Greyscale Investments EXPLODES in Q1 with Bitcoin & Ethereum Index, China Shows MASSIVE Control.
Welcome to July 7 News ticket top stories and cryptocurrency and digital assets and break them out into bite-sized pieces today we've. Got some concerning articles, which is there's some leaked images, that show China reportedly. Testing, a mobile app for digital currency and this, just opens up a whole can of worms and, questions, and concerns but. Also some thrilling prospects, also. Macroeconomists. Annex Goldman Sachs executive talks. About what he's investing, in during, this economic, downturn also. An, article from Bitcoin s talks about why this billionaire. Just applied chain-link, and compared it to Bitcoin and finally. Grayscale. Records the most successful. Quarter, despite Bitcoin. Price, crash, and, this is a fascinating, article and it has to deal with all of the, different institutional. Players and getting into the game and they've actually been here for a long time and, they're buying up massive, amounts so, let's jump in first, up let's, take a look at the market today I know we were down to like 6300. Yesterday, or 6400, somewhere around there so let's hit the refresh see what we got and look, like we're up. A little bit seven thousand twenty eight so we finally. Got above that 7k, marker, I think, we did this yesterday too but then it fell back down so we're fluctuating. Between 7k. Above, and 7k, below so, we'll see what happens who, knows, but, looks, like bitcoins, up if their aim is up big almost. 10% Bitcoin. Cash Bitcoin sv still, in the top ten amazing like. Kony Yost's finance, coin and take zoe's to round it all out whoo chain link what's, at the switch to run our channel except to eleven great alright, let's, jump in so first up this was a concerning article, because, we knew this was happening we knew it was coming we knew that China their, central, bank was going to be rolling out but. Digital you want and this, was the. Actual article, itself I don't really care, as much about the aurora but the article but the images, are what's important, so, here is the doctored, image this was, apparently. Gotten, out by. Ling's. Aang and this, is her Twitter account and this is the original undoctored. Image. Of the. Actual, digital. You on or central bank digital, coin app, it. Looks pretty slick I mean looks like you can do some, things here, I don't, read Mandarin. Or Cantonese so, let's, take a look. And, here's the doctored image which kind of breaks it down for people like me who only, speak two languages so looks, like we've got scanned to pay the. Transfer receive, payment and then you can touch you know just like like a bump like the Apple pay and, you can move it back and forth you can convert, to, DC, and manage your wallet so although, this is pretty cool I mean as far as like a perspective of me being a lazy, person and how. I have. A total. Despise for my my local banks but, when I look at this actually. At first I'm like well that's great but then I'm think myself hold on this is awful, it's just an awful thing and to, me I mean it's it's awful but it's kind of thrilling at the same time because what's gonna happen so, the thing that I have in my head is could, this actually come, to the US and of course we, all know it almost did during. The stimulus. Package the, US Congress had proposed a potential. For a visualized, digitalized, dollar and this, is from Billy bam, brough on Forbes, he, says the digital dollar proposals, including, an early draft of a massive US coronavirus, indu stimulus bill have, reignited, the debate over, government-run, payment, platforms, this, is where it gets interesting, while plan if the digital dollar have fallen by the wayside because it actually got scrapped, it, was just put in there by I believe the Democrats, and.
This Is what they wanted to do this, is how they want to put push out the stimulus money to the people I thought that would be a disaster. To. Do it like that because can you imagine people. Having, to figure out this whole new app oh then, they have to get someone to develop it and actually, make it work and not get hacked and all those things have been a nightmare, so. Thank God they scrapped that idea but. It kind of the, whole concept. Is lingering so. It says, others. Aren't far behind, China's China, China, China's. Digital you want is that is in the pipeline now, looks like it's even closer to reality and now, a digital euro, is being trialed by Frances, central, bank so looks, like we've got everybody, in play here for, some type of central bank digital coin and app, what, if the Fed could issue its own app what if they did that what if that could actually happen you wouldn't they wouldn't even have to really even print money of the Treasury it released a lot less of it because everything. Will be digitalized, and we would start to go to it digital eyes economy, which at, some point we're gonna go to anyhow, just, depends on how we get there there's a lot of different ways. To get, to. Your destination but, we'll see which way they're gonna go hopefully, it's not gonna be a Fed, digital. Dollar they'll, be awesome this is why can. You imagine just close, your eyes for a second imagine, your mom your. Dad your your, grandparents, trying, to understand this technology you're explaining to him we're. Not gonna use dollars anymore mom, we're gonna just use this app and it, just goes right to your phone and that's, it oh and also if. You don't have a smartphone. We're gonna get you one and we got to teach you all about that I mean, just in that respect it's gonna be awful but at some point it probably has to be done and then what about privacy, because, big, brother is gonna track everything, that you buy and sell I mean. Everything, so, if you want to. Let. Me just think of all. The illicit things that you might. Buy or could buy or want to buy you, can't buy that stuff you, can't buy any anything because it's, all gonna be tracked so, as. Far as like taxes, and things like that look I pay my taxes, it sucks I never, get anything back this just how it is I mean, I pay I pay, a good amount and.
