Shownotes
It has been a week of news!! This week we spent time covering the news. The beginnings of a regulatory framework in the United States will ultimately spur greater adoption and investment in cryptocurrency. What are the implications when a core developer suddenly walks away? And will this week's CPI news help or hurt the market?
https://cointelegraph.com/news/janet-yellen-let-slip-details-of-biden-s-executive-order-on-crypto
https://blockworks.co/defi-star-developer-andre-cronje-calls-it-quits/
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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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Music Credits
Protofunk by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/4247-protofunk
License: https://filmmusic.io/standard-license
The following music was used for this media project:
Music: Ethernight Club by Kevin MacLeod
Free download: https://filmmusic.io/song/7612-ethernight-club
License (CC BY 4.0): https://filmmusic.io/standard-license
Artist website: https://incompetech.com
Transcripts
Hey everyone.
Speaker:No one on this podcast is a financial advisor.
Speaker:All information presented on this podcast is for informational purposes only.
Speaker:Now that we have the legal stuff out of the way, let's jump on in.
Speaker:Welcome to the Generational Wealth with Cryptocurrency podcast.
Speaker:I'm your host, McIntosh.
Speaker:Today we're just going to be talking about the news of the week because there has been
Speaker:a lot of news.
Speaker:But before I jump into that, it's 11 o'clock Central Time in the United States at night
Speaker:on Wednesday, March 9th.
Speaker:And today has been an interesting day, to say the least.
Speaker:We'll talk about that in the news segment.
Speaker:But Bitcoin jumped about 6.5% today in the 24 hours previous, which would be from 6 p.m.
Speaker:to 6 p.m. for the last two days in Central Time Zone.
Speaker:And now it's going back down.
Speaker:So it briefly went up, I believe it touched about 42.5, which would make sense.
Speaker:That's a resistance level, somewhere right around there, so 42,500.
Speaker:And it held that level for a good portion of the day.
Speaker:I actually thought it was going to probably retrace a bit and then maybe consolidate and
Speaker:then press on.
Speaker:But it did not.
Speaker:As Bitcoin often does, it does whatever it wants to, and it doesn't do what we think
Speaker:it should.
Speaker:But a little bit ago, it actually started retracing.
Speaker:And in fact, that seems to be accelerating a little bit.
Speaker:We're right now, as I'm recording this, at 39,300.
Speaker:It actually dipped down to somewhere around, yeah, right above 39,000, 39,030 or so, just
Speaker:really in the last few minutes.
Speaker:And maybe it's reached some stability here, and it'll move on from here.
Speaker:But certainly, if you happen to be in a trade, of course, you probably shouldn't be listening
Speaker:to this podcast because it's probably dated at that point.
Speaker:But for those of us who trade, we have to be careful about this kind of stuff.
Speaker:So, just a little aside there, some kind of real-time updates, if you want to call it that.
Speaker:Ethereum reached somewhere at 2,700 earlier today in tandem.
Speaker:I'm going to have to zoom out a little bit.
Speaker:Hold on just a second, and that looks like that might be it.
Speaker:Looks like, yeah, it reached 2,764, and it now is down to about 2,587.
Speaker:So, it's basically right where it started from, actually, which I believe is essentially
Speaker:what Bitcoin did.
Speaker:Had a nice pump, and we'll talk about why.
Speaker:Yep, it retraced.
Speaker:That's exactly what it did, both cases.
Speaker:Bitcoin definitely leading this in this case, and we'll discuss that a bit.
Speaker:But there you go, up-down, kind of the story of the last few months.
Speaker:So, until it breaks out, either up or down, we're just going to keep playing this game,
Speaker:which is what it seems to be doing.
Speaker:We've got really strong resistance right now at this 42,600 level, roughly, which is what
Speaker:it went up to today.
Speaker:I was not surprised to see it retrace.
Speaker:I was hoping it would retrace a little bit, and then hopefully push through.
Speaker:It doesn't appear to be in the cards for the immediate future, simply because of this retracement.
Speaker:Enough about that.
Speaker:Glad everybody's here, glad everybody's listening.
Speaker:I've been looking at the numbers.
Speaker:We've been flat a little bit.
Speaker:I think people were maybe getting discouraged.
Speaker:Better numbers have gone up, starting to climb again, so that's good to see.
