WEBVTT 00:00:05.970 --> 00:00:08.250 Welcome to the Bitcoin Street Journal Bitcoin 00:00:08.250 --> 00:00:10.849 Market Update, the podcast that brings you daily 00:00:10.849 --> 00:00:13.429 live updates on the ever -changing Bitcoin market. 00:00:13.869 --> 00:00:16.350 Stay informed with our in -depth Bitcoin technical 00:00:16.350 --> 00:00:19.429 analysis as we explore Bitcoin breaking news, 00:00:19.870 --> 00:00:23.789 the current price of Bitcoin, BTC, market capitalization 00:00:23.789 --> 00:00:27.149 and market supply. Get ready to dive into the 00:00:27.149 --> 00:00:29.030 world of Bitcoin and stay ahead of the game. 00:00:29.309 --> 00:00:31.750 In today's episode, we'll cover the acknowledgement 00:00:31.750 --> 00:00:34.329 of Bitcoin as a global currency and critical 00:00:34.329 --> 00:00:37.210 hedge against inflation, the progress of Bitcoin 00:00:37.210 --> 00:00:40.130 halving, the risk of storing assets on exchanges, 00:00:40.850 --> 00:00:42.810 Dorsey's resignation from Twitter to focus on 00:00:42.810 --> 00:00:45.729 Bitcoin, the advantages of Bitcoin as the best 00:00:45.729 --> 00:00:48.070 -performing asset, and preventing government 00:00:48.070 --> 00:00:50.509 funding through inflation, and the comparison 00:00:50.509 --> 00:00:56.509 of Bitcoin to silver in the digital world. So 00:00:56.509 --> 00:00:59.149 here's some interesting news for you all. The 00:00:59.149 --> 00:01:02.729 founder of OpenAI, Sam Altman, recently acknowledged 00:01:02.729 --> 00:01:05.790 the power and potential of Bitcoin. He expressed 00:01:05.790 --> 00:01:08.250 his excitement about the idea of having a global 00:01:08.250 --> 00:01:11.189 currency that is not under the control of any 00:01:11.189 --> 00:01:14.329 government. Altman sees this as a logical and 00:01:14.329 --> 00:01:17.390 important step forward. And you know what? This 00:01:17.390 --> 00:01:19.849 is a big deal because even someone as influential 00:01:19.849 --> 00:01:22.750 as Altman recognizes how powerful Bitcoin truly 00:01:22.750 --> 00:01:25.829 is. Now let's move on to some more Bitcoin related 00:01:25.829 --> 00:01:28.640 news. Bittman, a prominent figure in the Bitcoin 00:01:28.640 --> 00:01:31.340 community, recently made waves again. This time 00:01:31.340 --> 00:01:34.239 he projected the words, study Bitcoin, at the 00:01:34.239 --> 00:01:37.239 Festival of Lights in Berlin, Germany. Talk about 00:01:37.239 --> 00:01:39.760 making a statement. It's great to see Bitcoin 00:01:39.760 --> 00:01:42.420 gaining visibility in such a creative and eye 00:01:42.420 --> 00:01:45.260 -catching way. But that's not all. Investment 00:01:45.260 --> 00:01:47.920 bank Jeffreys has described Bitcoin as a critical 00:01:47.920 --> 00:01:51.099 hedge against the potential devaluation of currency 00:01:51.099 --> 00:01:53.819 due to monetary policy and the return of inflation. 00:01:54.219 --> 00:01:56.640 This is an interesting development because it 00:01:56.640 --> 00:01:59.560 reflects the growing recognition of Bitcoin's 00:01:59.560 --> 00:02:03.400 value as a strategic asset. It's definitely encouraging 00:02:03.400 --> 00:02:06.319 to see more mainstream institutions acknowledging 00:02:06.319 --> 00:02:09.360 the importance of Bitcoin in navigating uncertain 00:02:09.360 --> 00:02:12.240 economic times. Now let's talk about the progress 00:02:12.240 --> 00:02:16.039 of the Bitcoin halving. Currently, we're at 86%. 