All. The different things that I can do there. Be no shuffling. Anything around to, get it around the government it would all be there for the nassif now some people might say well that's good but, I can tell you right now it's, there's it's opening up a can of worms for a lot of different problems and then here's my next question I mean could, they sell. Your data to corporations, now. Big. Big, corporations. Big farm of big companies they are in, bed, with all the politicians, that's, why we have three, lobbyists. For every one. Congress. Person in DC. I think it's even more now so. I mean when you take a look at that I mean could they take, this information and, sell it over there, there could probably say no or net will never do that of course you know that's what Facebook. I used to say and of course they changed our terms conditions and now that's all they do is, they sell your data so, could the Fed do it I don't see a problem I'm. Not the problem III don't see how they wouldn't do it to increase. Revenue, especially. With all the money printing that they're doing now now this. Could be a, little, far off base but what, do you think let me know in the comments, below if you think that this is a good idea a bad idea, and could, the government sell your data to corporations, for. As far as like what you're buying what you're not buying at what you're doing, here's. The next question would. We even need banks, if, the digital dollar is, going right to our phones so, right, now the. Fed sets. Monetary policy, Treasury. They, print money the, Fed will also, you know for, your local, banks they, say hey we need money they don't get money money they get a. A digitalized. Ass. Asset. But a digitalized. Version in their ledger and it just moves over that way no one there there's, no transfer of money anymore I mean if you go to your local bank they have anywhere from 50,000. To 200,000, in at, any one time it's. All you. Know digitalized, anyhow so, if we did this and the, Fed is doing that what's the point of a bank because, I get all my money there maybe for loans and things like that but I'm. Not sure and then of course if we have this app that. The Fed is just you know transforms, money what about hacking I mean it's the same thing with like our crypto software, wallets when, you download, some of those I mean. Even. Those get hacked I remember a story about a whale who had. One of his phones hacked he lost over a million dollars with a cryptocurrency. Because. It, was it's a it. Was a hot wall that's connect to the internet so this is the same thing how, are they gonna safeguard, that against hacking and if it does get hacked who. Do you report that to do you or the Fed and go hey fed someone who stole my money like why they're. Not gonna do that either so now they have to set up all these different types of things so. That's, that part and then, how, do we make payments. Across. The border, or where, the Fed decides to still digitalize a dollar but instead of going straight to the consumer they push the digitalized our two each bank and then each Bank has its own app can, imagine that nightmare so, you have Wells Fargo app you, have the chase app you, have the whatever. App and they're, all these different types of apps, they all have to communicate in one way shape or form which, means you. Know how would that be done and. Especially like how about this how about if you wanted, to like, like me I sell, on Amazon so when, I pay, my. Chinese. Suppliers which, I have, not done for, a while because they're all shut down and I'm. Actually debating, even to go, that route anymore, but, if I do, this how, do I pay them with this digital you want I mean would there be some kind of like conversion. The only I can think about it is if XRP gets involved, I know Irish is groaning right now some, of the people who hate XRP oh here we go with expert P but it makes sense I mean. If you can have, some kind of bridge currency. You. Know with with XRP you got a digitalized dollar go, to the digital yuan go to the digital euro the digital power and everything else and you have this bridge because, who's, gonna trust I'm not gonna trust this app who's. Gonna who's, gonna download a Chinese, app, well. I. Mean. That's. A kind of a funny one but I mean I'm gonna guess, who would want to really download. A Chinese, app from. The Chinese government onto. Their phone so, they could transfer into the yuan, would. You do it I wouldn't. Do it but.
