Last Week Crypto – Bitcoin Price to Over $500k? (Fidelity Predicts $1 Million!)

A great week for crypto indeed! So we've
got a lot of interesting developments to cover.
Hello! I'm cryptocasey and welcome to another episode of last week
crypto! Every Sunday, we review the performance of the largest
cryptocurrencies, top gainers, as well as the latest global
news stories affecting the crypto markets
this past week. This week, we will discuss the fed's new approach to inflation
announced Thursday, spoiler, it's not really new
or novel by any stretch of the imagination, how the stock market is
nearing the edge of a cliff hanging on by a thread as the us
presidential election draws closer and closer,
all while things in crypto are looking extremely bright and moving insanely
fast.

To check out the links to all the
articles we discuss, go to cryptocasey.com/last-week-crypto. This week's episode is brought to you by
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It's so important to have relationships with multiple exchanges
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when the crypto market really starts to take off. Also, a
question I get all the time is, "Hey Casey! Where can i buy
this coin or which exchange can i use to buy that coin?"
etc.

So i'm going to show you a neat tool you can use to find out where to buy
almost any and every coin imaginable, so stick around
until the end of this video for a quick tutorial. Every Wednesday on
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Awesome!
Now, let's jump into last-week-crypto. looking at the top cryptocurrencies by
market cap over the past week bitcoin down negative 3.7% overall.
ethereum at negative 6.1%. XRP at negative 8.4%,
and chain link down 7%. All in all, lots of great opportunities to buy
into projects at a nice discount. and we have another new face on the
block and the top ten by market cap, "Polkadot". Actually on august 21st the DOT
token was changed into a smaller denomination.
So the supply of DOT or value of your position
didn't change. The new DOT we see on the chart here is just 100 x smaller
than the old DOT. An analogy to better understand this
is basically DOT change from representing one US dollar bill
to representing one US penny not changing value or worth
just changing and representation. So the dot token used to be represented in
dollars and now dot is being represented in
pennies.

A bit confusing, sure, but I hope that clears things up for you.
Taking a look at the top gainers this week,
Polkadot up over 104 percent, Kusama up 89.4 percent
UMA up 52.7percent and aragon up 46%. Nice! Now time for a pop quiz!
Here are three things to ask yourself. 1. do you believe individuals
should have exclusive rights to privately own and freely trade
the fruits of their labor? 2. Do you believe
theft is morally repugnant? and 3. do you believe two plus two equals four? If you answered yes to these questions, congratulations! you are a bitcoin
believer. So I challenge you to administer this
quick simple quiz to all of your new coiner friends and
family who think you and your magic internet coins
are delusional because they will likely pass this quiz and realize
they too harbor these so-called delusional beliefs and tendencies.
Moving right into the most anticipated event over the week,
the U.S.

Federal Chairman addressed the nation on Thursday.
Powell announces new fed approach to inflation
that could keep rates lower for longer. In a move that chairman Jerome Powell
called a "robust updating" of fed policy the central bank
formally agreed to a policy of "average inflation targeting".
that means it will allow inflation to run moderately above
the fed's two percent goal for some time following periods when it has run below
that objective. hmm… so I think the keyword to highlight
here is "goal" because as we discussed a few weeks ago,
it's easy for the feds to stay near or around
a goal when the feds are constantly moving the actual
goal post to create the illusion that they are close
to said goal. So basically, inflation will now
target an average of two percent meaning following periods of sub two percent
inflation such as now, we will endeavor to get
inflation higher than two percent.

New target range will
use no formula. We continue to move goal posts and are
flying blind. Yes, pretty disturbing, but not really
that surprising anymore. Perhaps one day people will realize that
the trillions in interventions by the fed are not a sign of strength
but rather the appearance of control in an illusion and that the amount of
interventions are reflective of a structurally broken
system.

Fearing utter collapse. I've got another
quiz question for you. don't worry it's a softball. Can anyone
remind me what happens when you keep pushing air
into a balloon inflating it beyond its limits? Okay,
clearly, we have been in bubble territory for a while now,
but what phase are we in? Northmen trader on twitter is always on point.
He says we're now in the phase of the bubble where analysts are trampling over
each other to hype stocks into the stratosphere and
you don't need a finance degree, PhD, or any formal education really to
see that the stock market has not been operating on fundamentals most of 2020.
S&P 500 and Nasdaq both have hit new all-time
highs. Meanwhile, record unemployment, pandemic,
eviction crisis, etc show that the markets are completely detached from
reality. No wonder macro investors are buying
gold and bitcoin. This market is propped up by the fed printer alone.
Even the world's most renowned investors indicator surged
the same indicator that peaked before the dot-com crash.
Warren Buffett's favorite market indicator soars to record high, signaling
stocks are overvalued and a crash may be coming.

