Shownotes
Are we still in a bear market? A bull market? Let's analyze what's going on..
News and Links
https://cointelegraph.com/news/ticketmaster-scouts-productization-of-enterprise-nfts-beyond-ticketing
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I can be reached by email at mcintosh@genwealthcrypto.com and on twitter at @McIntoshFinTech. My mastodon handle is @mcintosh@podcastindex.social. Looking forward to hearing from you!
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Transcripts
It's August 1st, and this is Episode 65 of Generational Wealth of Cryptocurrency.
Speaker:I'm your host, MacIntosh.
Speaker:Today we're going to be talking about a general market update.
Speaker:Hey everyone, no one on this podcast is a financial advisor, and all information presented
Speaker:here is for informational purposes only.
Speaker:Now that we have the legal stuff out of the way, let's jump on in.
Speaker:All right, it has been a week since I last posted, and I have several news items tonight
Speaker:about the podcast itself.
Speaker:One of them is I am going to go ahead and switch back to an episode per week.
Speaker:There's a couple of reasons why, as we move into this new market, we find that news itself
Speaker:about crypto in general is slowing down.
Speaker:There are still things I'll be discussing, one in particular tonight, but not nearly
Speaker:as much as, say, six months ago.
Speaker:So that's one part of it.
Speaker:Another part of it is it's actually pretty difficult to put together a good episode with
Speaker:some quality material, and my work, my job has gotten busier of late, and I don't really
Speaker:have the time twice a week to put together a quality episode.
Speaker:So we're just going to slow things down.
Speaker:I'll put out an episode every Monday.
Speaker:I typically record on Sunday night, and I will try and be very deliberate unless something
Speaker:comes up.
Speaker:That episode will come out on Monday mornings.
Speaker:So let's go ahead and get that out of the way.
Speaker:We'll move on, and I actually, go ahead and just spill the beans about the second one.
Speaker:For a long time, a long time actually, I've been trying to think of some levels for people
Speaker:who support the show, and it finally came to me tonight, and I'm glad I waited.
Speaker:I think it's good.
Speaker:I hope you will like it.
Speaker:I'm not going to explain it tonight because I don't actually have it all worked out, but
Speaker:I did come up with a name, so I think that'll be pretty neat.
Speaker:I hope it'll add a little fun to this, to the listeners.
Speaker:So we will be discussing that next week.
Speaker:That probably will take a good portion of the episode next week.
Speaker:We'll see what else we need to talk about.
Speaker:So I'm looking forward to that.
Speaker:All right.
Speaker:So that's kind of my housekeeping.
Speaker:Let's go ahead and talk about things.
Speaker:We're going to talk about the market in general this week.
Speaker:I haven't done this in a while.
Speaker:Right now, as I record, which is at about 11 p.m. Central Time on the 31st, the monthly
Speaker:closing has already occurred.
Speaker:It happened approximately three hours ago, and it, for Bitcoin, was at $23,336.90, according
Speaker:to Yahoo Finance.
Speaker:Right now, we're at $23,362, actually, so it's gone up just a few dollars.
Speaker:In the last few days, we've actually, roughly the last week, we've had an uptick.
Speaker:Ethereum, in particular, has jumped quite a bit.
Speaker:It's at $1,691, I believe.
Speaker:It almost touched $1,800, but it has retraced Bitcoin.
Speaker:Also had gone up $24,572, looks like the high, and that was a couple of days ago.
Speaker:So things look better.
Speaker:Of course, the Bitcoin bottom was $17,000-and-some, roughly a month ago or so at this point.
Speaker:I should probably bring out the charts, but that's going to be close enough.
Speaker:It's been a few weeks.
Speaker:A lot of people at this point are saying, hey, we're heading back to bull market.
Speaker:I personally would not get too excited.
Speaker:It's been kind of a good relief rally.
Speaker:It remains yet to be determined if it's going to continue to be a rally or it's going to
Speaker:be what they would call a dead cat bounce.
