Speaker 1: Bitcoins price dumps again. Should you be worried? And Elon
Speaker 1: Musk is looking to leverage blockchain to track government spending.
Speaker 1: This is big. I'll give you a details. Let's get
Speaker 1: into it. Hey, everybody, welcome into the Thinking Crypto podcast.
Speaker 1: You're home for cryptocurrency news and interviews. I'm your host,
Speaker 1: Tony Edward. On your way in. Please hit that subscribe
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Speaker 2: Folks.
Speaker 1: Bitcoin dumping once again, currently just below one hundred and
Speaker 1: one thousand dollars. So what's happening here? Well, guys, it's
Speaker 1: like I was saying at the beginning of this week
Speaker 1: with the Trump inauguration, the Trump meme coin, extreme volatility,
Speaker 1: extreme chop, and that we had to be prepared for
Speaker 1: this because it was very much like those FOMC meetings.
Speaker 1: Those things happen, there's a lot of volatility and you
Speaker 1: have to let the dust settle, let the market normalize.
Speaker 1: So we're seeing a lot of chop here, but there's
Speaker 1: no invalidation of the bull market. And this is based
Speaker 1: on data. So some of the things that we should
Speaker 1: pay attention to is like the DXY continues to break
Speaker 1: downwards Bitcoin on the monthly chart. The RSI is not
Speaker 1: signal the top yet, so we still have room for
Speaker 1: upside bitcoin. Whales with wallets of ten or more bitcoin
Speaker 1: continue to accumulate, so they're not dumping, they're not moving
Speaker 1: coins on the exchange of dump. So this is data
Speaker 1: from sentiment and it's all on chain data. And we
Speaker 1: continue to see stable coin supply and liquidity continue to arise.
Speaker 2: Just literally thirty.
Speaker 1: Minutes to go, two hundred and fifty million USD was
Speaker 1: minted at circles USDC Treasury, so we've seen over the
Speaker 1: past three days about seven hundred and fifty million USD
Speaker 1: was minted. Now, not all that liquidity is going to
Speaker 1: be used to go by to dip, but a lot
Speaker 1: of it will be, so I want to make sure
Speaker 1: I'm balanced with that. It's not every single USD that's
Speaker 1: minted it's going to be used to buy. But you
Speaker 1: guys know how this works, and we've seen the liquidity
Speaker 1: from tether over the years being used by whales to
Speaker 1: buy up the dips, so guys don't panic.
Speaker 2: I know right now we're seeing a lot of red.
Speaker 1: Everything's down, bigoin a theorem XRP, and much more Solana
Speaker 1: as well. This is the volatility of the crypto market,
Speaker 1: but it is your friend.
Speaker 2: It allows you to buy the dips.
Speaker 1: It allows you to swing trade, and obviously people who
Speaker 1: leverage trade, you know they can do well. I don't
Speaker 1: leverage trade, so I don't have to worry about getting liquidated.
Speaker 1: I just buy the lows, bly the blood on the streets,
Speaker 1: hold and in sell the rip. So that's what I'm
Speaker 1: looking to do. I believe this bull market still has
Speaker 1: further upside. Now, something that's interesting, guys is that one user,
Speaker 1: Marty Party on x and he does a lot of
Speaker 1: on chain data analysis and he highlights a lot of stuff.
Speaker 1: He mentioned that this is kind of a royal flush,
Speaker 1: and he's saying the exchanges continue to drive price down,
Speaker 1: and he's saying, here, let me give you the TLDR.
Speaker 1: This is more about leverage. So they're looking to wipe
Speaker 1: out the lungs, just like you do to shorts. So
Speaker 1: they do both sides. But when things get overheated, you
Speaker 1: usually see this type of flesh out. So it's interesting.
Speaker 1: I don't know too much about what the exchanges are doing.
Speaker 1: I understand some of the on chain data, but it
Speaker 1: definitely makes sense. And look, the market makers are in
Speaker 1: the game here too, right, They're looking to make money.
Speaker 1: So you're seeing some liquidation of lungs and guess what
Speaker 1: the price is going to go down, and guess what
Speaker 1: people are gonna start shorting, and then there's gonna be
Speaker 1: a build up of shorts and then they're gonna get
Speaker 1: wiped out and fleshed out, and then the market keeps
Speaker 1: going up. I've seen this time and time again, so
Speaker 1: it's just interesting to see the on chain data show
Speaker 1: us what's happening. It's amazing. Now some interesting news from
Speaker 1: David Bailey, who is the CEO of Bitcoin Magazine and
Speaker 1: the Bitcoin Conference, and if you recall, he's been talking
Speaker 1: and working with the Trump team to help get things going.
