0:00 Welcome back to Cryptozeros. I am George. We're all George. So, welcome to another market open stream today. Are things a little better? Yes. Let's talk about it. Let's talk about what is happening right now, what to expect, and the new target that Bitcoin is locked in on. So, let's do it. Let's do it, guys. Welcome, welcome, welcome. We are starting out the day at 116, which is basically the same as yesterday. We did dip slightly lower
0:47 last night all the way down to 1144. And there's actually a good reason for it. Well, I shouldn't say good reason, but there was a reason for it. I'll get to that in a little bit. But things are coming up a little bit slightly today. So that is good. The US market is also a little bit in the green. So that's good. We'll see how today goes. Of course, we are a day Well, actually, there's a couple things happening, but let let's talk about the first thing. Um yesterday I think some people just like last week when Putin met with Trump a little some people were were a little
1:34 worried you know Wall Street was worried. I think Wall Street was a little worried yesterday as well because of you know uh Zalinski and other European uh leaders came to us and they had a chat. They had a chat. This time it seemed like it was pretty pretty good. There wasn't a, you know, there wasn't a lot of shouting or a lot of fingerpointing. Uh, everything everyone seemed very nice. Seemed like they they're all on board. And Trump promised Ukraine security guarantees in which Ukraine is going to be paying $90 billion for a whole lot of weapons. And Trump is saying that he's going to set up a
2:21 meeting with Putin so the two leaders can talk. So this this could be big. This could be big if if we could finally get an end to the war in Europe. I mean that's going to definitely help things, right? So I think that people were kind of afraid that this may have gone nowhere, but it seems like it seems like it's it went pretty well. So, it seems like it went pretty well. You know, I this has nothing to do with anything, but uh but I found this to be kind of funny, but it makes sense. European defense stocks slide as there's hope for peace, right? So, why do we have war? Uh it's always about money, right? So
3:11 all the defense contractors now they're worried that at the war is going to be over because there's no one to sell their weapons to. Um so I just found that to be kind of funny. Um anyways, that is it. And then we got Jackson Hole to worry about later this week. We got the the Fed minutes that's coming out tomorrow. A lot of stuff happening this week. A lot of macro stuff happening this week. That's why markets have been kind of shaky. to start. Uh we also had Bitcoin, we had some Bitcoin outflows. Uh yesterday we had 121 million 68.7 million from Black Rockck. That is rare, very rare. So that's two days in a row.
3:58 But you could see Black Rockck normally takes in and only that very rarely do they see outflow, but recently they've seen a few days. So yesterday we had a little bit of outflow. Ethereum also had outflow. They sold 87 million of ETH and overall we had almost minus200 million for ETH. So this is a reason why ETH and Bitcoin both little bit down. Little bit down. Okay, not to exaggerate. Not way down, just a little bit down. And here's another reason why Bitcoin dipped down to 1144 yesterday is because this
4:44 the stupid CME gap because we went up so fast end of or early July people forgot about the fact that we had a gap between 1143 and 115. Right? So recently we filled a gap between 117 and 119 and people thought it was over. But then you know what we had this other gap that we never filled and now we filled it. You know these these CME gaps, okay? They always somehow filled. Sometimes it takes a few weeks, sometimes it takes few months, sometimes it takes over a year, but they tend to get filled. So, I guess the good thing about
5:31 this is we finally got it done and we don't have to worry about it anymore. I don't know. That's the best way to look at it, but they tend to get filled often. Um, all right. But now that we have filled it, what's next? Right. Well, analysts still expect a rebound, not a crash. I don't think there's any analyst out there that expects a big Bitcoin crash right now. There there is none because obviously what we're going through is is caused by the macro conditions, short-term macro conditions. Nothing fundamentally has changed at all
6:18 and the accumulation is still very very heavy. So I I don't think there's anyone that expects a crash at this point. And if you're worried, you simply zoom out. And I've shown you guys this trend line. Bitcoin tends to, you know, dip down, utilize as support, and then move on. And you can see how it hit that trend line perfectly and stopped just like last time when we fell down to 111. Then we utilize that as support and it went all the way up to 124. This time we came back down to 114 and we're probably going to continue just like all the times before we
7:04 utilize it as a trend line. Now, sometimes you break through, sometimes you get a bigger correction, but then we still pick ourselves back up and keep going. That's how Bitcoin works, right? And like I said, heavy accumulation has not stopped and continues to happen. Another mysterious whale picked up 172 million. These are these are large amounts, okay? They're not they're not sailor amounts, but they're pretty close. 172 million out of nowhere. Out of nowhere. Uh last week, we also saw almost 4,000 Bitcoin being bought.
