BTC Sessions - Top Citibank Analyst Projects $318K Bitcoin By THIS Date ep116

Starting point is 00:00:01 Wasabi wallet and fairly private. What's up everybody? Welcome to the show. I am Ben with the BTC sessions. We're going to be talking about a lot of pretty bullish things. Today the show, a little bit of a change, but today the show is live. Exciting. I brought up a video just for the occasion.

Starting point is 00:00:28 I think you'll like it. We'll do it live. We'll do it live. Do it live. I can write it and we'll do it live. I'm going to think sucks. Hopefully that doesn't happen to me, but I love that video so much. I'm excited. This is going to be fun. So before we dive into things, I just wanted to bring up kind of where we're at.

Starting point is 00:00:58 And I think I'm going to start doing this every show. But the bitbo.io dashboard here, by the way, if you haven't checked of the Bitbo, dashboard. It is awesome. It's now become my go-to Clark Moody's dashboard. Very good, but also the Bitbo dashboard. So where are we sitting? We're right around $18,000. We've been skipping back and for above and below 18K for a little while now. The other day, we got up to 18,400 and something in that range. In Canada, it got up to over 24K at one point. The all-time high and Canada is like just just over 25,000. So we're like, we are so close to that all time high.

Starting point is 00:01:45 Will we see it this month? I don't know, maybe. But a few other stats for you guys. On the week, we are up $18, almost $1,900, which is about 11.6, almost 11.7%. If we zoom out a little bit here, it's just ridiculous. Like the one month, we're up six grand. We're at 50% in a single month. If you go to the six month, we are up where are we?

Starting point is 00:02:14 We're up about 8,800. If you go to the one year, these numbers are insane. It's been quite the year. We're up 9,900 for a full year. But if you're looking at year to date, it's actually quite a bit more. If this refreshes for me, yeah, 10,760. We're up on the year. That's crazy.

Starting point is 00:02:36 If you're looking to pick up some sets, you will be paying, or rather you will be getting 5,560 Satoshi's per dollar. That is going down and down and down. You are getting less sats for your dollars as each day passes. Stack them now or forever hold your piece. What are fees at right now? Fees looking like around 87 stats per byte to get a transaction through in the next block. If you're willing to wait an hour about 16, and if you're waiting, willing to wait a day or anything beyond around one sat per byte, will do you.

Starting point is 00:03:14 But use those wallets with replaced by fee so you can bump it in case things get busy. And I did want to touch on one other metric that I really like. I think I'm going to start touching on this regularly. Bitcoin Treasuries. I love this metric here. Number of companies reporting Bitcoin Holdings, 23. Bitcoin held in Treasuries, 842. 2229 Bitcoin are held in Bitcoin treasuries from companies. The percentage of total Bitcoin held in those

Starting point is 00:03:43 treasuries is just over 4% of all Bitcoin and the value of those treasuries. $15.16 billion. Those numbers are all going to go up. Again, companies are seeing the light. They're starting to stack sats. Don't let them take your sats. Don't sell your sats to these companies, let alone eventually governments. They will want your sats. They will want you to sell them at prices far below what you should because you should never sell your sats. Stack them. Don't give them away. We will, the future Bitcoin supply by December 15th, 2021. So about a year out, 90% of all Bitcoin will have been mined. Right now we're sitting at, what is it, 80 something percent, 88.32% of all Bitcoin have been mine.

Starting point is 00:04:39 So interesting, interesting. Anyways, before we dive into the news here, I got to give a shout out to sponsors of the show, ledden.io. This is where you can use your Bitcoin for a variety of different services. They, of course, have their Bitcoin back loans. This is safe to me on more than one occasion. So if you need dollars,

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Starting point is 00:05:26 If you click that link and opt to get any loan product, they'll give you $25 for free direct into your savings account. Now up next, we have the legends at Crypto Cloaks. These guys are killing it lately. They are just so busy. They have the banner basically saying, hey, guys, we're busy. We're pretty busy because everybody loves their stuff. And there's a reason for it because it's awesome. They have a lot of great swag.

