Bitcoin surges above $26,400 level thanks to new CPI data
that suggests Fed could pivot soon.
On Tuesday,
Bitcoin price continued its highly impressive post-SVB-collapse rally,
surging above the $26,400 level for the first time since June 12, 2022.
Bitcoin's post-SVB collapse rally has taken the Bitcoin price from $19.6K to $26.4K.
Unbelievable.
I would like to say I didn't tell you this, but I did.
Oh, these people, man.
6% was expected.
They got 6% on the CPI.
It makes it easier for the Federal Reserve to pivot.
Fed pivot
Bailout banks
Continue raising rates
Bank run
Alright. Bitcoin bear Peter Schiff pours cold water on recent rally.
It's always good for them.
Infamous Bitcoin naysayer Peter Schiff is once again pouring cold water on the recent rally
of the world's largest crypto, predicting a steep decline in its value.
While Bitcoin spiked 20% as a result of the long-awaited Fed pivot,
Schiff doesn't believe Bitcoin is a better inflation hedge than gold.
Both Bitcoin and go--
or both gold and Bitcoin prices merely returned to February levels,
but only gold's rally is sustainable.
Let's see.
He suggested that the Fed's bank bailout puts all US bank deposits at risk.
The risk comes not from bank failure but from inflation.
The value of all bank deposits will fall as inflation socializes the losses.
Let's see.
He predicted that Bitcoin will soon drop below $4,000.
We know who--
we know what channel he's watching.
JPMorgan, other big US banks flooded with new clients post SVB collapse.
Is this true?
That when everybody's bank account closes, they just go try to get another one?
I mean, I guess what they're saying is, if you're in a small to mid-sized bank,
you're trying to get into one of the big fours.
I'm telling you, we just need to start calling Bank of America Sprint.
Sprint's not around anymore.
Start calling Bank of America Verizon.
We'll call Citi AT&T.
We'll call Wells Fargo T-Mobile.
I've never asked a person this question and they did not respond the same way.
Do you hate your phone company?
Yes. Yes, I do.
Everybody hates their phone company.
There's no motivation for these phone companies
to provide you a customer service.
Why?
Because they know you hate the other two already.
They know you hate them, but it's okay because you hate the other two already.
It should be hard for you to switch.
So, used to, you would call and you'd say,
"Hey, you know what? I need to change my--
I need to change phone companies.
I need to get out of here.
I don't like what you guys are doing here."
And they would say,
"Oh, no, sir."
Like, "Please do not change."
Like, "We really value your business. We want to keep you here."
You know, "We can offer you this kind of discount.
We can do this. We can do this."
Whatever they could do to keep you
because their jobs were dependent upon them keeping you,
not on an individual level, but definitely on a corporate level.
Like, if you start losing a bunch of accounts and you're an account manager,
then, you know, you go the way of the dinosaur.
There's no motivation for them to do that anymore.
Now, when you call, you say,
"Yeah, I'm thinking about switching to a new phone company."
"Yeah, you want me to give you the number to Verizon?
I'll give you the number. You want the number?
I'll forward you over there right now.
I'll transfer you to Verizon."
"No, no, no.
I'm thinking about switching.
I'm thinking about changing phone companies
because, like, I'm just not happy that you guys are doing this."
"Uh, yeah, well, you know what? AT&T's down the street.
I'll look. Here we go.
What's your address? I see right here, I got Georgia.
There is an AT&T 1.1 mile from you.
Do you need Uber? I'll call you an Uber."
That's how it feels.
You feel like, "Yeah, how fast can I get you out the door?"
Because they know you're going to leave and be unhappy where you're at too.
They get the unhappy people from the other places.
That's what the banking world is moving to.
It's tidying up making a small amount so they all have a monopoly.
And that is a very dangerous thing for--
a very dangerous thing for the country.
Ken Griffin:
Fed's intervention in SVB collapse shows US capitalism is 'breaking down before our eyes.'
There he is.
Look at those eyes.
Look at those wide eyes.
"US is supposed to be a capitalist economy, and that's breaking down before our eyes."
And this is what you see.
What you is a guy like Ken Griffin,
who's an evil person.
Nobody likes Ken Griffin.
He is the founder of hedge fund titan Citadel.
In an interview with the Financial Times,
he argued that regulators should not have rescued uninsured depositors at Silicon Valley Bank.
The reg--
do you see or do you understand what he's saying here?
Uh-huh.
He's saying,
"Uh, yeah, we should've just screwed everybody."
Like, "Yeah, like, all the people that are unsecured, like, or uninsured,
let's just make them have no money."
This is what's so upsetting about all this.
He wants all the retail to lose all the time.
That's what a hedge fund is.
They bet against retail.
That's what they do. Okay?
But really and truly, he wants to see this conglomeration of banks.
He wants to see them all come together to where all the small players are gone.
That makes it their investments easier to manage.
And I think, ultimately, this is a guy who is, you know, very close to being Satan himself.
Very close.
Who doesn't have a shred of human decency in his entire body.
These are the lizard people.
Because they're so out of touch with what the average person goes through
that it makes them seem like they're from another planet.
So it says Griffin added that the government did not have to step in
as US economy was strong enough to ride the storm.
The US government did not have to step in.
You're correct.
And on one hand, it's all our money they're using. Okay?
But on the other hand, it's,
yeah, those are a bunch of regular people that lost all their money.
So the government is saying it's not a bailout. Right?
Well, that's a lie. It is a bailout.
The difference between what you're seeing here
and what you're seeing with the bailouts in 2008
is, right here, they're bailing out seemingly customers.
That's what it seems like to me.
Now, they're saying it's a loan.
They're never getting this money back.
This is a bailout for all intents and purposes.
But here's the problem.
The problem is that the system has been set up for you to fail.
The system has been set up where you must participate in the system.
Okay?
You don't have another option really.
But you do.
You do not have to be attached with banking system.
Does it make your life easier to just go along with the banking system and say,
"Alright. Here I am. I sign up. Okay, you got me. Here we go.
I left this account. I'm with this new account"?
If that's what you want to do, if you think it's more convenient,
then, by all means, you do you.
But we see now
the banks are about as safe as Celsius.
The banks?
About as safe as having your money on FTX.
Because the government can't bail all of the banks out.
They can't bail all the customers out.
If we get a few more insolvencies,
you're going to be affected.
Whether it's your account,
your boss' account, one of your clients' accounts,
you're going to be affected.
I don't want to cause a bank run.
Now, at the height of crypto,
in two years,
we could probably cause one.
I don't want to do that.
Why?
Well, because when we do a bank run,
that means everybody panics and everybody lose all their money.
That's what happens with these insolvencies.
What we want to do is we want to take the people that watch this channel,
the BitSquad, the largest community in crypto,
and we want to lead you to the Promised Land away from the banking system.
That's what we want to do.
And I'm going to go through that process myself to try to figure out how easy it is,
or, like, are there certain things I have to have an account without even realizing?
Or is there a little link somewhere and I can click it and realize,
"No, I don't need that either"?
So we're going to be going through that process on this channel,
to unattach from this banking system,
because bring it all back around here to Ken Griffin.
He's saying capitalism has failed.
It's failing.
No, no, no.
You set up a jank freaking system.
And you forced everybody to participate in it
knowing this system was going to break.
And now you want to blame them for making bad decisions.
We're here to be the information and education
to put your hands in the middle and split the curtains and see behind
and realize that you don't have to be a part of that.