BITCOIN UPDATE! THE PUMP!

Stefan Molyneux

FREEDOMAIN FLASH BITCOIN LIVESTREAM 12 November 2024  In this episode, we analyze the recent surge in Bitcoin's price, nearing $90,000 after a 13% increase in one day. We discuss factors driving this rise, including market closures and traditional finance interest. The conversation covers Bitcoin's impressive 44% growth over three months, its new all-time high in inflation-adjusted terms, and the implications of the upcoming halving event and potential nation-state purchases. We also touch on regulatory prospects with a Bitcoin-friendly U.S. administration, mining strategies, and investor sentiment affecting market dynamics.  Donors get access to the full stream!  Preview the donor stream here: https://premium.freedomain.com/6733bacce0578b88b508781d/bitcoin-update-the-pump  Donors can catch the donor stream here: https://freedomain.locals.com/post/6351764/donor-livestream-bitcoin-update-the-pump  GET MY NEW BOOK 'PEACEFUL PARENTING', THE INTERACTIVE PEACEFUL PARENTING AI, AND AUDIOBOOK!  https://peacefulparenting.com/  Join the PREMIUM philosophy community on the web for free!  Also get the Truth About the French Revolution, multiple interactive multi-lingual philosophy AIs trained on thousands of hours of my material, as well as targeted AIs for Real-Time Relationships, BitCoin, Peaceful Parenting, and Call-Ins. Don't miss the private livestreams, premium call in shows, the 22 Part History of Philosophers series and much more!  See you soon!  https://freedomain.locals.com/support/promo/UPB2022

Transcript

00:00All right, 12th of November 2024, Bitcoin had one of its most impressive days in its

00:06entire history just yesterday, almost hit 90k.

00:11These are US numbers up more than 13%.

00:17Now one of the things that happened was Friday afternoon, it was at about 76k when the stock

00:23market closed.

00:24Now remember, the stock market is closed more than it's open.

00:26So if there is activity in the market over the weekend, everyone's paralyzed and what

00:34happens is demand gets pent up and then when the markets open on the Monday, there's a

00:40big grab.

00:41Now of course, if you have your own Bitcoins, you can buy and sell and trade on exchanges

00:45or wherever, then you can work on the weekend.

00:48But things shut down for Wall Street on the weekend, so there's a lot of pent up demand.

00:58So that's important to remember.

01:04So the finance tradfy wants Bitcoin and Bitcoin related companies and Anthony Pompliano, who's

01:13a great guy to follow, says, take a look at Hut 8, which provides power for Bitcoin mining

01:17and AI use cases.

01:19He's an advisor.

01:20The company saw its stock price increase by more than 50% over the last five days.

01:25During the last three months, Bitcoin has added more than 26,000 to the price.

01:29This is as of yesterday.

01:30It's a 44% increase and that's pretty important.

01:37What's also important is the cross of 80,000 crossing over 80k signals the first time in

01:41years that Bitcoin has hit a new all-time high ATH in inflation adjusted terms.

01:47Daniel San Perpico highlights the previous all-time high of more than 69,000 is actually

01:51equivalent to over 80,000 in today's dollars.

01:54Isn't that wild?

01:56Isn't that wild just how much your seed crop is being eaten by the rats of central banking,

02:03right?

02:04So, the rise against price appreciation put us over the new inflation adjusted threshold.

02:13Institutional investors are keen to figure out Bitcoin and allocating to it.

02:17Some people are saying that they want to put their clients in at least 1% that they're

02:20going to opt them in unless they opt out.

02:22That would be pretty big.

02:25Of course, the halving year, I talked about this at the end of last year and the beginning

02:28of this year.

02:292020 was the last halving year.

02:31In 2020, Bitcoin went from about 15k in early November to over 60k in March of 2021.

02:39That's a more over 400% price appreciation in five months.

02:44That is rare, that is rare.

02:49Financial advisors, as I mentioned, so somebody posted online, additionally, there are rumors

02:53from some of those knowledgeable Bitcoiners that we will see a very large nation-state

02:57purchase revealed in the coming months.

03:00Bitcoin magazine CEO David Bailey, which is different from bailout, claims the nation-state

03:08has become a top five holder of Bitcoin recently, but no one is aware they purchased the Bitcoin.

