BTC Sessions - NEWS ROUNDUP - JP Morgan Says Bitcoin Eating Gold's Lunch ep205

Episode Date: October 7, 2021

JP Morgan says clients have increasingly shifted away from gold and towards Bitcoin, Bank of America admits BTC to big to ignore, other institutions roll out custody for clients. All this and more on today's news roundup. 💪 SUPPORT THE SHOW: Shakepay is the easiest way to buy Bitcoin in Canada Sign up now and get $10 free after your first $100 purchase! https://shakepay.me/r/BTCSESSIONS LEDN Bitcoin backed loans –  get $25 free if you use any loan product! https://start.ledn.io/btcsessions Get Wasabi wallet for Bitcoin privacy https://wasabiwallet.io/ Keystone Wallet: secure your Bitcoin! http://bit.ly/KeyStoneSessions BillFodl: get your wallet backups in solid steel. https://privacypros.io/btcsessions Bitrefill: use Bitcoin to purchase gift cards, earn sats back while you shop. https://www.bitrefill.com/buy/?code=O04UMic9 BITCOIN tips: https://strike.me/btcsessions

What's going on, everybody. Welcome to this show. I hope you're all having a good week. We got some things to talk about. It's been pretty exciting in terms of price action this last little bit. So we'll chat a little bit about that. But also, we have some bank related, institutional related stuff and some stuff on the world stage that we're going to discuss. So as always, this is live. Anything can happen. So I defer to my friend Bill. here for a quick disclaimer. We'll do it live. We'll do it live. Do it live. I'll write it and we'll do it live. The fucking thing sucks. If you haven't already, make sure you smash that like button.

Give this a share and subscribe if you're not already. As always, I am Ben with BTC sessions. This is your daily session. All right, before we take a look at least. at the news. Let's take a look at where we are in the market right now. We're sitting at $54,430. Things change quick in a week. Where were we earlier this week? It was like 40. Yeah, we're basically $10,000 up from about a week ago. Damn, things change fast. A single US dollar will grab you 1,837 sats. I don't imagine that will last long. That'll

that'll continue its, it's, it's downward trend to, to zero eventually. In terms of total amount of Bitcoin that have been mined, 89.7%. And for fees, Mempool has been picking up a little bit lately. Yeah, I was bragging before about how you could get cheap transactions through and open lightning channels and coin join and do all that stuff. You still can.

It's just a little bit more expensive right now. 15 stats per byte next block. if you're willing to wait up to an hour, four sats per byte will do you. But again, I hope you open some channels already. If not, then maybe get on it quickly

before that continues to climb because it could. So we shall see. Now, in terms of the price, something that I thought was kind of fun, everybody reminiscing on Michael Burry, the guy from, oh God,

What's the movie that I'm forgetting now? The big shorts. All the Bitcoiners love that movie. I love that movie. I think it's great. But I think he's got that hot hand. He's going through the hot hand fallacy where he thinks he can get everything right. And earlier on, he was looking at the chart of Bitcoin.

And he was saying, oh, it's head and shoulders, which is a pattern typically where you have a shoulder over here. You have the big head in the middle. And then you have a shoulder over here. And then it's supposed to just dump. and fall off a cliff. However, his shoulder seems to have grown a second shoulder and another head, apparently. So, you know, it goes to show that the best of us can be wrong, obviously. So I would be surprised if we didn't see new all-time highs by the end of the month.

I could obviously be very wrong, but I could also be very right, who knows? but it's it's getting to feel like that it's feeling very similar to 2013 and 2017 it's somewhere in that middle ground there and and just a quick reminder that at the end of September in 2017 we were sitting around $3,600 and by mid-December we're at 20 grand things can move very very quickly a similar trajectory would have us you know go into the realm of $200,000 at the end of the year. Will that play out? Anybody's guess. But stranger things have happened. History does seem to tend to rhyme. So we shall see.

I'm in for the ride if you are. Of course, before we get into everything, shout out to sponsor the show. New one here, guys, Shake Pay. If you are stacking stats in Canada, this is by far the easiest best place to stack your sets and I absolutely love it.

