Seems like everybody's bearish yet Bitcoin's price is over $65,000 bitcoin's price continues to Grind higher there's a lot of reasons Why this is happening bny melon has been Cleared for Bitcoin custody and Institutional crypto services this is Thanks to the Sab 121 bill they are the First bank to receive SEC exemption and Bny melon is actually the world's Largest custodian Bank in Securities Service Company with 2 trillion in Assets under management and almost 50 Trillion in assets under custody as of June 2024 bny melon can now directly Compete with coinbase for ETF dominance Bny melon's crypto custody move could Disrupt coinbase's ETF dominance bny Melon SEC approval strengthens its Position in crypto custody this is the Kind of healthy competition I would love To see the winner here will be early Crypto adopters like us at the the same Time the spot ETFs have never looked Better spot Bitcoin ETFs bought 17,000 Bitcoin this week when miners only Created 2250 Bitcoin this week demand is Exceeding Supply and taking a look at Net inflows net Bitcoin ETF flows have Literally never been higher ethereum Yesterday spot ethereum ETFs saw 58 Million in inflows black rocks spot Ethereum ETF in fact surpassed 1 billion
Black rocks spot ethereum ETF surpassed 1 billion black Rock's head of digital Assets says the world is Shifting Towards Bitcoin he says that there's a Lot of reasons Black Rock clients are Interested in Bitcoin and crypto Bitcoin Is an asset without any country specific Risk or counterparty risk listen to how He sells Bitcoin to his clients how hard Is the sell when you think about the Retail investor base that can get into This if you're trying to tell them it's Digital gold yet the volatility is still So high and many people don't understand Exactly what it is at the end of the day Is it something that will eventually be Used as more um payment methods moving Forward across different parts of the World is it something that you hold and Never sell right how do you then make That case to a generation of people who Have not gotten into this asset sure Well when you think about Bitcoin we Think of it primarily as an emerging Global monetary alternative right it is A scarce Global decentralized Non-sovereign asset and it is an asset Which has no country specific risk has No traditional counterparty risk so These are interesting properties when You think of it from an investment Perspective particularly in a world Where there's growing concerns over uh You know money printing currency
Debasement risks political fiscal uh Sustainability challenges in the US or Elsewhere and so that resonates frankly With a lot of investors goes back to What we talked about earlier with the Risk on piece it confuses investors when People talk about it as risk on because Based on the properties that I just Described you would think of it as risk Off and that's where I think it has a Marketing problem so it you could say That and so you know the reality is There's probably two or three things a Year that happen typically that actually Impact the fundamental value of Bitcoin This year I would argue there's been Four but that makes it hard to write Daily stories right and so so you see This instinct to kind of point to Whatever's happening in equities or Unemployment or jobs numbers or Manufacturing which really has no Connection to bitcoin so we're on the Verge of a digital asset Gold Rush the 1840s and 1850s marked the physical gold Rush the 2010s and 2020s will be seen as The digital asset Gold Rush the crypto Gold Rush Michael sailor explains Exactly this here at any point would you Sell when would makees sense to take Profits there well I I famously said I'm Going to be buying the top forever Bitcoin is is the exit strategy it is The the uh strongest asset so what we
See right now is the Bitcoin has just Emerged as a trillion dollar asset class And it's alongside uh names like Apple And Google and Microsoft but the Difference between Bitcoin and the Magnificent 7 is Bitcoin is an asset Class it's not a company there's not Enough room in the capital structure of Those companies to hold 10 trillion or Hundred trillion dollar worth of capital So bitcoin's competing against gold Which is 10x what it is right now it's Competing against the S&P index is Competing against Real Estate a hundred Trillion doll plus asset class as a Store of value so we believe capital is Going to keep flowing from those asset Classes into Bitcoin because Bitcoin is Technically Superior to those asset Classes and that that being the case There's just no reason to sell the Winner to buy the losers and the fact is It's not just Bitcoin anymore ethereum Salana they're killing it cardano just Celebrated its 7th birthday people and Politicians alike are realizing that the US is falling behind and if the US wants To be a part of this digital asset Gold Rush fully the US needs to update their Policies and rhetoric swiftly so we can Be leaders in crypto Senator Cynthia Lumis explains the issue the US is Having here the European Union's ahead Of us they began to regulate uh very