The Buffett indicator compares the stock market's total value
to quarterly GDP to assess whether it's overvalued or
undervalued relative to the size of the economy. The
ratio reached a historic 183 percent on Wednesday
reflecting the breathless stock rally in recent months
in the plunge and second quarter GDP and like i mentioned earlier,
you don't need a degree or formal education to realize that our global
financial system is broken, dysfunctional, and collapsing.
In fact, this week, the SEC is even starting to come around
redefining who is qualified to be a financial investor.
SEC redefines accredited investors to include
those with proven knowledge the u.s securities and exchange commission sec
has amended the definition of accredited investors
such as to include those with proven financial knowledge
the broader definition will enable more people to invest in private offerings of
cryptocurrency investments sec chairman jay clayton comments for
the first time individuals will be permitted to
participate in our private capital markets
not only based on their income or net worth but also based on established
clear measures of financial sophistication so instead of the blanket
rule being that you can't participate in certain investment vehicles unless
your net worth is high enough a step has been taken in the right
direction allowing a broader spectrum of people
to be deemed qualified investors an sec commissioner hester pierce
also known as crypto mom in the space knows what's up
saying americans shouldn't have to ask the sec
for permission to invest but today's accredited investor rule
at least offers people a path to ask permission
based on their education rather than simply telling them
no unless you're rich so things are looking up for crypto the sec isn't the
only financial agency coming around the international monetary
fund or imf just did an explainer video on crypto is
this bullish yeah i think so you know who else is
bullish none other than the winklevoss twins bitcoin
price to five hundred thousand dollars winklevoss lays out ultimate bullish
case the theory for a five hundred thousand dollar
long term bitcoin price is straightforward winklevoss believes
bitcoin could overtake gold as the global market's
leading safe haven asset does bitcoin have what it takes to potentially
overtake gold if you watched last week's episode you
know what elon musk and some others are predicting
winklevoss says currently gold is a reliable source of value
and a classic inflation hedge supply the supply of gold is
actually unknown while gold remains scarce or precious on this
planet earth the same cannot be said with respect to our galaxy
there are billions of dollars worth of gold floating around out there in space
and if you don't think someone is going to send some space monkeys or more
likely robots to go and stake their claim
that's fine just make sure you go and buy some bitcoin stat
i mean come on i know you passed the quiz just go ahead and admit it
you are a bitcoin believer admission is the first step after all
and if you're a bit nervous about taking the next step maybe this
will inspire you doubling down on winklevoss's 500k prediction
asset giant fidelity analyzes model that forecasts bitcoin rise to 1 million
using the correlation between an assets price and its stock to flow ratio
stating commodities with high stock to flow ratios
such as bitcoin gold and silver have historically been utilized
as stores of value this graph shows a popular model
that uses bitcoin's historical relationship between price
and stock to flow to estimate a future price and
you can see where it's projected to hit 1 million around 2029
after the next having in 2024 two lofty predictions
made just this week by some heavy hitters in the financial realm
i know a lot of you are in bitcoin already but i do get a lot of questions
about how to buy bitcoin through a retirement account
unfortunately most of the services available do not allow you to control
your own private keys and if you don't control your own
private keys you don't have control over your funds which is not a pleasant
thought especially in terms of retirement funds
luckily it looks like there may be a solution to this
finally there is a way to own actual bitcoin in your retirement account
no etfs no indirect exposure bitcoin with your private keys and everything
check out choice which is a new self-directed ira
and you can use the link in the description area below to access the
correct official site to join the waitlist it
will definitely be interesting to check out
when it's fully launched so we are going to wrap up this episode
with a few back-to-back tweets that help put just how quickly crypto moves
and how much opportunity exists in the space
because in real life with fiat as a wealth measure
you're either born into an empire or poverty
but definitely with bitcoin you will build your own empire ground up
disenfranchised or not and if you've ever seen the movie
interstellar with matthew mcconaughey this meme pretty much accurately
describes the speed with which defy in particular
moves trying to explain d5 to my normal investor friends
d5 one hour here is seven years on earth if you've been in crypto for a while now
you will definitely agree with this tweet
and if you're just getting into crypto take heed
working in crypto is like compound interest on your time
there is no other space in the world that is growing as fast as crypto
this means that as the industry grows your net worth grows
as well as your business you get one chance at life
take a chance on crypto and if you have any friends or families that are
naysayers and don't like or understand the opportunities
crypto presents right now consider this when someone tells you that your plan is
impossible remember it's impossible for them but
not for you execute on your ideas and chase your
passion ps bitcoin going to 20k awesome
so if you are a beginner and want to learn how to make gains as a profitable
cryptocurrency investor sign up to join my beta course at
cryptocasey.com forward slash beta i will be offering
this course to everyone interested for free as a 100k subscriber special
to thank you for all the support you guys have given to the channel
access will be released next week along with a 100k subscriber
video so make sure to watch out for that next week
i'll keep you posted via email as well if you've signed up on my website
and if you haven't yet head to cryptocasey.com
to sign up for my newsletter sweet also if you're interested in learning how to
become a developer in the industry or learn more about the advanced
technical concepts of blockchain technology
the best resource available in my opinion is ivan ontax academy
using the link in the description area below you can enroll on the course at a
discounted price cool one last thing here's a quick tip
on how to find out where you can buy almost each and every cryptocurrency
available out there simply open your browser and head over
to coingecko.com once you're there go to the search box in the top right corner
and then type in the cryptocurrency you're interested in
next click on the coin from the list of suggestions
and once the page has loaded scroll down to the bottom
where the spot tab is located under the exchange column
you will see all of the available exchanges and swap pairs
available for that cryptocurrency to the very far right
under the trust score you will see colored dots that represent how good the
liquidity is on each exchange for swapping that
crypto green being good yellow being moderate and red being poor
to search for another coin scroll up type in the cryptocurrency
into the search field in the top right click on the coin scroll down to the
spot section and take a look under the exchanges column awesome well
that was last week in crypto with me crypto casey if you enjoyed the episode
please make sure to like this video and subscribe to my channel for more
crypto content to check out the links to all the articles we discussed
go to cryptocasey.com forward slash last week
crypto so what did you think of the massive bitcoin price predictions that
came out this week if you're not already have you started
trying to figure out ways you can work in the crypto space
are you going to miss out on 50 worth of free cryptocurrency by signing up for
crypto.com if not click on the link in the
description area below let me know your thoughts on everything we covered
in the comments be safe out there you

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