12 November Livestream - Bitcoin Update!

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An update on Bitcoin!

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Transcript
00:00 we go good morning everybody it is the 12th of November 2023 and I hope you're
00:07 having a wonderful day welcome to the new camera hopefully it'll work I've
00:11 heard that there's some overheating issues but we'll do our very best to
00:15 make it through the show and yes I just got a little bit tired of looking like a
00:23 pasty half-dead zombie omelet so I am going to yeah it's a Sony so I spent
00:31 this morning setting up the camera and yeah it looks nice right looks nice and
00:35 good flesh tones and all of that so there you go there you go all right hit
00:43 me with a why if you'd like a bitty coin update would you like a bitty coin
00:48 update would you like a bitty bitty bitty itty bitty itsy bitsy teeny weeny
00:56 yellow polka dot bikini upy-daity okay let's do let's do it okay so for the
01:02 first time in years crypto markets are beginning to see tons of new liquidity
01:06 starting November 2022 crypto markets have added how much money American in
01:13 value how much money American in value have gone into crypto and of course you
01:21 know for by crypto we basically mean Bitcoin what if we what have we got two
01:28 hundred billion dollars it is it's actually six hundred billion dollars
01:37 since November 2022 crypto markets have added six hundred billion dollars in
01:41 value that's plus seventy five percent jump in one year and that's very good so
01:48 there was a lot of years of outflows from crypto market and the return of
01:53 liquidity always causes historic moves in crypto now however much you want to
01:59 make that about oh yeah this is funny okay so yearly lows are great support
02:05 indicators right so yearly lows what was the yearly low of Bitcoin in 2014 what
02:15 was the yearly low in Bitcoin in 2014 Oh tragedy Oh great tragedy in 2014 in 2014
02:25 the yearly low was $4 2012 sorry 2012 the yearly low 2012 the yearly low was
02:32 my mistake sorry 2012 the yearly low was $4 2013 the yearly low was $65 2014
02:41 $200 2015 you could get a Bitcoin for a hundred and eighty five dollars isn't
02:49 that wild for like you could get a Bitcoin for a hundred and eighty five
02:52 dollars 2016 $365 2017 $780 2018 $3200 2019
03:01 $3400 2020 $3850 2021 $27,734
03:08 yearly low prices 2022 a little bit of a dip $15,479
03:14 2023 $16,000 and change so just wanted to I just wanted to mention that seems
03:21 kind of toasty seems kind of toasty Bitcoin lightning network is how much
03:29 cheaper than Visa or MasterCard Bitcoin lightning network is how many times
03:34 cheaper or more expensive if you want to go that route how expensive is it
03:39 relative to Visa so the lightning network is approximately a thousand
03:49 times cheaper than Visa or MasterCard Visa MasterCard cooking around 3%
03:55 Bitcoin lightning network 0.0029% so that seems important oh by the
04:05 way did you know that if you add testosterone to men's system
04:13 administering testosterone substantially decreases lying in men men lie less when
04:22 they have higher testosterone isn't that wild just wanted to sort of mention that
04:29 all right so let's see here
04:36 retail investors sold nearly 16 billion dollars worth of stocks last month the
04:42 highest amount in two years this is as of three days ago November 9th 2023
04:49 retail traders stopped chasing the 2023 rally as FOMO evaporates net sales from
04:54 the group total almost 16 billion dollars in October so why are people
05:00 selling out their shares why are people selling out their shares why people
05:06 cashing out of the market do you think
05:11 what is going on to buy Bitcoin yeah maybe maybe although some people are
05:17 waiting for the ETFs of course no to buy groceries Michael that's exactly right
05:23 do you know how many people live on the edge of their finances have you known
05:28 people like this or are you someone like this living right on the bleeding edge
05:33 surfing the fiery crypto inflation frothing bladed edge crevasse Canyon
05:42 edge close to the edge down by the river right yeah it's it doesn't matter it
05:50 doesn't matter how much money you make it doesn't matter how much money you
05:55 make I remember many years ago talking to a doctor who made god he made like
06:00 four hundred thousand dollars a year and he was broke broke because he put his
06:04 kids through school his kids needed money and he had a bit of an addiction
06:08 to a expensive car habit and all of that it's just like boom boom it's rough man
06:15 and yeah they've got to pay their taxes but I don't know if that that's a I
06:20 don't know if that's an October thing for people but that's just a very real
06:24 thing people like do you know how much debt people are in like do you
06:31 comprehend I'm sorry do you comprehend this this is a really annoying really
06:34 annoying thing I apologize that but do you know how much debt people are in
06:43 it's staggering inflation is being temporarily bandaged up through debt now