Speaker:What that means is, it's kind of almost a vulgar term, but you'll get this small bounce
Speaker:and it'll fall back.
Speaker:That could be what is now going to happen.
Speaker:The $23,800-ish level is a very important resistance level.
Speaker:If Bitcoin doesn't break above it and then maybe even come back and retest it, I don't
Speaker:think that you can confirm this is a real bull run.
Speaker:I think for me personally, not that I'm not buying Bitcoin.
Speaker:Of course, I'm buying Bitcoin.
Speaker:Now is a really good time to buy Bitcoin and other assets, but this is not a bull market,
Speaker:in my opinion.
Speaker:It remains to be seen that it is, and in fact, I would actually argue you're going to have
Speaker:to get into the upper 30s, maybe even lower 40s before I would really call it a bull market.
Speaker:You could say, well, McIntosh, we went down to $17,000 and you're at $42,000 and it's
Speaker:doubled in price.
Speaker:Well, yes, but we did go up to $69,000.
Speaker:Unless we get solidly around $42,000 and hold that price actually for a while, or keep going
Speaker:up of course, then I'm not convinced of anything.
Speaker:Now I'm probably being very conservative maybe, but regardless, at bear market, as I've discussed
Speaker:many times on this podcast, of course, it's the perfect time to do what?
Speaker:The dollar cost average to buy.
Speaker:I don't necessarily want it to go up to $42,000 or $69,000 or $100,000 yet.
Speaker:I want more Bitcoin personally.
Speaker:I want nothing more than that, and when it's $100,000, I can't buy it.
Speaker:Four times as expensive, so clearly I can't buy as much then as I can buy right now.
Speaker:By the way, I did want to make a little note.
Speaker:I talked quite a bit in the past as I was recording these episodes, recording late at
Speaker:night after a lot of times a long day, and I would drink hot tea, Earl Grey, with some
Speaker:honey from Little Green Bees, and I had to stop doing that.
Speaker:So I'm on a diet, and the diet has restrictions in terms of how or so when I go to record
Speaker:this podcast, it's too late, and I can't be drinking tea or having honey.
Speaker:I suppose the tea by itself would be okay, but I don't like hot tea without sugar or
Speaker:honey in it.
Speaker:So there you go.
Speaker:If you hear the clinking of the ice, it's just water, because I do have to use something
Speaker:while I record a 30 plus minute podcast.
Speaker:So completely random thought there.
Speaker:All right, back to the market.
Speaker:That's where we're at though.
Speaker:Ethereum has had a nice bounce.
Speaker:Now it went down to roughly seven.
Speaker:I am actually going to bring up TradingView.
Speaker:Ethereum in general has done better during this rally than Bitcoin.
Speaker:We had a low on Ethereum of roughly $880 back on June the 19th.
Speaker:Bitcoin on the other hand, the Bitcoin low back on that same day, the same time basically
Speaker:was about $17,534 or so.
Speaker:So Bitcoin has gone up roughly $24,000.
Speaker:So the Ethereum has almost doubled, actually it has doubled in price.
Speaker:So $880 would be $1660, would be doubling and here we are at $1690.
Speaker:So in fact, it has doubled where Bitcoin has not during that same time frame.
Speaker:So clearly Ethereum at this point in whatever this is, this rally, it's doing better.
Speaker:It's performing better.
Speaker:So if you have that asset, of course, that's good.
Speaker:We have news of course coming about Ethereum.
Speaker:The merge is still on track.
Speaker:We're really only a little over a month away if I'm not mistaken.
Speaker:And so that's got the, I guess in some ways jittery, but clearly people, I mean, they
Speaker:think that's going to work and we've discussed that.
Speaker:I think in the long run, making Ethereum a deflationary asset, which is what the end
Speaker:result of that merge will be, I think that's not a bad thing.
Speaker:So we're looking forward to seeing how that works out down the road.
Speaker:ADA on the other hand has not necessarily done so well.
