A highlight from 1401: FIDELITY: Bitcoin Will Hit $1 Billion Per Coin By This Date
In today's show, we're going to be discussing Bitcoin ignoring the CPI and FTX as the price action hit us a September high of $26 ,600 as the bulls are back in control. We'll also be discussing the court approving the sale of FTX digital assets, meaning the assets will be sold off weekly with special handling for Bitcoin and Ethereum and insider affiliate tokens. Also breaking news just in, Congressman Tom Emmer launches an anti -surveillance state act with 49 Republicans in a new push against CBDCs, central bank digital currencies. Also the SEC chairman Gary Gensler says crypto is a field rife with fraud, abuse, misconduct. It's daunting. We'll also be discussing breaking news, $800 billion asset manager Deutsche Bank partners to offer Bitcoin custody for institutions. Let's go. It virtually means that the bank can now hold crypto directly for its clients. Also in today's episode, we'll be discussing, can the Bitcoin price achieve fidelities? $1 billion price target by 2038. That's right, the $4 .5 trillion asset manager is predicting that one Bitcoin will eventually be worth $1 billion per coin. We'll also be taking a look at the overall crypto market, all this plus so much more in today's show. Yo, what's good crypto fam? This is first and foremost, a video show. So if you want the full premium experience with video, visit my YouTube channel at cryptonewsalerts .net. Again that's cryptonewsalerts .net. With that being shared fam, welcome to everyone just joining us. This is pod episode number 1401. So let's fricking go. Today is September 14, 2023 and the crypto market is back in the green. Shout out to everyone out there in the live chat. It's good to see the entire Bitcoin fam. So yeah, let's kick it off with our market watch. As you can see, Bitcoin is trading back above $26 ,600. We also have Ether trading back above $1 ,600 and virtually most all the major cryptos are in the green minus BNB barely in the red. And checking out coinmarketcap .com, the current crypto market cap sits just north of $1 trillion with $28 billion in volume in the past 24 hours, but the Bitcoin dominance at 49 .2 % and the Ether dominance at 18 .6%. So yeah, checking out the top 100 crypto gainers of the past 24 hours. We have Axly Infinity leading the pack trading at $4 .73 up 11 % followed by ThorChain up 5 .5 % trading at $1 .65 followed by Conflux up a modest 5 % trading just above or I should say just shy of 12 cents. And checking out the top 100 crypto gainers for the past week, we can see virtually everything is in the green minus a handful including Scamcoin FTT down 5%. Axly Infinity leading the pack here as well up 12%. And as you can see, the alts are pumping. That's what's up. How many of you took advantage of this recent price dip? Let me know. And how many of you are gonna be hodling into the next Bitcoin halving, which is roughly six months out around the corner. Holla at your boy chat. I appreciate the interaction. At the end of the show, I'll be reading everyone's comments out loud. And how you doing today for Christ's sake? Holla at your boy. Don't be a stranger. And with that being shared, now let's dive into today's Bitcoin technical analysis. Check out the charts and what is popping with the King crypto. Here we go. Bitcoin hit new September highs after the September 14 daily close as markets digested macroeconomic as well as crypto. Industry news, which you can clearly see here in the Bitcoin one hour candle chart. Now data from Cointelegraph and TradingView tracked the Bitcoin price highs of 26 .5 over on Bitstamp and Bitcoin had shaken off the higher than expected US CPI the day prior, which we covered here in the show, maintaining that 26 ,000 support. Subsequent confirmation that the defunct exchange FTX had received legal permission to liquidate its remaining assets likewise failed to dent Bitcoin's comparatively solid intraday performance. And a little later in the show, I'll be sharing that ruling directly coming from the courts in regards to the FTX assets being sold. Now coming up to the range highs and once we flip these levels, we can look to finally get into a safe position and long since popular crypto trader, Crypto Tony and fellow analyst, Dan Crypto Trade suggests that the overall Bitcoin market dynamics have changed versus the period of weakness seen around the monthly close. Quoting this gentleman here, market feels different this week. The dips are being bought up relatively quick and while the price keeps sweeping highs, it keeps crawling itself back and leaving the lows untouched. The spot bid is also stronger than the past few weeks, might be