Starting point is 00:05:49 I've got my Bitcoin Node shell, but I've got the Triton on the way. That should be here soon. I'm going to do a video when I put that together. I've got the grenade on the way. Still iron this Bitcoin Honey Badger shelf. They've got the Citadel flag. packs for stickers, they've got covers for your hardware, a little bit of everything. Check them out.

Starting point is 00:06:08 If you want 5% off, use the code BTC Sessions at checkout. This starts tomorrow. Bitcoin Black Friday, if you haven't checked it out before, do it. You've got less than 24 hours before this hits, but Kobo Vault is going to be on sale. They've got a bunch of stuff on sale. You're going to see savings of up to 15% on certain items. So be sure to check them out. head over to the website linked below.

Starting point is 00:06:32 If you're unfamiliar with Fobo, Fobo, FOMO, if you're unfamiliar with Kobo, basically, hardware wallet, it is 100% air-gapped, meaning you never plug it into anything internet connected. Everything is done via QR code, keeping the keys to your money safe and offline. It's moved into the spot of one of my regularly hardware-used hardware wallets, and I use it with Blue Wallet, my favorite mobile, and with wasabi my favorite on desktop.

Starting point is 00:07:00 So check them out. Awesome thing. I love it. And finally, if you're living on Bitcoin like me, or maybe you want to treat yourself with the prices going up, I use bit refill all the time, and this is a godsend, because like I said, I live on Bitcoin. That's what I do.

Starting point is 00:07:18 And sometimes I need to eat or I need to get gas or sometimes I need to do some Christmas shopping, so on and so forth. This is where I go to do it because they basically have, every gift card you could possibly imagine. And on top of that, you earn Sats back when you do so. So head over to BitRefill. There's a link in the description. Yeah, I find it great.

Starting point is 00:07:40 I love it. Kind of hard to beat. There's just everything here. It's amazing. Anyways, check them out. Bit refill link in the description down below. But with that, let's dive into what's going on. What is going on lately a lot?

Starting point is 00:07:54 As we were talking about Bitcoin, buy far breached the $18,000 mark. The last time we saw prices like this was back in December of 2017. That's when it initially broke this. And there haven't been too many days that we've been above this level ever in the history of Bitcoin. And the crazy thing is we're hitting these levels with effectively no hype on Google. Like when you look at Google search trends, There's like nothing there. It hasn't even come close to where it was when we were peeking around these levels in 2017. You're starting to see a little bit more mainstream news coverage about it.

Starting point is 00:08:40 Nope, I have things talking to me. But you're starting to see more stuff like this pop up, but it's really not that crazy. It's crazy on Bitcoin, Twitter, but not anywhere else. Anyway, some of the key points from this article from the Economic Times here, obviously Wednesday, November 8, We officially broke through 18,000. Outside of this, the year's rally is kind of driven by demand recognizing Bitcoin as an inflation hedge. And there's expectations of mainstream acceptance because of things like PayPal and, you know, they've added Bitcoin to their platform. Now, Bitcoin has increased around 160% in 2020.

Starting point is 00:09:26 And in the last few days alone, we've had a jump of 17%. Simon Peters, an analyst at E. Toro, said it is not out of question for Bitcoin to hit an all-time high of $20,000 on this side of Christmas. I don't think he's far off either. It might take a little while to get there, you know, given that we've had, we've gone up like nice, what was it, six or nine grand, something like that in a month. But, you know, Bitcoiners get impatient. I think we're already bored with 18K. It's hilarious. Anyways, this is par for the course.

