BBD Coin Rises! Bitcoin To $20k?

Welcome back to the channel. I hope you're having a great day. So, um, the market has seemingly, uh, been a bit, um, chaotic, a little bit starting to go the opposite way. Um, now a lot of people have been discussing what's going on with Bitcoin. Why is it falling? A lot of optimism was in view. Bitcoin was viewed through the lens of $60,000 price heights it had hit. People called $100,000 Bitcoin, $200,000 Bitcoin, even a million dollar Bitcoin, something years ago we thought impossible. Now we see where something like that can conceivably be possible. But I think the one thing that got left out a lot in that conversation was that, uh, um, when things around the world change, and this goes for any market, um, you know, hindsight is 20/20, uh, but you can look at any market and conditions could be favorable for what that market can do in the future. And any news or any global catastrophe, or these are the elements that we never put in the price predictions, and these are the things we never consider. Many investors, a lot of optimism when Elon Musk invested a lot of money in Bitcoin. Caused the value of Bitcoin to skyrocket. But the problem now is, and some people are blaming the, uh, the new, um, President Biden of the United States tax plan where he's increasing the capital gains taxes, you know, meaning of course, uh, if you own cryptocurrency, you're going to pay about twice as much as taxes. And I'm kind of divided on that. Like, I get I hear a lot of argument from people in cryptocurrency about, you know, how that's stealing their wealth, how that's hurting them, and so on and so forth. But people generally who are investing at all are in an area where they have disposable income. Many people, some aren't, but a lot of the people who are really making a go of cryptocurrency, doing very, very well, the millionaires and people like that, these oftentimes aren't, you know, these aren't middle-class Americans, these aren't poor Americans, these are already wealthy Americans. And so the reason I'm kind of divided on many of Joe Biden's approaches is because although many of my peers seem to think otherwise, is that, you know, of course many people know I'm a proponent of universal basic income and I want to experiment with policies that create as much equality as possible. You know, obviously if people are getting rich, and I've seen this in cryptocurrency, we see it in the cryptocurrencies we're in, um, there is a great amount of distribution issues. Um, Dogecoin, which is hot right now, I just read a topic where a 33-year-old became a Dogecoin millionaire. He invested all of his life savings in Dogecoin, right? He took a gamble, a big gamble, a huge gamble, but it paid off, right? And so he's a multi-millionaire from Dogecoin, right? But oftentimes this isn't what's happening with cryptocurrency projects. And oftentimes the smaller guys losing. And in addition to that, Even if you look at the Dogecoin example, one person owns nearly 30% of Dogecoin, right? So we can see the, the, the very poor distribution and so on and so forth. And so that's why I'm a little bit divided on that. I don't know what the overall situation will be with that, but just keep in mind, everybody doesn't own Bitcoin. Everybody's not winning in Bitcoin. You know, although Bitcoin can pull up the market, there can be, but there's still not enough people in cryptocurrency, right? For this to significantly impact and affect everyone. The capital gains tax is also a broad area, right? You're not just talking about cryptocurrency, you're talking about stocks and bonds and who owns all the stocks and who owns all the derivatives and financial vehicles. Again, we're talking about very, very wealthy people oftentimes, right? So that's why I kind of look at it through a broader scope. Now, uh, because of all this, many believe that's what's causing the price of Bitcoin to go down. I think that has something to do with it, obviously, but my prediction is Bitcoin was going to go down anyway. I had been calling for Bitcoin to go down very, very long. I just, I just don't think Bitcoin, uh, makes a lot of sense. For the average user, right? If we think back to antiquity, they used gold as money, but the problem that made gold not the best currency and certainly not the best method for delivering economic prosperity, which is essential to a good healthy economy, was that it just wasn't enough gold to go around. It was hard to find because it was so scarce. Poor people couldn't hardly get it. They tried to get gold dust. They try to do a variety of things and it just, to give you a similar example, one that's maybe a little bit more understandable, think about life for people without debit cards, credit cards, right? A lot of the economically challenged couldn't get debit cards, they couldn't get credit cards, right? And they were cut off from a lot of the economy participation. And, uh, um, you know, many things that could have been convenient for their, uh, their, you know, their, their business life, their personal lives and so on, was not available to them. So then credit cards come on the scene, and now they have that option with credit cards to do more, because now credit cards have become accessible to anybody, and debit cards, anybody creditworthy or not, can have access to debit cards and credit cards to do electronic transactions and have the opportunity to receive that money anywhere from across the globe. Right. So take that back to gold and Bitcoin. What's happening with Bitcoin? Well, for one thing, Bitcoin is actually only being bought up by rich people and they're buying it all. And the thing is, as it goes down, even if you want to say the Biden tax plan created this, as it goes down, rich people are going to probably still gobble it up at very, very low prices, right? Um, and, uh, you know, the poor— and it's just going to hurt the distribution of Bitcoin even more, right? So it's becoming more like gold, but it may be worse than gold because at this point gold is mostly used to preserve your capital, right, to shelter your uh, against inflation. And Bitcoin is still very speculative. People still think it can reach a million dollars. And so, you know, they're, they're all— that's also part of it. Let me talk to you about the Bitcoin MYK-backed dollar first. Let me explain what it is real quick for those of you all who don't watch the channel, don't know what it is. The Bitcoin MYK-backed dollar is a cryptocurrency that is, was based on a native token called Bitcoin MYK. Now, what did Bitcoin MYK do? It was a, this type of, to make it digestible, it's this type of social network Bitcoin fork. I basically define it as a Bitcoin sidechain universal bridge