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13 May 2021

1 Confirmation with Jeff and Dave – The Future of Cryptocurrency and Blockchain with Special Guest Bobby Lee

1 Confirmation with Jeff and Dave – The Future of Cryptocurrency and Blockchain with Special Guest Bobby Lee

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Top of the news we have Bitcoin miners that are continuing to store or stack up on Bitcoins, even as Bitcoin remains under $60,000.

Most recently they’ve extended the decision period of the Banach, Bitcoin ETF with our comment that they have changed the deadline to made there was supposed to do it on May 3rd, but now they’re going to potentially do it sometime in June.

The SEC does have a Bitcoin, maximalist if you will, that formerly taught at MIT as the head of the SEC.

So one hopes that they will support Bitcoin.

And so to talk even more about Bitcoin today, we have Bobby Lee, former CEO of BTCC, and current CEO of Ballet.

It’s fascinating news about Bitcoin over the last six months.

The industry insiders, Maximus we all knew that Bitcoin would rally every three years, every four years, this is this bull market cycle corresponding to last year’s third block reward halving, which took place I think it was in May of last year, 2020 that is.

Even I predicted this rally two and a half years ago, in 2018, I was calling that Bitcoin prices will start picking up again at the end of 2020 and then a breakthrough in 2021.

So I’m still very, very optimistic about Bitcoin price.

If you think about it today, all of Bitcoin in circulation is only worth $1 trillion.

First of all, all those numbers, the 2.1 million Bitcoins, they don’t belong to the exchanges, they belong to the private individuals and companies that own the Bitcoin, rather, they’re held in custodial storage held by the exchanges.

And for that matter, different exchanges with different history reputations will have different varying amounts of that, it will certainly not be evenly split amongst the top 10 or even the top 20 exchanges.

Jefferson: It still will not that many more Bitcoins to be mined over the next few years, even before the next happening.

So essentially, what he did back then was he was using these tokens, these brass tokens and printing out the private key of a Bitcoin account behind tamper evidence stickers, hologram stickers if you will seals and it was still the mana brass token and that would represent one Bitcoin.

And these are physical Bitcoins, same model, as same genre as a Cassius, but they also have the feature of being mined from our BTCC mining pool.

So it’s a lot of money and I’m proud to have that track record as a very trusted and reliable coin maker.

It’s taking something that’s digital, and currently going into something that’s physical that I just find fascinating.

Well, turning our attention to just some of the other cryptos that are out there.

I still have the majority of my stash in Bitcoin, I put some money in Litecoin and also put some money in Ethereum.

And for that matter Ethereum has been very successful over the years, most recently four years ago with the ICO issuing tokens, what they call ERC 20 tokens, and more recently, issuing NFT’s.

So Ethereum smart contracts have been great for that.

So it’ll be interesting to see whether we can, and if Binance can steal some of the traffic from Ethereum, then it will go to show that Ethereum is just one of many platforms for hosting smart contracts.

I would actually still believe that the mining sector is using up a lot of the video cards and video computation.

So Chia and Filecoin, they use hard drives for mining proof of space and stuff like that.

And if you look at the actual wage by, just regular Fiat, it far exceeds anything that cryptocurrency is doing today, right.

So I think cryptocurrencies have just gotten started.

Like I said, Bitcoin is 12 years old, but when you measure it as human years, it’s not even a teenager yet.

It’s still just finishing Middle School if you will.

So, I think give it another 15 years, 20 years, I think it’s going to really grow up and mature.

And it’s really written for the mainstream audience for people to understand what the big deal is about Bitcoin?

And the fact that Bitcoin has reached $1 trillion today in market value, I think it’s got a ways to go.

I think, in this cycle, we saw most recently, the big news items, we saw companies like Tesla coming in to buy Bitcoin in January, and they did do some trades and sold some, but they still hold probably over a billion dollars worth of Bitcoin position, Tesla themselves.

And if you think about it, that’s point 1% of all the Bitcoin in circulation, because there’s $1 trillion worth of Bitcoin.

And I think in the future, in the coming three, four years that the next cycle, the price bull market cycle, will see Nation States coming in.

So I think that’s when I predicted countries will be buying Bitcoin as their reserve asset class.

But we probably won’t see that until a few years later.

Jefferson: Do you think we’re still just on this 4th wave, and we’ll actually just still be taking our time before we hit the 5th wave, or do you think we’ll just go right into the 5th wave?

Bobby: You’re talking about the price cycle for Bitcoin.

Jefferson: But based on my sort of 10 years of experience, I have a strong gut feeling that Bitcoin price cycles will mirror and match, it’s a lot reward, halving schedule, which is every four years.

But people beware right after a bull market cycle, Bitcoin will always react with a severe price correction, bring it down 50% initially, and even 60% 70% 80%.

Before you see mass adoption, it happened with just about everything, from electricity, way back in the olden days to today.

And so I still think oddly that we’re in the early days still, for cryptocurrency.

And the other thing is, whatever price you buy Bitcoin, be prepared that one day the price will be below your entry price.

Jefferson: And that’s the thing, my grandma told me years ago, even if it were just $10 bucks, you know, cup of coffee, just set it aside, at least you’ll be able to buy a cup of coffee later if you really needed.

And I think a lot of people have missed that.

I’d love to have you come back maybe about six, seven months from now if you’d be up for it.

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Why Fiat Experts Don’t Get Bitcoin
published: 1 hour ago
There are various reasons traditional experts do not understand bitcoin and thus have negative views on it.

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