Speaker 1: Trump obviously came to the Bigcoin Conference, so David's been
Speaker 1: in contact with the Trump administration since in his campaigning days.
Speaker 2: Well, he tweeted out today just talked.
Speaker 1: With Donald Trump and thanked him for keeping his promises
Speaker 1: to our industry and to Ross. Talking about Ross Albert,
Speaker 1: I asked them if he wanted to share a message
Speaker 1: with the bitcoin community. He said he's with us one
Speaker 1: hundred percent. We're going to send bitcoin to much greater heights,
Speaker 1: and we're going to outcompete China and other countries that
Speaker 1: want to take it from US. So this is further
Speaker 1: confirmation Trump is on board with the crypto industry, obviously
Speaker 1: this week signing the Crypto Executive Order, freeing Ross and
Speaker 1: much more. Now big news, Elon Musk is exploring bitcoin
Speaker 1: use to curb US government spending, So this is interesting.
Speaker 1: Elon Musk, the head of the Department of Government Efficiency,
Speaker 1: also known as DOGE, is reportedly exploring implementations of blockchain
Speaker 1: technology in US government operations to track and reduce federal spending.
Speaker 1: According to Bloomberg, the DOGE is also looking at using
Speaker 1: blockchain to secure data, make payments, and manage buildings as
Speaker 1: part of doge's efficiency push. Personnel from the newly commissioned
Speaker 1: non government department have also met with representatives from public
Speaker 1: permission less blockchain networks to consult about potential used by
Speaker 1: the US government.
Speaker 2: Folks, this is huge.
Speaker 1: We know Elon knows a lot about crypto and blockchain.
Speaker 1: He holds bitcoin etherorem and doge coin. Tesla has bitcoin
Speaker 1: on his balance sheet, and Elon I believe with X
Speaker 1: is going to be integrating crypto payments very soon stable
Speaker 1: coins and probably Doze and other cryptocurrencies. And I wouldn't
Speaker 1: be surprised if there are blockchain enabled profiles for verification
Speaker 1: purposes and to avoid scammers and all that stuff. Right,
Speaker 1: But also he's going to look to have it implemented
Speaker 1: in the government. And boy, I've talked about this over
Speaker 1: the years, that we will see governments using blockchain and
Speaker 1: if we can get governments spending on the blockchain so
Speaker 1: we can keep them more accountable. Regardless of your political affiliations,
Speaker 1: I think we all can agree with this, right. We
Speaker 1: want to make sure our tax dollars are being used
Speaker 1: in the right way and we want more transparency about that.
Speaker 1: And if he can help reduce government spending where it's
Speaker 1: bad spending, habits, over spending on things and so forth,
Speaker 1: that would be really great because remember that's our tax dollars,
Speaker 1: and the more they keep spending, the more they got
Speaker 1: to keep print money. So it leads into bigger problems, right,
Speaker 1: which we face in our society today. So guys, this
Speaker 1: is bullish as you can imagine, they're probably meeting with
Speaker 1: Ripple Cardano, the folks of solana Etheroreum and we'll see
Speaker 1: which blockchain or blockchains they decide to use. But pretty amazing.
Speaker 1: And remember Elon knows what he's doing, so he's not
Speaker 1: playing around here. So it says here must push to
Speaker 1: use blockchain technology to force the government transparency is not
Speaker 1: a new idea in US politics. In April twenty twenty four,
Speaker 1: former presidential candidate Robert F. Kennedy Junior said he wanted
Speaker 1: to put the entire federal budget on chain. So this
Speaker 1: is really great, guys. And we know RFK is part
Speaker 1: of Donald Trump's administration, so really great news. Once again,
Speaker 1: it doesn't matter which side of the earlier on, this
Speaker 1: is welcome news. And here former Finance a CEO CZ
Speaker 1: weighed in saying all governments should track all their spending
Speaker 1: on the blockchain.
Speaker 2: So this is really great.
Speaker 1: I think this is a move towards the future, and
Speaker 1: we're going to see this happen across the globe.
Speaker 2: Guys.
Speaker 1: It won't happen overnight, but blockchains will be used. We
Speaker 1: will have more transparency in how governments are using our
Speaker 1: tax dollars. Now, I'm not sure how many of you
Speaker 1: saw this, but Roger Vere put out a video asking
Speaker 1: for Donald Trump's help to get him back into the
Speaker 1: United States and to end the attack that he's been
Speaker 1: getting from the IRS. And I know some people can say,
Speaker 1: but wait, Roger gave up his citizenship as a United
Speaker 1: States citizen, and he did, but there was reasons behind that.