06:51 debt of course is this too shall pass right debt is well I've expenses are up
06:56 but it'll pass like in business if you know you got a two-week paycheck cycle
07:02 but you don't get paid sometimes for 60 to 90 days so what do you do what do you
07:07 do well you just get a bridge loan a bridge loan is pay paycheck until like
07:13 pay my payroll until the income comes in from the stuff I'm selling to larger
07:17 corporations so yeah people are betting that inflation is temporary spoiler
07:26 inflation is not temporary inflation in my view will only increase so US banks
07:34 have fallen to an all-time low against the standard and poor 500 right so bank
07:39 stocks relative to the S&P 500 banks are cratering and they fall into their very
07:46 lowest level and of course there is no money in the bailout that doesn't mean
07:54 they won't print any but of course if they print any that just means inflation
07:57 will get worse consumers have borrowed more than they can afford default rate
08:04 on credit card loans from small lenders has seen a sharp spike to 7.51 percent
08:09 default rate on credit card loans from small lenders has seen a sharp spike 7.51
08:16 percent this is the highest level ever seen higher than the dot-com bubble
08:19 higher than the 0708 financial crisis and credit card interest rates are often
08:25 still over 20% so consumers are going to be overloaded with high-costing debt
08:33 oh by the way it's worth what I don't if you know the comedian Bill Burr but he
08:39 did a whole speech trashing the story of your enslavement many years ago I just
08:44 wanted to point out nothing in particular but Bill Burr's wife this
08:50 black woman she gave double fingers to Trump last night I just thought that was
08:56 interesting you might want to check out the video seems a bit petty all right so
09:03 the US now has a record 17.29 trillion dollars in household debt a record 12.14
09:17 12.14 trillion in mortgages a record 1.6 trillion in auto loans and a record 1.08
09:25 trillion in credit card debt and of course student debt student loan payments
09:32 just resumed for the first time since the pandemic with the average payment of
09:36 $500 a month car loans at a record 10% credit card debt rates have hit a record
09:44 25% it's I you know perfect storm is one of these really overloaded terms but
10:00 that's kind of rough people don't know how to live below their means what is
10:10 the current US GDP what is it 17 18 trillion a year something like that
10:18 something like that it's rough man it's rough and what else have we got here
10:27 you
10:29 delinquent commercial real estate loans at US banks have hit their highest
10:35 levels in decades US banks are sitting on an estimated 650 billion dollars in
10:44 unrealized losses on their bond holdings the 60-plus days delinquently rates
10:50 delinquency rates of the subprime backed ABS that Fitch tracks rose to 6.1 percent
10:55 in October in September this represents a record and yeah the commercial real
11:00 estate stuff you know everybody looks at business to consumer like B2C but
11:07 massive massive sections of the economy are business to business and that stuff
11:11 is largely invisible to most consumers if you've worked in business then you
11:17 know how big the B2B economy is but everybody looks at real estate for
11:22 individuals but real estate at the business level is massive and real
11:34 estate pandemic post pandemic people working from home people getting gig
11:38 economy jobs you know people switching to things like uber right if you switch
11:43 from a business job like a an office job to uber then you're you don't need the
11:48 office space so commercial real estate which was heavily invested in over the
11:52 dot-com boom because everybody was centralizing is really falling apart in
11:57 many places and that's rough that's rough it's massive overhead but of course
12:04 people have thrown huge amounts of resources into building commercial real
12:07 estate and if it ain't going to if it ain't gonna last or it isn't lasting
12:13 that's pretty bad all right Bitcoin this is as of yesterday Bitcoin has a larger
12:19 market cap than Exxon Mobil, JP Morgan, Walmart, Visa and Tesla
12:31 Bitcoin has a larger market cap than Visa is that not something
12:42 so let's see here I didn't get anything else that's important
12:47 yes November 10th PayPal has approved PayPal is now approved to offer Bitcoin
12:52 and crypto services in the United Kingdom
12:56 PayPal has been approved to offer Bitcoin and crypto services in the
13:02 United Kingdom which is pretty good it's pretty good now hit me with a why hit me
13:11 with a why if you've ever felt that you're too late to Bitcoin do you ever
13:19 feel like I missed the bus it's all too late it's yeah it's too late it's too
13:28 late you get told that all the time okay let me let me give you some perspective
13:32 my friend so you're not Bitcoin is 14 years old all right now imagine thinking
13:45 that you were too late to invest in Apple in 1994 would that be a good