Speaker:If you're the first time listening, welcome.
Speaker:I typically go over the news of the day, and that's really kind of all we're going to do
Speaker:on this episode.
Speaker:But we frequently talk about different topics, maybe a currency, a coin, different subjects.
Speaker:Today, a little bit different.
Speaker:We are only going to talk about the news, because there's been quite a bit, and I think
Speaker:some of it's very important.
Speaker:I will say this.
Speaker:One of my predictions I made at my end-of-year show, or I guess it was very early in 2022
Speaker:when it came out, is that there was going to be more regulation this year.
Speaker:That is certainly proving to be the case.
Speaker:So yay, I got one right now.
Speaker:I can't predict the price of Bitcoin at the end of this month, unfortunately, or the end
Speaker:of this year.
Speaker:But to me, this one was fairly obvious.
Speaker:As Bitcoin and crypto in general becomes more widespread, more in use, countries are going
Speaker:to regulate it.
Speaker:They're going to look at it and determine how they're going to deal with it.
Speaker:They may outlaw it.
Speaker:We kind of saw that with India, actually, earlier this year or late last year.
Speaker:I think it was actually late last year.
Speaker:They said they were going to not allow their citizens to buy crypto.
Speaker:They backtracked on that.
Speaker:You've got countries like El Salvador, where El Salvador, in fact, leading the charge,
Speaker:made Bitcoin legal tender.
Speaker:Other countries have said, we'll take it for tax money, whatever.
Speaker:To my knowledge, El Salvador is the only country to actually say it's legal tender at this point.
Speaker:Although I do think that that is something else that will happen later this year.
Speaker:I think we'll have probably several more countries.
Speaker:But earlier today, President Biden signed an executive order on crypto regulations.
Speaker:That's actually what, in my opinion, caused the bounce.
Speaker:The order was pretty much what everybody thought.
Speaker:I think that's why we got the nice little bounce.
Speaker:Actually, yesterday, Janet Yellen is Secretary of the Treasury, so she heads up the Treasury Department.
Speaker:Her team, whatever, I'm sure she didn't do this, but basically, a release that she was
Speaker:going to have got leaked a day early about this executive order, so we kind of already
Speaker:knew what it was going to be before it even got done.
Speaker:In summary, and I will have a link in the show notes to the website where they kind
Speaker:of give, from the governmental perspective, it's actually on the whitehouse.gov website,
Speaker:an overview of it, not word for word, but a basic summary.
Speaker:So a couple of things that they were really looking for, they want to, or at least they
Speaker:say they want to protect consumers, investors, businesses.
Speaker:So this is where they'll do things like, we're worried about drug money being done through
Speaker:crypto, or drug trade being done through crypto, for that matter, or money laundering in general.
Speaker:That's always the big thing.
Speaker:They've proven over and over that very little activity at this point in crypto is related
Speaker:to money laundering or this type of illicit activity.
Speaker:Why is that?
Speaker:Well, it's real simple, because the very nature of a blockchain and the tools that are available
Speaker:now means that if a governmental agency takes interest in your activities, they can figure
Speaker:out what you're doing.
Speaker:You're far better off if you're laundering money, and this is not advice, none of this
Speaker:is financial advice, but you're far better off to launder your money in U.S. dollars
Speaker:that are basically untraceable.
Speaker:So that's part of it.
Speaker:They want to protect financial stability, and they are worried about national security.
Speaker:They did mention promoting U.S. leadership in technology and economic competitiveness.
Speaker:I'm going to read this actually.
Speaker:Promote U.S. leadership in technology and economic competitiveness to reinforce U.S.
Speaker:leadership in the global financial system.
Speaker:Now, this to me is an important point.
Speaker:I'm glad to hear it in a sense.
Speaker:I think the U.S. should be leading this crypto charge, so to speak, as a U.S. citizen.
Speaker:I want my country doing that, just like if you live in another country, you probably
Speaker:want that country to be leading the charge, and that's okay.
Speaker:That requires the government being involved in making it a good environment for that type
Speaker:of activity, for one thing.
Speaker:So hopefully that will help there.
Speaker:But on the other hand, I promise, well, there's a couple other things.
Speaker:Promote equitable access to safe and affordable financial services.
Speaker:I don't mean to be rude, but frankly, this is actually one of the reasons crypto was created.
