Hey, guys! Welcome back to Saturday morning Meta Money here with Ben of BitBoy Crypto.
Very excited to be back.
The bear market is here!
We're all crying.
Market's going down.
And something I think that's really important today that we're going to talk about is
how this bad market is going to affect metaverse projects, Web3 and stuff like that.
I have a couple of theories, but I'll let you go first.
How do you think it's going to affect the metaverse?
I think it's going to be an extremely beneficial thing for the metaverse.
I think that what you're going to see, you know,
first and foremost, you're going to see some of these metaverse projects
that popped up towards the end just die.
It's going to be just like 2018 all over again.
Yeah, with the ICOs, you know, you had a lot of these metaverse projects,
and then we're going to look at a chart that shows the interest in metaverse here in a little bit.
And I think what you're seeing is,
at the peak of the market, it was just getting going,
and so a lot of people were trying to jump in on that hype,
and there were a lot of bad stuff that was coming out at that time.
That's going to be gone.
And it's going to be sad for people that believe in those projects and invest in it.
But overall, it's good for the space.
I think that, you know, when you look at a bear market, it's multi-years.
- We're looking at probably about two years of being in this place. - Right.
- I think there is-- - Phew!
- There's an argument-- - It's long. It's long.
I will say this. There's an argument that we're actually much further into it
- than people think that we are. - November?
Or do you think it started before?
Well, we're actually going to be putting out a video on my channel
coming out in a few weeks, maybe next week,
on what we're calling the false top theory.
And that is that the November top was a completely false top,
that the four-year cycles are going to remain intact,
but we had a false sense of where that top was.
- So there's a lot of-- - So you agree with Richard Heart's prediction?
Well, I'm not saying I agree with him.
- What I'm saying is, I'm saying is-- - Sixty-nine was the top!
You all are idiots!
- I'm saying it's a theory. - Okay.
It's a theory. And I think that there's a lot of evidence to back that up
- based on the price action we've seen this week. - Yeah.
Because, you know.
I mean, the fact is, guys, you know, $10,300 is the 85% drawdown for Bitcoin.
From right now? From this moment?
- Or from where we were? - No, from the top.
- From the top, if-- - That would hurt.
The last cycle, it was 86%.
The one before that, I think was 84% or either vice versa.
It puts an average of 85.
That would put Bitcoin at $10,300.
But don't you think there's a lot more institutional money in the ecosystem now?
Like, what we saw at Bitcoin 2022 is that it's an industry now. It's not a movement.
It's not the cyberpunks anymore.
It's an industry. There's a lot more--
there's different money in the ecosystem now.
Great!
- So, do you think they could chop-- - Great. Great.
so they could chop it down even more, you think?
Great. Here's the thing.
182 days into the cycle, which is where we were yesterday,
the price of Bitcoin, according to, traditionally, if it does draw down 85% exactly where it should be,
$24,500.
- We're, like, probably hundreds of dollars away from it. - We hit $25,000.
- We hit $25,000. - Right.
So the point being is that,
if we did get an 85% drawdown,
- we're exactly on target for that. - Yeah.
Exactly on target.
So you make the argument, like, "But it's different this time.
There's more money. There's that--"
- We're at exactly the same place we've been in the previous cycles. - And it could be it could stall out around here
- and just get really boring for several months or a year or more. - Yeah.
And that could happen.
But what's going to really happen is people don't give a crap about metaverse,
- play-to-earn games and crypto when this stuff happens. - Yeah.
- Originally. - Look at that.
- Look at that chart. - Yeah.
So, like, early on, we're going to see these projects tank.
All of them. A lot of them.
So this is like-- and this is not a buying opportunity.
- A lot of these projects are going to completely fail. - Yeah.
So you've got to be really, really, really careful.
But here's the thing.
What rises from the ashes faster?
I think it's metaverse,
- play-to-earn, a lot of these Web3. - Yeah.
These are going to be things that you find the new projects that are building or--
and, you know, the bear market kills all the fake people,
- all the hype trains. - Yeah.
They're all gone now. There's no more people paying attention to it.
- So you see the projects that are still building and working during this time? - Yeah.
Those are going to be the ones that, like, start even leading us back into a bull market.
Well, do we think that any metaverse is ready for full adoption right now?
- No. None of them. - No. It's perfect for the--
Perfect. Exactly. That's what I was going to say, is--
this is why it's so great for metaverse because now these projects that--
Sandbox and, you know, Everdome, some of these that are a little closer than other ones,
Bloktopia and Decentraland,
now, they've got the time to build that they needed because they weren't ready for adoption at the peak.
Right.
So I think, overall, I think this is a great thing for metaverse,
and, you know, I think we had talked about at one point of video I did
where, like, maybe metaverse would be something that would,
because of the excitement that was building, maybe a little, you know, immune to a bear market.
We've seen that's not true.
It wasn't where it needed to be at the time of the peak.
And so, you know, I think this is going to be an overall great thing for the space.
Yeah. And, like, you know, one of the things kind of related to that is,
during this bear market, this is the time we all know when wealth is built.
- Absolutely. - Right?