03:14So I'll get into that in the donor section, what's going on with that and why that is

03:19so massively important, in my humble opinion.

03:22Naturally, just to mention, of course, the usual, these are all my opinions, I'm not

03:27a financial expert.

03:29Just in your own caution, do your own research, do not take anything I say as any kind of

03:34investment advice.

03:36These are just amateur idiot opinions, and those are all the caveats.

03:46So not only is the most pro-Bitcoin president going to the White House, and there's talk

03:51of course of removing the capital gains tax from Bitcoin profits, and that would draw

04:01a lot of Bitcoin expertise into the US.

04:05But it's not just Bitcoin, it's the energy sector, right?

04:08So the leftists in general are hostile to energy, right?

04:13There's a great meme about, it's a picture of Three Mile Island, and it's like, so we

04:20had magic rocks that could boil water for virtually nothing and give us endless power,

04:24but then one of them caught fire, so we can't do that anymore.

04:28Can you imagine if when people had figured out how to stop fires, one guy had burned

04:32his hut down and therefore you could never use it again?

04:37Strange.

04:39So it is the fact that Republicans, you know, the drill baby drill meme, Republicans are

04:45very pro-energy.

04:47So because Republicans are pro-energy, and energy fuels Bitcoin, the cost of mining and

04:55transfers is going to go down, because the price of energy is going to go down, supply

05:00and demand.

05:02Trump previously committed to a Bitcoin strategic reserve.

05:06Cynthia Loomis tweeted recently about the strategic reserve, her post received more

05:12than 5.6 million views as of this morning.

05:16So that is a huge, huge deal, if that would be the case.

05:27Of course, always we have to ask the foundational question, is Bitcoin becoming more valuable,

05:32or is fiat becoming less valuable?

05:35So Charlie Bilello pointed out, quote, US national debt is absolutely exploding higher,

05:40increasing by 850 billion dollars in just the last three months.

05:44In the past five years, we've seen a 56% increase the federal government is borrowing from our

05:48future to spend money like drunken sailors today.

05:53So during the last three months, Bitcoin added more than 26,000 to its price, that is a 44%

05:59increase.

06:00At the same time, the national debt increased by 850 billion, right?

06:08So it's the usual hedge against currency debasement.

06:11Of course, as the national debt goes higher, the monetization of the debt, the money printing

06:15of debt, they're going to try and inflate their way out of it.

06:20And everyone sort of is trying to do this comparison of decentralized finance to traditional

06:27centralized finance and saying the relationship is between Wall Street and Bitcoin.

06:31It's a great case to be made that Bitcoin is actually screaming out about the national

06:35debt.

06:36And the most foundational relationship to keep in mind is not the relationship between

06:38Bitcoin and Wall Street, but between Bitcoin and the endlessly greedy democratic population

06:45and the spending like drunken sailors politicians.

06:50So that would be, of course, a little bit closer to my case.

06:56A Bitcoin Canadian is holding steady in the high 120, which is again, remarkable and amazing

07:04and a powerful yet insulting to drunken sailors.

07:07That's true.

07:08That's true.

07:09Yeah.

07:10Inverse Kramer is almost, almost something else.

07:16All right, let me just check your questions.

07:25Almost check Kramer's, the inverse Kramer is such a meme.

07:29Yeah.

07:30And it's reliable energy, not windmills and solar panels and so on, right?

07:34So if you have questions or comments, I'm certainly, certainly happy to hear.

07:42And otherwise I can keep on chugging with comments.

07:49And then I'm going to give you the big economic philosophical view for donors, right?

07:55Because you guys keep this show cooking and I really, really appreciate it.

08:04So this is news.bitcoin.com.

08:08Key support and resistance levels are emerging.

08:09The immediate support lies at 86K, where recent corrections pause.

08:13The next significant support level appears on the daily chart around 80K, a prior breakout

08:18point.

08:19Resistance hits firmly at 89, 983, Bitcoin's recent high with a psychological barrier at

08:2690K.

08:27Breaking past these levels with substantial volume would be a bullish continuation signal

08:30while failure to break resistance could lead to short-term consolidation phase.

08:33Yeah, it's so funny, right?

08:36I've never, I've never for the life of me understood why is it that people think that

08:40$9.99 is less than $10, $9.99, that's less than $10.

08:48It was one of my introductions to the profound stupidity of the herd as a whole, that people

08:55don't just round that up in their mind.

