Conor McGregor vs Nate Diaz, Forrest Griffin vs Stephan Bonnar, Eminem vs MGK, Joe Exotic vs Carole Baskin, Joe Biden vs a Teleprompter; all of these have battles have gone down in history as some of the most heated donnybrooks of our time. Every single one of these epic battles all come with their own unique batch of controversy, media coverage and notoriety. Recently, the crypto space is no different and it has been gridlocked in a war of its own. The Bitcoin bulls and bears have been locked in a fight where the 60k level is the metaphorical octagon. Since reaching the 68k level for the first time earlier in the month, Bitcoin has corrected, and since then it’s been a seesaw battle at 60k. We practically need Bruce Buffer to give us the play by play every time we refresh our phones. Unlike the battles mentioned earlier, this feud goes on every second of every day and each opponent has it’s own way of landing punches in bunches. Regardless of what side prevails to be the winner by the end of 2021, it’s safe to say that Sun Tzu would be proud.
Lets get it!
Welcome to BitBoy Crypto. Home of the Bitsquad, the largest crypto community in all of the interwebs. My name is Ben. Every day on this channel I show YOU how to MAKE MONEY in Crypto. If you like money and crypto then make sure to hit that subscribe button. In this video, we’re going to talk about the recent battle between the Bulls and the Bears, the news from the each corner and some insight on what side is going to throw in the towel by the end of Q4.
In the blue corner, weighing in at 1.1 Trillion dollars, fighting out of the optimism of mass adaptation, we have the BULLS!! (Applause) In the red candle corner, weighing down the hopes and dreams of your average retail investor, fighting out of FUD stories crafted in Gary Gensler’s basement, we have the BEARS!! (BOOOO)
The battle at the 60k level has been going the distance and the crypto connoisseurs of the world have been leaning in making their side bets on which side will prevail. Those options expire on Friday November 19th, and that always seems to play a small role in price action. Also, on Friday the 19th, is a Full Moon, which also has had a slight correlation in price action as well. Although correlation is not causation, these two factors could work out in favor for the bears for this week, but after that, November will start to wrap up and December will begin a battle of its own. The bears have a few other factors in their favor as well. Besides to usual FUD about mining and China, Joe Biden’s 1.2 trillion dollar infrastructure bill recently passed.
Although the tax mandates that are now in motion wont begin until 2024, the vague language of what constitutes a broker continues to cause fear, uncertainty and doubt in the eyes of those on the sidelines who want to get into crypto but haven’t yet made their first investment. On the flipside, the fact crypto was mentioned on page 2,433 of this enormous 2,700-page bill, legitimizes the future of the industry in its own way. Considering that the US government is relying on using crypto taxes to pay for a portion of this massive spending bill at least tells us that crypto is here to stay for the long haul. In a weird way, this bill hurts the bears just as much as it helps them. So what else is helping the Bears? Who’s in their corner helping out with pad work and cardio?
The quick answer to that is FUD stories. News circulates faster than ever in our industry, and in the past we have seen how fast one measly story can put us down for the 10-count. For example: The Elon Musk story back in May saying that Tesla will no longer accept BTC to pay for cars due to environmental reasons was a major catalyst for the biggest dip of the year. This story shouldn’t have had the impact it did. I mean, Tesla only sold 17 cars through accepting Bitcoin, nevertheless, that FUD was still a devastating blow to the bulls. The bears took the W that day, but we battle on. You can’t win today’s fight off of yesterday’s efforts. An ounce of sweat can save a gallon of blood.
Recently, news stories about the SEC going after BlockFi are helping the bears get hyped up in the gym. As pointed out in a recent Bloomberg article, The SEC is going after BlockFi “questioning whether it’s marketing illicit financial products that lack bedrock consumer protections.” Lets all be real here. Is this REALLY about protecting the people? Or is this due the fact that the interest rate for a New Jersey savings account is 0.06% and you can make a 9.5% yield on your money by utilizing lending and borrowing features on BlockFi? Keep in mind; the only reason dirty Gary Gensler and his team of misfit toys are continuing to pressure great companies such as BlockFi is because they are a THREAT to the legacy system. This is why the Bears spend millions of dollars every month marketing and circulating these FUD stories about mining, environmental issues, taxing, etc. Who would ever go to the bank again for 0.06% if you can make guaranteed money without the risk of trading? It won’t stop here. The SEC will continue posturing against BlockFi, Coinbase, XRP and Stablecoins are next.
As pointed out in a Decrypt article, Gary Gensler noted that “decentralized finance platforms not only implicate securities laws- some platforms also can implicate the commodities laws and the banking laws”. Stablecoins are the backbone of Defi and they need to incentivize the American population to not use crypto so they continue buying bonds and keep their money in the banks. If the Treasury doesn’t sell enough bonds, there are implications that could result in the government defaulting on the debt ceiling. The legacy system is threatened, yet they don’t want us to make more money, but they still want to tax us to pay for their infrastructure bill. They shouldn’t be able to have it both ways and we can fight back with our wallets by using crypto instead of the traditional system. No one in the world that knows about crypto would buy bonds when they can double or even triple their returns by using sites like BlockFi; that’s why you will continue to read negative articles. FUD stories are the ammunition for the bears that’s keeping us locked in at the 60k range.
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What are the Bulls going to do to combat this tidal wave of negativity? How do we keep a mental edge over the bears to ensure a flawless victory? Luckily, not only do we have Senators such as Ted Cruz and Cynthia Lummis on our side fighting for clarity; the truth is, each and every day we are tiptoeing closer and closer to mass adoption. No FUD can stop that. Look around at the headlines just from this past month alone. It’s happening right now! Burger King now has a promotion for customers to get into crypto. McDonalds has a McRib NFT. The Houston Rockets recently added NYDIG as a team sponsor and the team will be paid in Bitcoin. Tom Brady and Steph Curry are ambassadors for FTX. Even churches are going to accept Bitcoin donations. Portal has partnered with Polygon to advance DeFi on Bitcoin. You can buy Bitcoin from ATMs in gas stations all around the country. There are commercials for various crypto exchanges and wallets during most primetime NFL games. Decrypt pointed out that The Staples Center, which will now be known as the Crypto.com Arena, is a 20-year contract for $700 million dollars. How can Bitcoin ever go to zero if the staples center has a 20-YEAR contract promoting crypto? Comment below on the next place that Crypto.com or FTX should put their name on next.
The road to mass adaptation is infrastructure for crypto, and it was paved this year. Yes, the bears can sucker punch us with FUD news stories and cause catastrophic liquidations. But, if you stand your ground, take their punches on the chin and keep fighting, you will win this battle. You can only loose if you throw the towel in and sell the bottom. We make these Videos so the members of the BitSquad know how to hold their ground, don’t over leverage and to keep fighting back with your wallet. Crypto is here to stay folks. This is a war and don’t forget: knowledge is your high ground. Be smart, learn everything you can, take profits and trade responsibly. The decision is in: and it’s unanimous. If you mess with the Bulls, you get the horns.
That’s all I got. Be blessed. BitBoy OUT!
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