So, So how would that actually work and, then the last question I have is what. Problem, does this all solve I mean what I mean what does this really solve if, you think about it I mean, look. I have problems, transferring. US. Dollar from, one bank to another Bank sometimes, it takes two to three business days and, if you're trying to do things on the weekend or holidays you've, gotta wait so, it's not instantaneous so, that would be one issue but I mean besides that but, what does this solve I mean for China it solves a problem not having a hundred percent control over. Its people if, you control the people's money and you control everything so, what, is this really help with and when I hear about digitalising, the dollar a digital dollar digital. Yuan I mean I understand, for China they want to have more way, more control. Digital. Euro digital Pound all that stuff like what, is it solving, and I always think about this is an interview, this. Is from. October. 2019. This is Brad darling house a CEO, of ripple and he's, talking to the economics, Club of New York so it's a bunch of bankers and they're just talking to him and the questions asked is what. Does he think about the central, bank digital points, especially, the digital yuan they say that specifically. In this, interview, it's only a couple minutes let's take a listen. The. Dollar again, because. I want a transition, particularly. For this audience of the Economic, Club of New York of China. And, other, countries but specifically. China China, has. Completed, a prototype, I don't know if you all know this a prototype, of a, so-called China coin a digital. Currency I believe it's backed by do you want it is and they are about to unleash their. Own network. Similar, to you, know what, we're talking about here. Are. We behind in that here in America I mean the Fed is a skeptic. When it comes to cryptocurrency yeah the president, is a skeptic, you have, a lot of people who still don't quite understand, it you, know Singapore, which is considered, a financial, center. Of the world very. Forward-thinking, when. It comes to technology that central. Banker has expressed, a little bit of concern yeah so, let's, just first understand, like what stable, coins are guys central. Bank digital, assets, is kind of the way. They're described and so the Chinese government, is doing is that they are apparently. Going to launch a central, bank digital asset I. Let's. Go back to this thing I said about Starbucks earlier what problem, are we solving so. I, look, at the Fed today and I'm sure they're bankers here in the window or in, the audience, and if you want to go and call on the Fed for liquidity you go to the Fed window you, don't get cash, you. Get digits, in a ledger and so, when. You know I'm, JP Morgan, I go to the Fed the Fed saying okay great here here's some sort of ledger change it's already digitized, so. I have, actually been a little bit of a skeptic that central. Bank digital assets. Much. That, we don't already do today so you don't think the dollar should be tokenized it. Already is you. Think about it look at how many people here you like you look at your net worth statement on, a bank account and like those are just digits, you. Know yes, you could go to the bank and get cash, but frankly if you're asking for any more than a few thousand dollars you have to call in advance because they don't have the cash so, most.
Of Your but. Most of the US dollar is quote I mean, you said tokenized, I would say digitized there, is a little bit of a difference, but I think, we always have to go back to what problem, are we trying to solve if, we're solving a problem or creating customer value then I think it's great, the, only argument I have seen around central bank digital assets is if they want to expand, the Fed window from serving a small number of regulated, institutions to. A mass. Audience if everybody, here could go directly to the Fed and have an account with the Fed well. That's kind of interesting now, we just put the entire commercial banking business out of business. Look. At her face so, yeah I mean that's really what it comes down to I always think like what are we solving China, I get it but for us what are we doing unless it's, mass control anyhow. That's. I, had a ton of questions for you so whatever you think about this put in the comment section below because that helps. Me focus on my thoughts about, what could actually happen and we've, got a lot of smart people in this channel so thanks alright let's move on Oh lastly. I would like to recommend one, youtubers named George gammon, he, is he. Has a great knack of taking. The complex and simplifying, everything, and he talks about the, government digital currency and why you should be terrified and it's, actually quite scary so I'll, link is the description below you can check it out it's about twenty nine it's about thirty minutes that's pretty good listen, to so now, let's, move on so, next up Oh, pal, macro, economist the next Goldman Sachs executive there's. Just a couple things cuz I always like to see what, the traditional, type. Of financial player is actually doing and thinking as far, as cryptic residual assets and Rowell Paul I've actually featured my channel before by. About a week or two ago but, this was a newer. Type of, interview. There's just two parts to it and they asked him I mean first of all there's, a long section it was about four minutes or so and they, just