Speaker:We've talked quite a bit on this podcast, for example, about El Salvador and the use
Speaker:of remittances, how that ties into their GDP, and the exorbitant cost that companies like
Speaker:Western Union are charging people to send money.
Speaker:Okay, anyways, last item, explore a U.S. central bank digital currency.
Speaker:Now, that is not a surprise.
Speaker:Am I a fan of that?
Speaker:No, not really.
Speaker:Am I surprised by that?
Speaker:Not at all.
Speaker:The government wants a central currency, and I think I said this explicitly several months ago.
Speaker:We've discussed it in regards to China, in regards to some of these other countries that
Speaker:are bringing central bank digital currencies online.
Speaker:They want that so they can have their hands in the pie, so to speak, so that it helps
Speaker:with the taxing process.
Speaker:It helps with all of that.
Speaker:And you can make that as nefarious as you want.
Speaker:They can use that to spy on you and see everything that you do, and that's absolutely true.
Speaker:Again, it's just like with the money laundering, it's all on the blockchain, therefore it's
Speaker:all available.
Speaker:Hello, right?
Speaker:But it is what it is, and it's completely expected.
Speaker:I saw on Twitter earlier tonight, Bitcoin magazine is like, say no to central banks.
Speaker:I get it, I understand the sentiment.
Speaker:At the same time, the reality is it will happen, and it is happening.
Speaker:And it's not just the United States.
Speaker:I don't know at this point if China is in their kind of GA in their production release
Speaker:for their digital currency, but I know that they are already beta testing it.
Speaker:And it's for the same reasons.
Speaker:Any government is going to want to do, well, maybe not every government, but most governments
Speaker:are going to want to do this.
Speaker:So that is the executive order in summary.
Speaker:But it gave the market the right, they didn't come in and say, we're shutting down crypto.
Speaker:We're going to outlaw crypto.
Speaker:We're going to do everything we can to stop crypto.
Speaker:In some ways, they kind of say, we're going to come along and help.
Speaker:We're going to drive the innovation.
Speaker:In some ways, they say things that would be completely logical from their perspective.
Speaker:We're going to create a central bank digital currency.
Speaker:They're very, very, very concerned about the US dollar no longer being the world reserve
Speaker:currency.
Speaker:And they should be.
Speaker:They want to replace it with this.
Speaker:I do not think that will actually happen.
Speaker:I think, and I think this is a terrific thing overall for the world, I think Bitcoin has
Speaker:a more than reasonable shot of becoming ultimately the world's reserve currency.
Speaker:Why would I not want to buy oil from Saudi Arabia with Bitcoin rather than the US dollar
Speaker:if the US dollar is facing inflation?
Speaker:And that's not going to change whether it's digital or whether it's a print dollar.
Speaker:The same way that the Treasury can print US dollars kind of out of thin air with no backing,
Speaker:they can do the same thing with a central bank digital currency.
Speaker:That's not a problem.
Speaker:So that doesn't really change that.
Speaker:So if I'm Saudi Arabia, I don't want US dollars, I want Bitcoin if I'm thinking ahead.
Speaker:And I do think that's going to take a number of years.
Speaker:I would, you know, a wild guess, and it's just a guess, 10, 20 years, but I could certainly
Speaker:see the majority of the world's high level trading taking place in Bitcoin.
Speaker:So moving on, like I said, I'll include links in the show notes for these articles.
Speaker:Tomorrow, CPI data is going to be released, March the 10th.
Speaker:So this is the kind of scale of what is the US's inflation rate.
Speaker:The last one, I believe 7.5%.
Speaker:They're expecting this one to be up a little bit more, probably around 7.8%.
Speaker:And I don't know where people come up with these numbers.
Speaker:It's just word on the street, which is such a lame phrase.
Speaker:But that's just what I have heard.
Speaker:And it probably will be.
Speaker:They're going to slowly ratchet it up.
Speaker:We could argue, you could do many shows about where these numbers come from.
Speaker:It's not really important to us.
Speaker:The value is probably going to go up.
Speaker:Again, I don't think the stock market is going to get spooked about it.
Speaker:I don't think that Bitcoin is going to be affected by it.