wrong, but I am optimistic. Let me know if you agree to disagree with the analyst and additional analysis predicts that the longer term Bitcoin price breakout should US regulators approve a Bitcoin spot ETF or which we all know is inevitable over the coming months. He also says that BTC .d is still holding on the previous range high, which is the Bitcoin dominance chart and in the CHOP region, but ultimately says, I think this would go higher in case of a Bitcoin ETF approval one day. Yeah, that's right. They can only push it back and delay it for so long. I believe the next day they have to acknowledge it is in October and more than likely Gensler and the SEC is gonna push it back till next year. That's just my two Satoshi's. Let me know your thoughts, fam. Now more cautious was Trader Sku who referenced the on -chain volume prime to cool once more after the relief rally, quitting him here. The daily structure looks fairly good here and decreasing volumes. So could definitely be looking towards a relief rally before lower as the commentary read, noting the Bitcoin was still holding the key 25 ,000 level. Now with Bitcoin up just 1 % month to date at this time, Bitcoin is nonetheless on course for its best performing September and years. As we know, it's usually September, pun intended. According to data from monitoring resource CoinGlass, the last time Bitcoin gained in September was all the way back in 2016. That's like holy moly, seven years ago, fam. That year was its best on record at a modest 6 % while its biggest red September bear month was two years prior when it lost a whopping 19%. Talk about total bloodshed, right, fam? Now in 2022, Bitcoin shed 3 % before climbing another 5 % in October, which is a popular month amongst the bulls who informally referred to it as Uptober. So hopefully, God willing, we have another Uptober here right around the corner as we're already halfway through with September. With that being shared, fam, let me know your thoughts and outlook on the current landscape of the crypto market. Do you feel we're likely to correct lower or do you think we'll continue rising back towards that $30 ,000 level psychological resistance? Let me know, chat. And now let's break down our next story of the day and discuss the latest judgment coming from the courts regarding the FTX asset sales. Here we have it. This is just in, the Delaware Bankruptcy Court approved the sale of FTX digital assets. We have Judge John Dorsey who made the ruling at a hearing yesterday, September 13th. Major changes were made to the draft order authorizing the sale the previous day. Now as you know, there's been a lot of FUD of people talking about all the assets, billions of dollars worth of crypto is gonna get dumped and it's going to wreck the market. Well, there are some caveats, so it's important I share them here. FTX will be allowed to sell the digital assets excluding Bitcoin, Ethereum, and certain insider affiliated tokens in weekly batches through an investment advisor under pre -established guidelines. There will be limits of $50 million for the first week and $100 million in subsequent weeks. There will be an option to increase the limit with prior written approval of the creditors committee and ad hoc committee or to raise the limit to 200 million weekly with the approval of the court. So they can't dump it all at one time which is good for the bulls, right? Now Bitcoin and Ether and insider affiliate tokens can be sold through a separate decision by FTX. After 10 days notice to the committee and the US trustee, the US trustee is appointed by the US Department of Justice. Now I'm curious what those insider affiliate tokens are. If I was to guess, I'd guess FTT, that scam coin, Bankman Fried created out of thin air and I'd also throw Solana in there, but what are your thoughts, fam? Let me know. Those sales will also be conducted through an investor advisor. Information about the sales will be subject to professionalize only and confidentially restrictions with a redacted version accessible to the public. The sales will be subject to written objection by the committees and the US trustee. And in that case, the sales will be delayed until the objections are overcome or the court orders a sale. Quoting Bak Ubu here, FTX adapts crypto sale plan to address the US government concerns. FTX, the bankrupt crypto exchange is making changes to its proposal for selling billions in crypto assets. That's right. And I just broke down ultimately what you need to know. The conditions on the latter sales were added in the draft submitted September 12th, a couple of days ago. They were regarded as cautionary moves to ensure the market stability during the influx of FTX