00:02:16.270 --> 00:02:18.949 For those unfamiliar with the concept, the Bitcoin 00:02:18.949 --> 00:02:21.330 halving is an event that occurs approximately 00:02:21.330 --> 00:02:24.210 every four years, where the reward for mining 00:02:24.210 --> 00:02:27.569 Bitcoin is reduced by half. This mechanism helps 00:02:27.569 --> 00:02:30.509 control the supply of Bitcoin and has a significant 00:02:30.509 --> 00:02:33.830 impact on its value. So keeping an eye on the 00:02:33.830 --> 00:02:35.870 progress of the halving is crucial for anyone 00:02:35.870 --> 00:02:38.830 interested in the Bitcoin market. Speaking of 00:02:38.830 --> 00:02:41.449 the Bitcoin market, let's reflect on the top 00:02:41.449 --> 00:02:46.520 10 list of crypto market caps from 2013. It's 00:02:46.520 --> 00:02:49.180 fascinating to see that out of all the cryptocurrencies 00:02:49.180 --> 00:02:53.020 on that list, only one remains successful today. 00:02:53.620 --> 00:02:56.800 Bitcoin. This raises an important question. Why 00:02:56.800 --> 00:03:00.139 is it that so many people are Bitcoin only? Perhaps 00:03:00.139 --> 00:03:02.879 it's because Bitcoin has proven itself as a reliable 00:03:02.879 --> 00:03:05.900 and resilient digital asset with a track record 00:03:05.900 --> 00:03:09.240 that speaks for itself. Now, let's discuss a 00:03:09.240 --> 00:03:11.259 recent revelation that may raise some eyebrows. 00:03:11.599 --> 00:03:14.139 It turns out that FTX's public insurance fund 00:03:14.139 --> 00:03:17.360 size was apparently fake. Yes, you heard that 00:03:17.360 --> 00:03:20.219 right. The reported value of the fund was artificially 00:03:20.219 --> 00:03:22.780 inflated by including a random number in the 00:03:22.780 --> 00:03:25.439 calculation. This is a stark reminder of why 00:03:25.439 --> 00:03:28.319 it's crucial not to entrust your assets to exchanges. 00:03:29.159 --> 00:03:31.780 The decentralized nature of Bitcoin allows individuals 00:03:31.780 --> 00:03:34.500 to have full control over their funds, reducing 00:03:34.500 --> 00:03:36.800 the risks associated with centralized entities. 00:03:37.479 --> 00:03:40.090 So there you have it. a roundup of some intriguing 00:03:40.090 --> 00:03:42.949 news in the world of Bitcoin. From the acknowledgement 00:03:42.949 --> 00:03:45.129 of its power by influential figures like Sam 00:03:45.129 --> 00:03:48.050 Altman, to creative displays at festivals and 00:03:48.050 --> 00:03:50.289 investment banks recognizing its value as a hedge, 00:03:51.030 --> 00:03:54.050 Bitcoin continues to make its mark. Just remember, 00:03:54.509 --> 00:03:57.389 keep an eye on the Bitcoin having progress. Appreciate 00:03:57.389 --> 00:03:59.490 Bitcoin's resilience amidst the ever -changing 00:03:59.490 --> 00:04:02.610 crypto landscape, and always prioritize the security 00:04:02.610 --> 00:04:06.349 of your assets. Hey there, did you know that 00:04:06.349 --> 00:04:08.409 five months after that quote Dorsey actually 00:04:08.409 --> 00:04:11.349 resigned from Twitter to focus on Bitcoin? Pretty 00:04:11.349 --> 00:04:14.069 interesting, right? So history doesn't exactly 00:04:14.069 --> 00:04:16.990 repeat itself, but it certainly rhymes. It's 00:04:16.990 --> 00:04:18.910 always a good idea to check the date and the 00:04:18.910 --> 00:04:21.250 headlines see what's really going on. But you 00:04:21.250 --> 00:04:24.290 know what? Bitcoin allows us to opt out of all 00:04:24.290 --> 00:04:26.990 the madness that's constantly happening. It's 00:04:26.990 --> 00:04:30.509 like a way for us to steer clear of all the craziness. 