7:50 That was just last week. Okay. Not last month or last year, last week. South Korea's pension fund increase their Bitcoin exposure by almost 200%. And David Bailey's Kindly MD, I didn't even know this. He he's a founder of Bitcoin magazine and Bitcoin conference. He also has Kindly MD and they just acquired 5700 Bitcoin for close to $700 million. So again, heavy accumulation happening has not stopped. The fundamentals for Bitcoin continues to
8:36 grow stronger. So this is the reason why nothing has changed besides a little little macro FUD. Okay, that's what we're going through. A little macro FUD, little liquidation, CME gap filled. That's pretty much it. Hey, Brazil is also thinking about creating a national strategic Bitcoin reserve. So, it's happening all around. And not only that, one of the biggest tech companies is now getting involved and that is Google. Google has now become the largest shareholder of this Terowolf mining company. They
9:25 own 14% now. So, it's interesting. You know, Google slowly coming in. They should just buy Bitcoin or buy ETH or buy Soul, buy whatever, right? But they're they're starting out with a mining company. baby steps, but eventually all the big tech companies, they will follow. They will enter the space. No doubt they're paying attention to what's happening with Wall Street and how their appetite for Bitcoin is enormous. They're not oblivious to it, but this could be seen as the first step into crypto. So, pretty good. Pretty good. All right, last few things about
10:11 Bitcoin. You know, I showed you guys the trend line that I created, right? We we pretty much followed it perfectly, but this is another one. This is just utilizing the 50-day EMA. And you can see how Bitcoin also tends to follow that trend line, bounce off of there, and then continue forward. And if you're an educated person, you would say, "Hey, those green dots are pretty good buying points. Those are when you should be buying because Bitcoin is oversold and tends to bounce. That's exactly where we are right now.
10:59 And then the new target or the overall target, right? Uh is still in play. Has anything changed? No. When in doubt, zoom out and you look at where we are now, it doesn't really seem like anything has changed. Any of these little dips, they're distractions. When you zoom out, you don't even notice them. We are going through a phase where it's the least volatile of any period that follow behind us. So don't panic. Continue to hold and DCA.
11:45 Even Tom Lee expects ETH to have a healthy dip. So even though ETH is at what 4,300, he even said, "Hey, it could correct down to 4075 to 4150." Dips are healthy. And he holds the largest stockpile of ETH there is. It's It was up to like 6.6 billion dollars now. I think last time I checked, $6.6 billion. They added even more and he's not worried. He's never been. So, I mean, basically, again, don't be scared. Know that dips
12:34 and corrections are normal, but those that take advantage are the ones that benefit. Uh there's another Ethereum treasury company now besides Bitmine, besides Tom Lee, there's one that's called ETZilla. So now they began training. They they did like a reverse merger. So they already have stock, but now it's actually called Ezilla. Um and they have $420 million worth of ETH. So, it'll be interesting to see how ETH treasury companies do on on the open market, right? We'll see how they we see we'll see how they go moving forward. Uh
13:20 there's also this Sharp Link Gaming just bought 143,000 ETH, 667 million. So if you thought maybe ETH's strength have left, well, it seems like that's not the case. There are a lot of companies now jumping in, jumping on a bandwagon and loading up on ETH at this point. So I think they'll be just fine. Be just fine. All right. Lastly, I saw this. This has me a little confused. So Wyoming came out with their own stable coin and
14:06 the stable coin doesn't have to follow Genius Act because it's launched by a sovereign state. So I didn't know this. So sovereign states basically could do whatever the hell they want. So they could launch a stable coin, which they did. And um whatever whatever fees they collect could be given back to investors as a yield, but right now it's going to their school system, which is interesting. But like how how they get people to use it, that's going to be a different story. But the reason why I'm confused about this um is earlier this year it said that they selected say as the chain that they're going to launch the token on. But I don't know
14:52 when the the plan changed. So now they decide to debut on seven different networks including Ethereum, Salana and Avalanche and Polygon and Arbitum, Optimum Base, but not Se I don't know why. Yeah, I mean it was it was rumored and reported that they were going to launch at SE which is why SE had a huge pump earlier and now it's not even on say which is again just I don't know when they changed their plans but uh but they did but anyways this could set a precedence for other states to launch their own or even cities to launch their own
15:38 but you launching is one thing. Whether they get adoption is another, right? So, we'll see what they do. But if people can get yield from holding this Wyoming Frontier stable coin, um I think a lot of people would would hold it, would buy and hold it. All right, that's pretty much it. US market still kind of mixed. Dow's green, NASDAQ, red strategy, Coinbase Circle, all down today. So, still correcting. All right, let's do some Q&A. Yeah.