Speaker:Now, if it's 8.5%, if it's 9%, if it's maybe even 8%, you may see the stock
Speaker:market drop, you might see Bitcoin react a bit, as well.
Speaker:But that's coming out tomorrow, so that's certainly important news.
Speaker:There will be a federal meeting next week, I think, the 14th or something like that,
Speaker:where they will then decide the interest rates for the central banks.
Speaker:And we do expect that to go up probably 0.25%.
Speaker:And the reason why they were planning on a half percent, which is a good, well, it's
Speaker:not a good jump, but it's a large jump in the scheme of things.
Speaker:But they're ratcheting that back, again, because of the Russia-Ukraine conflict.
Speaker:So the expectation is it will be a quarter of a percent, so rates will go up a bit.
Speaker:The stock market will get an infusion, and it will probably ultimately keep going up.
Speaker:Now, twice I've already mentioned Russia-Ukraine, I did want to talk about it for a minute as
Speaker:the final part of this.
Speaker:And because it ties directly into crypto in ways, I remember, just to give you a perspective,
Speaker:but I'm not going to tell you how old I am, but I do remember the tail end of the Cold
Speaker:War.
Speaker:I remember, so to speak, I guess you could call it that.
Speaker:I don't know what else to call it.
Speaker:I remember when the walls came down in Berlin.
Speaker:And then, of course, the string of wars that have gone on after that.
Speaker:Desert Storm, Desert Shield, so on and so forth, Kuwait, Iraq, Afghanistan, Syria, and all
Speaker:that.
Speaker:This is the first time, to my knowledge, and I think I'm correct in this, that a war...
Speaker:So Russia invaded the Ukraine.
Speaker:That's indisputable.
Speaker:Ukraine wanted to be a member of NATO.
Speaker:That's on the record.
Speaker:Russia doesn't want that to happen.
Speaker:Putin has said so.
Speaker:One of the threats is that if NATO becomes involved, that Russia will escalate the war.
Speaker:So at this point, NATO is not directly involved.
Speaker:There's no fly zone over the Ukraine.
Speaker:So the Russian military is present over the skies of the Ukraine.
Speaker:There's no NATO troops.
Speaker:There's none of that.
Speaker:Now, the reality is, I don't think Russia thought it would even take two weeks to invade
Speaker:the Ukraine.
Speaker:Tomorrow night, I think, it'll be two weeks that this has been going on.
Speaker:And the end is not in sight.
Speaker:They've not taken Kiev or any of the other...
Speaker:I think they've taken one city, essentially.
Speaker:They faced a lot of resistance.
Speaker:But the other countries around the world have done something that is unprecedented, in my
Speaker:opinion.
Speaker:They are waging what I would call economic warfare.
Speaker:So the banks are shut down.
Speaker:The major Russian banks, kind of their central banks or whatever, they have been knocked
Speaker:out of SWIFT, which is the Global Transaction Network.
Speaker:MasterCard Visa have stopped payments in Russia.
Speaker:Things like Germany has said there's a very, very valuable natural gas pipeline, Nordic
Speaker:something, sorry, but going into Germany that is not built yet or has not been turned on.
Speaker:And they said, we're not turning it on, because that would benefit Russia, of course.
Speaker:The United States is now saying, we're not going to import any Russian oil.
Speaker:The UK is saying, we're going to taper off our oil from Russia usage significantly over
Speaker:the next few months, the rest of this year.
Speaker:And I'm doing all this off the top of my head, so I apologize if I'm not getting things exactly right.
Speaker:But you're getting the idea, I hope.
Speaker:McDonald's is shut down.
Speaker:There was another large chain that is shutting down.
Speaker:Coinbase, probably the largest centralized exchange in the United States, has said, we're
Speaker:not going to allow the Russians access to their accounts.
Speaker:And they blocked 25,000 accounts, is I believe what they said.
Speaker:And they were trying to be maybe more specific, I think.
Speaker:They were, rather than just kind of banning everyone from Russia, they're saying, these
Speaker:are kind of the more important people.
Speaker:The oligarchs, I think is what they're called.
Speaker:Oh yeah, like France has seized one of the oligarchs' yachts, and it's happened somewhere
Speaker:else as well.
Speaker:So you've got all this economic stuff going on, and unfortunately some of it directly
Speaker:affects the Russian people who really don't have what we would say, they don't have a
Speaker:dog in the hut.
