Bitcoin Price Predictions: What's Next for the King of Crypto?

Lawsuit Against FTX Founder and Coindesk's Most Influential 2022

This transcript discusses the lawsuit against FTX founder, Sam Bankman-Fried, by bankrupt crypto lender BlockFi over Robinhood shares promised as collateral. It also covers Coindesk's most influential people of 2022.

Lawsuit Against FTX Founder

• BlockFi filed for chapter 11 bankruptcy and is suing FTX's CEO Sam Bankman-Fried to obtain shares of Robinhood he allegedly pledged to the company as collateral.

• Bankman-Fried's investment vehicle, Emergent Fidelity Technologies, has custody over the collateral that belongs to BlockFi.

• The filing claims that Bankman-Fried's vehicle has defaulted on its obligations under the pledge agreement and failed to satisfy its obligations despite written notice of default and acceleration.

• BlockFi will now look to enforce the terms of the pledge agreement and recover property belonging to these bankruptcy estates.

Coindesk's Most Influential 2022

• Coindesk released their list of most influential people in crypto for 2022.

• Changpeng Zhao (CZ), CEO of Binance, was named number one for his response to regulatory challenges faced by Binance.

• Despite a tumultuous year in crypto with losses exceeding $2 trillion in value, long-term positive trends continue with mainstream interest moving into the crypto sphere and creators experimenting with non-fungible tokens (NFTs).

• Molly White, a software engineer who created "Web3 is Going Just Great," was named one of Coindesk's most influential skeptics due to her criticism of the many promises being made by people in the industry.

• Zak XBT, a pseudonymous Twitter sleuth who exposes unchain fraud and wrongdoing, was named one of Coindesk's most influential for leaving crypto scammers no place to hide.

Goldman Sachs Reportedly Looking to Buy Crypto Firms

• Financial services firm Goldman Sachs is reportedly looking to invest millions to purchase or buy stakes in crypto firms following the recent FTX debacle that affected crypto company valuations.

Crypto News and Bitcoin Supply Insights

In this section, the speaker discusses recent news related to crypto and insights into the buying behavior of Bitcoin holders.

Companies' Stance on Crypto

• Some companies are seeing opportunities in crypto while others are becoming more cautious.

• A UK-based digital bank has banned crypto purchases for its users citing high risk.

• On the other hand, some companies are starting to offer advanced crypto-related purchases and deposits.

Insights into Bitcoin Buying Behavior

• Over 8% of the total Bitcoin supply was bought between $15,500 and $17,000.

• Long-term holders are already in profit and have no rush to sell their positions.

• Transfer of ownership from long-term to short-term holders is occurring near $20,000 indicating that long-term holders are capitulating at that point.

• Investor confidence is higher around $20,000 since most holders of the supply are long-term holders that are already in profit.

• Holders between $30,000 to $55,000 are likely to wait and win support or break even in the worst market situation.

Future Predictions

• The speaker predicts that if Bitcoin eventually crawls back up to around $65,000 or €65,000 there will be a lot of setbacks in between because people will wait for them to break even before taking out their money.

• New investors who get excited about being inside a bull market will see their portfolio grow and stay invested.

• The question remains whether this group is larger than the group that's going to pull out their money.

• The speaker suggests dollar cost averaging down but also dollar cost averaging out by taking out initial investments when certain price points are reached.

Conclusion

In this section, the speaker concludes the video and summarizes his thoughts.

• The speaker concludes by saying that he will either sit out the wave or take out everything completely depending on his life situation.