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My name is Ben.
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Okay, guys. Today, we're going to be talking about Ethereum.
Absolutely massive what's happening right now.
I'm now starting to think there's a lot going on under the surface that we haven't really been privy to,
that we haven't been able to see,
but it's starting to come into focus and, man, oh, man is it some interesting stuff.
We're going to be talking about something that happened that we didn't think would ever happen.
We're going to be talking about a huge Ethereum bull,
and we are going to be talking about EIP-1559.
That's the big news going on with Ethereum right now
and what this means and the fundamental shift we could be seeing very soon in Ethereum.
So, basically, right now, when it comes to what we've seen with the price action,
it has certainly not been what we wanted,
but even when Cardano was having his day in the sun, what did I tell you guys?
I still love Ethereum.
It's still my No. 1 holding.
And I'm still very passionate about Ethereum getting well above five figures, you know,
well into the five figures by the end of this year.
But when you look at Cardano,
what Cardano has done, it's been absolutely gigantic, the pump,
getting to new all-time highs,
has had a bit of a pullback,
but if we go back a little bit further than that--
now, Cardano is my second biggest holding, so you guys know I love Cardano as well.
Let's go back about six weeks ago, what was happening in crypto?
Polkadot.
Polkadot came out of nowhere.
Polkadot was absolutely crushing it, and Polkadot is going to continue to do well.
We're going to probably do a lot more Polkadot content in the future.
I don't have nearly as much Polkadot as I would like to have. I will tell you that.
There's a lot going on in that ecosystem right now.
I had a conversation with a huge crypto team yesterday
that's going to be working with Polkadot
and some stuff you guys are definitely not going to want to miss.
But the the point is
Polkadot had its day in the sun.
Then what did we see?
We saw Binance Coin.
We saw Binance Chain come up out of nowhere and rip all the way up to the No. 3 spot.
People we're talking about, "Can it catch Ethereum?"
And then it's fell back a little bit, moving back down to the No. 4, No. 5 spot.
Then what did we see last week?
We saw Cardano.
Same thing. Cardano absolutely massive move,
falls back,
and now it looks like it's on its correction right now.
It's lost some momentum.
It will gain momentum again at some point, but the overall point here--
Wow! Those are some little kids playing lacrosse.
I've never seen like six-year-olds playing lacrosse.
So anyways, guys, the point here is Cardano has had its day in the sun.
All these projects that are Ethereum competitors have had their day in the sun,
but what has happened with Ethereum?
It has not.
And, you know, it's very interesting. We'll talk more about this here in a few minutes, about EIP-1559,
but if you really go back to when I was making predictions about where Ethereum should be and when,
we called Ethereum's all-time high,
and then we were dead wrong about $2500 by Valentine's Day.
It seems like about that time I made the prediction is when all of the EIP-1559 stuff
started getting hot and heavy,
and so I'm starting to wonder if this EIP-1559 has been acting like an albatross
around the neck of Ethereum.
But first, when it comes to NFTs, okay? When it comes to NFTs,
when it comes to someone who is known to be a Bitcoin maximalist,
we have Jack Dorsey,
the founder of Twitter and founder of Square,
now selling his first tweet ever on Twitter as an NFT.
Not on Bitcoin, of course. You can't sell an NFT on Bitcoin as of yet.
Anyways, the maxis would like you to believe that NFTs are worthless
because it goes against their narrative.
But what he did is he's now selling his first tweet ever for--
it's an auction,
and someone has actually bid $88,888.
It's like a guy, crypto88, on Twitter, something like that.
But that's not really important. Here's what is important.
This NFT is being sold on Ethereum!
Jack Dorsey, Bitcoin maximalist, and yet he's selling on Ethereum.
They all cave to the narrative and bow down at some point.
The name of the platform is Cent, C-E-N-T, and that is what he's using to sell it.
So we're seeing even some of these maxi start to realize, "Hey, NFTs are going to be big."
Guess who's going to be leading that?
A lot of people would have you think it's other platforms.
Ethereum is the biggest.
Therefore, by volume and numbers, it will be the biggest chain for NFTs
regardless of the gas fees.
The only thing is you have-- and that really can be good for artists because they have to set the price
high enough to where it justifies a massive gas fee.
And like I said, I talked to a team yesterday about some NFT stuff.
Unbelievable.
We also had a phone call with WAX yesterday about our BitBoy deck-builder game.
They are thrilled.
You guys are going to love this.
It's going to be absolutely phenomenal.
We do have a deck-builder game coming out on WAX here in the near future.
Very excited about that.
You guys are going to love it.
We're going to be doing a lot more stuff with NFTs in the future.
So let's get back to Ethereum though.
Another thing I want to talk about is Galaxy Digital.
This is a gigantic fund or a--
Galaxy Digital Assets ran by Mike Novogratz.
Now, they recently just raised an institutional fund--
Oh, there's a tattoo convention.
Maybe they can fix my falcon on my arm. It's a little faded. On my shoulder.
When it comes to
the Galaxy Digital holdings, I was saying. I lost my train of thought.
You guys see how easy it happens.
