RING the alarms. Something out of
the ordinary is coming for BTC. Do you smell it!? Well Chico
Does…what is it that stinks?? Well find out in about 10 mins or less.
Because it’s time for Chico Crypto! So BTC Closing above 50k…an
over 50 thousand dollar asset. Since March 6th, 26 days straight, the
king crypto has held above this level. Bullish to say the least and the prices
of the past, seem like centuries ago….do you even remember 20k break? Well I sure
as heck do…it wasn’t a century ago, it was only a short 3 months ago…I
did the epic live stream haircut, cutting off my locks which had been growing
throughout the low of the 2018 bear market. That is in the rear-view mirror for most,
but I’ve already been planning ahead, beginning to grow my hair out for the next bear, and having the old hair made into a wig, just
in case the bear comes before this hair is long. Damn Chico, why you gotta be so bearish!? Well I’m bringing this up, because
even though we are hodling above 50k… BTC is having a rough time breaking the 60k level,
even with the best news possible.
Since when we first cracked 50k, mid February, BTC has tried
to break 60k 3 times. First bullish runup, the 21st of February…it did Crack it March 13th, but
immediately fell the next day……and now here. So what was the news? Well to get BTC to
officially crack 50k and runup towards 60k…was the BIG Tesla buy. 1.5 billion, TechCrunch covered
it the day it was announced.. February 8th. And February was kind to BTC after that. Business
Insider covered the events…February 11th, Mastercard announces their
plans, so does BNY Mellon. February 12th JayZ and Jack
Dorsey announce BTC plans, and andrew yang makes a new york mayor
call to turn the city into a BTC Hub. That was just some of the news, so of
course BTC would make a break for 60k…. What was the news on the second try?
Mid March? Well here is where things get a tad bit interesting to me. There
was no good news, Perse…but BAD news. March 12th, probably the worst news for how
the markets operate behind the scenes came out. Binance was being investigated and probed
by the CFTC.
Insiders knew about this probe before it has leaked to the public, and pulling
out the charts, 1 week before the public knew, BTC ran from under 50k to over 60k. BAD News
Binance was the reason for the only 60k break. It couldn’t do it, tried to for the week after,
but the BAD news settled in…So once again, it was ELON musk here to save the day. March 24th, he announces that Tesla is now accepting
BTC as payment and running their own nodes. And now since that!? March 29th Visa and USDC…
March 30th Paypal launches crypto checkout services
Yesterday the 31st Goldman Sachs is close to offering bitcoin and other
digital assets to its wealth management clients Yet BTC didn’t want to crack 60k yesterday.
Is this an April Fools joke by the whales? Are they fooling around with the
price before the NEXT LEG UP!? Well today is going to be really interesting
April Fools, because weird stuff is everywhere. The tubbies yesterday went all laser
eyed! Tweeting mysteriously about BTC…
Even the king white person's
burrito, Chipotle is doing something. Besides being April Fools day
today, it is national Burrito Day, and Chipotle is giving away free burritos,
and a chance at a piece of 100k in Bitcoin. It’s called Burritos or Bitcoin,
and you guess a 6 digit code, and Ten of thousands of codes will unlock
free burritos. Three will unlock $25,000 in Bitcoin. And 50 will unlock $500 in
Bitcoin. Players will have 10 tries to guess the code. Let me know if you win a
burrito or some bitcoin in the comments. And then, we can’t leave out Ethereum on April
Fools. Member a couple weeks ago..the miner show of force planner for today? StopEIP1559….Red Panda
Mining announcing it and the day on twitter?? Well it isn’t happening. Red Panda
announced they were dropping out, due to a new EIP being proposed which appeased
the miners. And looking at pool watch, no 51 percent show of force from any pool, including
ethermine where it was supposed to happen. April Fools Ethereum, love the miners. But,
let me tell you something. There is still bullish news regarding Ethereum and mining.
AMD, advanced Micro Devices…annouced some news in stark contrast to their competitor
For their new graphics cards, they would not be putting limiters on
cryptocurrency mining, like Nvidia was. But what the product manager of AMD said, leads
me to believe they have something up their sleeves regarding BTC mining. Nish Neelalojanan said this
“We will not be blocking any workload, not just mining for that matter. That said, there are a
couple of things. First of all, RDNA was designed from the ground up for gaming, and RDNA 2 doubles
up on this. And what I mean by this is, Infinity Cache and a smaller bus width were carefully
chosen to hit a very specific gaming hit rate” He’s saying the current graphic cards and their
chips were purpose built for gaming not mining. Nish continued “However, mining specifically
enjoys, or scales with, higher bandwidth and bus width, so there are going to be limitations
from an architectural level for mining itself” Do you get it? Nish, the product
manager, understands crypto mining. AMD understands crypto mining.
getting ready to launch a purpose built GPU for cryptocurrency mining to calm down
the war between gamers and miners? Well, they are probably going to have too.
As their competitor, Nvidia…did the same. In Mid February, Nvida announced their CMP line, dedicated for cryptocurrency mining. Even showing
Ethereum hash rates on the website for them. PCgamer was the one who leaked the speculation
news earlier in the month with their article “AMD's Apple-exclusive GPU could be
repurposed for cryptocurrency mining” Ethereum mining is at top of mind
for the BIG graphic card makers. Can you say one last bullish push from them?? But, this Proof of Work chain, Ethereum
& it’s high Gas Fees is killing, there is no doubt about that.
And Today, I
want to finish the episode off with Layer 2! What is being done to stop the high fees! Well, some things are being done and being
deployed ASAP, and yesterday was good news for scaling solutions all around. AAVE
announced they were deploying their first wave of scaling solutions with Polygon!!
Good news for them! But I’m still weary because of their Binance connections.
Regarding the scaling solution I like, xDai…they had solid news too yesterday. First
MyCrypto announced that they were moving their Memberships on their platform, the the xdai chain.
(Link #19 MyCrypto Moves to xdai for memberships) But it was a 1-2 punch for xdai. Orchid, the
VPN service announced they were moving some of their services to the xdai chain.
Now why is this highly interesting, Orchid choosing xdai?? Well over a
year now, a surprise Coinbase addition happened.
Orchid…no one had even heard
of the crypto, but Coinbase added it… And then, going to Orchid’s website, they
list Coinbase as a partner to this day. So a Coinbase, listed….and even New York Approved
cryptocurrency is using xdai?? Why aren’t they using some of the other scaling solutions
Coinbase is connected to? Like Optimisim?? Remember coinbase announced they would be
supporting their Layer 2?? Or shoot even the Coinbase Pro listed Polygon….which
AAVE is using who is also on Coinbase??? Why the breakaway?….because fundamentals! xDai
works, and it works the best for scaling right now.
Other solutions have the money
to offer to choose their solution, but xdai has the fundamentals. That’s why
you see big names like Fiskantes tweeting about solutions using it. Like the Perp
Protocol, who's staking just went live! Remember to stick to the basics… Stick to the fundamentals and don't be
fooled. Cheers I’ll see you next time!.