JPM Coin - End Of Bitcoin And Xrp

Hey you, welcome back to the channel. And guys, I hope you're having a fantastic weekend. Um, so I want to talk a little bit about the 800-pound gorilla in the room. And so many of us have been hearing about the JP Morgan Coin or the JPM Coin, uh, and what's that mean exactly? So we're looking at an image from Cointelegraph and it kind of shows JP Morgan, uh, in this Lion King-ish-like, uh, fresco, showing, holding up the birth of their new cryptocurrency, right? This JP Morgan token. Um, and so looking at what effects this could potentially have on XRP or the Ripple token and Bitcoin, right? Will this be the possibly be the nail in the coffin for some of these cryptocurrencies and maybe even the king of cryptocurrency? So let's talk about that a little bit. So to understand, you know, the, the weight of JP Morgan launching a cryptocurrency, um, this is an entity that transacts not millions, not billions, but trillions of dollars per day. Uh, they're moving that kind of money. They have about 250,000 employees. So this is not a, you know, this is, this is not a some type of, you know, idle-like threat to cryptocurrency. This is a, this is a major problem here, right? A huge, huge problem to one of the probably the best use cases of cryptocurrency today. So 2, to kind of put it in perspective, and I'm trying to be very objective in this, uh, did— this is kind of similar to the Facebook threat, right? These are, um, products moving in that already pretty much have these markets created They only need to put the layer of the cryptocurrency on the face of it and the problem is solved, right? So, you know, looking at something like the XRP token, and then I'll get over to Bitcoin. The problem with XRP, the XRP token, is in understanding what exactly it does. Dealing with cross-border payments and a variety of things like that. It does this between the banks. Now, the problem with banks are that banks like to make money in a safe way, the safest possible way. They don't want to be on the losing end. In fact, they don't even want to be subject to any risk at all. They're— this is how they're accustomed to doing business. They do business with no risk and the risk being put on the users, right? So, uh, the XRP token kind of creates a situation where they're basically going out to, at this point in time, for the most part, smaller banks. And these are smaller banks that are, you know, looking for opportunity in many ways. And some of these smaller banks are willing to go, you know what, I'm willing to trade the XRP token for the potential gains that we could receive, uh, but also putting into consideration the amount of loss we can face with the decline of moving this token, right? Um, now what the banks use is what they call the ex-current system already, and they can just use that through Ripple, the entity Ripple, and they don't need to use the XRP token at all. It's not a huge demand for them to use it, right? Um, but in idea, the, the, the— what the cryptocurrency space would like to see happen is, of course, all these banks that are in the Ripple network use the XRP token. Now, the problem with that is that's kind of like being in a fraternity and, um, going to a fraternity member who has a project that he wants you to use, and you telling him that, um, you know, um, you rather use something outside of that fraternity. And that's making a choice between the JPM token and the XRP token. Now, of course, there are a lot of more huger issues with that, uh, if you're a bank For instance, who would you be more likely to want to trust? Would you prefer to trust someone with a quarter of a million employees moving trillions of dollars a day? Or would you rather trust a cryptocurrency that is very obscure in some ways? Can't— people aren't able to figure out if it's a security or if it's something else. And I'm not ragging on XRP token. I know it has a large community and there are many things I like about XRP. But, you know, my just FA analysis of this, and, you know, to ignore the fundamental analysis of this, I think is dangerous. You just have to kind of come to terms when they say, well, hmm, that just doesn't make much sense that you're expecting billion-dollar, trillion-dollar industries to, you know, move that kind of money over something like the XRP token. Now, some people say, well, it's decentralized. Right? And that's why they don't want to do that. But wouldn't it just be in the best interest of a huge bank to just, uh, then create their own token with all these billions and trillions of dollars they're already moving? Wouldn't it be safer? You know, I'll give you this, um, I'll give you this kind of proverb or saying I, I heard mentioned by a few people, uh, even a friend of mine who was a pilot. Um, and what he said was, he said that I, I, I, I told him that I don't know if I ever have the nerve to fly an airplane. He's been trying to get me up in the air with him, uh, in a small plane for quite a bit of time now, and he's not very successful at that. However, you know, what he was saying was that he would much prefer to fly his own airplane, uh, than ride on an airplane with somebody else flying it. And so, you know, these big banks moving these trillions of dollars, you know, what, um, you know, what would it just be in their best interest to control the token themselves? And that seems like where it's going. Now people in the cryptocurrency space generally move to something