08:56Now, it was called The Kibbles, it was an old Douglas Adams book about taking funny

09:01names of towns in England and what they might be defined to.

09:06There was a great town called Eli, and Eli was that, that bad feeling, that creepy bad

09:12feeling you get when you're carrying plastic bags full of groceries and the handles keep

09:15getting longer as they're stretching out to get a break.

09:19Eli.

09:20I remember that book was very funny.

09:22But yeah, why there's a psychological, $90K is high, $89.983, which is what, $17 less.

09:30That's low.

09:31What can I tell you?

09:33I mean, just adjust things in your head.

09:36It's so much easier.

09:37Don't be manipulated, right?

09:38So, of course, I know that sometimes they made $9.99 so people would have to give change

09:42and so on, but it is just wild.

09:49Yeah, so if capital gains taxes are eliminated for Bitcoin sales, then that would be massive.

09:56That would be absolutely enormous with regards to that.

10:00So, that would be an amazing, amazing thing and will draw people to America in ways that

10:09have not been seen since the 18th century, 19th century.

10:14All right, so yeah, why there's a psychological barrier is just because people, I don't know.

10:21I don't know.

10:22I don't know.

10:23It's just weird.

10:24Last week, BlackRock's Ptui ETF also set a record for single-day inflows with $1.12 billion

10:31injected into its ETF product.

10:33A broader look at the market shows that the total net asset to Bitcoin ETFs is currently

10:37at $90.6 billion.

10:41This is technically 5.27% of Bitcoin's total market cap, according to data from SoSoValue.

10:48Because this sort of $21 million thing, okay, a bunch of them have been lost and a bunch

10:54of people aren't selling, and we'll get into more details about it in the donor view, but

10:59a bunch of people aren't selling.

11:00How many are actually available?

11:02I can't believe people are selling right now.

11:04Trading fiat, trading Bitcoin for fiat, I don't know, man, it's like trading in Elizabeth

11:09Hurley in a prime for Jabba the Hutt on his deathbed.

11:16The price of Bitcoin has surged over 12% against the US dollar in the past 24 hours, excuse

11:20me, this is from yesterday, I think, reaching a peak price by 6.40 p.m. Eastern.

11:26It's one of the largest daily candles since 2021 and was, in fact, the largest single-daily

11:30gain in Bitcoin's history.

11:33It went past silver in market cap, the uptick pushed Bitcoin's market cap to a substantial

11:39$1.75 trillion, highlighting its status as a financial powerhouse amid the ongoing bull

11:44market.

11:45Bitcoin futures open interest remains robust, currently at $53.42 billion, signaling sustained

11:52investor interest in the crypto's trajectory.

11:55Interest from institutional investors is also mounting as the 12-spot Bitcoin ETFs have

11:59recorded $7.14 billion in settled trades today.

12:06So spot ETFs, of course, offer a more accessible gateway for traditional finance to enter the

12:10digital asset space, and once it goes to six figures, I mean, people's minds are going

12:18to be absolutely blown.

12:23Mara Betts on U.S. Bitcoin development announces 372 megawatt Ohio developments, it's a wave

12:29of optimism activity in the cryptocurrency industry in the U.S., so that's pretty wild.

12:36Now what is going to happen under Trump's new administration regarding crypto?

12:40Well, of course, nobody knows exactly, but this is the general idea.

12:43Cristiano Venturicelli, Vice President for Digital Assets of Moody's Ratings, this is

12:48from NewsBitcoin.com, discussed the potential implication of a Trump-led Republican administration

12:53on cryptocurrency regulation, suggesting a shift towards a more favorable environment

12:56for digital assets.

13:00So over 280 pro-crypto candidates were elected to Congress.

13:05Ventucelli also remarked, quote, a Republican presidency may lead to a more accommodating

13:09stance towards cryptocurrencies, including the potential appointment of digital asset-friendly

13:13regulators.

13:16So any legislative advancements are contingent upon congressional action, he clarified, while

13:21Republicans may eventually control, both the House and Senate digital assets legislation

13:25will require bipartisan support, cannot be achieved through budget reconciliation, and

13:30it's unclear whether the parties will reach a consensus in the short term.

13:36So of course the left hates crypto, because you can't steal it.

13:41I mean, that's not wildly complicated.

