Not Time to Panic About Bitcoin...Look at This

Welcome to Market Open Stream

In this section, George welcomes the viewers and talks about the current state of the market.

The State of the Market

• The US market is looking bad, especially NASDAQ and Tesla.

• Economic data shows signs of a recession. Jobless claims have gone up, and unemployment is starting to come up.

• Fear is up again, but it's not time to panic about Bitcoin. Short-term volatility can happen, but long-term nothing has changed.

Why You Shouldn't Panic About Bitcoin

In this section, George explains why people shouldn't panic about Bitcoin despite the current state of the market.

Why You Shouldn't Panic About Bitcoin

• Long-term nothing has changed with Bitcoin.

• Fear and greed index dropped 10 points down to neutral due to recent events in the market.

• Using leverage can be dangerous for most people playing with it like gambling.

Conclusion

In this section, George concludes his stream by summarizing his main points.

Final Thoughts

• It's not time to panic about Bitcoin despite short-term volatility.

• People should avoid using leverage when trading cryptocurrencies.

• Long-term investors should focus on the next few years or even decades rather than short-term fluctuations in the market.

Investing in Gold, Silver, and Bitcoin

In this section, the speaker discusses the benefits of investing in gold, silver, and Bitcoin.

Benefits of Investing in Gold, Silver, and Bitcoin

• The speaker believes it is time to stock up on gold, silver, and Bitcoin as opposed to "fake money" that the FED keeps printing.

• The speaker predicted that Bitcoin would come back down to a previous support level before continuing back up again.

• The speaker notes that history tends to rhyme and compares current patterns to those seen in 2020 when there was a quick v-shaped recovery after a drop due to the pandemic crash.

• There are many fractal patterns supporting the narrative that we have entered a new bull cycle for Bitcoin.

Predictions for Bitcoin's Future

In this section, the speaker discusses predictions for Bitcoin's future based on historical trends.

Historical Trends and Predictions

• If we cross the 21-month moving average without making a new low after that point (which has never happened before), we are on our way heading upwards.

• Some people predict that within the next three months going into July, we could see prices as high as $40-$50k or even an all-time high by the end of the year.

• Even if none of these predictions come true and Bitcoin goes sideways for a bit, ending at $40-$50k by year-end would still be considered a big win.

EU Parliament Approves Crypto Licensing Fund Transfer Rules

In this section, CZ tweets about the EU Parliament's approval of crypto licensing fund transfer rules.

CZ Tweets About EU Parliament Approval

• The EU Parliament approves crypto licensing fund transfer rules, which is a broad standard for how crypto should be treated across all countries under the EU.

• CZ likes this because it means that Binance can make adjustments to be in full compliance within the next 12 to 18 months, unlike in the US where there are three different agencies saying different things about how Bitcoin and crypto should be treated.

Embracing Bitcoin and Crypto

In order for a country to fully embrace Bitcoin and crypto, there needs to be rules and standards set in place. Europe is ahead of the US in this regard, but the US needs to catch up by removing Gary Gensler and creating their own framework.

Need for Rules and Standards

• For a country to fully embrace Bitcoin and crypto, there need to be rules and standards set in place.

• Europe is ahead of the US in this regard.

Catching Up with Europe

• The US needs to remove Gary Gensler first of all.

• Then they need to create their own framework so that other countries like Europe or Hong Kong don't dominate.

Dokwon Reportedly Indicted

Dokwon has reportedly been indicted for document forgery along with his buddy Han Chang while the other co-founder still walks free in South Korea.

Dokwon Indicted for Document Forgery

• Dokwon has reportedly been indicted for document forgery along with his buddy Han Chang in Montenegro.

• The other co-founder still walks free in South Korea.

SpaceX Launches Today

SpaceX is launching today, but the US market still looks bad overall.

SpaceX Launches Today

• SpaceX is launching today.

• The US market still looks bad overall.

Q&A

The section is a Q&A session with the audience.

Gensler's Future

• It is hoped that something will be done about Gary Gensler after the Congressional hearing.

Government Buying Bitcoin

• The government could try to print money and buy all the Bitcoin, but they will fail because as they try to buy more, the price will go up infinitely.

Cardano's Issue

• Cardano's issue is that it doesn't have enough TBL right now. There needs to be more liquidity pools and dexes just liquidity providers.

Rate Hike Prediction

• 85% of people predict that there will be another rate hike, while 15% think there won't be one.

Economic Data and Market Trends

The speaker discusses the lackluster earnings and bad forward guidance of companies, the worsening economic data, and how it may affect the market.

Companies' Earnings and Forward Guidance

• Companies' earnings have been lackluster.

• Forward guidance is bad, with none of them giving good guidance going forward.

• The speaker questions how Pal can ignore these things since he always says he ignores the market.