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He is not a fan of Bitcoin. But it continues to kind of fly. against his expectations and J.P. Morgan, the company, seems to realize that and they seem to be capitulating more and more in that people want this and we've got to offer something. Otherwise, somebody else will. So they said that institutional investors are favoring Bitcoin over gold. So I'll read a little bit here. Bitcoin drove past the $1 trillion market cap mark yesterday as the price for one

Bitcoin search pass 55K. According to Markets In a Markets Insider Report, U.S. Bank, J.P. Morgan, said in a note today that a range of factors may be fueling the rally, including institutional investor appetite, assurances that the U.S. won't ban Bitcoin, which was said by Jerome Powell, head of the Federal Reserve, and the recent rise of the Lightning Network. And that's not recent, guys, it's been around since 2018. It's just that people are now realizing it's a thing. They said, quote, the reemergence of inflation concerns among investors has renewed interest in the usage of Bitcoin as an inflation hedge. Institutional investors appear to be returned into Bitcoin, perhaps seeing it as a better inflation hedge than gold. The Big Bank added that the prior trend of institutional money flowing out of gold and into Bitcoin has reemerged in recent weeks, per the report.

The validation of Bitcoin as a better store of value than gold among big investors has encouraged an increase. flow of money into BTC. Peter, Schiff, eat your heart out. Yeah, I mean, Schiff keeps on banging that drum because he's directly incentivized to, directly incentivized not to understand what's going on here. But Bitcoin in its properties is superior to gold.

The reason that we went off a gold standard is because of certain qualities of gold that cannot be changed. like its physicality, it's difficult of being a difficulty of auditing it, which leads to a centralization of people holding it and easy confiscation. Bitcoin does not experience these problems because of its lack of physicality, because it's easy and cheap to secure anywhere and instantly auditable by anyone across the globe at any time. It's just superior. And so gradually over time, as people learn what those qualities are, then they will flow towards the better money and the better store of value. And if that's the case, Bitcoin also has a lower inflation rate than gold.

It has a zero terminal inflation rate, whereas if the price of gold goes up, then mining operations also start up and the supply of gold, albeit marginally, it does increase with those jumps in price. Anyways, enough about the goal. Let's keep going on this kind of bank line that we're down. Bank of America, Bitcoin and cryptocurrencies are too large to ignore. So a little bit of kind of shit-coining here, but we'll read into it anyways. Bank of America Global Research debuted its coverage of Bitcoin and Cryptocurrencies earlier this week

by publishing a report called Digital Assets Primer, only the first inning. The research group led by strategists Al-Kesh Shah delved into the intricacies of the new asset class. However, much of the analysis carried a short-sighted perspective on Bitcoin. Bitcoin and cryptocurrencies are, quote, too large to ignore, wrote strategists, including Shah and Elrich. Our view is that there could be more opportunity than skeptics expect. The report shows an enthusiasm for Bitcoin and cryptocurrency as it's gaining traction on Wall Street, despite its many controversies. Bank of America also discussed the role regulation has to play in the asset class, arguing that more regulation could be a positive for crypto in the long run,

according to Bloomberg. Once rules are established, the uncertainty over how to invest in crypto will be lifted. Now, typical to mainstream analysts and economists, Bank of America failed to acknowledge the dividing line between Bitcoin and quote, crypto with confused assumptions and a certain lack of understanding. Bank of America's strategists missed the plot when they think crypto has actual value propositions when in reality, although their altcoins don't need a token or blockchain in the first place. And they're kind of talking about the idea that digital scarcity was a discovery and you can't rediscover something. And a lot of these things just kind of iterated on that added slight. Added.

tiny iterations on features, I guess, but in doing so, trade it off because they place this all in the base layers, so that either trades off security or certainty of finality or the ability of anybody to verify. So, yeah, there is a huge tradeoff in holding alternatives to Bitcoin. And I think that, again, over time, Bitcoin will stand on its own and everything else will kind of just fade into the ether. Play on words indeed. Let's keep going.