Speaker:I don't know how else to put it.
Speaker:Hopefully that makes sense to you.
Speaker:And they're getting hit by this.
Speaker:This war is not popular in Russia, in my opinion.
Speaker:There's been thousands of people already who've been arrested in Russia for protesting about
Speaker:the war, and that's certainly a fact.
Speaker:And they're getting hurt by these sanctions as well.
Speaker:But I do believe that in large part, these sanctions are affecting Russia.
Speaker:Russia is not economically a huge country.
Speaker:They have a lot of high quality resources such as oil, but they're not economically
Speaker:a huge country.
Speaker:And when you do things like shut down their banking system, it causes a lot of damage.
Speaker:I do believe that even though NATO doesn't have boots on the ground, or we're not even
Speaker:instituting a no-fly zone or anything like that, that this is causing problems for Russia.
Speaker:Now I don't think this will be the last time this is done.
Speaker:I think in any conflict like this where, well, larger countries is maybe not the right word,
Speaker:but a country like Russia is involved that's undeniably a world leader in a lot of ways,
Speaker:this type of warfare, if you want to call it that, is going to be used.
Speaker:A lot of people in the crypto community are taking the opportunity to say, well, you've
Speaker:got to be careful about where you put your Bitcoin, and we've talked about that quite
Speaker:a bit.
Speaker:If you have a significant amount of money in crypto, you probably shouldn't be keeping
Speaker:it on centralized exchanges.
Speaker:I'm sure there are people in Russia who have nothing to do with any of this that are getting
Speaker:swept into this through no fault of their own.
Speaker:So don't think that, well, that's happening in Russia and it'll never happen here.
Speaker:We don't know that.
Speaker:The government is certainly capable of going to Coinbase or Kraken or any of these American
Speaker:exchanges here in the United States and saying, you've got to block this person or that person
Speaker:or this group or that group.
Speaker:We saw it in Canada just recently with the trucker strike.
Speaker:Just be aware that you may be on the wrong side, so to speak, through no fault of your
Speaker:own.
Speaker:That's one of the reasons for not keeping your money, your crypto, on a centralized
Speaker:exchange like that.
Speaker:So it's something to think about.
Speaker:I would highly recommend it.
Speaker:That's almost one of the last reasons I would even think about it.
Speaker:It's something that, to an extent, is in the back of my mind, but I'm far more worried
Speaker:about losing my money to a hack or something like that or just through somebody's negligence
Speaker:than that.
Speaker:But it's all covered if you have your own wallet.
Speaker:I know one dedicated show to wallets you could go back and listen to, and those can take
Speaker:the form of software, which aren't as safe, but certainly cheaper, and then you can take
Speaker:the form of hardware where you have a little, almost like a little USB stick type device.
Speaker:It's a little more elaborate than that, but that's essentially what it is with software
Speaker:and it manages your portfolio.
Speaker:So you can go back and listen to that, if you have more than a small amount, it's something
Speaker:I would certainly think about.
Speaker:I do want to talk for just a minute about kind of some news in the DeFi world, and it's
Speaker:about some people that you probably have never even heard about.
Speaker:I had never actually heard about before this week.
Speaker:I was familiar with some of their projects and apparently there's been some controversy
Speaker:around these people in the past, but apparently on Saturday, a guy who heads up a number of
Speaker:projects along with his partner, who apparently is also very involved, quit.
Speaker:Just said, I'm done, deleted a Twitter account.
Speaker:I'll read this.
Speaker:It's Antonel and Andre Cronje.
Speaker:I hope I said his last name correctly, but they've been very involved for a number of
Speaker:years in a number of different projects and simply said, Andre and I have decided that
Speaker:we're closing the chapter of contributing to the DeFi slash crypto space.
Speaker:There are around 25 apps and services that we are terminating on April the 3rd, 2022.
Speaker:That is less than a month from now.
Speaker:We're talking about Yarn Finance, Keeper 3 Network, Multichain, XYZ, a smart contract
Speaker:exchange solidly, Chainlist, and Bribe CRV Finance.
Speaker:Now a lot of these I didn't know anything about.
Speaker:I had certainly heard of Yarn Finance.
Speaker:They also work on apparently the Phantom Network.
