Welcome to BitBoy Crypto!
My name is Ben.
Everyday on this channel, I show you how to make money in cryptocurrency.
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Guys, I don't have my gimbal.
Thank you to the Super Bowl last night.
They took it. I was really upset about it.
You're thinking 2021 that the NFL would want people to make content at the Super Bowl,
but I guess not.
So, guys, today, huge, huge, huge news.
Bitcoin pumping, there's a very specific reason for this.
Ethereum right behind it getting ready to pop off.
Who knows, Ethereum could be $2000 by the end of the day
depending on how things play out.
But the fact is something happened. We're going to be talking about that.
Also, guys,
I want to say my contest, the Bybit contest, is over now.
I did finish in 10th place.
I turned 4 Bitcoin into 17 Bitcoin during that contest.
I really should have been higher in the rankings. If you watch the channel, you know why I wasn't.
It was just kind of like a mistake in the rules of the contest.
I really was up probably about 250% and 300%.
That would be about 400% actually if you do that math.
But, anyways, the point is we withdrew a bunch of the money from Bybit last night.
We took some profits and so we're going to be starting the next leg of the competition.
We're going to be hopefully setting up an Ethereum one soon.
So if you want to go ahead and sub-- or
if you want to go and sign up for Bybit, make sure to visit bitboycrypto.com/deals.
Alright, guys, Bitcoin pumping, why?
Well, it's a very, very, very simple reason why Bitcoin is pumping.
Today, an SEC filing from Tesla and Elon Musk reveals they just bought $1.5 billion in Bitcoin.
That's bigger than the last Grayscale buy.
And here's-- here's something I want you guys to keep in mind about this, okay?
Keep in mind that it is a publicly traded company.
Tesla is.
So they have to, they're forced to say how much they bought.
I will make a little prediction about what's about to happen here soon, okay?
But remember this,
SpaceX
SpaceX,
Elon Musk's other company,
does not have to file because they're not a publicly traded company.
So what that means is not only did they buy $1.5 billion worth of Bitcoin from Tesla,
how much does SpaceX own?
How much does Elon Musk own?
How much the holding company he has own?
It's really crazy when you start doing that math and thinking about how much they own.
Bitcoin, of course, pumped all the way to like $44,000 I think
when I woke up this morning and checked it.
Slept in a little bit this morning after the Super Bowl, getting ready with the fam to head back to the ATL.
But it was such a nice surprise.
You know the thing I'm most disappointed about?
The thing I'm most disappointed about in this is that I had closed the long last night.
I really love having longs open while I sleep
because, man, I would have made so much.
I dropped my Bybit account down to-- I think there's 1.67 Bitcoin in there.
And I ended up--
I transferred out like a whole bunch,
like 15 Bitties,
and then I flipped that up almost to two yesterday at the Super Bowl,
so pretty fun times.
We'll see how high I can get that thing.
Tomorrow, we're going to be starting our $1,000 to $10,000 challenge by the way.
I want you guys to be giving me some ideas of some coins you think I should be looking at for that portfolio.
But right now, Bitcoin is feeling pretty nice.
It definitely--
Everyone sees now Bitcoin's probably at $50,000 by the end of the month.
And people are freaking out saying like,
"Oh, well, you know, Ethereum, you know, by Valentine's Day, $2500, it's not going to get there.
It's only a week away."
You don't know what's going to happen. I'm still standing by that prediction.
I will stand by that my prediction all the way until the day of and the thing about Ethereum is,
is that when it pops, it pops off hard.
It could go from $1700 to $2500 in 2 or 3 days.
And a lot of people are thinking that's going to happen.
Now, what happened yesterday with Ethereum that we talked about last night from my Super Bowl video
was that obviously people were selling out of the fear of what was going to happen today
with the Ethereum futures contracts by CME.
Guys, they're just not that a big of a deal compared to the other,
you know, institutional investing channels that we have right now.