Effectively in January of 2023 um so we're behind the eightball Here and the United States should never Let um other countries get ahead of us With regard to financial services Congress needs to regulate this and Weigh in you know some of the problem Has been that the SEC has said well we Have all the tools we need to to Regulate it but the way they've applied Them uh has brought about court cases uh Instead of regulating by making clear Rules of the road for the industry uh They're regulating by enforcement action And so when they bring enforcement Actions with penalties against the Industry and it doesn't have a clear Understanding of what it's done wrong And the default position is that there Are Bad actors yeah exactly there are And he he does I've thought there were a Lot of worse actors well when I when He's come on always seems to conflate The some of the uh the firms that are Bad actors and maybe offshore and They're dealing with the digital but but He complaints the digital assets Themselves with the Bad actors that are You know kind of bucket shops that that Aren't even located here but it's not The it's like that's like not liking um I don't know NASDAQ stocks because there Used to be pink sheets all the time so You can commit fraud with Yachts with
Art with coins with minerals um it's not The asset itself that it's fraudulent do You think he's conflated the too don't You think he has in some instances yes I Do yeah so we need a president who is Pro crypto I think everybody in our Audience agrees with this kamla although She has seemed to update her rhetoric Around crypto slightly recently Trump For sure seems like he's much better on Crypto but you tell me who do you think Based on everything you've seen who do You think would be best for crypto the Founder of cardano says that he believes Trump would be the best candidate for Crypto and he explains his reasoning Here I think if one of the presidential Candidates is launching defi projects His family is directly involved and he's Speaking at cryptocurrency conferences That one's probably going to be a little Bit more Pro crypto than the one that Put in Gary gendler and has been on war With crypto for the last four years so Between Harrison Trump trump is Certainly the favorite from a Cryptocurrency perspective but the Reality is regardless of the US is pro Crypto or not the world is moving on Singapore has a lot of great things it's Done as has Hong Kong as has the Middle East with Abu Dhabi and the adgm and Switzerland with finma there's the MAA Regulations the EU the FCA and UK is
Moving on to the world with or without America is embracing cryptocurrencies And as an American it would be nice to See our country get back into the race And build things but regardless if it is Or not it's not going to change the Reality that the world will be Decentralized this is the question is it An issue that Trump seems to be Opportunistic maybe even money grabs With the nft Trump Collectibles and Launching the defi project is Trump Using crypto in too much of an Opportunistic way Charles hoskinson what Say you to that is it a red flag that it Appears that perhaps he's been Opportunistic given his family's Ventures into crypto I mean every Politician has some degree of Opportunism on Nancy Pelosi's trades are A great example of that and that's what We have just come to expect and see in The American political system and how These things run and to be honest the President doesn't make these decisions Alone it's a broad tent and you have to Build coalitions and what's nice and Encouraging is when you talk to people Like Tim Scott or you talk to people Like Senator lumus or others uh they're Very open to Fair regulation and they're Very open to engagement and dialogue we Haven't quite seen that yet with the Democrat Party with the current
Leadership that said there's an age Divide so when you talk to younger People in a Democrat Party like the Ranas and others uh they actually are Willing to engage and talk about Sensible regulations with Cryptocurrencies the older guards like The Eliz Warren the Joe bidens we not Quite there yet so I think eventually There will be a convergence and Trump is Trump he's an anomaly and uh eventually He'll no longer be in US Politics the Enduring things are is this good for America and I think it's better to have Fair systems that are corruption free That also distribute power around Instead of aggregating it to a multi- Trillion dollar company that prevent People from having control look guys Bitcoin is pushing up on some resistance Right now if Bitcoin can break over $66,000 and in fact maybe even get up to $70,000 maybe have a retest around 67 But if we can kind of clear this and Clear $70,000 in my opinion bitcoin's Next stop is grinding higher towards 80,000 90,000 probably even $100,000 by Q1 of 2025 Anything Can Happen we're Going to keep you updated every step of The way if we don't get past this Resistance I think Bitcoin could fall to As low as as low as $53,000 probably not Lower than $54,000 but at a certain point I think
Bitcoin does push up stay subscribed to Altcoin daily we keep you updated on a Daily basis see you tomorrow my friends
