Is it clickbait, if you address the parenthesis in the video title at the start of the video? That’s a philosophical question there Daily. Huh Daily. This is going to be the last video I’m going to make for I don’t know how long, I am moving and need to setup the new studio. And I’m a bit of a perfectionist so this could take a while. At a minimum I would expect a week, but maybe longer.
Now I don’t want you to think I don’t care about you. Everyday that I’m not making a video I am thinking about how to do them better. I have some ideas, but some of them I need to reign in a bit in order to be able to produce them daily.
But anyway, if this is my last video in a while I gotta make it count I suppose. Today we are going to be talking about something big that is happening tomorrow which may move the market, some key dates moving forward, and revisiting why Bitcoin doesn’t fall below $5,800 - $6,000.
Something big is happening tomorrow. https://www.coindesk.com/sec-faces-thursday-deadline-for-proshares-bitcoin-etf-decision/ Another ETF proposal by ProShares, so not the CBOE main one, had its proposal postponed last month and tomorrow the 23rd of August is the last date that a decision must be reached by the SEC.
My personal opinion on this is that this is stupid. Bitcoin doesn’t need something like this, especially this one which would not be backed by physical holdings of bitcoins themselves. BUT. This market is very irrational and seems to care about ETF decisions. Even though Bakkt a company which is announced and rolling out their product is essentially the same thing.
I hesitate to say that if tomorrow this is approved were going to see a pump. This year any good news that has been announced, and there’s been a hell of a lot of it, has seen no positive price action. Any negative news and down we go. It’s like Bitcoin can’t win. Very unfair.
Regardless here are some dates to be aware of, which as far as I’m aware is correct:
ETF's dates to watch: 23rd AUG Proshares. 7th Sept Bitwise first deadline. 21st Sept Direxion first deadline. 30 Sept CBOE. Think that is correct.
But let’s turn to something that is more positive that I don’t really see discussed too often. The fact that Bitcoins value is increasing. Taking a look at this website blockchain.info very useful site link below: https://www.blockchain.com/charts
The hash rate for Bitcoin just keeps increasing rapidly. So almost 2 months ago I discussed why Bitcoin isn’t falling below $6,000. Just a theory, but TLDW of it all, an average worldwide cost in electricity to produce a single Bitcoin at a wild guess is $6,000.
So, a simplified example sure but imagine spending $6000 to produce a Bitcoin, and then selling it for $5800. Not the best move, especially when historically Bitcoin is volatile and might swing back up enough for you to sell.
So Bitcoin has quite a bit of inflation right now, it’s due to halve once more in a couple years, but for now there are: https://www.buybitcoinworldwide.com/how-many-bitcoins-are-there/ 1,800 new Bitcoins produced a day. But do we trust this centralized website?? This blockchain stuff has made me very untrusting, because I don’t have to. Don’t trust verify.
12.5 Bitcoins are produced every block which is around 10 minutes, x 6 which is how many minutes there are in an hour so 75 an hour x 24 hours in a day which is 1,800. Ok cool. Which at todays valuations is $12 million of potential selling pressure everyday, which is no small cupcake. DOG VIDEO
If that downward selling pressure stops at below $6,000 it helps. Maybe the biggest mining companies buy Bitcoin at below those prices to support it no idea. Interesting though right?
Anyway, I’m about to disassemble this beaut of a studio. But no more sweltering in this room anymore. And this is a wide angle lense, the room in reality is smaller than you think. Alright I’m out, see you later peeps.