Folks, we got a lot of cryptocurrency updates to talk about in this video. Let's just get right into them. You know i've got programs on building your wealth, i'll link it down below you get all my buy trade sell alerts. Whatever everything link down below use that birthday coupon code before it expires and the price goes up, okay, folks wow, so we know inflation came in at seven percent.

Today, tech stocks started rotating uh, it initially rotated up, but they've kind of had a little bit of a mixed day. So guess what kryptos had a relatively mixed day? For example, you look at bitcoin. We got rejected about four times at forty four thousand, we're having trouble breaking that 44k, but that's all short term, because folks, we got some long-term positive catalysts here. Listen to this jerome powell is going to be revealing with the federal reserve, a proposal for digital currency regulation soon and legislation.

He announced that this report is coming out within the next few weeks and it's predicted to actually be quite progressive and in favor of digital currencies and the crypto industry. Keep in mind that the federal reserve has been working on a central bank digital currency for years. Now this is kind of like a stable coin, but instead of being issued by gemini or usdc or whatever or tether. It's issued by the federal reserve.

Jp morgan already uses something known as a jpm coin, which is built on the ethereum network as a way to test blockchain technology, which remember i'm a big fan of blockchain technology and think that in the future, blockchain technology is going to be the monopoly of the World uh that that means we are all going to use blockchain on virtually all forms of transactions in the future that it will become a utility is so common that they might have to divide it up like in the past. They divided up 18t into bell south and the other bells, but anyway that's a throwback to like the 90s. Okay, look: here's what we're expecting! We are not expecting any kind of bans on stable coins. In fact, jpe or federal reserve.

Chairman jerome powell was directly asked by senator pat toomey. If a central bank digital currency could coexist with well regulated, privately issued stable coins, because when pat toomey asked hey, are you going to do anything that would preclude us from having private, stable coins and jay powell? Said no, not at all jpow seems very enthused by a blockchain technology and we're excited to see what this proposed regulation is, especially since i personally don't think congress can get their act together to actually come up with logical regulation. It's kind of like how they're trying to apply kyc rules to minors, which is just like moronic. It's going to require congressional amendments which there were amendments for but failed because again, congress is moronic and tends to fail.

But anyway that's congress. And while i don't necessarily expect any kind of crypto legislation to pass before the election cycle, which obviously the next election ends or takes place in november of 2022, i am optimistic that when we start getting a rotation down in inflation, we'll see some positive price action Substantially for cryptocurrencies no guarantees, of course, somewhere between the spring and summer of 2022, and this could get compounded to the next level as we start negotiating cryptocurrency legislation, which is very exciting, especially in committees. That's the united states, but get this one folks. Iran is expected to start accepting cryptocurrencies for international trade.

This will allow businesses to settle payments with a central, the central bank of iran using crypto currencies. The new payment system is expected to be finalized within two weeks, which is kind of incredible. This is a shift in crypto for iran. In the past, iran has uh had substantial issues with cryptocurrency expressing concerns about uh safety and the regulation of it and the energy uses of it uh, in other words, well not in other words, on top of this, the iranian government has actually, in the past, been Known to cut power to crypto miners, this is a lot like china uh this, which is crazy, that authoritarian governments have been relatively anti-crypto, but to see this flip in iran or iran is really really bullish.

On top of this, a redfin says that twelve percent of first-time home buyers say that selling crypto with profits helped them save for a down payment. Really incredible but of course, with good news always comes a little bit of shade, kim kardashian and floyd mayweather, now being sued for allegedly scamming investors in cryptocurrency tokens, specifically ethereum max this time. In fact, if you remember the logan paul floyd mayweather fight, you might remember this picture uh or basically floyd mayweather walking in with an ethereum max shirt on. I certainly remember this as soon as i heard about the lawsuit.

The first thing i thought about was that highly popularized fight between logan, paul and floyd mayweather, which by no means was staged whatsoever but anyway, ethereum max, is not related to ethereum at all. Critics are suggesting that creating a name ethereum max just to capitalize on the reputation of ethereum is kind of like making a restaurant called mcdonald's max, suggesting that mcdonald's is somehow affiliated with mcdonald's max when it's not at all, which is not fair, because now you're borrowing From the reputation of mcdonald's now this is not the first time mayweather has been involved in a crypto scandal. In 2018, he was fined by the sec for promoting icos without disclosing that he had been paid. This particular case has been filed as a proposed class action, which could mean other individuals could end up joining in on this lawsuit, uh, and essentially, anybody who lost money on emacs from mid-may to about late june might be able to join the lawsuit for the difference Between the purchase price of emacs tokens and the price, the emacs tokens sold for taking a look at the chart for emacs and uh.

Well, let's just say we don't want to stay on this chart too long, because it's not the kind of juju we want around. Here get that fud out of here all right. So then the president of el salvador said that he trades bitcoin on behalf of his country, not from a computer but from his mobile phone, which is kind of cool. It's actually really relatable so far.