US Bank launches Bitcoin custody service as institutions race to cater to crypto demand. I'll just kind of do the cliff's notes of this. US Bank, it's the fifth biggest retail bank in the nation, announced Tuesday that this cryptocurrency custody service is available to fund managers. The offering will help investment managers store private keys for Bitcoin. Here comes to shit coining, Bitcoin cash and light coin with the help of subcustodian Nidig, according to Gujan Kedia,

hopefully I say that right, vice chair of the bank's wealth management and investment services division. Support for other coins like Ethereum is expected over time, he said. Yeah, so it's, I think they're all just kind of confused. They don't know exactly what to offer, but they're just kind of,

it's like a spray and prey approach. Like, holy shit, this is happening. Let's do something about it. We don't know what. offer custody. The unique thing here, I've touched on this on other episodes, is that you have central banks that are directly threatened by Bitcoin, right? Central banks, Bitcoin is trying to replace them effectively. Hey, we don't need people pulling levers and pushing buttons to set monetary policy. We need a sturdy store of value with no one, with all of the qualities of it,

no one with the inflation and the issuance schedule is just open and auditable for anybody to see. We need predictability so that we can make economic calculation. So central banks are directly threatened by that. And so they are now looking at creating central bank digital currencies in which individuals would have a direct line to the central bank, a digital wallet direct to the central bank. What does that do? It cuts out intermediaries. It cuts out commercial banks.

And so what can commercial banks do about this? They can offer something that a central bank wallet would never offer, which is Bitcoin. So now you have central banks and commercial banks, both of which previously really opposed Bitcoin. But now you have the commercial banks going, well, if we want to compete, we need to offer something that our competition cannot do. And that's Bitcoin. And so now you got we'll see some button of heads here, I think, in the, a little bit. But we'll see how that plays out.

Let's keep going. Investing platform public holdings launches Bitcoin trading. Again, we're seeing a lot of this. Public.com will now allow over one million retail investors to buy, sell, and hold Bitcoin. The Neo broker founded in 2019 will add Bitcoin and nine other cryptocurrencies. There goes that shitcoin again to the list of investment vehicles offerings, adding to US stocks and ETFs.

It is unclear how the Bitcoin custody will work for investors. but the features likely won't allow withdrawals effectively functioning as an IOU. I imagine this would be the case also with some of these other banks, like the one we just talked about, the U.S. bank. I imagine in terms of custody, they just want to hold the thing for you because bankers want a bank, right? They want that ability to fractional reserve it. So if you see stuff like this, it's nice that it gets eyeballs on Bitcoin. And it's nice that it kind of for people that were on the fence, it'll seemingly legitimize it in their eyes.

However, don't don't use stuff like this. You want your own custody. There's been a lot of chatter on Twitter about this lately. Oh, should people, should people self custody? Yes, you absolutely should. I know that there's been some pushback. Well, you know, some people, there's there's cases. where people cannot wrap their heads around certain technology.

I understand that grandma may not be self-custodying her coins if she dives into Bitcoin. But if you're an adult person that is capable of using a smartphone and remembering a pin number, you are more than capable of owning and securing a hardware wallet. You are more than capable. The stuff that's out there can be very, very easy. You just need to do a little bit of learning just like people did when they first got computers, when they first started using email. It is possible. In fact, it is easy.

All you need to do is just get over that hurdle, that fear initially. But it will become common practice, and I'm going to push hard for that. In fact, the other day, I put together, oh, I guess, I'll talk about this first in the vein of shitcoining that we're talking about, these institutions not understanding it. I do have a playlist called Avoiding Shitcoins 101. And if you're new to the channel and you're like, what is this guy's deal? Why is he so mad at other cryptocurrencies?

It's not being close-minded. It's a carefully thought out position after years and years of looking at this stuff and seeing that in many cases, the emperor has no close. Okay. The conditions that led to Bitcoin's creation and the continued assertion that it is the most decentralized out there is when you contrast that to everything that has come since, everything else pales in comparison. So I have a I have a playlist called avoiding shitcoins 101. It covers what Bitcoin has that others don't. It covers what happens to you monetarily when you. diversify. It covers the idea of unit bias and is Bitcoin too expensive. And it also covers

how altcoins are becoming redundant because the layers on top of Bitcoin are basically creating everything, all of the extra features that they claim to only be able to do. Yeah, you can build that on top of Bitcoin. So if you watch through that and you still want to buy all coins, be my guess. But if you watch through that, odds are you're going to go, oh my God, everything I have is useless. And don't get me wrong, it's it's a bull market as we just saw even the biggest banks in the country have no idea what they're talking about. So stuff is going to pump. But are you trying to make a short term gain or are you trying to build a better life? Are you trying to learn about low time preference and and kind of build generational wealth

over time? That's what I'm doing. That's what I'm looking at this for. I'm not looking for. I'm not looking for some pump and dumps and trying to make a, you know, a few grand in like a few weeks. Okay. The other people can have that. So anyways, what else did I want to touch on here? Let's chat. Okay, George Soros, his fund apparently owns Bitcoin.