00:04:31.290 --> 00:04:34.240 The beauty of holding Bitcoin. is that it prevents 00:04:34.240 --> 00:04:36.639 governments from funding their activities through 00:04:36.639 --> 00:04:38.939 inflation. That's something we've never really 00:04:38.939 --> 00:04:41.720 had before. We now have the power to choose to 00:04:41.720 --> 00:04:44.459 demonetize wars. Can you imagine the impact this 00:04:44.459 --> 00:04:46.879 could have on a global scale? Being part of a 00:04:46.879 --> 00:04:48.660 system that has the potential to bring peace 00:04:48.660 --> 00:04:50.899 to the world is pretty awe -inspiring, if you 00:04:50.899 --> 00:04:53.620 ask me. Now let's talk about how Bitcoin has 00:04:53.620 --> 00:04:56.339 been performing. It has been the best performing 00:04:56.339 --> 00:04:59.740 asset of the year by a landslide. That's pretty 00:04:59.740 --> 00:05:02.480 impressive, don't you think? And it's not just 00:05:02.480 --> 00:05:05.060 about the financial aspect. It's about the fact 00:05:05.060 --> 00:05:07.980 that Bitcoin allows us to demonetize governments 00:05:07.980 --> 00:05:10.920 and their wars. It's like a wealth transfer. 00:05:11.319 --> 00:05:13.339 And even though that may not have been the original 00:05:13.339 --> 00:05:16.480 objective, it's definitely a nice added feature. 00:05:17.019 --> 00:05:18.879 Who wouldn't want to benefit from that, right? 00:05:19.980 --> 00:05:22.339 Speaking of governments and wars, let's hear 00:05:22.339 --> 00:05:24.439 what US presidential candidate Robert Kennedy 00:05:24.439 --> 00:05:27.720 Jr. has to say about fiat money. According to 00:05:27.720 --> 00:05:30.740 him, fiat currency was actually invented to fund 00:05:30.740 --> 00:05:33.779 the cause of war. It's quite a thought -provoking 00:05:33.779 --> 00:05:36.819 statement, isn't it? It really makes you question 00:05:36.819 --> 00:05:40.759 the financial systems we have in place. Okay, 00:05:40.839 --> 00:05:43.220 let's switch gears now and talk about something 00:05:43.220 --> 00:05:46.339 a bit more technical. How about an easy explanation 00:05:46.339 --> 00:05:50.860 of how hardware wallets work? Cole from x .com, 00:05:51.240 --> 00:05:53.740 Comma has got us covered. Hardware wallets are 00:05:53.740 --> 00:05:55.959 a secure way to store your Bitcoin and other 00:05:55.959 --> 00:05:58.759 cryptocurrencies. They provide an extra layer 00:05:58.759 --> 00:06:01.399 of protection by keeping your private keys offline 00:06:01.399 --> 00:06:05.060 and away from potential hackers. It's like having 00:06:05.060 --> 00:06:08.079 a little vault for your digital assets. So if 00:06:08.079 --> 00:06:10.300 you're looking for a safe and reliable way to 00:06:10.300 --> 00:06:13.420 store your Bitcoin, a hardware wallet is definitely 00:06:13.420 --> 00:06:16.519 something to consider. Alright, that wraps up 00:06:16.519 --> 00:06:20.149 our discussion for today. Remember, Bitcoin is 00:06:20.149 --> 00:06:22.730 not just about financial gains. It's about the 00:06:22.730 --> 00:06:24.769 potential to bring about positive change in the 00:06:24.769 --> 00:06:27.129 world. Let's focus on that and keep the conversation 00:06:27.129 --> 00:06:30.310 going. Take care and see you soon. Now let's 00:06:30.310 --> 00:06:32.370 talk about some of the so -called positives of 00:06:32.370 --> 00:06:35.129 silver. First, it's been used for thousands