You know, and when it--
when it comes to what these, you know, hedge funds are thinking when they're getting these futures contracts is,
let's say that they've invest-- No. 1,
what this means is, is they're hedging their bets.
Remember this.
That's what a hedge fund is, right?
They're hedging their bets against loss by Ethereum.
Nobody thinks Ethereum is going down any time soon.
With Bitcoin,
they knew it was at the top of the market, and so they were hedging those bets,
they were-- they were betting on Ethereum futures--
the Ethereum future price to drop,
or, excuse me,
they were betting on the Bitcoin future to drop the price of the Bitcoin in the future.
It sounds so weird when I say it.
The price of Bitcoin in the future was going to drop.
They knew we were at the top of the market,
so they were hedging that to the downside,
and then when the market started to tumble, I mean, did it play a role in it? Yeah.
Obviously, it played a role in it
because it was like the day of the top of the market was the day it launched.
But was it the driving force?
No, it was kind of a manifestation of people wanting to hedge against the top of a market.
All these things that you've been looking at where you've been seeing market cycles
and you've been seeing, you know, the psychology of a market chart
and that cheat sheet and things like that,
these people have known this forever.
This might be new information to you, but they have known this for a long time,
which is why they knew to hedge at the top of the market.
Right now, nobody thinks Ethereum's at the top.
Now, once it hits $3,000, could it play a role?
Maybe possibly, okay?
I don't think it's going to.
Ethereum is nowhere at the top.
And so there's not a lot of reason for them to hedge low numbers on the downside.
And these are paper Bitcoin!
The only people that are hedging this-- think about this, guys.
The only people that are going to be hedging these futures contracts for Ethereum
are people that already own Ethereum.
That-- that's what you do. You own Ethereum and then you hedge it.
In case the price drops, you don't lose money.
And, you know, that's basically kind of-- that's a short summary of how those work.
And for me, I think that yesterday was strictly fear and panic selling over what could happen today.
But what we're seeing now is it don't look like that's going to happen.
What a day for this Elon Musk news to come out.
What a day!
Because this is basically going to hedge a potential Ethereum drop, I believe.
And that's why we're seeing it back over $1700.
But, you know, as far as Dogecoin goes, and a lot of people are interested in Dogecoin,
and people on TikTok have been killing me because I say it's, you know, it's not--
I mean, you guys who watch the channel know what Dogecoin is.
It's a fun coin, you know?
Dogecoin is for fun.
Bitcoin is for business.
Bitcoin is for investment.
Dogecoin is fun!
But it is not ever going to be what Bitcoin is.
There's just no way that it's going to be that.
Elon Musk is making little tweets about Dogecoin.
Meanwhile, he's buying $1.5 billion worth of Bitcoin.
So something for you guys to think about in terms of Dogecoin,
which is
let's have fun with that while we can have fun with that.
I hope for all your sakes it goes to the moo--
I hope it goes to $1. I-- I promise you. I hope it goes to $1.
We've got small holdings in Dogecoin compared to other things,
but I hope it goes up for your sake if you own Dogecoin.
I mean, what a cool story that you've got a guy--
you have there the richest guy in the world talking about your coin.
It's making it move so much.
I'm so happy for a lot of you guys that are making money with that.
But I will say what I always tell you. Make sure to lock in profits.
And you're definitely going to better off in the long run doing what Elon did
and moving that money over to something more secure
like Bitcoin,
something that has a more guaranteed future, if you will.
So that's my thoughts on the market this morning.
I'm heading back to ATL. We'll be back livestreaming tomorrow.
Killing me not to be livestreaming right now,
but you know what?
I got the BitSquad and I got the fam. I got to spend some time with the fam.
I got to be a good family god-- family guy.
God, don't make-- don't make a meme out of that---family god.
But anyways, guys, I definitely enjoyed the time down here at the Super Bowl.
Looking forward to being with you guys tomorrow.
That's all I got.
Drop your comments down below.
Be blessed.
BitBoy out.