Crypto Bull Run 2.0
Cryptocurrency Market Update
Bullish signals for the crypto market and the booming NFT space. Are you still on the sidelines?
Bryce Gonser: What's up guys, Bryce Gonser is Jesse Taff back with another episode of Buying the 208, and here's our Bull Run 2.0 market update for you.
Jesse Taff: So to start crypto right now, it's doing great, everyone's excited, again, that have some big, big expectations for the rest of this year but one of the dive into some updates on the NFT space. I know I've been kind of playing around in there buying up a few projects and really excited about the potential but just to give you guys kind of a very rough idea of how big this space is already in can be. So open seas, one of the largest or the largest NFT marketplaces to buy and sell your NFT projects, and in 2021, they did about 21 million in volume, just the first half of this year, they've done 2.5 billion in transactions just with NFT. So for all of you who think maybe it's fake or it's not something to look at 2.5 billion in six months is there's a lot of money in it, and it's just getting started. So take a look, do some research reach out if you have questions, but that's something I know I'm excited about.
Bryce Gonser: Yeah, and NFT's, it's like the newer version of like, some of the crypto space you know, everybody's has a pretty, you know, general grasp on like, what a cryptocurrency is, and you know, Defi and stuff like that. But NFT's are like this new thing that's kind of coming out. I think there are some potentially big movers in the crypto space where you can ride that wave up. Yeah. Another very big bullish indicator that we're seeing right now guys, and again, me and Jesse watch this stuff pretty closely and we take a look at the actual, you know, fundamentals and the actual metrics behind it on when a good buy will be I mean, we both dollar cost average, but we actually look at okay, once a good time to actually put in, you know, a significant amount of money and one of those just happen and I've talked about it a couple of times, but really what we're seeing is that 78% of Bitcoin is now being pulled off or 78% of Bitcoin is locked up. So we're seeing these very large institutions pulling off Bitcoin. Basically, it's a hard wallet, they're not going to be on crypto exchanges. Meaning that we have probably less than 20% of the liquid supply of Bitcoin being left to be bought up by over 8 billion people and so you're gonna see anytime that happens when we see people pull that money or pull Bitcoin off of those exchanges. It triggers a very bullish indicator that okay, we're going to hold because we know that there's a pretty big run upcoming and it's, you know if history repeats itself it's about to happen again.
Jesse Taff: Exactly. Yep. So lower supply is available to purchase and it just goes to show a lot of these large institutions and investors know the future is going to be big. So they don't want it on an exchange. They're just going to hold it safely in their cold wallets.
Bryce Gonser: Exactly and I think Jesse, we've mentioned this earlier talking about some of the bigger just overall bits. I mean, its billion-dollar companies are really starting to adopt cryptocurrencies, like it's not just a fad, it's here to stay.
Jesse Taff: Exactly and part of it is everyone sees the headlines, Tesla just bought, you know, millions or billions of dollars in crypto, and they're holding that as an investment. Like as if it were gold. A lot of other companies are doing that. But that's only a piece of it. To me, the more important and bigger piece is these large companies that are working to build their systems with crypto technology. Walmart announced that they're going to start working on developing some crypto technologies to integrate into their systems. Amazon announced this apple, there are even mortgage firms that are accepting Bitcoin as payment. I mean, if that doesn't say, we trust that this is going to be valuable, then I don't know what else.
Bryce Gonser: Yeah, they're not only keeping it on their balance sheet, you know, to basically, you know, it's a very good asset that has yielded over 200% return over the last decade, but they see the actual implementation of it in their own business. They want to be able to use it. So blockchain technology is here to stay and I think the very last kind of bullish indicator that we're seeing now, guys, is that after you know, a couple of months back in April, when China came out and really officially kicked all those miners out, we saw the hash rate drop, just because they were selling off equipment, you know, in the hash rate, again, is the ability to mined blocks in the Bitcoin Blockchain and so we're starting to see miners return we're starting to see the hash rate and hash ribbon increase and every time we see that, you know, Bitcoin, the speed all of a sudden picks back up another very bullish indicator. So if I was a betting man, I would put money on Bitcoin right now, because I think we just crossed over right look this morning, above 49,000. I think if we get over that 50 to 51, we're gonna shoot up pretty quick to 57, 58 and from there, I think our next big target is all-time highs of around 75,000 and I personally think we'll see a six-figure Bitcoin price before the end of the year.
Jesse Taff: Yep, I agree and altcoins are gonna either follow that or maybe even lead this current run-up. So invest at your own risk, make your smart and make your own decisions. I know you're putting out every Wednesday, you're putting in your dollar cost averaging and you're showing exactly what your dollar-cost averaging. So take a look at that. But we're both still actively investing. We think it's cheap right now. So you know, keep buying.
Jesse Taff: Exactly! So, guys, you have individual questions, please reach out. We're, you know, we're well versed in this again, it's not financial advice, but we definitely love talking about it. It's a great hedge against inflation and really can provide some great returns.