Speaker:It is sitting at 52 cents right now.
Speaker:And with it, I'll look that low up for June the 19th and we will see where it was at.
Speaker:If I'm remembering, it was 30 ish something cents, maybe of 30, 32, I don't know.
Speaker:We'll see 35.
Speaker:I probably am off a little bit.
Speaker:It has struggled to get above 50 cents, really.
Speaker:And let's see here.
Speaker:Yep, here it was.
Speaker:Actually it reached its low on July the, oh, that's July the 13th.
Speaker:So that was a few days ago.
Speaker:Excuse me.
Speaker:Haven't gone back far enough.
Speaker:Well, that's interesting.
Speaker:So ADA back on that same timeframe, 18th, 19th of June, it was at 41 cents.
Speaker:It actually went lower, 40.1 cents here just a few days ago, July the 13th.
Speaker:So it has really struggled and that's unfortunate.
Speaker:ADA, I don't know, this is the way ADA is.
Speaker:I personally feel that ADA has a lot of potential, but it doesn't have the market share.
Speaker:It doesn't have the market mind certainly that Ethereum and Bitcoin do.
Speaker:I hold an ADA position.
Speaker:I will continue to hold it in ADA position.
Speaker:But at this point, I probably personally, well, we're low in overall terms, so maybe
Speaker:it is a good time to buy it.
Speaker:Maybe it's a good time to DCA some more in.
Speaker:I'm personally choosing to only invest in Bitcoin and Ethereum at this point.
Speaker:With the funds that I have, I don't want to dilute it.
Speaker:I don't want to split it up among too many things.
Speaker:So typically, I spend more on one asset than the other in a month.
Speaker:I don't do 50-50 or whatever and maybe I should, but I just kind of do it based on the way
Speaker:that I see the market.
Speaker:But I basically buy Ethereum, Bitcoin every month with that DCA.
Speaker:These days, I've been buying more Bitcoin and especially with the way that Ethereum
Speaker:has gone up, I'm looking to gain more Bitcoin because Bitcoin will go up.
Speaker:It's not leading right now, but it will.
Speaker:It will at some point.
Speaker:So I want to make those Bitcoin buys while the price is low.
Speaker:So there you go.
Speaker:There's our market overview, at least in terms of what, in my opinion, are the three most
Speaker:important assets in Bitcoin.
Speaker:I do want to go ahead and jump into the one little bit of news.
Speaker:Maybe even spend a little bit more time than normal talking about this.
Speaker:I was checking around tonight.
Speaker:When did this get posted?
Speaker:22 hours ago, right?
Speaker:So just in the last day.
Speaker:And saw this right before I went live, right before I started recording.
Speaker:But I have discussed this in the past and so I'm going to give you the gist of the article
Speaker:and then we're going to talk about it for a minute because I think this is actually
Speaker:something that's really important and I think a lot of people might miss this.
Speaker:The article is about Ticketmaster.
Speaker:Ticketmaster is the number one, at least in the United States, ticketing company.
Speaker:They provide tickets for sports or concerts, this kind of thing.
Speaker:And they are looking at productizing NFTs.
Speaker:So they are going to roll out different products across what they say, all content categories,
Speaker:including sports and music.
Speaker:I've talked about this when we talked about NFTs.
Speaker:We've got all this stuff going on.
Speaker:Everybody's like, oh, Bored Apes, whatever, blah, blah, blah.
Speaker:Which that seems to be legitimate, I'll put it that way.
Speaker:I think I've even told y'all I did invest in one NFT koala, a KIA koala in action.
Speaker:And it's frankly not done well.
Speaker:I'm continuing to hold that at this point.
Speaker:There's no point in selling it.
Speaker:But those type assets have a place.
Speaker:There are people who do enjoy doing that, collecting those, whatever.
Speaker:This is a little bit different.
Speaker:So the idea here, and I talked about this on an episode, I think for the whole episode,
Speaker:but the idea would be, hey, we can productize the ticket.
