you know the funny thing is if you look at the environment now bitcoin be at like 47 48. um
if you measure retail like the retail fomo interest it's as low as when big ones at 4 000
you know it's like it really disappeared the first time bitcoin went to 64 000 there was a ton of
formal interest and i know you guys know that too like views on our videos were like 200 000
plus everything was like going crazy right and then when it fell down to 28 000 it seems like
all that formal interest disappeared we climbed back to 69 000 the the the fomo just wasn't the
same and now that we're at 47 000 there's like no fomo and and uh that's the funny thing so i think
after we hit 70 000 um and we break through 69 you know that fomo factor will come back in again and
it always does every time we go up a lot there's going to be a lot of fomo but this time around
with fomo with the institution still buying the banks and all they're all full million right now
and plus you have the guys like do quan from tara that's still buying michael saylor still buying he
has another 200 million dollars he could use to buy bitcoin right i think it's go drive bitcoin
hey welcome back everybody to altcoin daily today we're joined by the great
the powerful the legendary george of kryptos r us you know him you love him you subscribe to him
george how are you doing today i'm doing really good thanks for having me back on
dude thanks for coming on now for for the folks at home um who might not be familiar with you
uh could you please give us an introduction or your background into cryptocurrency yeah sure um
you know been in the game since 2013 been uh been riding the wave you know up and down for i think
two three times now um obviously we had some good years been bad years i've been been through it all
did mining and now i'm more into staking using defy but also of course buying and holding
bitcoin and the really good altcoins so yeah yes let's talk about that george curious to hear your
thoughts on the state of the market you've you've been through multiple cycles are you leaning
bullish are you leaning bearish when it comes to bitcoin oh i'm always bullish to uh to a fault but
um i do feel like we are no longer going through four-year cycles i i do believe the the previous
four-year cycles that bitcoin experience in regards to a three-year crypto winter or one year
of um exponential growth i believe that four-year cycle is over with now bitcoin
itself still has to have an event every four years i recognize that but because of the institutions
how much they bought in in 2021 and how the miners no longer really sell they don't need to because
everyone is borrowing against their bitcoin and they utilize that collateral borrow hundreds of
millions of dollars and then there's no reason for them to sell anymore so because the institutional
adoption and the new strategy that the miners are are following um you know i think the four
year cycle is over with and i think we're seeing that right now because we're in the fifth year
technically technically bitcoin should be falling a lot more you know we should be heading down
towards 10 000 and i don't believe anyone believes that at this point we are coming back up and we're
doing kind of slow step upwards back to our high of 69 000 and i do believe we will see
that this year and we will shatter through it so i think this four year cycle notion of
you know three bad years one good year that's out the window and we're just gonna do slow
and steady um you know stair steps upwards we'll we'll still continue to have volatility
there's still you know manipulators out there there's still whales out there that's
doing their thing but overall we're heading upwards let me throw two fundamental bitcoin
metrics at you and give me your take because one's bullish one's bearish on the bullish side
bitcoin supply on exchanges i believe is at a three year low meaning people are see you know
scooping up bitcoin off exchanges which is bullish on the other hand the grayscale bitcoin trust to
gbtc has been trading at about a 25 discount practically this whole year which means if you
buy if an institution or wall street investor buys bitcoin off of grayscale you basically
buy five buy four bitcoin get the fifth one free for the 25 discount how do you think about that
when two different metrics are pointing in two different directions
um well that's interesting look at things in terms of reserves here's the thing you notice that
three years ago the reserves skyrocketed on exchanges but think about what happened
three or four years ago it's when all the changes start popping up right like finance
popped up four years ago so some of the biggest exchanges out there popped up four years ago and
that's why yeah there was an inflow of bitcoins into the exchanges because people were uh you know
getting involved with these new exchanges that had all these new altcoins and and that made sense
but since then it's been coming down slowly but now it's like really starting to drop right like
you said it's down to where uh it was three years ago so um i think that's the that's a very bullish
um indicator because when you have now you have so many exchanges out there i mean like crypto.com
and ftx and binance of course and then you still have all the older exchanges like coinbase
and everyone there's like so many exchanges everywhere and if you take the cumulative total
of bitcoin on them and it's going down i mean you can't argue that is a bullish thing there's just
