Bitcoins 2,000% rally could repeat – Bitcoin Today [June 1 2020]

welcome back to the channel everybody my name is Artie with coin caso and in this episode we go over the top news articles written over the weekend so that you guys can stay up-to-date and informed on everything going around in the cryptocurrency world welcome back everybody I hope you had an amazing weekend and if you're new here please consider subscribing because we do videos on cryptocurrency every single day talking about the price talking about the news and teaching you guys useful information and knowledge about cryptocurrencies so don't forget to go down below click that subscribe button and tick the notification bell to get notified every time we upload a new video let's not waste anybody's time jump right into this first article which is titled digital dollar project calls for two-tiered distribution system in first white paper for the US CBD see the digital dollar project is proposing a framework for the creation of a US central bank digital currency the group published its first white paper Friday detailing the need for a tokenized version of the US dollar and some potential avenues for building their system a digital dollar can help the u.s.

Maintain the dollar status as the world's reserve currency while serving a broader array of individuals and entities than the current financial system what they're proposing is a two-tiered system under this model the Fed would issue digital dollars to banks while users could either store funds in their accounts or hold on to these tokenized dollars in their own digital wallets this article goes more into depth on the white paper and what they're actually proposing but in essence it's gonna maintain the old system of having paper dollars and normal banking while also taking certain currency out of circulation and replacing them with its digital equivalent this is a slow weaning out process of the paper dollar and into a digital dollar in my opinion as you've heard me talk about in my previous videos I discussed how visa actually has a patent to process this whole transaction they've patented the process of taking a paper dollar out of circulation and replacing it with its digital equivalent now don't get too excited because they have to go through so many tests because this is the Fed this is centralized government's this process first needs to be talked about for almost a year then tested for nearly two years giving this about three years before we actually see the first digital dollar in circulation and on to our next article of the day which is titled the last time this on chain signal was seen Bitcoin rallied two thousand percent Bitcoin remains below key resistances but this hasn't stopped investors from becoming extremely bullish on the asset they talk about how blockchain analytics firm glass node recently found that 60% of all bitcoins and circulations have not moved at all over the last year the last time that this much cryptocurrency was frozen was right before the Bitcoin bull market of 2017 prior to a 2000 % rally that took Bitcoin from $1,000 to $20,000 now let's take a closer look at this chart that they have in this article you can see here this 60% holding line right here if you look really really closely we actually crossed over this 60% threshold that's when we saw the price shoot up to about $20,000 then a massive sell-off which correlates with the dip seen here in a bunch of people selling more and more people have bought and have been holding over the last few years and if you look really really closely here we're just below that 60% mark and if we cross it we may see an exact same trend as we did lay in 2017 now this is 100% speculation especially by the person that wrote this article but it's a very interesting correlation and I would love to see it play out again Bitcoin is only 11 years old so looking at key indicators like this and what the price of Bitcoin has done in the past could give us some insight into the future but you never know what's gonna happen with crypto currencies and we could have a huge whale sell-off or a huge whale buy-in causing the price to fluctuate like crazy and making all of these indicators completely useless but if the trend continues we could potentially see this happen and on to our last article of the day which is titled John McAfee calls his own $1,000,000 Bitcoin price prediction nonsense John McAfee an eccentric cryptocurrency advocate and British American entrepreneur in a tweak called his own previous prediction of Bitcoin price hitting 1 million dollars total nonsense adding that people who believed his absurd forecast wake up McAfee used the whole North American continent GDP as a comparison reference to explain why his call was a joke stating the if Bitcoin ever hit 1 million its market cap would be greater than the GDP of the entire North American continent in a recent tweet McAfee also labeled Bitcoin as the most crippled crypto technology this is not the first time he talks poorly about the first cryptocurrency earlier this year he described Bitcoin has an ancient tech and his predictions on the price going to 1 million was simply his trick to lure new users into the space which rolls into him recently announcing his own privacy focused cryptocurrency called ghost and he's convinced that both his coin and another new cryptocurrency called hex could potentially lure new people into crypto more efficiently than Bitcoin ever could now if you've been following crypto currency for any amount of time you've heard that this guy has predicted Bitcoin being at half a million dollars a hundred thousand dollars a million dollars and if it didn't hit a million dollars he would eat his own on national television I mean the publicity that this guy brought into the cryptocurrency world is astounding many people join the cryptocurrency world because of what he's said and now just like celebrities he got a massive following brought a lot of people into cryptocurrency and now he's using his money fame and fortune to start his own cryptocurrency so let's see what happens when John Maccabees cryptocurrency ghost hits the market and see how much value people put into that interesting times and crypto currencies but that's it for the news guys thank you for watching and we will see you tomorrow

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