Do we really know why cryptocurrency is falling? Every day it is a new excuse as to why bitcoin or crypto dumps. Crypto is manipulated? Why would the price fall with no real reason? If it is the "next gold" then it SHOULD be up huge. This is just my 2c on a Sunday Rant. Love to hear your thoughts.

Hey, hey everybody. Welcome to another Money Today.

So, the crypto market is skydiving. It’s just falling like crazy, what, 15% for most cryptos. Let’s take a look at this.

Alright, so, about 9% for Bitcoin as of right now. I think it’s 10:36 on the West Coast of America, or the United States I should say. And then 15% or more for some other, many other currencies, you know.

We can see all these people talking about, ‘oh, it’s this, it’s that…’ Here, I’ll even play a few clips.

…all the positive news, price of Bitcoin is dumping. Quite simple: more people are selling than buying.

You can see, essentially what we were doing was, we were just trying to break above the sordid $9,000—$200 level. We finally did have the breakout, we wicked up very briefly, and we had the dump. Now, we have been talking about massive resistance on this channel for a long time and—

…but first, like always, big news involving Bitcoin. India’s Central Bank intends to fight that incredibly bullish Supreme Court ruling—

…in with PlusToken. Now, what is PlusToken? For those people who have absolutely no idea, PlusTOken is or was a scam in Asia and they accumulated approximately two billion worth of Bitcoin and other cryptocurrencies.

Alright, so after watching those, you get: nobody knows what the hell they’re talking about. Let’s just be real.

I’ve been following crypto for a couple of years now and I have heard every excuse under the sun of why the market’s going up or why the market’s going down. I remember, it may have been three years ago, I was told… It was early in the year and we were seeing a coin that…you know, all the coins going down for the first time in a while. Everything had been going up, up, up, right? And then the excuse was, is that Chinese New Year was coming, and all of the Chinese people or Asian countries were selling their Bitcoin or altcoins so that they could buy presents.

I mean, this is just how ridiculous the news can really get on this. People will just find whatever they can to find you why they think that it’s going up or down. They don’t know. I mean, the very next year for Chinese New Year, the market didn’t do that at all. So, it’s just one of these things where we just don’t know.

So, who has the biggest influence in the world right now on cryptocurrency? I would argue that probably President Trump has the biggest influence on the markets right now. The United States has a huge influence on World Bank, the IMF, on all of the agencies that use international money, prices of oil… Maybe the reelection of Trump, one way or the other, is going to have a larger influence on the overall picture of what happens to cryptocurrency. Do we even know what President Trump’s views on cryptocurrency are?

Trump tweeted: ‘I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated crypto assets can facilitate unlawful behavior, including drug trade and other illegal activity…’

I know that he claims to want a strong dollar, but then of course we’re dumping, you know, currency into the stock market, which I just made a video on that if you guys want to know what the—my problems are with dumping money into the stock market in particular, and how it affects small business, something I’m really passionate about.

But overall, I think we just don’t know what’s going on. And to try and just throw out these crazy excuses every time, it’s just got to stop. I mean, let’s just kind of, like, get our heads together and think, ‘okay, the market is manipulated.’ Just like the stock market, maybe in some different ways, but let’s be real.

Right now that there’s a worldwide panic going on over coronavirus…right? So, wouldn’t we think if, say, Bitcoin was the next gold, that people would be flying into it? Or does it have so much more…can it be influenced so much more by words, by different narratives, than, say, gold can?

We’re seeing stock markets have trouble, we’re seeing crypto have trouble, but I don’t know if the Fed is going to come in and bail out crypto, or they will come in and bail out the dollar. They’ve been suppressing gold and silver for a long time but there have been some movements on that, so we may see…

I guess if I was to make any prediction, I would have to say gold is more likely to hold its value than the dollar or crypto. Not financial advice, I have no idea. I’m just going by what I overall see. But often times, there is no rhyme or reason.