assets. Some observers noted that the sales will represent only a small portion of the trading volume and may not have a heavy impact. But according to a recent shareholder update, FTX has $833 million worth of Bitcoin and Ethereum collectively. FTX can enter into hedging arrangements using Bitcoin and ETH with the private approval of committees and can use them for staking according to the guidelines. The FTX token, as we know, is FTT, cannot be sold without further court authorization. Well, good for them. Glad to hear they're not authorized to sell their scam coin and dump it onto the market. That's definitely a good sign, wouldn't you think? Now let's break down the next breaking story of the day. Gotta give respect and credit where it is due. We have US Congressman Tom Emmer who made a very strong anti -CBDC stance and we know that's the central bank digital currencies which the central bankers are gonna be rolling out and I know their pilots have already began rolling out around the world. So let's discuss this anti -CBDC push because I'm all for anti -CBDC. That's why I promote Bitcoin every day here on the pod. Bitcoin is the antidote to the CBDC. Let me know if you understand what I'm saying. Now Congressman Tom Emmer is leading the reintroduction of the bill that aims to prevent the Federal Reserve from creating a digital dollar. God bless him. Emmer says on the social media platform X that if it isn't designed to emulate cash, then a CBDC would dismantle the American's right to financial privacy while also emboldening the administrative state. Facts. The majority whip says that the new bill attempts to prohibit the Fed from issuing a retail CBDC while protecting innovation and any future development of true digital cash. This bill puts a check on unelected bureaucrats and ensures the US digital currency policy upholds our American values of privacy, individual sovereignty and free market competitiveness. The administration has made it clear. President Biden is willing to compromise the American people's right to financial privacy for surveillance style CBDC. I don't believe in compromising American rights. That's the bottom line. If not open, permissionless and private like cash, a CBDC is nothing more than a CCP, which we all know stands for, right? Style surveillance tool that will be weaponized to oppress the American way of life. Preach. I couldn't have said it any better myself. I stand by what he is saying because I know it's fact. Now while official, the concrete plans for the CBDC haven't been released by the US government as opposition has already formed, which is a good sign. We also have US candidates who are running for the presidential election next year in 2024, including current governor of Florida, Ron DeSantis, who is running as a Republican. And we also have Kennedy Jr. who is running as a Democrat who are both pro Bitcoin and anti CBDC. So we must stand strong and oppose these weapons of financial mass destruction, which are better known as CBDCs. So again, much respect to the congressmen and those making this push. Now last month we also had Ohio Republican Warren Davidson said the CBDCs pose an existential threat to the Western civilization and was committed to fighting against them. Davidson said that he wants to prohibit the CBDCs because they threaten other digital assets like Bitcoin and impede the development of the beneficial financial technology. Facts, quitting him here. Central bank digital currency poses a serious threat, tall digital assets, as I said, at flyover FinTech. Many people wrongfully conflate even Bitcoin with a CBDC. Ignorance is bliss, huh? At least most agree that CBDC is evil, the financial equivalent of the Death Star. Great reference to Star Wars there. Don't become an accomplice to anyone designing, building, testing, developing, or establishing CBDC. Banning a CBDC is essential to the American's FinTech future. So there you have it. What are your thoughts on CBDCs if they roll out, which more than likely they're going to eventually at a theater near you, are you going to participate in them, is the million dollar question. What if they give you a stimulus and they promise you, we're gonna give every American $5 ,000 of this digital dollar, AKA CBDC, central bank Ponzi scheme currency. What are you gonna do about it? I say just say no to Bitcoin, or I'm sorry, just say no to CBDCs and fight it with the antidote, which is Bitcoin, by simply stacking stats today and preparing yourself so that you can fight the tyrants who are trying to take over our country. Just saying, fam, let me know if that resonates with you. And with that being shared, now let's break down our next story of the day and