13:45That's not wildly complicated at all.

13:48UAE, yeah, United Arab Emirates has eliminated crypto capital gains tax.

13:53So yeah, that's going to be important, right?

13:55That's going to be important.

13:58So Republicans, it's interesting, because Republicans are old school, and so you'd think

14:07that they'd be skeptical of something newfangled like crypto, but old school means gold standard,

14:13and gold standard means crypto acceptance, right?

14:17That's the general path.

14:18You need a gold standard, but crypto's even better, right?

14:22So gold standard is the gateway drug to Bitcoin acceptance, and so it's really interesting

14:30that the progressives reject, of course, crypto as a whole, whereas the conservatives, the

14:35old school traditional people embrace this like OnlyFans addict hugging his monitor or

14:44something like that.

14:46So the anticipated leadership shift at the U.S. Securities and Exchange Commission further

14:58underscores potential changes in the regulatory landscape.

15:02Trump has pledged to replace current SEC Chair Gary Gensler, who has been widely criticized

15:07by the crypto sector for his regulation by enforcement strategy, which many industry

15:11leaders view as an impediment to innovation.

15:14Coinbase CEO Brian Armstrong and others have called for a new SEC leader focused on transparency

15:19and a supportive regulatory framework.

15:21SEC Commissioner Hester Pierce, known as Crypto Mom, has received praise for her advocacy

15:27of a clear and innovation-friendly regulatory approach.

15:32So support for Bitcoin and industry growth, positioning the U.S. as a global crypto hub,

15:38commitment to energy policies that boost crypto mining, establishing a crypto-friendly regulatory

15:43environment, and, of course, Trump has rejected central bank digital currencies, otherwise

15:48known as digital nooses around your nuts, and they're going to work to maintain, we

15:53see, we hope to see over time, the U.S. government's Bitcoin stockpile, the formation of a Crypto

15:57Advisory Council, I think, and a free Ross Ulbricht or something like that, economic

16:03promise for Bitcoin's future.

16:06President Donald Trump's Bitcoin and crypto promises.

16:09This is his keynote at Bitcoin 2024 conference.

16:11On day one, I'm firing Gary Gensler and appointing a new SEC chairman.

16:14I will always defend the right to self-custody.

16:17There will never be a CDBC while I'm president.

16:20It's going to commute the sentence of Ross Ulbricht to a sentence of time served.

16:23He's a Silk Road guy, right?

16:26We will be creating so much electricity, America will become the world's undisputed Bitcoin

16:29mining powerhouse.

16:31It will be the policy of my administration to keep 100% of all the Bitcoin the U.S. government

16:36currently holds or acquires into the future.

16:38What is this?

16:39Somebody sold its Bitcoin at 57k.

16:41Oh my gosh.

16:43I will immediately appoint, says Trump, a Bitcoin and crypto presidential advisory council.

16:48Task is to design transparent regulatory guidelines for the entire industry and they will get

16:52it done in 100 days.

16:57So that is really, really something.

17:01Now in Canada, there was, and I think it got pretty corrupt, you could invest in a particular

17:06fund that was tax-free, that was supposed to be for startups and it got lots and lots

17:10of money.

17:15I don't think that the funds were allocated in the most economically efficient fashion,

17:20but the fact it was tax-free.

17:21So please, please understand that if they take off capital gains taxes off crypto, it's

17:28going to be a stampede like we've barely seen before, in my opinion, in human history.

17:32People are constantly running to get away from excessive taxation and that is going

17:37to be, that is going to be something.

17:42So Elon Musk, of course, is going to do perhaps a chainsaw model, right?

17:49The chainsaw model is Javier Mele.

17:54And that could be something, something as well, in terms of cutting costs in the U.S.

18:01which is good for the economy as a whole.

18:07So that's really, really something.

18:13So nation-state hyper-Bitcoinization, that's really something.

18:17And I'm going to get into this, we're going to go in a few minutes to donor only, and

18:20I'm going to unpack the massive philosophical view of all of this.

18:27That is going to be something that is absolutely shocking.

18:32Russia, India and Africa advance bold plans to sideline the U.S. dollar.

18:37They're advancing their use of national currencies in trade, a strategy that signals a shift

18:41towards de-dollarization, the process of reducing reliance on the U.S. dollar for international

18:45transactions.