Speaker:A lot of this revolves around Phantom, I think, even though that's not directly mentioned
Speaker:here.
Speaker:The point is, and I don't know what their situation is, there is a history, at least
Speaker:for Andre, of not getting along with people in a project and friction.
Speaker:I don't want to go too much down that because I don't know.
Speaker:It's always two sides to a story, so I don't know.
Speaker:But this person, these individuals really, two people, just walked away apparently from
Speaker:millions of dollars of other people's money on these platforms.
Speaker:And I think this is a real issue.
Speaker:I think people a lot of times do not realize how fragile some of these ecosystems are and
Speaker:how much they center around certain individuals, around individuals.
Speaker:If they develop and mature, they ultimately get to the point where that's not the case.
Speaker:But Vitalik, for example, was creator, effectively, of Ethereum.
Speaker:There was other people involved, certainly.
Speaker:He's always been the lead person on that project.
Speaker:At this point, if Vitalik were to walk away from Ethereum, he would be missed.
Speaker:The price would probably briefly dip, but it would be okay.
Speaker:It might not move forward as fast, but it would certainly move forward.
Speaker:And I'm sure, at least with some of these larger projects like Phantom and the Yern
Speaker:Finance platform, that they will continue.
Speaker:But it's something to think about when you are investing in smaller projects.
Speaker:And this is one of the reasons why I would always recommend, don't put your full stake
Speaker:in Phantom.
Speaker:Let's say Phantom, for example.
Speaker:Phantom's doing very well.
Speaker:Oh my goodness.
Speaker:Phantom's awesome.
Speaker:I believe in Phantom.
Speaker:Phantom doesn't have a track record.
Speaker:Phantom hasn't been around that long, a couple of years maybe, I don't know.
Speaker:I really don't.
Speaker:I could be off.
Speaker:But it's not been five years.
Speaker:It's not been 10 years.
Speaker:And apparently, this is going to directly impact that group.
Speaker:He was the main developer for Phantom, if I'm to understand it correctly.
Speaker:I don't want to say that with certainty, because I don't know.
Speaker:But he was certainly heavily involved at Phantom.
Speaker:And the price dipped 15%, basically, as soon as this came out.
Speaker:So just take this as a word of warning.
Speaker:I wish them the best.
Speaker:I'm sorry things didn't work out.
Speaker:Oh, actually, here's a little bit in the article that I'll have in show notes.
Speaker:Talking about in 2020, he actually told a website that he was on the edge of quitting
Speaker:crypto.
Speaker:So this is basically a direct quote from him two years ago, citing a toxic DeFi community
Speaker:as his primary reason.
Speaker:I understand where he's coming from, actually.
Speaker:Twitter itself, especially, can be very toxic when it comes to crypto.
Speaker:Everybody has opinions.
Speaker:Everybody's hiding kind of anonymously behind Twitter.
Speaker:And it's easy for these shouting matches to happen.
Speaker:And it is toxic.
Speaker:And mentally, we have to be careful about that.
Speaker:But this is so much bigger than stupid people's opinions on the internet.
Speaker:And I am sad that he couldn't look beyond that.
Speaker:You can always just get off Twitter.
Speaker:There's a thought.
Speaker:If I'm a developer on a project and I'm getting a lot of flack about whatever, just get off
Speaker:Twitter.
Speaker:Get off whatever it is that all this is coming from.
Speaker:It is certainly possible.
Speaker:It's what he ended up doing in the end.
Speaker:He deleted his Twitter account.
Speaker:Is that maybe ideal?
Speaker:Well, if you're a developer, probably so because you'll be far more productive, in my opinion.
Speaker:Just my opinion.
Speaker:I see this with the traders all the time.
Speaker:You got the bulls, you got the bears, and all they do is fight.
Speaker:They just blah, blah, blah, blah.
Speaker:And people get in these big long threads and it gets ugly.
Speaker:It does.
Speaker:And I'm like, can we just be adults?
Speaker:That'd be a great start.
Speaker:But it is what it is.
Speaker:And if it's that bad, then just get off.
Speaker:Actually, you can apply that to any social media platform, Facebook, Mastodon, Twitter,
Speaker:YouTube, I don't know, whatever it is.
Speaker:So, in any community that we develop around generational wealth and cryptocurrency, I will
Speaker:promise you this.