Starting point is 00:10:04 Once Bitcoin gets going, it's crazy. Now, on that bullish front, you have Deutsche Bank. They're saying that investors are increasingly prefer Bitcoin over gold as an inflation hedge. Now, according to analysts at Deutsche Bank, the appeal of it as an alternative store value is growing. obviously due to minimal supply and predictable supply. It's obviously starting to be considered as digital gold, to the dismay of Peter Schiff. Gains of over 140% recently have vastly outshined a gold's year-to-date appreciation,

Starting point is 00:10:43 which is at around 22%. And according to Jim Reed at Deutsche Bank, he said, there seems to be an increasing demand to use Bitcoin, where gold used to be used to hedge dollar risk, inflation, and other things. This month alone, as we said, Bitcoin has rallied over 25%. Pretty wild. Now, moving in, again, like, it seems to just be that everybody's opening their eyes to this,

Starting point is 00:11:10 or they had opened their eyes to this, but they're starting to make it publicly known because it's becoming more acceptable. So this article here on CoinDesk, Mexican billionaire reveals 10% of his liquid assets are in Bitcoin. So Ricardo Salinas Pliego, I hope I'm saying that right. He's the founder and chairman of group Salinas and the second wealthiest man in Mexico. He posted a tweet announcing, yes, I have 10% of my liquid portfolio invested in Bitcoin. In addition to it, he said that Bitcoin protects the citizens from government expropriation.

Starting point is 00:11:53 Yeah, and he recommended a book called El Protone Bitcoin. Again, he's from Mexico, so a Spanish book. And he said, he said the book that is the best and most important to understand Bitcoin. Now, he said 90% of his other investments are tied up in precious metal miners. And he was explaining this in a response to Dan Held on Twitter. So obviously, this is kind of like a sound money guy and a previous gold bug or current gold bug, but he's starting to realize that digital gold stands to change the game a lot. I was going to say a little, but a lot.

Starting point is 00:12:35 Yeah, obviously, this tends to be the case. People that are kind of like in the boomer and beyond generation, the people that get it the quickest, I think are the gold bugs that understand what Bitcoin really is. So that brings us to Citibank. And this is crazy. So Citibank, an analyst at Citibank said Bitcoin could surpass $300,000 by December of 2021. I'm going to read a little bit out of this. So a senior analyst at US-based financial giant Citibank has penned a report drawing on similarities between the 1970s gold market and Bitcoin.

Starting point is 00:13:13 The whole of Bitcoin's existence has been characterized by major price swings, exactly the kind of thing that. sustains a long-term trend, said Thomas Fitzpatrick, global head of the company's city FX technical's market insight product in his report solely intended for the bank's institutional clients. The report was first leaked to the cryptocurrency community by a Twitter user classic macro on Saturday noting Fitzpatrick is a big fan of moon targets. Yeah. So Fitzpatrick pointed to Bitcoin's weekly chart and used TA to

Starting point is 00:13:49 assess prior highs and lows to determine a target of $318,000 per coin by December 2021. And again, it's crazy. For a senior analyst at Citibank to be pitching this to institutional clients, yeah, it's wild. But again, it's funny that people are picking up on. this in in major major ways and starting to understand what is going on here um do what do i think of this i think that it's not that far out the window i think it's very very possible now could this be totally wrong absolutely but i mean i made a video in 2018 and i basically just looked at historically what bitcoin had done post having uh in 2013 and 2017

Starting point is 00:14:49 And I just kind of used general numbers there percentage wise and said, well, if that trend even semi-continues, then we'd be looking at, you know, at least 100 grand, maybe multiples of that by, you know, late 2021. So yeah, I mean, if history rhymes, then this is not unreasonable. If history does not rhyme, then, yeah, this could be totally different. But hey, one guy who's not having it, or at least not yet, is Ray Dalio. So last week I talked a little bit about he detailed three reasons why he doesn't expect Bitcoin to become an everyday currency. Now, a lot of his problem is with Bitcoin transactionally. And I think he's looking at it from the perspective of, can I go buy a coffee?