cryptocurrency that will supply universal basic income to over 80% of the globe. That's the quickest way to explain it, but to break it down a bit, it is an idea, or at least in function, more like a Bitcoin fork. And in this, what you have is the Bitcoin network owns it. Um, it deflates against transaction. It kind of mirrors the Bitcoin halving, right? It's, it's getting lower, lower supply. It will be lower than the Bitcoin supply. Um, and, uh, how the value is predicated with this, which this is a little bit different than most cryptocurrencies, whereas some cryptocurrencies say the value is, is based on the technology or how much, uh, investors and so on and so forth. The BitcoinNYK project is a bit different. It is saying it is based on the network and the account itself and only that. So if you believe in the correlation And if you believe, first of all, people are more important than rocks and dirt and these inanimate objects, so to speak, automatically, as people come into the project, it gives it value because we believe the only real sense of value comes out of human beings, right? So as more accounts come into there, that value is at— how do we determine that value? Well, it's a very simple process. It's very similar to how you determine the value of a social network, right? If you look at something like Facebook, Twitter, they were able to gain Wall Street valuations based primarily on the number of accounts and how much each account is worth on average. Going with that model, which has seemed to be a model that has worked, the BitcoinNYK project does a similar thing. Now, the reason that it can continue to go up and stay at this value, whereas Bitcoin goes down, is because the Bitcoin network network is predicated on speculation, right? There is no mechanism that says that the, uh, um, that the, um, that the technology itself should continue to go up, uh, or something like that. Whereas Bitcoin MYK back dollar says, well, as the people come into the network, uh, the value goes up and that new value that's created, where does it go? Well, it goes into the inflation of the price, right? So it goes into the price. Now you might say, well, yeah, but what if that theory doesn't pan out? What happens if the market is to say— well, first of all, the market is always right. We believe that. That's what the market's saying now. Uh, but let's just say if it reaches a point, a lot of people come in and the price starts to drop. That's where the Bitcoin NYK back $1 idea comes from. Then the native token, the BitcoinMYK token, which is this actual token people can use on the platform for advertising, promotion, they can use it to, uh, play various games and things like that, um, kind of like Basic Attention Token. It's all based on attention value, how many accounts they gain. That dollar equivalent of that token. In other words, they can— it's— they can then go on the Bitcoin native, uh, token market if there is a problem with the Bitcoin NYK back market. And this model, this mechanism, uh, seems to be working so far, and, uh, it is sustaining the price whereas other cryptocurrencies and networks start to go down. So, um, because Bitcoin is being pumped by speculation Right. And the Bitcoin NYK-backed dollar is not— is more of a utility. It is not a speculative device. You cannot speculate really with Bitcoin NYK-backed dollars. You can try, but the market, the way that the market is comprised, the margins are so tight together. It's very difficult to do that and be successful at it. And so that's a little bit more technical for people, but if you'd like to learn more about this, if you're interested in it because maybe you bought Bitcoin, now it's went down right after you bought it and, uh, you're trying to understand why, you'd like to try something else that maybe makes more sense, um, you can subscribe to this channel. There are many videos about the BitcoinNYK Back Dollar project that can assist you. Ask questions in the comments section. We have a Discord you are welcome to join and we'll be more than happy to answer any questions you have. I try answer every question we do get. Um, but very interesting, a $20,000 Bitcoin. Well, based on many of the things I've just said, I think there are a few things that we need to be mindful of. First, uh, ideas like we'll never see a $50,000 Bitcoin again obviously has been proven false. That means that if we're below that $50,000 mark there's nothing in the universe that says we can't see a $20,000 Bitcoin. Uh, in fact, it's probably likely we will see it based on this information. And just based on, you know, really what it comes down to is Bitcoin is really, as I said, failing to be the cryptocurrency of the people like it was originally promoted as. And, uh, well, because of that, what do you hear? Again, just rich people buying, buying up Bitcoin, Bitcoin, right? No, there's no interaction with people, with the mainstream people, with retail investors. And so because of that, what's the demand? What's gonna be driving the value and price up of Bitcoin? And many of these cryptocurrencies, I think Bitcoin will always have value because it'll be a base pair to these other cryptocurrencies. But you have to understand too that cryptocurrencies, it is possible for their prices to stabilize and liquidity to increase without the price of that cryptocurrency going up. We've seen a similar thing happen with Ethereum before. We've also seen it happen with Bitcoin before. So just by being this base pair, that doesn't necessarily mean that we're going to see super high Bitcoin prices. Also, some cryptocurrencies may have direct fiat gateways and so on and so forth. So it doesn't exactly mean that it is a great possibility that could happen, but it doesn't necessarily have to be that way in the future. And I think that's also going to create some concerns for Bitcoin. So it's very likely that Bitcoin can see $20,000 again. It can see lower than $20,000 again, right? Uh, again, what we've learned in these markets is these, uh, cryptocurrencies can see any value, any price. You're— we're not safe. We're not out of the woods. And so a $20,000 Bitcoin is very possible. I I think within— over the summer, it might be possible. Um, a lot of people predicting, uh, so-called cryptocurrency experts are predicting we're going to see, um, you know, uh, something like a $20,000 Bitcoin by summer. So we'll see what happens. Um, but that's all I want to say in this video. If you like content like this, don't forget to like, subscribe. Um, if you want to, uh, get a hold of some free Bitcoin MYK, make sure to say hello. Come join our Discord. We'll make sure we get you off some. But that's all I want to say in this video. Until next time, as always, take care.