So, in the end, what should you do? You got to use your own best judgement, but I think trying to predict this market right now is ultimately going to be failure for most. There is just too much computer AI and there’s too much influence over things to really nail down what’s going to happen.

But if you do look at some fundamentals when it comes to crypto, this is why I suppose I would prefer Ethereum if you were going to go long anything, because Ethereum has real use case. Even if all of the monetary value of cryptocurrency was wiped out, there’s a lot of value intrinsically in Ethereum because of smart contracts, because the people are using it for other reasons that as money.

So, for me, I’ve always just felt that was a much more stable coin to look at, whereas in Bitcoin, if tomorrow they say, ‘well, you can’t use cryptocurrency as money,’ or, ‘we’re going to highly tax that,’ or, ‘we’re going to make it very difficult,’ Bitcoin is going to die. And of course, Ethereum would take a major hit but there would still be a use case for it and maybe even further, it might be good to have cryptos that are tired to something real.

Whereas, when it comes to Litecoin, I mean, why is it even around? What fundamentally does Litecoin do? It’s supposed to be silver? Actually, Ethereum has a lot more similarities with silver than Litecoin does. I mean, silver is used for a lot of different manufacturing. It’s used up in things, somewhere similar to Ethereum. Whereas Litecoin, I don’t really see any use for it, and I don’t see how it’s holding its value. But that’s just me.

You know, I love to hear what you guys think and tell me if you know why everything is crashing, or if you agree with me that the market is just rigged. And until we actually know what Tether is or things like that, I don’t know if the market is too safe to really bet on.

As for the people who are just holding, fine, cool. You know, if you’re gonna make the bet that eventually, you know, Bitcoin is gonna be $100,000, hey, that’s fine. Diversify your income, you know, probably.

As for me right now though, I think, given they’re pumping money into the stock market and into the banks and devaluating…should be devaluing the dollar, given that, and I think Bitcoin and many other cryptocurrencies are one law away from being decimated.

Gold and silver really seem to be…or maybe property, you know, just real assets are kind of… seem to be the better bet. Or maybe a cryptocurrency that is tied to something real that you can at least have some value no matter what they change with the currency laws for crypto.

Hey, hey everybody. Welcome to another Money Today.

So, the crypto market is skydiving. It’s just falling like crazy, what, 15% for most cryptos. Let’s take a look at this.

Alright, so, about 9% for Bitcoin as of right now. I think it’s 10:36 on the West Coast of America, or the United States I should say. And then 15% or more for some other, many other currencies, you know.

We can see all these people talking about, ‘oh, it’s this, it’s that…’ Here, I’ll even play a few clips.

…all the positive news, price of Bitcoin is dumping. Quite simple: more people are selling than buying.

You can see, essentially what we were doing was, we were just trying to break above the sordid $9,000—$200 level. We finally did have the breakout, we wicked up very briefly, and we had the dump. Now, we have been talking about massive resistance on this channel for a long time and—

…but first, like always, big news involving Bitcoin. India’s Central Bank intends to fight that incredibly bullish Supreme Court ruling—

…in with PlusToken. Now, what is PlusToken? For those people who have absolutely no idea, PlusTOken is or was a scam in Asia and they accumulated approximately two billion worth of Bitcoin and other cryptocurrencies.

Alright, so after watching those, you get: nobody knows what the hell they’re talking about. Let’s just be real.

I’ve been following crypto for a couple of years now and I have heard every excuse under the sun of why the market’s going up or why the market’s going down. I remember, it may have been three years ago, I was told… It was early in the year and we were seeing a coin that…you know, all the coins going down for the first time in a while. Everything had been going up, up, up, right? And then the excuse was, is that Chinese New Year was coming, and all of the Chinese people or Asian countries were selling their Bitcoin or altcoins so that they could buy presents.

I mean, this is just how ridiculous the news can really get on this. People will just find whatever they can to find you why they think that it’s going up or down. They don’t know. I mean, the very next year for Chinese New Year, the market didn’t do that at all. So, it’s just one of these things where we just don’t know.