discuss the latest with Mr. Gary Gensler, the chairman of the SEC and what they recently shared with Congress regarding cryptocurrencies and enforcement. Here we go. The chairman of the SEC, everyone's favorite huckster, Gary Gensler talked about cryptocurrency during his testimony before the US Senate Committee on Banking, Housing, and Urban Affairs on Tuesday, two days ago. Reiterating his views that most crypto tokens are securities, Gensler told the lawmakers without prejudging any one token, the vast majority of crypto tokens likely meet the investment contract test. Given that most crypto tokens are subject to the security laws, it follows that most crypto intermediaries have to comply with the security laws as well, quoting the chief right here. In terms of crypto, I've been around finance for 44 years now, and I've never seen a field that is so rife with misconduct. It is just, it's daunting. He further described the crypto industry right now. Unfortunately, he says there's significant noncompliance and it's a field which is rife with fraud abuse as well as misconduct. Now the Senator Bill Hagerty asked Gensler during the hearing what the SEC needs to see from issuers to approve a Spot Bitcoin ETF. Wouldn't you say that's a great question? Following the recent court ruling in favor of the grayscale investments, now the court found that the securities regulator, denial of grayscale Spot Bitcoin ETF app, was arbitrary and that the SEC Chairman Gensler replied with the following, we're still reviewing that decision. We have multiple filings around Bitcoin ETF products, so it is not just the one you mentioned, but there's multiple others. We are reviewing them and I am looking forward to the staff's recommendations. So there you have it. How do you feel this will likely play out regarding the regulators and crypto choke point 2 .0 as it continues? Do you think it'll keep pushing innovation outside the United States? Or do you feel that it's just a matter of time and Gensler's no longer gonna be able to push back these deadlines for the SEC approvals? Because we all know once the Spot Bitcoin ETFs get the green light from the regulator, it's game on. There's literally trillions upon trillions of dollars right now sitting on the sideline just waiting for that freaking approval. And if it wasn't for the SEC, we'd already had a Bitcoin Spot ETF a decade ago because that's how long they've been denying them, right? In fact, the very first Bitcoin ETF application was submitted by the Winklevoss twins of the Gemini exchange literally over a decade ago. And while they keep approving these futures ETFs which aren't in the investors best interest, but to keep pushing back the Spot ETFs which benefit everyone makes no logic except they're doing what they do because that's what they do and let's leave it at that. And with that being shared, fam, now let's break down the latest breaking news regarding Deutsche Bank. This is big news coming from another major institution and then I'll be breaking down the $1 billion fidelity price prediction for the King Crypto. That's right, they're saying that one Bitcoin will eventually be worth $1 billion per coin and then we'll dive into our live Q &A. So yeah, here we go, breaking news just in. The German bank, Deutsche Bank, was one of the handful of companies to invest in a $65 million Series B fundraising round for tourists in February of this year. The company offers enterprise -grade infrastructure to issue managed custody and trade, cryptocurrencies, tokenized assets, as well as NFTs and other digital assets. Let's go. Now according to Taurus' co -founder, Lamin, the partnership underwent a thorough and very detailed due diligence process before the German bank decided to use its infrastructure services, quoting them here. It started end of 2021 and ended somewhere in 2022. We won the deal a couple of quarters ago and as previously reported, Deutsche Bank has been brewing plans to offer crypto custody and trading services to its clients over the past three years, since 2020. The bank most recently applied for a digital asset custody license from Germany's financial regulator, Baffin, in June of this year, as it continues plans to offer its customers access to crypto markets as well as assets. Now brain, aka, confirm, whoever that is, the agreement is global in scope with tourists providing custody and tokenization tech in line with the local regulatory requirements. Let's get it. Good stuff. And I appreciate the live chat right now. I am tuned in and checking you guys out. Much love. Any questions, feel free to drop them. And again, at the end of our premiere story with Fidelity, we're gonna be reading those comments out