The CEO has confirmed. Is that a good thing? I don't know. Anyways, the Glyphs Nodes version. The family office owns some coins, but not a lot. That's a quote. Don Fitzpatrick's CEO and chief investment officer of Soros Fund Management said in an interview at Bloomberg event this week. Quote, I'm not sure Bitcoin is only viewed as an inflation hedge here, as she said.

I think it's crossed the chasm to mainstream. Not a bad quote. Fitzpatrick went on to explain how cryptocurrencies now have a market value of more than $2 trillion with over 200 million users. So, I mean, even the oldest, most traditional funds are starting to look at this stuff, guys. Now, on the opposite side of things, regulation, the U.S. Justice Department launches new initiatives on cryptocurrencies and contractor hacks. We're going to focus on the cryptocurrency-related stuff. So the U.S. deputy attorney general, Lisa Monaco, announced on Wednesday during a virtual at the Aspen Cyber Summit, the launch of the national cryptocurrency enforcement team,

whose goal will be to, quote, strengthen the Justice Department's ability to disable financial markets that allow cybercriminals to flourish. The group will include a mix of anti-money laundering and cybersecurity experts, quote, cryptocurrency exchanges want to be the banks of the future. Well, we need to make sure that folks can have confidence when they're using these systems and we need to be poised to root out abuse. The point is to protect consumers. They always use that.

Cyber criminals that attack U.S. companies with ransomware, a type of malware that encrypts systems and demands payment are typically paid in cryptocurrency. The hackers often use a mix of different cryptocurrency services to accept and transfer these payments, helping hide them from law enforcement. So, I mean, they kind of interjected two things here, juxtapose them together. Let's see. Let's pull this apart. These malware attacks were a thing before.

It's just that now there's better money. And so yes, are they easier to execute? I suppose scams have been around forever as well. Are they easier to execute with digital cash? Sure. But they still existed. They still existed. People would do gift cards.

They do all kinds of crazy stuff to get the money. In terms of the clamping down on stuff, I mean, we already know that effectively the SEC knows it can't clamp down on Bitcoin because it's actually decentralized. And they basically said that more or less everything else is not or 99.9% of everything else is not. They referred to defy as decentralized in name only. My guess is stuff like this is just the tip of the iceberg. I think that eventually shit's going to come down hard and they're going to crack down on everything because now they've had years to get a handle on this stuff and they're recognizing that

there's actual people and founders and foundations to go after for all of these. And there are kill switches and ways to reverse transactions and freeze networks and all this kind of stuff. And if that stuff exists, if a hack happens and the founder of a project can pause things and revert funds, That is not decentralized. If there's a founder in the first place that is still publicly able to influence the direction of the protocol, that is not decentralized. And I think we're going to see shit hit the fan starting relatively quickly. It's starting to, but I don't know. I feel like that's next bear market.

I feel like it'll be clamping down on a lot of these things. and Bitcoin will just kind of get caught in that and go down for the ride. But if you're paying attention, you'll be able to recognize the differences. Let's keep going here. Okay, we were talking to custody. Let's get into custody here. We were talking about custody with all the other stuff, and I went off on a tangent. So I apologize.

I wanted to go down this rabbit hole here. Hackers rob thousands of Coinbase customers using an MFA flaw. Crypto Exchange, Coinbase disclosed that a third. actor. They use this term through the whole article. So I'll just say hacker, that a hacker stole cryptocurrency from 6,000 customers using a vulnerability to bypass the company's SMS multifactor authentication security feature. Coinbase, second largest cryptocurrency exchange in the world with 68 million users in 100 countries. In a notification sent to affected customers this week. Coinbase explains that between March and May 20th of 2021, a threat actor,

a.k.a. hacker, conducted a campaign to breach Coinbase customer accounts and steal cryptocurrency. To conduct the attack, the attackers needed to know the customer's email addresses, password, and phone number associated with the account and have the victim's email account, access to the email account. While it is unknown how the hacker gained access to, access to this information. Coinbase believes it was through fishing campaigns targeting Coinbase customers to steal account credentials, which have become common. Additionally, banking Trojans traditionally used to steal online bank accounts, are also known to steal Coinbase accounts. So you can see an example here on the screen if you're watching of a fake login.

