kathy wood has been dropping a lot of hints lately and today she's dropped another one so let's talk about it hello guys and welcome back to crypto fire where we talk about dogecoin cryptocurrency and investing before we go any further please keep in mind that we're giving away 500 to a random subscriber all you have to do is like the video subscribe and leave a comment on your favorite crypto read our description for more info about it now let's get started with today's video kathy wood's prediction has bitcoin's value to have hit almost 500k by 2026.

She said that if we are correct and firms continue to diversify their cash into something like cryptocurrency and institutional investors begin investing five percent of their funds to crypto we predict bitcoin's price will be five times higher than it is now now here's why it's a big deal for dogecoin first doge correlation with bitcoin is rising it currently stands at a massive 59. so it's risen by more than 15 percent in the last 48 hours second she said something about eth which is going to have huge implications for dogecoin she said that arkhanvest's future exposure to crypto was likely to be around 60 bitcoin and 40 ether she also said that our confidence in ethereum has gone up dramatically as we have seen the beginning of the transition from proof of work to proof of stake now we know that dogecoin will soon be able to switch to proof of stake as michael lumen said confirmed earlier this week so if ark gets into doge point after this which seems highly likely after its switch to proof of stake doge will get an endorsement from arguably the smartest investor in the world coming back to eth she also said that ether is becoming more and more attractive as an investment thanks to the explosion in developer activity related to nft and d5 she said that i'm fascinated with what's going on in d5 which is collapsing the cost of the infrastructure for financial services in a way that i know that the traditional financial industry does not appreciate right now still in her view bitcoin still remains the default currency of the crypto space with el salvador dimming at legal tender and other countries of central america signaling they may follow soon before we talk about doge let's look at another good news for eth keep in mind that this could all potentially come true for dogecoin in the near future at the end of august ethereum network gas costs skyrocketed and tapped a high of fifty nine dollars per transaction but now the median fee for an ethereum transaction on september seven was around only twenty dollars per transaction days later the transaction fees have subsided to a degree as the median and average fees have been slashed in half since then we've talked about this before about how the switch to proof-of-stake will help doge see faster transactions and even cheaper transactions so i think this is pretty great coming back to doge some great news came from india crypto trades and ecosystems could be taxed in the near future in india the news comes at a time when there is a raging debate over how to treat cryptocurrencies while it doesn't mean that they would be categorized as a valid asset class it's a big deal because we can be certain that kryptos won't be banned in india after this and this is good for doge because people in tier 2 and tier 3 cities indulge in a lot of doge trading because of its low price moving on let's talk about bitcoin for a minute since the correlation is rising every single day the is an indicator that shows the total amount of bitcoin held in wallets of all centralized exchanges the value of all exchanges reserve has sharply gone down recently the current level of the metric is the lowest it has been in the last three years a downtrend like this means investors are withdrawing their coins from exchanges possibly to hold or sell through otc deals a downtrend in the exchange reserves can be bullish for the price in the long term as it may imply a greater amount of long-term holdings this has also been usually true historically but there can be certain exceptions as i said an exception could be that the sales are being done through otc deals but considering that bitcoin's price has broken past 47k again it's most likely the former also on-chain analytics firm glastnode said that long-term holders of btc are unfazed by last week's sell-off they also said that we can also see that long-term holders own supply has reached 79.5 percent of all btc coins this week which is equivalent to the level reached in october prior to the bull market kicking off now let's talk about another bullish news for the entire crypto market so facebook and its partners are facing some scrutiny from some treasury department officials because the latter feel facebook's team could undermine the stability of the financial system government officials are concerned that the proposed new network could threaten the broader economy if its value crashed they also said that even though deem is formally independent its association with facebook compounds the risk because facebook has the ability to scale its products to billions of people all over the world now we could see facebook steam project tank from here this is going to be bullish simply because it means less competition for cryptos like dogecoin in the long run moving on another news came from a popular broker for online equity options futures and forks trading so interactive brokers has announced the launch of crypto trading from step 13 its clients will be able to trade and custody bitcoin ethereum litecoin and bitcoin cash i think this will bring a lot of money into the market because while some of its competitors charge fees of 2 percent of trade value or higher interactive brokers charges low commissions of just 0.12 to 0.18 percent of trade value coming back to dogecoin we're finally back in the green again the near support for dogecoin is currently 22.3 cents if it goes below it it could fall down to 15.7 cents but considering that the correlation with bitcoin is rising i think this is highly unlikely it looks doge will rise above 25 cents and could rally to 32 cents when bitcoin is back above 52k again now let's talk about institutions for a minute grayscale investments has partnered with i capital network to provide more than 6.7 k advisors and clients access to its crypto investment products if you don't know i capital services more than 80 billion dollars in client assets across more than 780 funds globally so this will again be pretty great for the market in the long run now let's talk about some bad news about crypto mining for a minute the bitcoin network was estimated to consume about 67 terawatts of electricity in 2020 and its total consumption has already surpassed this in 2021.

By the end of this year it looks set to have used 91 terawatts of energy basically as the price of bitcoin increases more miners with less energy efficient machines join the network driving up energy use this means that it is essential to improve the efficiency of crypto mining and move to low carbon energy sources for electricity which brings me to this news bitcoin mining and power generation company greenage is set to complete a merger with customer and technical support solutions with this it'll become the latest publicly listed mining firm about this green of ceo said that this merger is an important next step for greenage as we build upon our existing integrated and proven platform for bitcoin mining and generation of lower carbon affordable power so i think we're slowly moving towards a future where mining is done with more clean energy moving on let's talk about crypto adoption last week ukraine legalized crypto in a near unanimous vote and it looks it is taking things a step further by making crypto legal tender it's reported that ukraine's president has sent a team to el salvador on a fact-finding mission to aid his plans for crypto adoption and according to professor vyacheslav janiev the president hopes to bring in a dual currency system featuring both crypto and the atrium by the beginning of 2023 he even talked about the possibility of crypto being pushed as the dominant currency of the two coming back to doge the big news for it is that according to tests conducted by ross nickhall last night there is now only a three minute delay when sending transactions with low fees this means transactions are being relayed and more miners are processing low fee transactions and this is it for today's video thanks for watching till the end if you enjoyed it please consider liking and sharing it with your friends also please subscribe to the channel and turn on post notifications for daily videos on dogecoin and cryptocurrency if you have any questions or suggestions please leave them in the comment section below goodbye take care

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