loud. Anyways, announcing the partnership, Deutsche Bank Global Security Services head, Paul Maly, said that crypto space is expected to grow to trillions of dollars of assets and is likely to become a priority for investors and institutions. Preach, that's a given, right? Meanwhile, Deutsche Bank's asset management arms, DWS Group, had reportedly been in discussions to invest in two different German -based crypto firms in February of this year. This includes crypto exchange -traded product provider, Deutsche Digital Assets, and market maker, platform, Tradius, Deutsche Bank Singapore, and Memento Blockchain also recently completed a proof of concept called Project DOMA, which stands for Digital Asset Management Access, which allows for the management of digital funds and tokenized securities. And founded in Switzerland in 2018, Taurus' Series B round was led by Credit Suisse and included the likes of Deutsche Bank alongside Arab Bank Switzerland, indicating major interest from traditional financial banks. Let's go. The announcement of its Series B round also clearly outlined Taurus' aim to serve tier one banks in Europe. And they also told Cointelegraph that the platform serves close to 30 banks, with most deals going beyond cryptos to including tokenization of equity debt as well as other products. Deutsche Bank is set to offer customers crypto custody options through a partnership with the cryptocurrency infrastructure platform, Taurus. Now obviously, this is a major, major deal when you have a $800 billion asset manager, such as Deutsche Bank, partnering to offer Bitcoin custody for institutions around the world. The bank can now officially hold crypto directly for their clients. So there we have it. Another one bites the dust. And now for the moment you have all been waiting for. Let's discuss this $4 .5 trillion asset manager, Fidelity, which I believe, correct me if I'm wrong, is the second largest asset manager in the world, next to BlackRock that controls over 10 trillion in assets under management. They're predicting, their head of global macro, Julian Timmer is predicting that the Bitcoin price hit $1 billion per coin. So let's break this down, shall we? And then we'll dive into our live Q &A. Here we go. Fidelity's prediction for Bitcoin. We have Julian Timmer, director of global macro at Fidelity, put forth the notion that Bitcoin, the king crypto, has the potential to reach a value of $1 billion per BTC in roughly two decades, specifically around the year 2038. So there you have it. Right now we're in 2023. So what is that? Roughly like 15 years out. To supply the forecast, Timmer employed a combo of models and charts with particular focus on the stock to flow model and his own demand model. These analytic tools form the foundation for his primary prediction. And speaking of stock to flow, massive shout out to Plan B, creator of the Bitcoin stock to flow model. Now he believes, along with the stock to flow, the data, which doesn't lie, that the Bitcoin price is subject to hit between 100 ,000 and a million dollars after the halving in 2024. Let me know if you agree or disagree with the stock to flow prediction. And now we'll get back to this analysis from Julian Timmer of Fidelity. The above demand model employs Metcalfe's law, and according to the numbers of its users, grows linearly, the network's value, or interfiends, the Bitcoin price, grows geometrically. This means that the utility of the adoption of Bitcoin are expected to grow more rapidly compared to its network of users, exchanges, ATMs, and participating retailers. Therefore, this model predicted that the Bitcoin price will reach $1 million, which is seven figures, by the year 2030. Now I'd also like to throw out there, we also have Cathie Wood of ARK Invest predicting a $1 million Bitcoin price by the year 2030. In fact, if you've been following my show, then you know her bear case scenario is over a quarter million per BTC in 2030, her base case is over 600 ,000, and her bullish case is $1 .48 million per BTC. There's other big analysts and financial institutions as well, just as bullish as Cathie Wood. So I just wanted to throw that out there that there's others in agreement with Jurien Timmer thus far on this Bitcoin price prediction. So yeah, in contrast, Timmer's stock to flow supply model noted the event of significant price surges during each halving event. Consequently, when considering this model in conjunction with the other factors, it foresees a Bitcoin price range of $1 million to $10 million for Bitcoin defined by the year 2030. Timmer's demand model is more inclined towards reflecting the bottom of the Bitcoin price. But on the other hand, the stock to flow model