Speaker 1: I remember interviewing Roger a couple of years back, and
Speaker 1: he was talking about all this stuff the US government
Speaker 1: and different folks were trying to do to him.
Speaker 2: So that's why he left.
Speaker 1: Because he was an early bitcoin adopter, and Roger's been
Speaker 1: pretty critical in the growth of bitcoin in crypto. He
Speaker 1: was an early investor in Ripple and other companies as well,
Speaker 1: so he's been around for a long time now. I
Speaker 1: don't agree with him when it comes to bitcoin, cash
Speaker 1: and so forth, but that's beside the point. So even
Speaker 1: Jesse Powell, former CRACK and CEO, weighed in saying Roger
Speaker 1: gave up his citizenship because he was a victim of
Speaker 1: law fare, sentenced to prison for speaking his political beliefs.
Speaker 1: He knew that his bitcoin advocacy would put him in
Speaker 1: the cross heres again, he ensured his exit was clean
Speaker 1: and exiled himself for his own safety and the survival
Speaker 1: of his family.
Speaker 2: Turns out he was one hundred percent correct.
Speaker 1: And I'm not going to read through the whole thing,
Speaker 1: but just to give you guys an idea of what
Speaker 1: happened and why Roger gave up his US citizenship. So
Speaker 1: we'll see if Trump was able to do something there
Speaker 1: to help him out.
Speaker 2: Guys.
Speaker 1: Me coin platform pump. That fund set a single day
Speaker 1: revenue record, raking in fifteen point five million dollars in
Speaker 1: fees following its anniversaries. So this platform is where a
Speaker 1: lot of meme coins come from, and it's Salana based, guys,
Speaker 1: so be careful out there. Just look at the Trump
Speaker 1: and Millennia meme coins. What happened to them? They are
Speaker 1: down bad. Now that doesn't mean they can't bounce and
Speaker 1: go up a bit more, but they are super volatile.
Speaker 1: These things are like walking to the casino and playing
Speaker 1: throwing it on red or black on the roulette table.
Speaker 1: So you got to be careful here. But the money
Speaker 1: is going up. People are getting really degenerate, and there's
Speaker 1: all types of meme coins being put out there. So
Speaker 1: just be careful. If you know the game, you know
Speaker 1: how to read on chain data, you know how the
Speaker 1: cycles work and all that, then more power to you.
Speaker 1: But if you don't know, just understand the risks and
Speaker 1: that you can lose all your money. I'm seeing a
Speaker 1: lot of stories, guys, tons of stories that it will
Speaker 1: take forever to share them. Here, people who don't know
Speaker 1: what they're doing and they go put in their money
Speaker 1: and they lose it. It gets wiped out and it's gone.
Speaker 1: And it would actually be better if instead of going
Speaker 1: and buying the mean coins, they buy the underlying asset
Speaker 1: of Solana a soul. If they just bought that and
Speaker 1: held it, they would be making money, not in immediate
Speaker 1: like meme coins, right, because the mean coins is like
Speaker 1: once again walking to a Vegas casino. But if they
Speaker 1: just held the underlying token of the network, it would
Speaker 1: work out better for them in the long run, right,
Speaker 1: just even maybe six months from now, when the markets
Speaker 1: back up, they would be in profit. But unfortunately people
Speaker 1: are not financially educated. This is like the appeal of Vegas, right,
Speaker 1: let me go gamble at my wins and money and
Speaker 1: blah blah blah. But this is even worse, So be careful, guys.
Speaker 1: And you go to the website and you just see
Speaker 1: like all kinds of crazy coins being minted. It's pretty wild.
Speaker 1: Anything you can think of, it's nuts, man. But be
Speaker 1: careful guys, like for example, Bart Snake, these been these
Speaker 1: fart coins, fart Boy, fart Man, fart coin, Like, come on, man,
Speaker 1: we're investing in coins about farts, What the hell is that?
Speaker 1: That's just degeneracy, man. Come on anyway, I'll step off
Speaker 1: my soapbox. Just be careful, guys. Ari, folks, that's the news.
Speaker 1: Let me know what you think. Be sure to check
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Speaker 2: It will really help me out. Thank you guys.
Speaker 1: I appreciate you all and I'll talk to you all later.