of 00:06:35.129 --> 00:06:37.529 years as money. But let's be honest, silver is 00:06:37.529 --> 00:06:40.230 old. It's an analog form of currency that doesn't 00:06:40.230 --> 00:06:43.009 work in today's digital world. When you're in 00:06:43.009 --> 00:06:45.350 the Starbucks drive -thru craving a soy latte, 00:06:45.990 --> 00:06:48.170 you can't use silver on your phone to pay for 00:06:48.170 --> 00:06:50.550 it. And when you want to buy something online, 00:06:51.269 --> 00:06:53.529 silver won't cut it. The younger generation is 00:06:53.529 --> 00:06:55.529 more than happy to carry their phones everywhere, 00:06:55.709 --> 00:06:58.110 but they definitely don't want to be burdened 00:06:58.110 --> 00:07:01.209 with a pocket full of metal. In comparison, Bitcoin 00:07:01.209 --> 00:07:04.350 is young, only 14 years old, and perfectly adapted 00:07:04.350 --> 00:07:07.050 to the digital era. Another argument in favor 00:07:07.050 --> 00:07:09.250 of silver is that it has thousands of industrial 00:07:09.250 --> 00:07:12.629 uses. While that may be true, silver actually 00:07:12.629 --> 00:07:15.350 has better uses than being used as money. For 00:07:15.350 --> 00:07:17.889 example, It can be used to make Bitcoin mining 00:07:17.889 --> 00:07:20.610 equipment. Why would you want to waste such a 00:07:20.610 --> 00:07:22.970 valuable resource on something as mundane as 00:07:22.970 --> 00:07:25.649 currency? Silver is too important to be limited 00:07:25.649 --> 00:07:28.529 to just being used as money. Bitcoin, on the 00:07:28.529 --> 00:07:30.529 other hand, is solely designed to function as 00:07:30.529 --> 00:07:33.529 a form of digital currency. Silver is also touted 00:07:33.529 --> 00:07:36.430 as the number one conductor of electricity. While 00:07:36.430 --> 00:07:38.850 that may be impressive, it's not a good enough 00:07:38.850 --> 00:07:41.529 reason to stick all that silver in a vault. Silver 00:07:41.529 --> 00:07:43.050 should be put to better use than just sitting 00:07:43.050 --> 00:07:45.990 idle. Bitcoin, on the other hand, doesn't have 00:07:45.990 --> 00:07:48.370 this distraction. It doesn't need to conduct 00:07:48.370 --> 00:07:51.189 electricity or have any other additional functionalities. 00:07:51.810 --> 00:07:54.370 Its sole purpose is to be used as a decentralized 00:07:54.370 --> 00:07:57.170 digital currency. There's also the argument that 00:07:57.170 --> 00:08:00.250 silver is depleted in high demand and will be 00:08:00.250 --> 00:08:03.430 out of mines by 2044, if not sooner. But let's 00:08:03.430 --> 00:08:06.269 think about it. The earth is vast and there's 00:08:06.269 --> 00:08:08.790 an abundance of silver still left untapped. Even 00:08:08.790 --> 00:08:10.509 if we were to run out of silver, recycling would 00:08:10.509 --> 00:08:13.220 be an option. And if that's not enough, we could 00:08:13.220 --> 00:08:15.300 start mining asteroids or even other planets. 00:08:15.959 --> 00:08:18.060 Bitcoin, on the other hand, is limited to a total 00:08:18.060 --> 00:08:21.420 supply of 21 million coins, ensuring scarcity 00:08:21.420 --> 00:08:24.079 and value preservation. Some people like the 00:08:24.079 --> 00:08:26.680 fact that you can physically hold silver and 00:08:26.680 --> 00:08:29.259 that it can't be turned off. But let's not forget 00:08:29.259 --> 00:08:32.440 that silver is heavy. To possess the equivalent 00:08:32.440 --> 00:08:36.460 value of one Bitcoin, which is around $28 ,000, 00:08:36.700 --> 00:08:39.139 you would need over 80 pounds of silver in the 00:08:39.139 --> 00:08:41.940 form of monster boxes, each weighing 42 pounds. 