17:22 Uh, Richard asked about Link. Link actually got a big boost recently because they formed a deal with ICE, the parent company of CME, I think, or no, New York Stock Exchange to provide some data. So that's what Link is good for. They're the biggest decentralized oracle. They they provide data links to web two companies and web three companies. So that was a pretty big announcement. And also, you know, um what do you call it? It it makes them more um more adopted with that, especially with
18:08 traditional finance. What's my price target for soul? I'm going to stick with my target from before, which is $1,000. And yeah, I don't think really anything has changed. I think, you know, that's like a 6x from here. That's definitely doable. That's less than 6x, but that's definitely doable. I think big cap alts, with the exception of maybe ETH, can all do at least a 5x,
18:55 you know, or maybe like a 4x. 4x 5x, I think it's certainly possible. Um, so I'm going to stick with that. No way it's going to be 280. We were at 280. We were at $300 earlier this year already. It was already at 295. Okay. When things move, they move fast. I mean, if you don't believe me, look at this. January January 13th, it was at one it
19:42 dipped down to 169 and then went all the way up here to 300 within two weeks. Yeah. So, you know, when things move, they move really fast. In all coin season, that's usually what happens. You have two to four weeks where things move tremendously. Money's flowing left and right and you got everything pumping, but this cycle I think we have to be more strategic. I don't think everything is going to be pumping. Maybe some will do well and at least get to their previous 2021 high,
20:29 but some will definitely do better and break above and go much higher. It wasn't just because of Trumpcoin, man. All the meme coins were exploding. Soul is definitely carried by meme coins and I think it still will be. So nothing's going to change from that. Once memes get hot again, vast majority of the successful ones are on soul. So do the math,
21:16 man. Everything in my my list is red today. Waiting for things to turn green. Remind us what happens to Bitcoin and Black Rockck Forks chain. We get Bitcoin. We get another flavor like Bitcoin Cash. Nothing's going to happen to Bitcoin. But they're not going to do it. That's that that would be stupid of them. Yeah, we're probably going to be like
22:02 this until Friday. Tomorrow we got the we got the Fed minutes coming out. I think a lot of people are looking to see if there's any dovish like tone from the previous meeting and then people are go away for that Jackson Hole speech. I don't know. I don't know what the tradition is. I don't know why Paul always goes to Jackson Hole and why he always gives some kind of synopsis on the economy. It seems like there's too many of those. Seems like, you know, besides FOMC meetings, he like, you know, attends he
22:48 he testifies in front in front of Congress. He goes to Jackson Hole. He goes to like all these other meetings or something and then like everyone's waiting to hear from him. He has so much power to move markets. It's crazy. But there there always seems to be something where he's talking and uh whatever he does gets markets all spooky. Yeah.
23:51 Spencer says because P has massive open shorts every time he's about to open his mouth. I wonder if Fed shares are prevented from buying stocks. Um, you know, they've been trying to stop Congress people from buying stocks for a long time. Never happened. I don't know if Fed chairs are allowed to. That would be interesting if he's allowed to or his family me members are allowed to. Uh but it seems like that's a big conflict. Uh Jane Jan asks, "Are you impressed
24:37 with Bent? I think he's a bit soft. Still not addressed the massive debt to GDP problem." Uh, I don't think he could really address it because I think we all know that it is something that can't be addressed, especially with the big beautiful bill, which he highly endorses, but I mean, he basically never goes against Trump. Um, the big beautiful bill is supposed to cut in a lot of areas, but also spends in a lot of areas, which is why it increases the deficit. No, not it will increase the debt ceiling by potentially 4 trillion more. So obviously that's not helping with the debt issue.