Worsening Economic Data

• Economic data keeps coming out worse every single week.

Cyber Truck Order and Crypto Projects

The speaker talks about their cyber truck order and a new crypto project that they were part of.

Cyber Truck Order

• The speaker has an order for a cyber truck but cannot remember if they put down $100 or $1000.

New Crypto Project

• There are new crypto projects that are like an incubator for web3.

• They have a lot more in play and will be announcing more soon.

Printing Larger Bills

The speaker discusses printing larger bills to transfer money between banks.

Printing Larger Bills

• The FED needs to print one thousand dollar bills again.

• There are already larger bills used to transfer money between banks.

Great Depression and Doge Charting

The speaker talks about whether a great depression is coming and why Doge cannot be charted.

Great Depression

• The speaker does not think a great depression is coming at this point.

• A recession could get worse, but not a depression unless the FED keeps raising rates until 10 or something.

Doge Charting

• Doge cannot be charted since it goes up when Elon says good things or puts up a picture of Doge.

Meme Coins and SpaceX Rockets

The speaker talks about meme coins pumping and what happened to the SpaceX rocket.

Meme Coins Pumping

• There are many meme coins pumping, and they trend on Twitter a lot.

• People may be selling off other coins to get in on them, but one should be careful since they can turn around quickly.

SpaceX Rockets

• Something happened mid-flight with NMCT, but the last time a SpaceX rocket blew up was years ago.

Tesla Stock and Space Exploration

The speaker discusses whether it is a good time to stack up Tesla stock and their interest in space exploration.

Tesla Stock

• It may be weak for a while since their last earnings scared people off.

• Their profit and earnings were down 20% year over year, and competition is slowing things down.

Space Exploration

• The speaker loves space series that show us exploring space.

• They think Stargate SG1 was the best sci-fi series since it showed humans at our current stage being advanced while meeting alien life.

Sci-Fi Shows and EV Automakers

In this section, the speaker shares their opinion on sci-fi shows and EV automakers.

Sci-Fi Shows

• The speaker does not like sci-fi shows where humanity is overcome by aliens and somehow prevails. They prefer shows that explore space, find new things, meet other aliens who become allies, advance, and eventually dominate space.

• The Expanse was good but the last season wasn't so good. The Rings reminded the speaker of Stargate but they didn't touch too much upon it. It was still more about infighting and political stuff which got a little boring for them.

• District 9 was really good but they never made a District 10 even though it was set up perfectly for one to come out three years later. Chappie sucked.

• Wally is the speaker's all-time favorite animated cartoon anime movie because it hits on so many fronts such as convenience and getting what we want all the time. They believe that in a hundred or two hundred years everyone will be floating in pods that carry us around and do stuff for us 24x7.

• The speaker never got into Firefly because they didn't like the main character at all.

EV Automakers

• Lucid will be the first EV maker to die guaranteed because they don't sell any cars and no one wants a big honking EV car that costs $100,000. Rivian will be next, then there'll be no more EV automakers in the US other than Tesla and the big three. In China, BYD seems to be very strong while in Europe VW is making a big transition but still way behind Mercedes.

• The speaker doesn't think Lucy could ever compete with Tesla. BYD is the one dominating China right now and Tesla needs to come out with Model 2 to compete. If Tesla could sell it for $25,000, they will again dominate the entire space and that's what they're working on right now. They need something new, something more inexpensive.

• Toyota needs to stop promoting hydrogen because no one wants to drive a hydrogen-powered car even right now. Hydrogen is going to be 100 times harder to convince people than EVs. Toyota completely missed out on the EV trend and their CEO got kicked out because of it. They could have even bought Tesla years ago but kept hammering on hydrogen cells which has gotten them nowhere. They need to drop that right away.

Flux Event and Decentralized Cloud Provider

In this section, the speaker talks about Flux event and decentralized cloud provider.

• The speaker didn't know Flux had its own event in September or where it will be held but they're holding relatively well around $200 million market cap as a decentralized cloud provider which is good for them.

Movies in the 90s and 2000s

The speaker talks about how movies in the 90s and 2000s were unique and original, unlike current movies that are mostly remakes or comic book adaptations.

Original Ideas

• The speaker mentions popular movies from the 90s and 2000s such as Pulp Fiction, Independence Day, Forrest Gump, War of the Worlds, Lord of War, Armageddon, Devil's Advocate.

• These movies had original ideas that were not based on prequels or comic books.

• The speaker struggles to think of any recent movie with an original idea besides Marvel movies.

Bitcoin and SpaceX

The speaker talks about Bitcoin and SpaceX.

Bitcoin

• The speaker advises not to give up on Bitcoin despite its ups and downs.

• He encourages people to stick with it for the long term.

SpaceX

• No bullet points available.