like, well, that's not the idea behind cryptocurrency. And, you know, it's not, you know, decentralized, it would be controlled by them. But that's not really the point because the idea of blockchain technology and what's going on with it today is it's being used for whatever reasons people find the best use case for it, right? And so, you know, if that ends up being this, uh, way they can move money, uh, you know, more, um, uh, more efficient, uh, over their blockchains to settle these payments with other banks, uh, then, you know, it's very difficult to form this narrative that is being misused. It's not a cryptocurrency and a variety of things. Now, what's interesting about, uh, the JPM coin is that it's not for us, you know, it's not for— whereas Ripple, the XRP token, you can buy into this token. The banks are using— the banks that are using it with the public, right? Um, and you can't do that with JPM coin, But the problem is what JPM Coin does then is it takes away the institutions from cryptocurrency. Now, several years ago, that wouldn't have mattered. So now this kind of moves my conversation over to Bitcoin. When people talk about Bitcoin and then they talk about it being anti all of these institutions and banks, The very hypocritical part of that is that, you know, up until like several months ago, what has Bitcoin holders and believers been doing? We've been waiting on the very institutions that we're supposed to be anti of to save us. We've been hoping and praying for ETFs backed, who's gonna get in the game? What bank, big bank, or what big— is Wall Street going to get in the game? We've been doing all of that, right? Which was a mistake, right? Because by doing it, it easily becomes a situation where an institution can just use the blockchain and control their own destiny, which is what they would prefer to do. Because if anything, they're going to want to have some type of control or manipulation over it. They're not going to want to give that value over to the private, to the rest of us, to the rest of the public. So, so I guess the point I'm trying to make is that for, you know, Bitcoin to really be, uh, what we're hoping it to be we gotta be totally in or we gotta be totally out now, right? The early days of how Bitcoin started off with, you know, with just kind of grassroots movements and grew to what it did without these institutions, without their interference, without their interruption, is really the best, is the nature, you know, I'm finding of Bitcoin. It's obviously not gonna ally well with these institutions because again, The institutions will do better just using the blockchain technology as they're doing, running on Ethereum, right? To do that. So if it's running on Ethereum and they didn't go to— why wouldn't it just run on XCurrent, right? Which is the idea of what, um, you know, Ripple's doing. Why wouldn't it just run on the, uh, why wouldn't they just use XRP to move their money, right? Then all the money and stability goes to Ripple. They're not doing that. And that's showing a roadmap of institutions moving out of cryptocurrency, at least the cryptocurrencies we know of, right? And kind of moving into these stablecoins, not just gonna be JP Morgan, but of course it's gonna be Facebook. So now what you have is, what you pretty much are going to have is you're gonna have the JP Morgan coin or the Bank of America coin, or several dozen other institutional coins controlling the institutions because that's their brothers and they're safer with them. And yes, I would trust JP Morgan and Bank of America before I would trust an entity. And again, I'm not slamming XRP holders or Ripple, but with Ripple holding over 60% of the XRP tokens, uh, why would— and, and in this kind of weird area, or if they're this legal security or not, why would I trust that when I can just know what's going on with JP Morgan? And if it's a Bank of America coin, or if it's a New York Stock Exchange coin, or whatever it is, why wouldn't I just trust those guys who are more in line with the direct compliance of the SEC? right, for the safety of moving billions and trillions of dollars. Uh, and I think this is how people are going to think. Now some people will say, well yeah, but it's not for the public. But Facebook is coming out and it's going to come out, it's going to start off with over 200 million users, making it the biggest cryptocurrency on the face of the map. And that's going to be for the public. They're going to use that like they use Cash App and they use a lot of other these, uh, functions because they're going to be a very easy interface. It's not going to be, I got to try to set up a Bitcoin wallet, find some Bitcoin, uh, interface, use some type of Bitcoin, um, uh, exchange or something. Not gonna have to do that because Facebook is probably— with such a huge community, you'll probably— it'll probably be a contained ecosystem where you can just move your Facebook currency back and forth to one another and buy and trade whatever you want with it, right? So you wouldn't even really need to take it out of that ecosystem necessarily to get goods and services of value. Excuse me. So this is what I mean by the fundamental analysis of this whole situation, guys, and what you have to look at. You also have to look at the markets, right? What are the markets? Some people say don't worry about price. They have a misunderstanding of what the market is. The market uses the price It uses price and it uses the market