25:23 Lutnik seems to think that tariffs is going to make a big deal and offset the increase. Um I don't so far that hasn't been the case. We have seen money come in from tariffs, but does it offset our spending in any way? Not really. No. I mean, we pay as a country more than a trillion dollars just in interest payments on borrowed money. Take a second to think about that. That's one trillion right there. And then we spent another trillion, close to a trillion on defense budget. So that's two trillion right there. That
26:11 that's just the beginning. What about everything else that we have to spend money on? So we don't have enough money. We don't collect enough. That's the bottom line. Um, not meme says, "Bed shares and other senior Fed officials are prohibited from buying or holding stocks or sector funds, but are their family members prohibited?" That's the thing because when they try to do this with Congress, they're like, "Yeah, yeah, you know, most of them said, "Yeah, you know, we're okay if we don't buy." But then when they try to go beyond that and say, "Well, then your family members can't buy either." And they're like, "No, we
26:56 don't agree with that." Because they're just getting their spouse uh to buy or, you know, their family members to buy. They don't have to buy directly themselves. So, I don't know if that rule applies to Fed shares and other senior Fed officials. Man, this thing keeps dropping. So September 17th is the next FOMC press conference day. Decision will be made. 25 basis point cut, 83% chance, which is good, which is means it's going to happen. But we were in 96%
27:43 territory. Now we're down to 83%. Man, that's no good. Hopefully what he says this Friday, Pal, and the minutes tomorrow do not drop this even more. That would be bad. There's no FOMC meeting in November. It's September, October, and December this year.
29:02 Get rid of the Fed. Problem solved. A lot of people have made that argument that we really don't need a Fed. You know, if you if you read that book, I forgot the name. Um, something about island. No, I don't know if it's spelled island, but um I shoot I forgot the name of the book, but basically the Fed was created to help banks stay in power. Not not because it was meant to help people. Uh, it was really created to keep bigger banks in power and that's pretty much it.
29:51 Yeah, the CO Island. It's old book, but basically describes why the Fed was created. I mean, over time, I'm sure it's changed a little bit, but I don't know. I I just don't think we could ever go back. Our our monetary system is just it's just broken. It just it's it's held together by a lot of band-aids. And one day when a band-aid gets ripped off or burst or whatever, um, and the whole thing collapses, that's when the USD is done. That may be
30:36 in a while, maybe in a long while, but it's going to happen because we could all see it. The deficit keeps rising, the debt keeps increasing. We are just under this this burden of needing to pay interest and pay back money that we owe. And it's a never- ending cycle.
31:46 They are devaluing the dollar to make stable coin transition. No, that's exactly the opposite. The reason why bet likes stable coins, why they're pushing for stable coins so heavily is because they're mostly backed by USD, not by any other currency. So the thinking is it's going to make the USD more valuable um more wanted if stable coins dominate in the future. So that's the thinking not not that they really want to make a transition. They want to make sure that the USD stays the dominant reserve currency and it will if the world transists to
32:33 stable coins because they're all backed by USD. So think about it. It makes people and companies basically hold more money cash USD. If you think about it, it's actually pretty smart. It's really betting on the future, making sure that other currencies don't become the reserve currency of stable coins. But, you know, it's going to take some time. It'll take some time before the world transits to stable coins
33:27 Pete. Do you think Jerome Backshot Pal speaking Friday will be positive? I don't think anything he says is ever positive. If I'm being honest, I'm I'm always hopeful. He says some good things, but it's never good. He's always hawkish. He's always taking this tone like, I don't know if I'm going to cut, you know? I I just don't know. I need more data or I need to see inflation go down or I need to see this and that. like the last FOMC meeting press conference, he scared the be Jesus out of people uh by saying, "Well, we're not considering a rate cut in September. Nothing's in nothing planned yet." And that just like totally ruined the mood.
34:13 He could have said, "Hey, we're just waiting to see." But he he was like almost saying it to spite Trump. I don't know. He just doesn't give a f at this point. I don't think he's he's out next year and he's like, I'm just going to do whatever the f I want.
35:07 George, do you think crypto can save our old monetary system? I mean, that's why Bitcoin was created because our old monetary system almost did collapse in 2008. It it's funny to think about. It's not funny to think about, but it it is. And it's also scary to think about how the world's financial system all collapsed simultaneously uh due to how it was designed and and really due to greed. And everyone had to be bailed out. If there wasn't a bailout and we were going to let the banks collapse, uh, we would have been thrown into the
35:54 dark ages. So, you know, it's it's not as solid as people think. It really isn't. And again, when you break down how money works or or the finances of this country, and I'm sure other countries are exactly the same, if you break it down quite simply, you'll understand that it's an unsustainable system. If any individual followed the same path, they would have been bankrupt a long time ago. But the only reason why we don't go bankrupt as a nation is because we have a money printer and we have the
36:41 ability to borrow a lot of money and that's it. But if one of those things stop, that's going to be disastrous. All right, guys. Stay strong. Stay focused on the future. Don't get fudded out of the market. We do have some macro stuff, not going to lie, later this week, but things are still going according to plan. Okay, we filled the CME gap. We're touching upon this trend line. The fundamentals are
37:28 still great. The buying is still happening. So, continue to stay the course, guys. Smash it a like. Subscribe to the channel. Have a good one. Take care.