18:46During the first ministerial conference of the Russia-African Partnership Forum in Moscow,

18:52participants stressed the importance of strengthening their economic sovereignty by conducting

18:55transactions in local currencies.

18:58In a joint statement published by the Russian Foreign Ministry, the conference participants

19:01stated, quote, we underline the importance of expanding the use of national currencies

19:04in trade and financial transactions between the Russian Federation and the states of the

19:08African continent.

19:11They want to reduce exposure to fluctuations in the dollar, and of course, the massive

19:15amount of money, I mean, for a few percentage points of the money sent to Ukraine, they

19:20could have built the wall, and everybody sees that overseas and kind of wants to get away

19:23from that kind of stuff.

19:26So, well, and I also think the fact that the U.K. has gone fairly Orwellian when it comes

19:34to policing people, people are being thrown in jail for memes and statements.

19:40And so, America doesn't really feel, I think, the new administration, if I had to guess,

19:47they don't feel any particular loyalty or alliance to Europe.

19:53And so, the fact that Europe arrested the Telegram guy, the fact that Europe has threatened

20:00Elon Musk, the fact that they're fairly going all in on totalitarian levels of censorship

20:07means that if the U.S. and Europe don't feel that their values align at all, then America

20:16will feel no particular obligation to fund the protection or the military defense of

20:21Europe, which is going to be something else.

20:25It's, yeah, going from that, what a pendulum, right, James?

20:29What a pendulum!

20:30To go from taxes on unrealized gains, which was proposed under the left, to no cap gains

20:35on Bitcoin is absolutely incredible.

20:39It's absolutely incredible.

20:42Elections matter now.

20:44They didn't really matter in the past, but they matter now because of the Internet.

20:50Thank you, of course.

20:51Tips, very welcome.

20:52Freedomain.com slash donate to help out the show, I really would appreciate that.

20:59And let's just go and check if there are any comments over on the side of rumbleness.

21:04All right.

21:07Did you ever wish you had a son?

21:08Oh, I would love to have a better son, absolutely.

21:11I just, I'll have to hold my breath for grandkids.

21:13Somebody says, I find comprehension of crypto quite hard and boring.

21:17Right.

21:18No, I mean, I get it.

21:19I get it.

21:20The problem with crypto is you need such a degree of economic literacy prior to looking

21:24into it that otherwise it's like building a plane that's taking off from the runway.

21:28So the fact that I studied Austrian economics and other forms of free market economics and

21:33gold standards and the history of currency, the fact that I had studied that from my mid-teens

21:37meant that I could hit the ground running when I first started talking about Bitcoin

21:40more than 10 years ago.

21:42Right.

21:43I could hit that really quickly.

21:47So if you haven't really studied economics, I just happen to find it absolutely fascinating.

21:52I find it an absolutely cool thing to learn about economics because it's not obvious and

21:59it has you stretch your brain in new dimensions.

22:01It's not obvious.

22:03And so that I find is just really cool.

22:06But if you haven't studied economics and trying to get up to speed with crypto and its value,

22:11it's almost like you just need to spend six to 12 months studying free market economics

22:15and then you can really start to build the business case.

22:17I'd already done that work just sort of by coincidence and by personal preference and

22:21all of that.

22:22I had already done all of that.

22:24So I was hot to trot and ready to roll.

22:29Ready to roll, baby, when Bitcoin first emerged.

22:33Suns are great, but it's also like trying to keep a tiny danger machine alive 24-7.

22:37Yes.

22:38Yes.

22:39There's validity in that for sure.

22:40There's validity in that.

22:41We don't have the best self-preservation instincts because nature has dialed up our ambition

22:46to the max, which means it also dials down self-preservation instincts when you're young.

22:52Just part of the endless trade-offs of nature.

22:54All right.

22:55So I'm going to go donor only.

22:57So if you want to join, you can go to FDRURL.com slash locals.

23:11And we're going to go there in 30 seconds.

23:14You can join us there.

23:15And I'm going to blow your mind.

23:17I'm telling you, I am absolutely going to blow your mind.

23:25And I'm going to give you a big picture view that will leave your worldview totally shattered.

23:31All right.

23:33FDRURL.com slash locals.

23:37You should join there.

23:39Join now or forever hold your peace.

23:41All right.

23:42So I'm going to go private here.

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