Speaker:Now not only as an NFT can we do things to ensure that tickets are unique and therefore
Speaker:they're not, you can't copy them, right?
Speaker:Makes it very easy to keep people from making counterfeit tickets.
Speaker:You can also make them collectibles.
Speaker:Just in terms of the ticket itself.
Speaker:Oh, I've got the ticket from the Super Bowl where the Steelers beat the Dallas Cowboys
Speaker:because of course that's what should happen when the Steelers play the Dallas Cowboys.
Speaker:Go Steelers, right?
Speaker:In the Super Bowl of 2025 or whatever.
Speaker:And I've got my NFT.
Speaker:I can display that on a monitor maybe if I'm vain like that.
Speaker:I don't want to put it, say it like that maybe quite, but you know, whatever.
Speaker:I collect it.
Speaker:I keep it.
Speaker:But they're looking at things beyond that.
Speaker:So music, there's things besides the tickets for the concert that you could do with NFTs
Speaker:certainly.
Speaker:And Ticketmaster is taking a very close look at that.
Speaker:They're looking at hiring people to drive that innovation.
Speaker:So we will see, but they are the largest company in America doing ticketing.
Speaker:So you know, they're the leader.
Speaker:I think that this will become a bigger market over time and certainly a very legitimate
Speaker:use of NFTs.
Speaker:Sometimes people say that those NFTs, they have no use and I think they're not looking
Speaker:far enough.
Speaker:This is only one.
Speaker:There will be dozens if not hundreds of different use cases for NFTs, things that we can't
Speaker:even imagine right now.
Speaker:So that really was all the news.
Speaker:There was other than that in crypto land itself, it was pretty quiet other than, hey, things
Speaker:are going up.
Speaker:Things are going up.
Speaker:The interest rate, it's called FOMC.
Speaker:The Federal Reserve had their meeting.
Speaker:They made their announcements and they've raised rates by 0.75% here in the United States.
Speaker:It is what was expected and frankly, the market reacted very positively, which I thought was
Speaker:strange because interest rates going up is actually designed to throttle the market.
Speaker:I mean, that's literally the point of it.
Speaker:And so I don't know.
Speaker:I guess it went up because they all said, well, that's what we expect.
Speaker:So overall, the stock markets in general went up.
Speaker:Crypto certainly reacted well to it.
Speaker:The crypto market has done better than the stock market in general of late.
Speaker:And there you go.
Speaker:So that was the other little bit of news.
Speaker:I didn't even, I don't know, I watched it when it happened and watched what the market
Speaker:did and said, huh, that is what it is.
Speaker:So hats people, we're going to move on and that's it for the news.
Speaker:We of course, the Generation Wealth podcast is a podcasting 2.0 podcast.
Speaker:It's a value for value podcast.
Speaker:We don't have sponsors.
Speaker:We don't have advertising.
Speaker:And there are three ways you can support the podcast with time, talent, and treasure.
Speaker:If you want to support the podcast and have some time or talent, I could use some help
Speaker:with things like chapters for the podcast and transcripts.
Speaker:And I'm sure there's a dozen other things I can come up with, things that I don't have
Speaker:time for, but you may choose to do that as a way of returning value to the podcast because
Speaker:you are getting value out of it.
Speaker:Treasure is just what it sounds like if you find the content valuable.
Speaker:You can support the podcast by streaming Sats from a podcasting 2.0 app.
Speaker:You can find that at newpodcastingapps.com, excuse me, newpodcastapps.com.
Speaker:Or you can send support via PayPal to macintosh.genwealthcrypto.com.
Speaker:We did have some people supporting the show this week and I would like to thank them.
Speaker:Some of them anonymously won.
Speaker:They did get a boost and I would love to recognize them and read out their little message, which
Speaker:was great.
Speaker:So they listened to last week's podcast on simple math, which we talked about kind of
Speaker:a way to break it down.