13:52 investment in Apple in 1994 because in 1994 Apple was 14 years old I think I'm
14:02 no expert and don't take any advice from me about anything to do with finances
14:06 but I think it's gone up a smidge since 1994 what's that 29 years I think it's
14:17 gone up a smidge Apple since 1994 you can tell me if I'm wrong all right now
14:22 can you imagine would it be too late to invest in the internet in 1997 some sort
14:27 of internet forward company right so it is extraordinarily early what percentage
14:43 of the world has adopted Bitcoin what percentage of the world has
14:53 10% sorry don't mean to give you feedback before I give you feedback what
15:00 percentage of the world has adopted Bitcoin oh man you guys I hate to be
15:07 annoying less than 0.05% of the world has adopted Bitcoin
15:18 right what's that one in two thousand less than 0.05% of the world has adopted
15:24 Bitcoin and with that absolutely tiny slice of adoption Bitcoin has become the
15:30 best performing asset known to mankind
15:33 you really you really think you missed the bus I'm gonna I'm gonna show you a
15:44 chart show you a chart BTC adoption all right I'm gonna show you a chart and
15:54 let's look at that again I'm not giving you any advice I'm absolutely I'm just
16:01 giving you some facts make your own decisions don't take any advice from a
16:05 philosophy guy about anything maybe some philosophy advice that's about it all
16:10 right but look at this look at this chart 18 I just need to make notes I can
16:18 put this in the video afterwards
16:21 but look at that chart zoom in on that so that is the adoption of technology in
16:37 the US and that's where you are with regards to Bitcoin so this is light
16:46 bulbs phones radio airplanes televisions oh my gosh so where's the image I can't
17:00 tell you where the images it's in the chat you got I know if you're gonna not
17:05 pay attention don't ask everyone to deal with you multitasking it's rude
17:11 did you know baby elephants are born weighing approximately 250 pounds making
17:20 them the world's biggest babies right next to people who complain that they're
17:24 too late to Bitcoin alright a Thanksgiving Day how to I thought this
17:30 was very funny so it's a bottle of wine divided into thirds the first third is
17:35 thank you for inviting us to dinner oh you have a lovely home the second is
17:40 Bitcoin is not dead no I didn't use a trust FTX yes I do think it will go back
17:45 up and the third part of the bottle of wine when you're getting down to the
17:50 bottom is financial revolution decentralization self-sovereignty
17:54 unconfiscated no middleman carbon negative mining banking the unbanked
17:59 balancing the grid Bitcoin not crypto I could imagine that there's been some
18:03 dinner sort of gone like that did you know about this that this is a while
18:10 ago but eight Marxist female mountain climbers wanted to prove that women were
18:15 just as good at mountain climbing as men they picked the easiest peak they
18:20 refused any help from any men along the route when asked over the radio by a man
18:25 yuck how they were doing they gave invasive answers were fine even though
18:30 one of them was actually sick and dying they got disoriented in the snow and all
18:35 eight women ended up freezing to death and therefore it was up to an all-male
18:39 search party to come and retrieve their bodies I guess that kind of evasiveness
18:45 are you okay I'm fine I'm fine okay well I guess you did the number of addresses
18:53 holding more than $1,000 worth of Bitcoin has hit an all-time high for the
18:58 first time very very good very good
19:04 let's see here oh yeah taking into account mortgage rates local house
19:09 prices and local incomes buying a home in markets like LA and Miami today is
19:14 more expensive than it was in 1981 when mortgage rates topped 18 freaking percent
19:21 it's more expensive to buy a house now than in 19 and 1981 actually knew a guy
19:27 who had a condo and his his payments were making his eyes bleed just
19:32 horrendous all right oh yeah this was good this guy wrote by the time I'm 67
19:42 over $600,000 will be paid into Social Security on my behalf that money would
19:47 have been worth 1.9 million dollars if I'd gotten a 5% return my annual
19:51 interest would be $95,000 right that would be your right the government
19:56 promises me $3,000 a month at 67 which is only $37,000 a year how is this not
20:01 theft oh gosh how slowly they awake and slowly they awake
20:10 coca-cola went public in 1919 1919 so would investing in it during 1935 is it
20:18 too late no no that's not right 1919 plus 14 is what 1933 1935 would be 16
20:31 years we're talking 14 years all right sorry sorry to be annoying hope I'm hope
20:36 I'm not wrong hope I'm not both annoyingly superior smuggins and wrong
20:41 hopefully hopefully sometimes doing math on the fly is a bit of an Achilles heel
20:45 but we'll we'll do our best to to keep it sane mortgage rates will hit 18%
20:52 again yeah immigration is a self-correcting mechanism nothing that
21:00 nothing that philosophers need to do anymore