said. What do you think is gonna happen if this drags on for three months and he says it drags on for three months we're gonna go, if. Anything, above, three months or greater than three months it's, going to be almost depression. Like err a type of issues he, goes you can do a lot of things for three months you can stop payments, you can help out with the stimulus but if a country, does. Not start, to produce, some. Type of goods. Assets. Commodities, something, that they you know for as far as like to increase the GDP everything. Will just slow down and just crash he goes you can only print so much money before. Everything just goes away so more, than three months he goes it's gonna be disastrous, and. I don't think it's I don't think I think we're going to start to slowly. Rule things out but we'll see but, the next part they just ask him hey. Sort. Of thing about this economic downturn and what. Do you think about cryptocurrency and digital assets here's what he says oh. Hi. Sustained, inflation would, be, currencies. At the end of this this, is exactly why. Bitcoin. Exists. This. Was the problem that it was built for to start with, in. That world where. The, financial system is struggling well, the ability to make payments, to have, a store of value and, to. Record ownership, are the, basically the three tenets, of what. Bitcoin. And cryptocurrency overall. Does and the blockchain does. And. That's, a very reassuring, thing to, know that there is a plan they, well. Maybe that doesn't all happen but. My risk is my, fear is for everybody and this is talking to non finance, people, is.
Be. Really careful, in assuming that this goes away quickly just. Be careful I know also saying that by. Telling people to be careful, always guarantees. That, the. Economy will be slow because people won't be spending but, I think people understand that. To. Survive this and. It's gonna take some real, so. I'd. Like to get the perspective of, other people, and. Not just in the cryptocurrency world, but in everybody. Else, out there because it helps to refine my. Vision. Of what I think is. Happening or what, really. Could happen and when, he talks about this it, makes me realize that he, says this is what bitcoin is made for and he's right this is the whole reason that. The. White paper from Toshi Nakamoto, was created, or why he wrote that or him or her or them or whoever it was is because. There was a financial collapse in 2008, Bitcoin. Was created for these types of issues, now moving, forward I think this might be a perfect storm, we, have an economic we're, on the brink of an economic, collapse if things, last for too much longer you, can see the dollar just completely, fail and collapse you can see America going to turmoil but, not. Just this nation but other nations go just fall down the wayside, so. You have all that happening, Bitcoin. Was created for, this you have a having, coming up in three, weeks you, have different, factors happening where, is the corner of is the, is the corner of iris going to keep going on is it, is it going to recede, what is going to happen so, you have all these factors, into play then. You have institutions, getting bailed out with a stimulus, money and we're gonna see in a little bit how institutions are actually playing a big part in this this. Might be one, of the, biggest bull runs that we could ever have seen not. For sure just, a theory but I will tell you this I. See. It there. Is so much of an impact, right now the. Unemployment, numbers. Just came out from the Department of Labor and we. Are sitting at 22, million people who are unemployed right now so over. The last two weeks I went six point six million think 6.2 somewhere around there and then now another 5.6. Million. 12:19. Well okay my mouth slow it off but I think I know, is 20 million for total so, for that that. Is a huge percentage of people who are out of work and it's only going to get worse now there, was a little bit of a shift where it actually decreased, but I will caution you a lot of people who are trying to, sign. Up for unemployment, are unable to do so because the way the website crashed the, offices, are are not, on limited hours but they have limited staff or, you, try to call in to the unemployment office and you can't get through so. All those, things who knows what's happening, but. I can, see, that. After a month, two months or so is all this sluggishness, starts, to kind, of start to go by the wayside this could be a huge. Bull run because this is what equina cryptocurrency was made for anyhow, so we had that part and then the, next one is. He. Asked him the, interviewer, says what are you doing to. Be prepared, for everything what are you doing in. The background and this, is what he says. I've. Done is. I've. Started, looking into. Cache. Including. Physical cache yes. Gold. Physical. Gold. Bitcoin. And. Hustling. For revenue yes. I'm, saving money, so. Great there you go I couldn't agree more, you. Have cash on hand now and I don't care I mean some people say well cash is worthless cash isn't worthless right now if you want to go to the store and get, bread and milk and feed your family - cash, is king so. Cash. Works, out pretty well so far, I know what's gonna happen in five 10 20 years but I'm telling right now cash works okay, still. Also. Gold I don't see a problem with having gold and Bitcoin and some people say why can you say that because, because Gold's been around forever I see gold.