And basically they get you to put in your info and then they're off to the races and they can start trying to compromise you. So what is this MFA? bug. Effectively, it allowed people to bypass. Typically, you log in. It sends you a text message to your phone, and that's an additional code you need to actually get in. SMS is not a good way or text message is not a good way to two-factor authenticate any website. It's much better to have an app like Google Authenticator or Authety, where somebody has to have a physical device because people can use social engineering to co-opt your phone number and then get access to your accounts. Okay.

The other thing I wanted to focus on here is the fact that in a lot of these instances, if Coinbase or any other exchange deems you to be at fault for this hack, like if you were irresponsible with your password or whatever, a lot of the times that insurance and everything will not cover you. Okay. So some people think, well, it's safer with somebody else. I disagree. I think you need self-custody. And I did a video on this today. This was a question that I had. So I'm doing a new session called lightning sessions every week. And it's just a two-minute question and answer. You reply to a video with a question and I pick my favorite one and I do a response. And today's question was, why should I withdraw Bitcoin from exchanges after I purchase it? And I just did a quick walkthrough of are you really safe? with a custodian? Absolutely not. These exchanges, these custodians, these are honeypots. It takes the same amount of effort to try and target an individual and get their funds as it does to target a large institution if you're actually trying to get access to their keys. Okay. And so these honey pots are

constantly being targeted. And when they get taken out, again, especially on a large scale, there's often not the funds to cover you in that instance. So just be cautious. If you're not already in doing self-custody, please do look into it. I have lots of information on how to do that. Check out hardware wallets, whatever it may be. Of course, Keystone is a sponsor of the show, but Treasers, Ledgers, Cold Cards, Foundation Passport, even the Blockstream, Jade, there's so many options out there at various price points that, again,

it's something that you should not be putting off. You should be looking into it now, especially with price on the move. You may find that you're holding more money than you expected and you're scrambling to secure it. So start learning now. Now, right after this, write it down. You're going to go and you're going to go look and learn

and order a hardware wallet. Okay. Let's keep it going here. A little bit of international news really quick before we start wrapping. Bitcoin's set to become legal payment in Brazil. Now, it's kind of vague here. and I want you to take this with a grain of salt, but let's chat about this.

So Brazil's federal deputy, Arero, Arreo, I'm going to say Arayo. Aero, Ribero, has revealed that Brazilians could soon be able to buy houses, cars, and even McDonald's with Bitcoin. South American Nation is preparing to vote on a cryptocurrency regulation bill

with, it's expected to be president, sorry, which is expected. Wow, that took me a while. which is expected to be presented to the plenary of the chamber of deputies within the next few days. Quote, we want to separate the wheat from the chaff, create regulations so you can trade, know where you're buying,

and know who you're dealing with, he said. With this asset, you will be able to buy a house, a car, go to McDonald's, buy a hamburger. It will be a currency in the country as it happened in other countries.

Okay? So that means, seemingly, who finance in this article seems to draw the conclusion that if it gets a thumbs up from the Chamber of Deputies this week, Brazil looks to set, looks set to follow El Salvador's example and make Bitcoin legal tender. What I'm unclear of here is, are they just making it like, oh, you're allowed to spend it? Or are they making it legal tender? Because those are two different things. if they just have a clarification of, oh, yeah, you're allowed to spend it.

That's very different from legal tender because legal tender denotes that it's not subject to capital gains tax, which would be a wonderful but very, very different thing than being allowed to spend it on a car, but then having to take that hit from capital gains. So I'm hoping that it would be legal tender, but I don't know. just something in the wording here irks me. I don't think that's the case. I think they're just going to have some sort of a clarification to be like, oh,

we just want people to know that it's okay. It doesn't matter. It doesn't matter if you just say it's okay. People can still use it. It does not matter unless you're saying, hey, no capital gains. Like,

it's not going to matter. Anyways, let's keep going. And speaking of El Salvador, this is like a week ago now, but I wanted to include it because I didn't get to talk about. about it. El Salvador is officially mining Bitcoin from their volcanoes as of like a week ago. Now, at the time, they had only mined about 269 bucks just like right off the bat.