Speaker:I'm not going to be like a tyrant, but we will not tolerate people being nasty.
Speaker:I mean, frankly, my mom raised me better.
Speaker:And there's just no place for that.
Speaker:We can agree to disagree.
Speaker:And I would hope we learn from each other.
Speaker:There's always two sides when it comes to trading.
Speaker:There's always the bulls.
Speaker:There's always the bears.
Speaker:They're not going away.
Speaker:You can disagree.
Speaker:It's okay.
Speaker:So anyways, I will have the article in the show notes.
Speaker:I'm sure that at least these major projects, projects, products, projects, whatever, I'm
Speaker:sure that these major projects will continue.
Speaker:I'm not really worried about phantom in the long run.
Speaker:Just disappointing.
Speaker:All right, so that kind of wraps it up.
Speaker:I know this has been a little bit different, but there's just, can I just say this?
Speaker:The world is changing.
Speaker:It's changing faster than actually I thought it would.
Speaker:The price isn't there.
Speaker:Now, that's ironic, because I thought the price would go up.
Speaker:The reality is, I thought 2022 or 2021 last year, going into 2021, I thought Bitcoin would
Speaker:come out at $100,000.
Speaker:I thought Ethereum might be close to $10,000, if not more.
Speaker:I was wrong.
Speaker:But what I didn't see in large part was some of these other changes that are happening.
Speaker:Coming back to the regulation for just a second, one very important point about this, when
Speaker:you have regulation in place, I promise you that will open up the floodgates, so to speak,
Speaker:for institutions to come into the Bitcoin space.
Speaker:There are companies, Michael Saylor's company, ARK Investing, companies like this, well,
Speaker:Tesla famously bought Bitcoin, which they still hold.
Speaker:There are companies who've already become involved, but you will see a flood of companies.
Speaker:Pensions moving to Bitcoin, retirement stuff, investment funds, insurance, annuity type.
Speaker:I think that's the right word for it.
Speaker:There's trillions of dollars in money out there that's in these types of investments
Speaker:and institutional holdings and this kind of thing.
Speaker:A good percentage of that, in my opinion, over the next 10 years will come into crypto
Speaker:in general, probably Bitcoin and Ethereum specifically.
Speaker:Those institutions, that institutional usage, I think it will actually be probably what
Speaker:drives us beyond $100,000 in Bitcoin.
Speaker:But they're waiting on the sidelines because of the lack of regulation.
Speaker:Larger companies that have a lot of money and cash and whatever, they tend to be very
Speaker:risk-averse.
Speaker:They're not going to go out and buy something that the government could say,
Speaker:no, you can't own that, we're taking that away from you or whatever.
Speaker:But when that regulation gets put in place, then they say, oh, this is good, we can deal with that.
Speaker:So, we invest.
Speaker:Oh, what's the price? It's low. Buy, right? Buy the dip.
Speaker:I forgot to actually add that to the regulation stuff earlier, and I meant to.
Speaker:So, that's it.
Speaker:That's what I got for this week.
Speaker:It's been an interesting week.
Speaker:Things continue to roll along.
Speaker:I do not give up.
Speaker:I do not know what the price is going to do.
Speaker:Hey, we could shoot up above $42,600 at Bitcoin tomorrow.
Speaker:I would not be completely shocked if it happened.
Speaker:I could wake up in the morning and we could be at $35K.
Speaker:It could happen just as well.
Speaker:When in doubt, zoom out.
Speaker:Always think, where am I going to be in five years?
Speaker:Where was Bitcoin five years ago?
Speaker:It wasn't at 40, you know, we're worried about $40,000 and $30,000.
Speaker:It's amazing.
Speaker:And go look at five years ago.
Speaker:You'll have a good laugh.
Speaker:So, I hope that's helpful.
Speaker:So, the Generational Wealth with Cryptocurrency podcast supports Podcasting 2.0.
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Speaker:Tell your friends about the Generational Wealth with Cryptocurrency podcast.
Speaker:Thanks for being here.
Speaker:I hope this has been helpful.
Speaker:I would love to hear from you.
Speaker:I'm on Twitter at McIntosh Fintech, and you can reach me by email at mcintosh at genwealthcrypto.com
Speaker:and, of course, the Generational Wealth website at genwealthcrypto.com.