Starting point is 00:15:39 And if you've been in Bitcoin long enough, you understand that that's not the main thing it was created to solve. But anyways, I digress. Let's dive into a few of the things here. So he put out these points on why he doesn't believe in Bitcoin. And he said that he said in a tweet on November 17 that he might be missing something about Bitcoin. He outlined his points and then he asked for people to comment on them. There were a lot, a lot of great points out there, a lot of rebuttals to what he had to say. But nonetheless, his reasons he stated volatility reduces it, its use as a medium of exchange. He also said that it kind of foregoes it as a store of wealth.

Starting point is 00:16:28 And then he also said that if Bitcoin became successful enough to compete with central bank currencies that governments would ban Bitcoin and make it too dangerous to use. Now, again, I refuted all those points previously, but I mean, just the long and the short of it, again, his perspective is coming at it from, can I walk down the street and buy something in a brick and mortar store? And that's, again, really not the point. His point about competing with central banks and having long-term stores of value, those are the points that Bitcoin addresses first and foremost. Payments can come later. You can build payment rails on Bitcoin in ADC. centralized fashion, as we've seen with the Lightning Network. I use it literally every day now. But again, you have to ask yourself, if you're not sitting 100% in Bitcoin anyways, and you're using Bitcoin as a bit of a speculative mechanism as a hedge against dollar inflation, much like you would with gold, do you even want to spend it on something like coffee? Now, I, I, I, have to do that because this is my currency. I've opted out of dollars because I just don't want to

Starting point is 00:17:46 hold them. And I found that making that change has made me a lot more conscious of how and when and where and on what I spend my money. I've become a better saver because of it. But besides the point, anyways, he has five million followers on Twitter. And he tweeted out his points and he said, if he's wrong about these things, then he's open to being corrected. My guess is he's going to talk to some very, very intelligent people, and he may start to shift his opinion over time. But hey, we shall see. Now, some interesting stuff in the wake of all of this crazy volatility.

Starting point is 00:18:26 Lately, us blasting up through $18,000, 25,000 new Bitcoin addresses were generated in a single hour. And so basically like transactionally, whenever a Bitcoin address receives Bitcoin, it's known as being generated. But you know, you can generate infinity Bitcoin addresses and not deposit to them if you want. But and technically speaking, all Bitcoin addresses already exist. I know this is a weird one to wrap your head around. But all addresses already exist wallets are just generating them from. from what is an ex-pub, an extended public key, which is linked to your extended private key,

Starting point is 00:19:12 which is the key to your money and any money sitting in the addresses derived from that information. A little deep, I know. Sorry. Anyways. Yeah, so just a little bit from this article here on blockchain news. God, I hate the name. Anyways, Bitcoin's been on a price rally lately, surpassing 18K. We know we know.

Starting point is 00:19:34 Now, in regards to this, even though the nearly 25,000 Bitcoin addresses generated in a single hour do not necessarily translate to new users because, you know, as we said, you can develop thousands of them. It does signal growing interest in the digital asset. Again, new address generation typically means more use, more people utilizing it. And that bump in address use means that people are moving and utilizing Bitcoin. So more use of the network. Any other important points? Yeah, there's a few actually. So a lot of this data comes from GlassNode.

Starting point is 00:20:15 And they said a few other things here. The interest in the digital asset is growing by the day-based, based on the 24-hour moving average of new Bitcoin addresses. So that's on the way up. It also revealed that the addresses holding between 1,000 and 9,99 Bitcoin in a single address are nearing all-time highs with 2,135 wallets doing so. Can you imagine having almost 10,000 Bitcoin in a single wallet address? But I think that beckons to the fact that what we were talking about earlier, institutions coming in and and starting to buy up large amounts of Bitcoin and putting them on their books, you know,

Starting point is 00:21:03 they're not going to have like 0.1 Bitcoin per address. They need to move more money than that. And so, you know, if they have multi-six setups and they're careful with it, then sure. But holy crap, that's a lot of money to have in a single place.