So, like, use this time to, like, alright,
- look at some of these metaverse projects that are coming out. - Yeah.
Now's your time maybe to invest in it
- and some of these play-to-earn games. - Yeah.
You don't know what's going to survive.
But what you can do is at least get paid to play some video games over the next couple of months,
couple of years, whatever, whatever it's going to be.
Yeah.
- Position yourself that you know what exactly is going on in the space. - Yeah.
And you'll know which ones are going to last because these games,
we've seen token mech-- the economics,
the tokenomics of these play-to-earn games just completely fall off very fast.
- Yeah. - And that's going to continue to get worse throughout the bear market.
But some will survive.
I would say--
I would say don't even worry about the ones that will survive
as much as the new projects that will come out, to be honest.
Like, there will be some, right?
And we'll see which ones can stand the shakeout.
But I think, ultimately, what new projects are built during this time
are going to be the ones that make us millionaires.
It's not going to be the ones that are barely hanging on
because a lot of them kind of got their whole economy, or in-game economies, crushed because of this.
- And this-- - Are you talking about Axie Infinity?
No. But yes, they were already crushed.
- They got crushed even more! So-- - I know. That's what I keep thinking about.
Like, it had its heyday.
- I don't expect Axie Infinity to probably come around back. - They might be a launchpad
- for another game or another project - Yeah. Could be.
because they have the attention
- and, you know, they may have a good team - Yeah.
that they could learn from their mistakes and build something new.
But, yeah, they're done. I would not invest in it.
- I would not put $1 in it as it's cheap right now. - Yeah.
That's what you're doing at this point.
- You're looking for the next Axie Infinity. - Right. - Yes.
And, man, I'd tell-- like, I just can't--
you know, I--
I'm just so excited.
Like, it's so exciting to be in this bear market right now.
Because you said yesterday you walked by the office
and you said, "I've not been this bullish in a long time."
Oh, my gosh! It's a--
Let me explain to you my business model with BitBoy Crypto.
My business model is helping people to make money and change their lives financially.
When there was talk last year when I went on Crypto Banter
and had multiple people on that show telling me there would never be another bear market,
"There'll never been another bear market!
This is it. Too much adoption,"
that scared me.
And I didn't believe it was true, but that scared me because guess what,
if there's never a bear market again,
that means that the only people that are going to make a lot of money in crypto
had already made all the money in crypto.
- Because all-- - You need the cyclical nature of it.
You need the cyclical nature.
You need the prices to drop to allow more people to come in.
To get these opportunities, you need that downward action.
If all of a sudden, it's up, up, up up,
guess what it became.
- It would become-- - Everyone feels like they missed the boat.
- Everybody feels like they missed the boat. - Yeah.
And now to buy a Bitcoin, you need six figures.
You need a lot of money.
Now, if the price does go down to $10,000,
which I don't think is necessarily going to, but it could,
now, a lot more people can afford it.
And I think the excitement for people getting in right now,
the idea that we're going to have another chance to get in on an Axie Infinity.
Yeah.
Or, you know, some of the other games that launched that did, you know, really well during this time.
The fact people are going to get another opportunity at this,
and now that for another four years,
you know, we're going to be able to sell the education and sell the shovels
to people to get out and dig and make their own financial wealth.
Like, I mean, I'm so excited about it.
We have now secured that this channel and the interest level in crypto,
we secured it for another four years at this point.
And I'm super excited about what it means for this channel,
for us growing adoption, for us pushing blockchain legislation,
for metaverse, for all the infrastructure and the tree that we've built here
- Yeah. - at BitBoy Crypto and Hit Network.
Like, I'm just so excited about all of it.
And the opportunities that people are going to have to change their lives financially,
- it's going to be absolutely phenomenal. - They're going to be huge!
- And this allows you to almost be a missionary again. - Yeah.
- Because, like, I feel-- I felt like - Absolutely.
I was quieted. Like, I don't want to tell someone to invest at the top.
Like, especially in these smaller projects and things that don't have everything.
Like, you can't be like, "Hey, you should get in this. You should get in this."
I couldn't tell my family or friends that because I'm like,
- "Oh, we-- - You didn't feel comfortable?
I don't feel comfortable. What if we go down?
It's like, "Hey, guys. I'm very confident in Bitcoin and in, you know, these projects for the future."
- Like, now, I can tell my friends and tell people again, - Yeah.
- and they're not going to get burned. - Right.
- I can feel that same sentiment. - Yes.
- It feels good. It does feel good. - It does.
- It does feel good. - And I never thought--
I never thought this is the way it would feel.
- Interesting. Yeah. - In a bear market.
But, you know, like, but you've lived through it now,
- so you understand. - Yeah.
Like, you know, it's that's meme, you know, from Pirates of the Caribbean
where it's "First time, huh?"
- It's like, yeah, we understand. - Yeah.
We understand the pain. We understand.
This is just an opportunity, right?
It's a very exciting opportunity.
Now, this is your opportunity to make sure that you smash the like on this video.
Head on over to the Meta Money channel. Make sure that you follow us.
We're going to be covering a lot of metaverse stuff, especially as the ecosystem develops.
So we'll see you next time.
Alright!