There's one guy leading that.
Now, they just had an institutional channel for investing
where they raised 32-- ironic, right?
$32 million in Ethereum.
Of course, ironic because 32 Ethereum is the number you need for a validator node on ETH 2.0.
But that is led by Mike Novogratz.
Now, interestingly enough, all of their Ethereum was bought around $1500.
Where is the price been struggling to get above? Where has it hovered around seemingly forever?
$1500.
So here's the thing though.
Mike Novogratz is extremely bullish on Ethereum.
He believes it is the programmable money of the internet for the future.
Now, when it comes to bulls on Ethereum,
I want you guys to think about this.
Did you see Mike Novogratz leading a fund for institutional investing for Cardano?
Did you see it for Binance?
Did you see it for Polkadot?
Did you see it for XRP?
Did you see it for Litecoin?
No.
We only see these types of things on Ethereum.
And there's a reason for that, guys.
And you should be putting two and two together
because I still hold to the fact, while, yes, my timeline was wrong
where Ethereum would be, you know, where it would be by when,
the fact is I'm not wrong on Ethereum
that the institutions are jumping on this, and this is your clue.
At some point, this thing is going to pop,
and a lot of people are going to be eating a lot of words.
They're going to be very sorry that they jumped out of Ethereum and moved over to other things.
I'm telling you guys that will happen.
I have zero doubt about that.
So you've just got to look at the landscape and you've got to understand who is coming in.
And when you see the institutions coming in on Ethereum, it should be the clue.
But the big news of the day is the EIP-1559.
This is the Ethereum Improvement Proposal
that was set to control the supply, burn gas fees, control the supply.
Keeping the supply down is kind of a byproduct.
So basically, the way that Ethereum mining works is that you package a block together
and then the fee is sent to the miner.
Well, now, that fee, part of that fee is going to be sent into the Ethereum network,
and then when they receive those fees,
they're going to burn them.
The miners are up in arms about this.
In fact, the majority of miners, the majority of miners are not in favor of this proposal,
but it has officially been greenlit.
And, you know, I was thinking about this.
It really seems like when we started talking about EIP-1559,
that was when things started getting a little hairy for Ethereum.
And F2Pool ironically, one of the enemies of the channel, of course,
F2Pool was actually one of the only ones that was in favor of this.
And I kind of think of it it's probably kind of like, you know,
Target and Walmart being in favor of the $15 minimum wage because it hurts their competitors.
I assume that's probably why they're in favor of it.
And, you know, I've really been processing and thinking about a lot about this,
and I'm thinking about doing a video on this.
Let me know if you guys want more information on all this.
But the fact is
Ethereum mining, am I wrong?
It's coming to an end.
Ethereum mining will be stopping in the very near future.
Once ETH 2.0 fully rolls out and we're all on proof-of-stake,
then that means that proof-of-work is gone.
There's no more Ethereum mining probably by 2023.
So what these mining companies are going to have to do is take all their Ethereum
and roll them over to validator nodes and then make passive income.
But we're also seeing something new.
We're seeing a new way that miners are making money.
It's not through mining anymore.
It's basically a way that they can arbitrage price action based on the mining fees, right?
So if you see a gigantic trade coming in,
and you're packaging that transaction together,
you can front run that trade.
If someone sells, you know, 10,000 ETH for another project,
then you know that that price is most likely going to go down of Ethereum,
and you can arbitrage that.
And, you know, a lot of people have always said like,
"What are miners going to do to make money when all the Bitcoin is mined?"
Well, they're still going to be sending transactions.
And this arbitrage could be the new technique that they're using to make money.
So I know this is a big video, guys.
There's a lot to this,
but this EIP-1559 will control the gas fees and it will make fair gas fees for all.
It will make it where you can kind of expect to know what you're going to pay as well.
And this is something that's going to totally even out
what I believe, you know, or not totally, but it will play a large part in evening out
the disparity between the smaller traders and the larger traders on Ethereum
because smaller traders just can't do it right now.
Now, this will be in the London fork of Ethereum
that will be-- or London upgrade that will be taking place in July,
so we still have a ways to go on this,
but the miners now have been defeated.
So what effect will this have on the price?
Well, it could have a dramatic effect on the price to the upside,
or it could have it to the downside.
It just depends on how hard these miners are willing to dig in and dump their ETH, you know,
in order to hurt, you know, the people that are in favor of this,
but ultimately, that would not be in their best interest because now the things that they're mining
which is this one kind of guerrilla tactic the miners that are not in favor of EIP-1559 could do.
They could actually attack the network and 51% attack it.
That's the beautiful thing about incentivization
is that they have no incentive financially to do that.
It would be strictly on, you know, philosophical ideas of how Ethereum should run and decentralization,
and we know the miners don't give a flip about that.
So alright, guys, that is all I got for you guys today.
We will be back Monday with a livestream.
I'll be back tomorrow morning with a Sunday drive to church video for you guys.
You guys like that every Sunday morning.
So make sure to smash that like button if you like this kind of thing.
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That's all I got.
Be blessed.
BitBoy out.