The president Buckele shared a screenshot, a breakdown of what they've been doing. But yeah, they had like a little sizzle reel of like the government marked trucks and everything pulling up to the foundation of where they're actually doing the mining, using all the geothermal. So yeah, it's interesting. I mean, he's making good on his promise to start doing that. So I hope this is a good thing. I hope this is a boon for the country. And I hope that other countries are looking going, hey, this is a naturally occurring resource

that is very, very difficult to tap and get to grid elsewhere. because it's so remote, but they can still use that energy to protect the Bitcoin network and earn money doing it. Huh. I think that's very interesting. And I think we'll see more people jump on board with that. A couple last things. This I'm going to file under things that puzzle me.

Andrew Yang, if you guys remember him, he was running for president a few years back. It didn't pan out. He wanted to be, I believe, the Democratic frontrunner. It didn't really work out from. But he was super big on UBI, on universal basic income, basically just giving everybody checks every couple of weeks or every month to meet their basic needs. But he's super pro-Bitcoin. He just created a new political party and said that the political party is super pro-Bitcoin. But I don't know how he parses those two things because Bitcoin,

is very not UBI because nobody like I'm making the assumption here that UBI would have to be subsidized by printing more money because otherwise you're you're basically directly taking money from people who have created businesses or whatever you're basically saying like hey give me that money and then like putting it somewhere else and and uh he wouldn't get a lot of support doing that but he might get support with the UBI approach of printing money. Because as we've seen, printing money has not really done a great job of lessening that wage gap. It's actually growing quite a bit, even just in the last year and a half, two years of printing trillions of dollars. The wealth gap has gotten larger by a fair amount.

And that's because the percentage of money going to those at the bottom versus going to those at the top are, we'll just say, not making it into the hands of those that are hurting the most. And that tends to be the case whenever you have, whenever you wield the power to print money at will. So again, this puzzles me. I don't quite know. Maybe he just doesn't get what a hyper-bitcoinsized world would be because it would be that

nobody's able to print money. and that value would flow to where society as a whole place's value. So if people find a product particularly useful, that person that created would likely become very, very wealthy in his world, in order to work that under a Bitcoin system, he would basically have to confiscate that money through taxation and then give it to people. and I don't know if that's a sustainable way of doing things. We'll just say. Okay, anyways, I'm going to wrap up here.

I just want to tell you guys one more thing. I was very, very humbled, flattered, and excited to be asked on, to be on Preston Pishish's podcast, the Investors podcast, talking about Bitcoin, talking about knows, talking about Lightning Network, talking about what I did before Bitcoin. It was a lot of fun. I really enjoyed it. And the feedback from that episode has been great. Preston is bar none one of the best podcasters out there. He always has on fantastic people that I've listened to for years.

And so to somehow be grouped in with that, I'm, again, beyond excited about that. If you haven't listened to it, give it a listen. Let me know what you think. I had a lot of fun. And again, a lot of great feedback and new people coming. And the other thing is that we put a little thing out, hey, if because you listen to this, you start up your own Bitcoin note, then take a picture of it and reply to myself or Preston

or tag both of us in a post and say, hey, I started this up after listening to the pod. That would be awesome because I always love seeing stuff like that. And with that, I'm going to wrap it up, guys. Thank you so much for watching and or, listening, if you're listening to this on Breeze or something, some other podcast platform afterwards, please do hit like, subscribe, and share if you're here on YouTube, all of those things really help. If you want to help out the show in another way, you can hit up the previously mentioned sponsors, shake pay, lead and bit refill, Keystone, Bill Fottle, they're all down below.

And if you really liked what you saw, you can always drop me a Bitcoin tip at my strike. dot me page that is strike.me slash btc sessions when you get there you can type in any amount you like you hit the tip button you'll be greeted with a lightning invoice or if you click to the right it's just a regular bitcoin QR code with that i am out have yourselves a wonderful day or evening wherever you may be and i'll see you guys next time for your daily session