In an update on Bitcoin and cryptocurrency, YouTuber Sam talks about the recent market downturn and the growing interest in Bitcoin as a result. He also mentions El Salvador’s Bitcoin adoption and the upcoming meeting with central banks and financial authorities to discuss Bitcoin’s role in financial inclusion. Additionally, Sam talks about a new partner of the channel, Metarix, who are creating a decentralized ecosystem for gaming NFTs in the metaverse. He acknowledges the risks associated with their upcoming pre-sale but notes that these offerings can be profitable if done right. Sam also reports on record inflows for the year, showing institutional investors buying the dip in Bitcoin.
How’s it going everyone, it’s Sam. Today I want to talk about crypto and specifically bitcoin. We’ve seen so much pain over the last week in cryptocurrency, a lot of people are turning to bitcoin specifically. I do want to talk about another asset that I hold that had some news come out today. And I’ll talk about that towards the end of the video.
The whole crypto market’s obviously been hurt over the last seven days. It’s holding relatively sideways right now over the last few days. We haven’t seen too much happen, but this is the seventh week in a row we’ve seen red in bitcoin. And this is the first time that’s ever happened. We are obviously oversold in a lot of different metrics, the whole macro environment is pretty rough. Stable coins have d-pegged and not just UST but a lot of other stable coins have depend uh whether it’s to the downside or to the Upside like USDC went up several cents above a dollar, USDT fell down five percent under a dollar so there’s so much fear and while this is happening we still have a lot of people buying bitcoin.
If we look here, we actually have thirty thousand uh just about thirty thousand bitcoin coming off exchanges in one day and the adoption is going to continue. We have 44 nations are meeting el salvador in el salvador to discuss bitcoin tomorrow. 32 central banks and 12 financial authorities will meet to discuss bitcoin in the financial inclusion this is coming from president Buchelli now. I think so many people are curious about this because you know whether you believe it or not, this has actually been really good I think for el salvador and not necessarily because their investment went fantastic.
First, I want to talk about a new partner of the channel. Now, I think I’ve made my views on what I’m going to do going forward really clear, which is I’m going to accumulate bitcoin. And I realized some people want ways of doing that quicker, which is where a lot of people invest in different altcoins and different metaverse projects, which is where today’s show sponsor Metarix comes in.
Digital Asset Fund Flows Weekly Report
The digital asset fund flows weekly report just came out, and we saw record inflows for the year. we actually Saw 274 million come in and 299 million coming into bitcoin. We actually had some flow out of ethereum, but this is really interesting. They’re saying it’s a strong show to investors uh that they are buying the dip that these institutional investors want to buy the Dip on bitcoin because it got too low.
FTX CEO comments on Bitcoin Payments
FTX CEO isn’t as bullish on bitcoin payments as some other people. He says basically that things that are doing millions of transactions a second will have to be extremely efficient and lightweight and lower energy costs. Proof of state networks are unlike proof of work, which is what uh bitcoin runs on, and now a lot of people gave him a hard time for this.