less of it for people to buy and eventually it's gonna get so low then it's gonna be really really
hard to buy and bitcoin's price will be much much higher i think you can't dispute that it's
very bullish and if you look at metrics that's measuring a liquid supply which is the reverse
of that just bitcoins that's basically really out of circulation and really held in long-term cold
storage wallets it's skyrocketing too and it's going up even at a faster rate now so those are
very bullish things now as for gray scale you know the reason why it doesn't matter grayscale bitcoin
trust is that negative 25 discount is like your example it's not like if you're an institution
you can buy four bitcoins and go to grade scale and say okay give me five back
you can't redeem it there's no purpose to it it doesn't matter if the the premium is a negative 25
percent or negative a hundred percent you could be buying discount uh at a hundred percent but if you
can't redeem it what's the point you know there's no purpose to it and i mentioned purpose because
we do have a bitcoin spot etf purpose um up in canada and you know what they um you know their
aum is is going up so what it looks like is a lot of institutions they rather hold on to a true
etf rather than a trust and they're buying in to the three etfs i believe in canada and there's
more being created around the world and there's other products like etns um or utps or something
exchange traded products yeah so there's a lot of variety out there and and let's not forget
these big boys you know they don't have to buy grayscale trust or etfs they could buy bitcoin now
goldman sachs and and jp morgan you know they're they're partnering up with you know galaxy digital
or nydig and and helping these big boys buy bitcoin directly so they don't even have to buy
they don't even have to buy uh you know the trust so that's the reason why i think the trust is that
negative it doesn't really matter until they do convert to etf then they will have to figure out
how to figure out how to you know balance itself out from the negative side but until that happens
you know i don't see that as a bearish thing at all i think i read barry silbert of grayscale says
he's going to sue whoever's in charge if they don't you know allow grayscale to do a spock
bitcoin etf so i'm sure he sees that there's demand and opportunity there and he's just
feeling held back right i mean honestly for us it's better that it's a trust and
excuse me because as a trust they can't remove any bitcoins from the trust
the way the trust works is bitcoin goes in and never comes out so there's like 69 000 70 000
bitcoins locked in the bitcoin grayscale bitcoin trust it's actually better it stays as a trust
so that just like this stays in there if if if it becomes an etf there's a chance that because it's
the fun now they can sell off but you know seeing the way bitcoin is going and the institutional
adoption and global adoption is still growing most likely there wouldn't be massive sell-offs um but
probably corrections here are there um but yeah so you more bullish on bitcoin or ethereum these days
um
i would say about equal uh if i'm thinking about what i'm holding they're about equal now
i've never seen the two i know a lot will say well um you have bitcoin maxis that hate
ethereum and then you have i i wouldn't call ethereum maxies but just like all coin
that hate bitcoins they think it's too slow right but i don't think that two competes with each
other at all they don't i you know if you're a bitcoin maxi you should not be you should
not feel threatened by ethereum ethereum does not take away from bitcoin at all not one bit
bitcoin is a store value it's uh it's a digital gold it's a hedge
against inflation because it has done so well appreciating itself over the last decade or so
but you know right now it's not a smart contracts play okay um i know they're stacks and and they're
trying to you know make bitcoin d5 play but they're so far off from ethereum and others so
it's not a d5 play it's not a dapps play it's not smart contracts play so it doesn't you
know the two doesn't compete now bitcoin has exciting things like lightning network which
can make it a global uh it's a monetary network and make it even a better global monetary network
and ethereum doesn't have that either right so on the flip side as you if you know if i'm marketing
against ethereum well it has the d5 market it has the most tbl it has smart contracts right and
that's all good but ethereum still very costly they don't have something like
lightning network that can make transactions really fast and really fearless at least
right now right now and ethereum has inflation rate it's not meant to be
a hedge it's not meant to be a store value even though there is value in ethereum because of the
network and adapts but the two doesn't compete so i'm bullish on both equally
what are your feelings going into the merge feeling good about that i mean it's definitely
going to change ethereum go changing into proof of stake yeah i think it's a good thing i think a lot
of people are speculating where the miners are gonna go um and that's anyone's guess right now
some will probably float to ethereum classic some may go to i i don't know i i don't even know other
projects maybe like digi bites or or flux or or you know some of the other proof-of-work ones
ergo is a new one i think people are speculating where the miners would go but ultimately moving