seemed to provide a better approximation for the peak of Bitcoin. However, it's worth noting that the disparity between these two models widened significantly beyond the year 2030, which is where things get interesting. The reason behind this gap is expected to be the changing value of the dollar, as many, many economists are anticipating the crash of the dollar in which Jurien Timmer is as well. So Timmer proposes that the value of the dollar undergoes fluctuations over time when compared to other traditional assets. For instance, if just $1 was invested into the stocks during the 18th century, its present -day value would be roughly $4 billion. You mean to tell me $1 invested into stocks in the 18th century is now worth $4 billion? That tells you everything you need to know about fiat currency, folks. Now similarly, Timmer implied that if $1 million was invested today, it can grow to $1 billion in just a span of 20 years. This further revealed that the purchasing power of the dollar has significantly reduced due to factors like inflation and depreciation, and let's not forget, money printer continued to go. Just saying. Thus, Timmer's statement implied that keeping a fixed amount of dollars for many years may lead to a reduced purchasing power due to the assets' changing value, and over the last few years, an increasing number of are companies taking over the $1 trillion market cap, and as a result, it's foreseeable that in the next two decades, the concept of a trillion -dollar valuation will become more common. Yes, right, so much that individuals themselves could be worth a trillion dollars or even more. The scale of numbers may even reach the quadrillion range. Like, whoa, so is this milestone still achievable for Bitcoin is the million -dollar question. So despite Bitcoin's historical growth, it had recently faced a significant setback. Bitcoin's network activity had diminished, and it had fallen behind in comparison to Cardano's network, for example, the number of active addresses in the Bitcoin market had experienced a notable decline when compared to the levels seen in 2021, but we also gotta note that we're currently in a bear market, past couple of years. We hit the cycle peak back in 2021, and we soared. Remember COVID era? Bitcoin dumped all the way down to like $3 ,500 range, and within a year, by the end of the fourth quarter of 2021, we hit that all -time high, which is the current high of $69 ,000. So this just goes to show you how fast Bitcoin can climb during a bull market, and we know the past couple of years have been bearish as all hell, right, especially 2022. We had the collapse of Terra Luna. We had the collapse of FTX being the second largest crypto exchange at the time. There was mass contagion. Everything was impacted. We dropped to a new cycle low of 15 ,700, but I think the bottom is past us. What's your thoughts, chat? Do let me know in the comments so I can read those out loud here in a little bit, but let's finish up this prediction. The higher network activity, like increased transaction volume or active addresses, is viewed as a positive indicator for the growing adoption for Bitcoin. This can create a sense of confidence amongst investors, potentially leading to the rise in demand and positive effect on the price action, and although Timur's prediction may be considered far -fetched and lacks empirical evidence, it doesn't completely dismiss the possibility of Bitcoin reaching such levels. The concept of de -dollarization has gained stature, shifting global attention towards alternative currencies. The shift in focus is expected to drive the demand for assets like golden crypto, such as Bitcoin, and with BRICS pushing for the fall of the dollar, the BRICS currency and Bitcoin are expected to garner continued momentum. So there you have it, fam. What are your thoughts surrounding this whopping $1 billion price prediction for the king crypto by the year 2038? Do you think it's realistic? And before we even got to that billion prediction, what about $1 million by the year 2030? Do you think this is realistic? Do you think this is a pipe dream? Do you think this is conservative? What's your honest thoughts? And where do you feel the dollar is likely to go over the course of the next few years? Do you think it will not even be in existence and will be replaced by the digital version, which is the CBDCs, central bank digital currencies that Congressman Tom Emmer and many others are warning you about? Let me know your honest thoughts. And don't forget to check out cryptonewsalerts .net for the full premium experience with video and to participate in the live Q &A. And I look forward to seeing you on tomorrow's episode. HODL.