cryptocurrency world is that it’s a new monetary revolution and that the blockchain is here to stay despite price. Now no one wants to see it crash to nothing because that will shake out a lot of people and people that want to use it, we need is stability in the price and as we see this transaction volume here continue to rise this is going to be the key in fundamental growth in Bitcoin. And any cryptocurrency because if we’re not seeing this take off the network effect of people using it on a fundamental real basis for transacting then there’s no real underlying support it’s just speculation and as long as we continue to see this build-out which we’ve seen.
Bitcoin hit its $1200 high
I mean Bitcoin look back in 2013 when we saw Bitcoin hit it’s what twelve hundred dollars high $1100 high the transaction volume was nothing compared to when Bitcoin hit its $1200 high. Here the people the number of people using it far exceeded what we saw here back in 2013 we were seeing less than 50 thousand transactions a day or about 50 thousand transactions a day and here we were at 200,000 so that’s a big deal. That’s an important point here for anyone who thinks that the cryptocurrency is in a major bubble look I mean who would have thought the US dollar would be doing as good as it’s doing with the government printing it into existence and then just putting its stamp of approval on it what we have here is a currency where the free market is saying this is what we want to use we believe in it we believe in the coding behind it we believe in the infrastructure we like that it’s limited in supply and sure enough we see it continuing to rise so let’s talk about cryptocurrency and precious metals and kind of the relation there is right now right now there really isn’t a strong relation now they both started at least cryptocurrency started as a monetary component a competitor to the fiat currency system out of the belly the deep belly of the financial crisis of 2008 was Bitcoin born and it’s been very useful for people that have been dealing with their governments and the
problems that existed in their governments and people were able to put their money into precious metals and then now something like Bitcoin and instantly transfer their wealth outside of the borders and outside of the confinements of the conventional system which again was imploding it’s the free market thing I need to get out of the current Fiat dollar that exists and whatever Cyprus Greece euro Europe Japanese yen China the controls that are existing there Venezuela Argentina I know there are problems all over the place and people are looking for alternatives and Bitcoin was a great solution for that and so is precious metals although precious metals you a little harder to transport around but there’s a longer monetary history and you can argue that there’s a little more stability that exists with gold and silver then there is cryptocurrency.
At this very point right now I think we should learn something from Bitcoin that we will be able to apply to gold and silver and that is I believe gold and silver are trading at an equivalent of Bitcoin $400 Bitcoin $300 and gold right now at 12:25 or so and silver at sixteen dollars Bitcoin 400 was a time that resembled a period when not many people believed in it there was a lot of confidence behind it it wasn’t known to the degree it is now and it had gone up a few years ago and it had come down and we saw it go up and down quite a bit and there was just a lot of uncertainty that existed with Bitcoin and I feel like that is where we are right now with gold is just misunderstood and many people are disgruntled with it and those who are accumulating now are understanding that there are long-term benefits to owning the precious metals at these prices and it’s going to take gold breaking through thirteen fourteen hundred fifteen hundred sixteen seventy maybe eighteen hundred dollars until people really start to come around and understand that there’s going to be some serious moves that take place in the precious metals and it’s going to take that big upward price action price confirmation for the confidence to enter these metals and I feel like those who understand where we are right now can accumulate before we go into this euphoric stage because you don’t want to be buying Bitcoin at three thousand dollars you want to say I I have my Bitcoin.
I accumulated it in the three digit range and now I’m holding it while it does its big move you want to be a put in a position where you can sit back while gold and silver run rather than half to panic into them because that’s that’s just a recipe to lose and for every you know gold and silver person out there who is opposed to the crypto currencies who is now coming on and saying a looksie bitcoin is in a bubble keep in mind that even if gold goes to ten thousand twenty thousand like we all think is possible don’t you think that there’s going to be some big Corrections if we see it move the way we all think it’s going to move if it runs to twenty thousand dollars in a short period of time you can pretty much bet that it’s going to go from twenty to seventeen thousand maybe back to fifteen thousand in a very short period of time because lots of people just like Bitcoin are going to be sitting on a lot of games and they will certainly sell and that’s something that’s important because there’s going to be people when this happens to get in at the absolute high because they’re going to say oh I guess it’s just not going to stop it’s going to just keep going up indefinitely fifty thousand a hundred thousand dollar gold price maybe but having to call that top is going to be nearly impossible.
We’re where you’re you were your words you will be better positioned is buying and now and not having to make those decisions and just holding on to it if you want to say hey you know I’m very comfortable with my position now and I believe that the price is destined to go much higher and sure there’ll be a day when you’ll want to sell if it does have a massive move especially if your portfolio goes over allocated to a large degree into precious metals maybe you’re 50 60 70 percent precious metals because of all the gains that you have you might consider taking some off the table at that time but just keep in mind that there are going to be some major moves with precious metals and if we’ve learned anything from gold and silver, the crypto market is that we should be getting you now and not panic when they have their big moves later so I’m going to be at the spot conference next week and I’m going to be shaking hands with 7-footers in the resource industry I’m talking about guys like a beard nany Keith knew my long-term business minded people smart that know how to deliver value and look as much as I own precious metals as much as they own the Kryptos. I’m in the resource space too because I believe that there are highly leveraged opportunities and exposure that I could have in the resource market and you know the companies that I’m involved with especially that are tied to these two people.
Looking forward to shaking Ric rules hand and meeting other people at this conference and because cryptocurrency has become such a big deal you can bet that there are going to be companies there that are cryptocurrency based and I look forward to meeting some of these people and seeing the technology that is coming around in this space as well so I look forward to touching base with everyone while I’m at the conference until then keep visiting it keep visiting me at crush the street calm thanks, everybody.