As A great sort of value I see Bitcoin, as a store of value and if, you can use both them together I always figure, like like gold is kind of like like the older generation, type of sort of value and bitcoin, is a newer generation store, of value and it could be it could work for both and essentially, especially, since it's on the mines and the tips the tongues of all. The different institutional investors I think that bitcoin can only go up now I know there's an argument which, says that well bitcoin is slow and bitcoin is awful a Bitcoin transaction, speeds littered up get that I understand. That oh look, at gold gold. Is I mean in my opinion who. Wants to carry around a heavy gold plate, for, someone who just come up to you and rob you blind then. The transport, is super expensive and then, if you want to segment, it or break it down you have to melt it down it's awful, but, still, being used so. Sometimes, the best thing is, not the. Best thing I guess I could say it like that so. Then. The last part and, I thought it was just a throw-in which would they ask him because I always think about this in like one or people just gonna get it what, are they got understand, all the things that we talked to our family, and our friends about about you should buy a new coin you should get into cryptocurrencies. And. They hem and haw so. They asked and they said when, do you think people are gonna get this. Concept. Here's. What he says. Have. You ever found a good way of explaining, convincing. People they should consider Bitcoin because ice-t--, I still we have to do it I wonder if it's really that it's, really a post, pain event that people learn. From I. Don't. Think you could have convinced people to to, understand what fiat currency, was I don't think you could tell, people what Gong's was you. Know if you went to an eighth amount of Martian, and said oh well, this is this shiny metal that you can't destroy you can't, create it. Just is and we, call it money and, we're going to exchange it for each other so I don't have to swap bread for apart, my cow. You. Use this, the. Point being is adoption. Takes time it, is not an instantaneous, moment where, the lightbulb goes off it, is that, adoption. Curve it always will be this almost, nothing we can do about it even though we're part of trying to create an adoption curve, touch. The curves just gonna happen over time and. That's. Okay it's, just how it works and you know what you get paid for a Bitcoin which makes it interesting you, should get paid spin early adopter and that's it we're getting paid to be an early adopter so, it sucks just sitting around going down are people gonna get it I should I explain to everybody that I possibly can I'll. Get it in time it's just like in sales people, have to see something seven to ten seven or ten times before they actually buy it I think, it's the same thing with cryptocurrency that to see it now. I think with our. Ever, decreasing attention. Spans I think 20 times before they actually get it so that's, for the reason why I create this channel so I could hopefully simplify. The whole process and break it down to people so alright, let me know what you think about in the comments section and move. On to our second. To last story. So. This one's a quick one it was just talks about why. This billionaire, the billionaire is Winklevoss.
When The Winklevoss twins and what, he said as far as chain link I'm gonna skip all this stuff so. He, just says I really appreciate the passion of the link Marines I never even heard of them I know there's an X appeal XRP army but. Apparently, as a chain link and chain link Marines it's funny their. Fervor, and dedication reminds me of the early Bitcoin in etherion communities, unlike. Many other crypto armies they are dedicated to a project. That's. Pretty funny unlike, many other crypto armies they are dedicated to a project that is real promise, and technical, merit one if there's a big an extra P that's, a good one so, that's, pretty much what it why he said it and I thought was an interesting article and you. Have to understand I am biased because here's my holdings, Bitcoin. Aetherium, XRP chain link card down on ego so when, I talk about these things just know it's because I own them and then. That, was an interesting part but here was the real interesting part it says after, being the top-performing crypto. Ass of 2019. Chain. Link was the only auth to set a new all-time high. Amidst. The coronavirus. Chaos last month when, markets collapsed, into a downward, spiral of, panic, selling I gotta tell ya it's amazing, to me so. The Winklevoss and what, I saw was amazing was that I don't believe that gem and I has listed chain link, even. Though they talk really, highly about it but, apparently, neither article Winklevoss. Twins did state that although, chain link is not listed on their exchange it, will be very soon I believe they also are going to list die very. Soon so we will see but interesting, article and let's see how that works out I'm a big believer in chain link let me know if you think it's trash or it's great in the comments section it let's move on to our last article, and this one's huge so. Grayscale. Records. The most successful. Quarter, despite Bitcoin. Price, crash, here is what grayscale is first of all so this taken right from their website grayscale, Investments, LLC or grayscale is a large just digital, currency asset manager with approximately, 2.2, billion assets, under management grayscale, provides opportunities, for investors, again exposure digital currency blah blah blah whatever so, grayscale is a sponsor, of Bitcoin trust Bitcoin, cash trust aetherium, trust if you're in classic, trust horizon.