Starting point is 00:21:18 What I'm wondering is what's the first institution that's going to fuck up and lose access to one of these wallets with like a thousand Bitcoin in them? I don't know. Take your bets. Let me know in the chat. I don't know. One more story I wanted to touch on here. Do you guys hear about this?

Starting point is 00:21:36 Cynthia Loomis was elected to the U.S. Senate in Wyoming. And she's a huge Bitcoin advocate, which is awesome. Her son actually works for, who's he worked for? Oh, my God, it's great. Her son works for Unchained, I believe. I think so. Anyways, I'll read from the article here on CoinTelegraph. In an interview with ABC News program, Good Morning America 3, on Friday, Senator-elect Cynthia Loomis again voiced her support for the popularization of Bitcoin going so far as to say that she does hope to bring Bitcoin into the national conversation.

Starting point is 00:22:19 In a clip that has been widely circulating on Twitter, the soon-to-be senator representing Wyoming, possibly the highest-ranking U.S. official to ever speak. so glowingly of Bitcoin, cited her experience as a former state treasurer for why she believes in Bitcoin's future. I'm a former state treasurer and I invested our state's permanent funds, so I was always looking for a good store of value and Bitcoin fits that bill. Our own currency inflates. Bitcoin does not. It's 21 million Bitcoin that will be mined and that's it.

Starting point is 00:22:53 It is a finite supply. So I have confidence that this will be an important player in store of value for a long time to come. Damn, a U.S. senator dropping that. That's crazy. That's cool to see, though. I think that what we'll end up seeing is we're going to end up seeing Bitcoin just kind of infiltrate everything as everybody becomes Bitcoiners. You're going to have people in various levels of government that they've realized. well, if I want to store value, I can't use the national currency.

Starting point is 00:23:28 I can't store dollars somewhere. I'm going to, first of all, they're going to inflate to nothing. And then potentially down the line, if I keep them in a bank, I'm maybe going to be hit with negative interest rates. It's crazy. Yeah. So it's wild to see. It's cool to see.

Starting point is 00:23:45 And I'm looking forward to more of this to come. But I don't know. What do you guys think? Are you bullish? Are you bullish on a Bitcoin or senator? That's pretty cool to me. Interesting. Anyways, guys, I am going to wrap it up there.

Starting point is 00:24:01 I see you guys in the chat. Thank you guys for, again, the unfortunate thing about me being live, live is I can't be in the chat chatting with you. I am a bit more interactive on my panel shows. Reason being is because I don't have to talk by myself the entire time. As people are voicing their opinions on things, I can be looking at the chat.

Starting point is 00:24:21 and I do bring them up and I click them so that they show up in the actual show like this one from James. Dollars burn. They do indeed. But I do that a lot more during the panel shows. I'm going to have a panel show tomorrow. It's going to be awesome. I've got some great guests. Keep an eye out.

Starting point is 00:24:41 I will announce what's going on at some point tomorrow. And yeah, guys, thank you again so much for watching and or listening because I'm going to put this on audio only on the podcast afterwards. If you're here on YouTube, please do hit like, subscribe, and share. Those things are very important. If you do those, it helps bump these shows in front of more eyeballs. I can see there's almost 100 people watching live right now.

Starting point is 00:25:05 So thank you very much for that. If you want to help the show in another way, you can hit up the sponsors I mentioned previously down below. That was Leden, Crypto Cloaks, Cobo, and Bit Refill, all those guys in the show notes. And if you really loved what you saw, You can always hit me up with a Bitcoin Lightning Network tip at my tipin. dot me page.

Starting point is 00:25:24 That is t-i-p-p-in.m-n dot me slash at BTC sessions. That's it for me. Thank you guys so much. I will see you. And I'll get rid of that. I will see you guys next time for your daily session. Thanks, guys.

BTC Sessions - Top Citibank Analyst Projects $318K Bitcoin By THIS Date ep116

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