00:08:42.600 --> 00:08:45.460 In contrast, Bitcoin weighs nothing at all. It's 00:08:45.460 --> 00:08:48.620 purely digital. Silver is often considered collectible, 00:08:48.960 --> 00:08:52.019 shiny, and pretty. While it may be visually appealing, 00:08:52.600 --> 00:08:55.059 silver tarnishes over time unlike Bitcoin and 00:08:55.059 --> 00:08:57.980 even gold. Beauty is subjective, and in the world 00:08:57.980 --> 00:09:00.240 of cryptocurrencies, it's the math and underlying 00:09:00.240 --> 00:09:03.240 technology that truly shines. That's where Bitcoin 00:09:03.240 --> 00:09:06.860 excels. Lastly, It's mentioned that each electronic 00:09:06.860 --> 00:09:09.600 vehicle requires two kilos of silver to make. 00:09:09.919 --> 00:09:12.299 Once again, silver may have industrial uses, 00:09:12.679 --> 00:09:15.159 but there are better alternatives for those purposes. 00:09:15.960 --> 00:09:18.419 Silver's potential as a monetary unit should 00:09:18.419 --> 00:09:21.600 not overshadow its other capabilities. Bitcoin, 00:09:21.659 --> 00:09:24.259 on the other hand, is specifically designed to 00:09:24.259 --> 00:09:27.120 be a decentralized digital currency and doesn't 00:09:27.120 --> 00:09:30.200 have any other side uses or distractions. In 00:09:30.200 --> 00:09:32.559 conclusion, while silver may have some redeeming 00:09:32.559 --> 00:09:34.840 qualities, it falls short in comparison to Bitcoin. 00:09:35.149 --> 00:09:38.830 Silver is old, heavy and limited in its functionalities. 00:09:39.389 --> 00:09:41.850 It has better uses in various industries than 00:09:41.850 --> 00:09:44.490 serving as a mere form of money. Bitcoin, on 00:09:44.490 --> 00:09:47.649 the other hand, is young, digital and perfectly 00:09:47.649 --> 00:09:50.610 suited for today's world. With its limited supply, 00:09:51.029 --> 00:09:53.990 decentralized nature and focus solely on being 00:09:53.990 --> 00:09:57.590 a currency, Bitcoin is truly the superior investment. 00:09:57.960 --> 00:10:00.399 So let's not waste our time debating with silver 00:10:00.399 --> 00:10:03.500 enthusiasts and instead embrace the future of 00:10:03.500 --> 00:10:13.360 digital finance with Bitcoin. In this episode, 00:10:13.519 --> 00:10:15.860 we explored the power of Bitcoin as a global 00:10:15.860 --> 00:10:19.019 currency outside government control, its role 00:10:19.019 --> 00:10:21.679 as a hedge against inflation and the progress 00:10:21.679 --> 00:10:24.860 of the Bitcoin halving. We also discussed the 00:10:24.860 --> 00:10:27.899 risks of storing assets on exchanges and the 00:10:27.899 --> 00:10:30.039 past resignation of Jack Dorsey from Twitter 00:10:30.039 --> 00:10:32.980 to focus on Bitcoin. Additionally, we compared 00:10:32.980 --> 00:10:35.179 the advantages of Bitcoin over silver in the 00:10:35.179 --> 00:10:37.580 digital world. Thank you for tuning in to the 00:10:37.580 --> 00:10:39.759 Bitcoin Street Journal Bitcoin Market Update, 00:10:40.220 --> 00:10:42.500 your go -to source for daily live Bitcoin market 00:10:42.500 --> 00:10:45.480 news updates, current Bitcoin technical analysis, 00:10:45.960 --> 00:10:49.159 BTC price fluctuations, market capitalization 00:10:49.159 --> 00:10:52.220 and market supply. Make sure to subscribe and 00:10:52.220 --> 00:10:53.559 join us for our next episode.