to proof of stake for ethereum would be a good thing um their throughput is improved a little bit
i think right now it's 15 transactions per second goes up to about 75 which still can't
compete with say solana but in order for them to to start developing a scaling solution
uh they need to move the proof of stake first so i think it's necessary a lot of excitement
over it the one question mark is you know the i think it's like seven billion or maybe even more
seven to ten billion worth of eath that's locked in the beacon chain that can't be removed
um once it unlocks that that that'll be interesting to see what happens it's it's a good
thing if you think about it because we just went through a down period and people were complaining
oh i couldn't unlock i couldn't take out that was actually good for them because that prevented
them from panic selling so that actually helped ethereum and the holders a lot but uh you know
as soon as the beacon chain you know merges with a regular chain if the market is doing good then i
expect those people that locked in will continue to keep staking but if we somehow go through a
down period and you know they all unlock well that's that's going to be bad but uh i don't
i don't see us going through another down period within the next you know three months and that's
when you know the merge is supposed to happen well they're calling it the triple happening you
know if bitcoin has a bullish catalyst every four years goes through happening the eath bulls are
tongue-in-cheek calling this the triple happening you know east gonna have a 90 issuance uh become
deflationary do you put stock into that bullish thesis i don't know how it becomes deflationary
i get the argument that you have a lot of stakers okay well you will have a lot of stickers
and of course you still have d5 projects just lock in you know uh liquidity tvl is still high
but ultimately there is no you know there's no proof of stake project out there that isn't
inflationary because you have to reward the stakers somehow
you have to give them something you have to incentivize them to continue stakes so
uh i think ethereum is still i did not hear that they were going to supply capped themselves or
anything they will still be inflationary although there will be forces that tries
to counter that and i forgot burning is still ex you know existing but yeah it's not going
to be deflationary and it's not going to be um even if you know the inflation rate is
is minimized you know it's still not going to be like bitcoin let's just put it that way
i appreciate you keeping a can candid george i guess one of my final questions is let's think
about the future bitcoin price prediction 2022 ethereum price prediction you said you thought
bitcoin could break all-time highs how high do you think it could go what about ethereum um
you know i'm i will stick with my old number which is a hundred thousand i think everyone
picked that it's a nice round six digit number but you know if you
look at the charts and i'm not a big chart guy i'm not a big ta guy but you could see
you know we're we're pressing against this resistance and if we break through it right
we're clear in the 50s and 60s and once we're in 60s you know all hell will break loose fomo will
come back in you know the funny thing is if you look at the environment now bitcoin be at like 47
48 if you measure retail like the retail fomo interest it's as low as when big ones at 4 000
you know it's like it really disappeared the first time bitcoin went to 64 000 there was a ton of
formal interest and i know you guys know that too like views on our videos were like 200 000
plus everything was like going crazy right and then when it fell down to 28 000 it seems like
all that formal interest disappeared we climbed back to 69 000 the the the fomo just wasn't the
same and now that we're at 47 000 there's like no fomo and and uh that's the funny thing so
i think after we hit 70 000 um and we break through 69 you know that formal factor will
come back in again and it always does every time we go up a lot there's going to be a lot of fomo
but this time around with fomo with the institution still buying the banks and all
they're all full mowing in right now and plus you have the guys like do kwan from tara that's still
buying michael saylor still buying he has another 200 million dollars he could use to buy bitcoin
right i think it's going to drive bitcoin into 100 000 by the end of the year i think that's a very
very possible scenario and might be very conservative seeing how the fomo didn't
really hit now as for ethereum um it's around 3 400 3500 right now i think bitcoin will you know
do two and a half x ethereum is at least three x so you're looking at ethereum being probably
ten thousand and probably a little bit more than that so a hundred thousand for bitcoin ten 10 04
i can't wait and me personally i i can easily see a little buy the room or sell the news on
the merged launch date just because we do get that stuff locked up but with the health of the market
going up obviously people are building on ethereum but anyway george thank you so much for joining us
today um always get great perspective from your channel links are down below final thoughts for
the altcoin daily army um continue continue continue to have patience and continue to dca
that's honestly the the best strategy anyone could have at this point awesome thanks george