as a poll, right? That is the way we communicate to everybody back through the market, through price. We are saying that this is not as valuable as it should be. We're saying that this is, you know, too high. The value of this too high. We say it's too low. When it goes up. This is the way, this is the nervous system. This is how we communicate this way, right? So all that said, what can be done, right? How can we get Bitcoin back to its right path, its early days of glory? Well, we have to be realistic about a few things. First, and this might not come as the best news, news, but there are a few things we have to consider. If it's only costing Bitcoin at this time on average about $3,100 to produce it, right? It's probably not going to trade much higher than that. In fact, it's probably costing about half that to produce it, right? So here's the, here's the issue. It is In traditional markets, at least, it is very commonplace for the value of an underlying asset to trade twice its value, right? Which meaning is that if Bitcoin now is trading around about $3,600, that is probably only really worth about $1,800. And I'm not gonna go into a lot of detail about why Bitcoin is, that's a good value for Bitcoin. I've done other videos about the supply and demand factors that deal with why Bitcoin is probably better around that price. But due to these new developments, my opinion is Bitcoin's not gonna trade much higher than $3,600 for a long time. And so what can be done? What is the next solution for the Bitcoin holders? Here's what I've come up with. Our project BitcoinMYK, right? What is that? What does it do? Well, it basically allows Bitcoin to remain as a store of value, which is like gold, but kind of creates a version of Bitcoin that is the money to the gold, right? And, uh, it works. It works because you don't have to buy the BitcoinMYK. You only have to buy or mine more Bitcoin and you move the represented value of that through Bitcoin MYK. The more Bitcoin you mine, the more Bitcoin MYK you get, the more Bitcoin you buy. Now, the reason this is significant to the value of Bitcoin, because another theory is what's happening in Bitcoin in the cryptocurrency space is that people are making money just shorting Bitcoin with futures, They're shorting it. You don't have to, you can make money with it going down. Uh, and so it is not, they're making money. People are still making money without the price of Bitcoin going up. And so it's going to probably stay in a trading range like this. It doesn't have to go up for people to make money on it. Um, and so because of that, it's not going to give the Bitcoin holders, the people who are long on Bitcoin, the profits they're looking for, the price rises they're looking for. And they can just do this kind of thing forever. They do it in traditional markets with assets all the time, and they kind of stay in this stable price, right? But, but that doesn't do you any good if you're the kind of person holding, just holding, just holding, not using it, not spending it, because you can't. Because number one, it's not a money. It doesn't work good as a money. What do you do? Well, in our project BitcoinNYK, you can, because remember it's starting at under a dollar or around the dollar mark, right? So if it reached a fraction, if it reached a tenth of what Bitcoin is, right? You've just ballooned your, the value of your Bitcoin holdings by an astronomical amount, right? Valuations you'd never— and price rises you'd never see ever again in the history of Bitcoin. But if you want to relive these days, you're going to have to get very, very realistic. Do more research on Bitcoin. Don't just look at the hype videos for Bitcoin and pray that your bag goes up, but look at all the videos telling you why it's going to go down, because that will give you a well-rounded view of what you need to do. Or you can just join my project, my project BitcoinNYK. Uh, if everybody in Bitcoin joins my project, you can make a lot of money with Bitcoin going up without even buying any of our token. I think that's the best deal you're going to get in the cryptocurrency world ever. I mean, like, ever. It also has the social network component to it, which is kind of being reminiscent of the Facebook cryptocurrency, which deals with easy user interface places, right? So you can easily mass adopt and get much like what Facebook's going to do, have all of these people, uh, easily able to use your cryptocurrency. Because Bitcoin is not easy to use and people aren't going to use it. Vendors and merchants aren't going to want to use it because they're going to worry about the fluctuation in the price. Now they're losing on their, uh, sending over their items. Their profit margins are generally very small and if their profit margin is only 1 to 10% and Bitcoin's moving down 10% a day or up or something like that, or even smaller percentages of that, it's enough to destroy their profit potential, right? And not make it worth them using Bitcoin as a vendor accepted method of money. So a lot of information to unpack in this video, a lot of realistic information. A lot of information people aren't going to want to hear but need to hear. Bitcoin NYK is the answer. It's probably one of the only things left that makes sense and that could save us in the cryptocurrency space. And it's risk-free to try it and see where it goes. Guys, if you like content like this, don't forget to like, subscribe, and until next time, take care.