Estimates are that the president of el salvador has bought a 1391 bitcoin it's hard to get an exact number because he only discloses these on twitter. So it's possibly on more. Who knows, maybe they even sold a little bit. We have no idea, but this would total about 60.5 million dollars.

It is so far expected that he has lost the country money so far and given that uh, the average prices were between 48 000 and 53 000, the bulk of the purchases were between these ranges and, of course, btc right now is struggling to get above a 44 sitting roughly at about 500 bond yields in the country are signaling pain, bond yields as high as 34 right now, and it certainly doesn't help that the international monetary fund says no. Thank you to bailing out el salvador partially because el salvador is using bitcoin or buying bitcoin as a form of a treasury. Now we did hit a big milestone for ethereum theorem reached a nine million dollar ethereum staked milestone recently uh, that's a 9 million aetherium or 9 million ether have been staked in ethereum a 2.0 uh. This does raise a lot of questions as to once we finally move from proof of work to proof of stake, what's going to happen in potentially the largest lock-up expiration ever for for a token, which is really really wild uh, because a lot of folks wonder, does This mean ethereum might plummet once we actually switch to proof of stake, buy the rumors sell the news on top of this massive lock-up of people who have had their money staked for a very long period of time are probably profitable, of course, no guarantees, depending on When you staked, but these 9 million estate ethereum, represent about 280 000 active validators providing security, this is a significant progress and a good sign that ethereum will transition to ethereum 2.0 on schedule.

The change to ethereum 2.0 will uh, ultimately be one of the biggest and most hyped and look forward to transitions to lower transaction fees for the network, where it's not uncommon for transactions as little as five dollars to ultimately cost ten dollars in transaction fees, which is Kind of nutty right now, but that's the way, sometimes the cookie crumbles and it's all part of developing a very new and exciting space. Now the entire crypto space has been growing, including nfts sales of the board ape yacht club surpassed one billion dollars in all-time sales. The floor price of the board, a yacht club has now surpassed that of crypto punks, with net inflows into digital assets over up over 36 year-over-year in 2021 and net inflows into crypto mutual funds. Otc trusts and etfs of 9.2 billion dollars flows into bitcoin year over europe, 16 in ethereum, or up 30 kevin o'leary, legendary shark tank investor.

And mr wonderful says: if you invest in microsoft, google and amazon, what's the core that you're investing in folks it's software and since bitcoin is actually software and you're willing to invest in software as equity in microsoft, google and amazon? Why wouldn't you invest in software such as ethereum or bitcoin? Now, obviously, i think there's a massive difference between companies that are selling products and services and making profits and revenue from this and coins that propose utility and allowing you to use the blockchain either as potentially a store of a value as a method of of trading Or speculation uh or as a method of uh contracting, in other words uh exercising smart contracts to conduct business uh in the defy space or stake to collect yields or farm yields so different, but an interesting analogy by kevin o'leary. Nonetheless, now bitcoin did just uh. Well, actually did not yet uh is getting ready to cross the uh or form a death cross pattern here, uh on uh on the bitcoin chart. If we look at the 50 day, it is about to cross the 200-day moving average, and this is expected to be a negative catalyst for btc.

We did see the death cross happen in the summer as well uh, and we actually did not see bitcoin drop. That much after the death cross uh, there were occasional little sells down, sell downs, but if anything, in my opinion, looking back at the last death cross, we had it was more of a sign of a bottom than a sign of more pain to come. Remember last time we did bottom out around 29 000. now uh stack funds just released a report and they believe that currently we are at a low uh for bitcoin greed and we're actually at a relative peak in terms of bitcoin fear.

Here's a chart of bitcoin greed, i'll hide myself there for a moment here. You can see we're pretty much bouncing around summer lows on the right side of that chart there, which could potentially indicate a an opportunity to go shopping uh for uh for cryptocurrencies uh. Okay, now another thing to keep in mind is that stack funds gives a few different reasons for investing in cryptos right now, one reason being significant inflows from investors buying the recent dip, a lack of a blow off top as suggesting the current super cycle has not Ended and technical swings suggesting overall bullish momentum, minus a death cross suggesting we're still in a crypto super cycle. Their report ultimately predicts that bitcoin will continue to beat the appreciation of gold exponentially and they believe that we could be targeting a 120 000 price target for bitcoin.

In fact, here you go folks. They do think that a crypto market is going to be quote disjointed over the next few months, but look at this bitcoin is currently trading in the middle of the range establishing itself. Alongside the law of mean reversion, should this support hold, we could see the digital asset bitcoin breaking up towards 120 000 in 2022. Folks, there you have it.

If you found this video helpful, consider sharing the video check out the programs on building your wealth link down below and folks, we'll see in the next one thanks so much goodbye.