Trust Litecoin. Trust still illumines trust, z. Cash and the manager of grayscale Digital large-cap, fun LLC, so they have their hands on a lot of different projects, a lot of different cryptocurrency. Digital, assets and they, are making waves and, they are making a ton of money so let's take a look so. Cryptocurrency, asset, management firm grayscale, investments, has logged its strongest, quarter, to date in spite. Of the precipitous, market, crash in March according to its new report we'll get to that in a second the, firm managed to raise five, hundred three million, in q1, this. Figure represents more than 80 percent of the. Total capital, the, firm and shirase during, the previous year eighty percent. Over. The, previous year that's amazing, and. Then they talk about aetherium is getting a bit calanques number they have a Bitcoin, trust they have aetherium trust theorem, classic trust all those things so, grayscale bitcoin trust the firm's crown jewel recorded, three hundred eighty eight point, nine million, worth of investments, bringing. Their total amounts to a staggering, 818. Million so how about 2.2, billion eight hundred eighteen is tied up in the Bitcoin trust, notably. The etherium trust saw higher weekly, inflows than, the gbtc. After, Black Thursday and March 12th, so, I mean it's it's gaining on it but it's still Bitcoin, is still by, far the biggest and. Then it talks about, this. Isn't a related. Article it says Grayskull investors by aetherium and insane two hundred eighty seven percent premium this is actually an old article actually, now they're paying 5x, of. What we actually, pay. For aetherium, why are they doing that why. It's because the institutional, players those. People that are buying are mostly institutional, personnel. They're. Not holding it they, are paying the premium, to, have greyscale, get the custodian, and they deal with any issues on that so they're really saying look we don't really want to deal with this but we're not biased no it's going to go up massively.
But, You guys deal with all that because. Cool great, let's do that and, that's why they're paying so a god-awful, amount, and that's why we take the risk because we want to pay five X so. Institution money is still here the grayscale report shows, that institutional, investors were largely responsible for, the record-breaking, quarter with, 88 percent, of the 503 million figure so 88 percent of institutions. Or institutional, investors, are. Making. Up a large bulk, of these. Figures, that are coming in it's, also worth mentioning that the lion's share of Grayskull investors is based overseas, so. Let's take a look at this report this ought to be interesting, so, here is the digital, aspect investment. Report q1 2020, I don't, know how many pages is it looks like a lot so, I always just do this I just cute command. After control, F look, up the words I'm looking for institution, and here. It says here, majority. Of investments, 79%, came, from institutional. Investors so not like Joe Schmo me and you me, tell investors, these. Are the big players and they are dominated, and dominated. By the hedge funds see what else they got a tip some inflows quarter came from institutional investors oh my, god so, it says here institutional, investor demand for, great skills products has a key team to get them Ament gain momentum with approximately. 90% of capital raised coming from institutions. Since inception. Institutional. Investors primarily, hedge funds, continue, the primary source of investment capital and. Force. Quarter 2020, and. The same thing and the same thing let's talk about expanding so what. Do you think do you think this next bull run is going to be the, product of these. Institutional, investors or is it, going to be played out by people like you and me just retail investors, putting in what they can and pushing. It past that one trillion two trillion market cap let, me know what you think in the comment section below and that is it for today so a little bit longer I apologize, but lot of stuff to go over and so. Thanks, for sticking with me if you like these types of videos and you too Moe's gonna pop up when your left and right I don't, know what they are cuz you, know YouTube has control over that and good. For them and that's it so once, a thanks again and see, you on the next one.