So, who has the biggest influence in the world right now on cryptocurrency? I would argue that probably President Trump has the biggest influence on the markets right now. The United States has a huge influence on World Bank, the IMF, on all of the agencies that use international money, prices of oil… Maybe the reelection of Trump, one way or the other, is going to have a larger influence on the overall picture of what happens to cryptocurrency. Do we even know what President Trump’s views on cryptocurrency are?

Trump tweeted: ‘I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated crypto assets can facilitate unlawful behavior, including drug trade and other illegal activity…’

I know that he claims to want a strong dollar, but then of course we’re dumping, you know, currency into the stock market, which I just made a video on that if you guys want to know what the—my problems are with dumping money into the stock market in particular, and how it affects small business, something I’m really passionate about.

But overall, I think we just don’t know what’s going on. And to try and just throw out these crazy excuses every time, it’s just got to stop. I mean, let’s just kind of, like, get our heads together and think, ‘okay, the market is manipulated.’ Just like the stock market, maybe in some different ways, but let’s be real.

Right now that there’s a worldwide panic going on over coronavirus…right? So, wouldn’t we think if, say, Bitcoin was the next gold, that people would be flying into it? Or does it have so much more…can it be influenced so much more by words, by different narratives, than, say, gold can?

We’re seeing stock markets have trouble, we’re seeing crypto have trouble, but I don’t know if the Fed is going to come in and bail out crypto, or they will come in and bail out the dollar. They’ve been suppressing gold and silver for a long time but there have been some movements on that, so we may see…

I guess if I was to make any prediction, I would have to say gold is more likely to hold its value than the dollar or crypto. Not financial advice, I have no idea. I’m just going by what I overall see. But often times, there is no rhyme or reason.

So, in the end, what should you do? You got to use your own best judgement, but I think trying to predict this market right now is ultimately going to be failure for most. There is just too much computer AI and there’s too much influence over things to really nail down what’s going to happen.

But if you do look at some fundamentals when it comes to crypto, this is why I suppose I would prefer Ethereum if you were going to go long anything, because Ethereum has real use case. Even if all of the monetary value of cryptocurrency was wiped out, there’s a lot of value intrinsically in Ethereum because of smart contracts, because the people are using it for other reasons that as money.

So, for me, I’ve always just felt that was a much more stable coin to look at, whereas in Bitcoin, if tomorrow they say, ‘well, you can’t use cryptocurrency as money,’ or, ‘we’re going to highly tax that,’ or, ‘we’re going to make it very difficult,’ Bitcoin is going to die. And of course, Ethereum would take a major hit but there would still be a use case for it and maybe even further, it might be good to have cryptos that are tired to something real.

Whereas, when it comes to Litecoin, I mean, why is it even around? What fundamentally does Litecoin do? It’s supposed to be silver? Actually, Ethereum has a lot more similarities with silver than Litecoin does. I mean, silver is used for a lot of different manufacturing. It’s used up in things, somewhere similar to Ethereum. Whereas Litecoin, I don’t really see any use for it, and I don’t see how it’s holding its value. But that’s just me.

You know, I love to hear what you guys think and tell me if you know why everything is crashing, or if you agree with me that the market is just rigged. And until we actually know what Tether is or things like that, I don’t know if the market is too safe to really bet on.

As for the people who are just holding, fine, cool. You know, if you’re gonna make the bet that eventually, you know, Bitcoin is gonna be $100,000, hey, that’s fine. Diversify your income, you know, probably.

As for me right now though, I think, given they’re pumping money into the stock market and into the banks and devaluating…should be devaluing the dollar, given that, and I think Bitcoin and many other cryptocurrencies are one law away from being decimated.

Gold and silver really seem to be…or maybe property, you know, just real assets are kind of… seem to be the better bet. Or maybe a cryptocurrency that is tied to something real that you can at least have some value no matter what they change with the currency laws for crypto.

Kind of just a Sunday rant, you know. Let me know what you think and I’ll see you in the next one.

Eric Phillips

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