Speaker:If you wanted to have a goal, say of gaining one Bitcoin in 10 years, what does that actually
Speaker:mean?
Speaker:You can go back and listen to that.
Speaker:If you would like to hear about that.
Speaker:But this person did enjoy that.
Speaker:So here we go, let's see, Crypto Dog was listening to us on the Fountain app and he said great
Speaker:episode or he or she said great episode and like the daily goal.
Speaker:So again, that was last week's topic.
Speaker:Now to work towards that goal.
Speaker:So Crypto Dog, I know that you can do that and you figure out what's going to work for
Speaker:you and move forward with that.
Speaker:And he sent a couple of sats using the Fountain app, appreciate that.
Speaker:We did have some people streaming.
Speaker:When people stream sats, it's essentially anonymous.
Speaker:I can actually tell who sends sats via streaming.
Speaker:There is a breakdown of that by their username and that's all I've got, but I'm not going
Speaker:to be reading those on the air.
Speaker:So I do appreciate the people supporting us through streaming and Crypto Dog through his
Speaker:boost.
Speaker:I actually had a couple of other boosts, but they didn't send a note.
Speaker:So I would say if you want to have it read on the air, send a note.
Speaker:I don't have those names right in front of me.
Speaker:So see if I can tell real quick, three boosts.
Speaker:It does not say the name.
Speaker:When you send a message, it sends the name.
Speaker:When you don't send a message, it just says a boost.
Speaker:So we had a few boosts.
Speaker:I'll just go ahead and mention these real quick.
Speaker:We had a three-sat boost.
Speaker:Looks like another three-sat boost.
Speaker:I guess they liked it and then liked it again a few hours later and then a 20-sat boost.
Speaker:So we've had a few boosts.
Speaker:Oh, and a 26, oh no, that was a total, excuse me, total for the day.
Speaker:So we've had a few boosts and I do appreciate that.
Speaker:It means a lot to me that people are actually out there listening and supporting the show.
Speaker:So next week, I'm a little excited about that.
Speaker:I got to work out the levels for the support and I've got the names in place.
Speaker:So if you have no idea what I'm talking about, I'll explain it next week.
Speaker:But there are Value for Value podcasts that are out there that they have different levels.
Speaker:I think I've mentioned at one point, like the No Agenda Show, the people who pioneered
Speaker:the Value for Value podcast, really, Adam Curry and John C. Dvorak.
Speaker:They have Knights and Barons and Dukes, maybe Earls.
Speaker:I don't remember ever hearing an Earl, but it would be a logical one.
Speaker:So they've got these different kind of medieval themed levels and I don't want to just copy
Speaker:their stuff.
Speaker:So I want to come up with my own and I got it and it does relate to crypto.
Speaker:So I'm excited to share that with you all next week.
Speaker:And frankly, it'll give people a goal to work towards.
Speaker:So we'll go through all that.
Speaker:It'd be a great way to, of course, support the show.
Speaker:So that's going to be it for this week.
Speaker:We've already covered the Value for Value stuff.
Speaker:If you like the content, I would love it if you would tell your friends about the Generational
Speaker:Wealth of Cryptocurrency podcast.
Speaker:And of course, we're available everywhere.
Speaker:If your friends listening on Apple or Spotify, I hate to say it, but we're on Spotify, that's
Speaker:fine.
Speaker:I do recommend a podcast 2.0 app, because really podcasting 2.0, in my opinion, is going
Speaker:to be the future of podcasting.
Speaker:They are adding such great stuff.
Speaker:And of course, it gives us a way that listeners can support the podcast.
Speaker:So thanks for being here.
Speaker:I hope this has been helpful and I would love to hear from you.
Speaker:I'm on Twitter at McIntoshFintech and you can reach me by email at McIntosh at GenWealthCrypto.com.
Speaker:Of course, the Generational Wealth website is at GenWealthCrypto.com.
Speaker:Now go out and make it a great week.
Speaker:I will talk to you all next Monday.