The Credit Suisse CEO’s statement that Bitcoin is a bubble is ironic since Credit Suisse’s stock has fallen significantly in the past five years. The banking space is in a crunch and governments are trying to prevent systems from collapsing. Balaji states that Bitcoin has a high probability of hitting a million dollars in the next two and a half months due to hyperinflation possibilities and the devaluation of the dollar. Amazon is firing thousands of employees. Bitcoin has hit the crucial barrier of $28,000 multiple times and the next barrier will be building from 2020 to 2022. The 200 weekly moving average has also been a resistance point multiple times.
Don’t you know bump it up you’ve got to bump it up, don’t you know bump it up you’ve got to bump it up? Oh, hey there, didn’t notice you. My singing may have led you to believe that the entire crypto Market is going insane when, in actuality, when you refreshed, that wasn’t the case. However, my XDC, which I’ve been telling you guys about even here in my most latest video, is doing pretty good and is up 20% today.
Reasons for Growth
It’s mostly because of two other things: a massive potential for a crazy Crypto pump tomorrow and the X Coinbase CTO predicting that Bitcoin will hit a million dollars in 90 days. But just before we move on, our last video, which was 12 hours ago, hit 750 likes which is insane. But now I’m addicted, you know it’s like crack, once you get it, it’s the only thing you want to see. So guys make sure you press that like button because I honestly believe it’s about to get so crazy for crypto holders.
The Current State of Banking
I keep seeing people in my comment section telling me to stop or calm down. You know what I can say to that? Leave, get out, get back to your corner, go back to your basement. Because if you don’t see what’s happening right in front of our eyes, there’s no saving you. Right now is by far one of the most foolish periods for crypto that I’ve seen. In this video, I’ll explain to you guys exactly freaking why.
The banking space is in one of the worst crunches (and yes, I switched search again) that we’ve seen in the last decade. The Credit Swiss CEO said about five years ago that Bitcoin is the very definition of a bubble. Now, you might look at this and think, Hmm, why is that so ironic? Because crypto has crashed a lot throughout the years, right?
Bubble Comparison: Crypto vs. Banks
Take a look at, for example, the Luna chart and see how crazy the price went down. Would you be surprised to know that this is not the Luna chart that went down by 99%? It’s actually a chart of a freaking Bank. This is the chart of the First Republic Bank. And I keep telling you that cryptocurrencies are a bubble, right? Just for good reference, the Credit Suisse group is also down 83% over the past six months and down 95% over the past five years.
The repercussions of this will see for a very significant amount of time because read these news lines, for example, the Saudi National Bank loses over a billion dollars on Credit Swiss investment. And as I said, the losses are way bigger than might meet TI, and it just depends on how governments are going to be picking this up.
US Banking Crisis
Switzerland’s Credit Suisse rescue rocks Global Finance. I mean, the exact details of it still remain yet to be seen, but trust me when I say that all over the world right now, they’re trying to figure out how to stop this entire system from collapsing. Take a look at this headline from a couple of hours ago: the US explores measures to guarantee all Bank deposits if the crisis grows. This is finally a reassuring message for the last couple of days.
It’s only been, “well, we don’t know how to do it, we don’t know how to fix it, and we have faith,” which we’ll talk about later in this video. But this is finally a strong message, kind of along the likes of Balaji who basically had a very strong message explaining why things are going to collapse and why Bitcoin, for that reason, has a very high probability of going to about a million freaking dollars in the next two and a half or so months.
Evidence of Bitcoin’s Potential
Again, he took a bet. I’m not just talking about the fact that he just said, “hey, it’s going to get to a million bucks.” No, no, no, no, no. He actually put his hard-earned money on it by betting a million dollars with somebody. And you might straight of the bat think this is insane; let me give you two main thinking points, though.
Hyperinflation and Bitcoin’s Value
Thinking point number one, he calls out hyperinflation and the possibilities for that and how quickly things can move, and some good examples are of Hungary, where it took only 50 hours for prices to double when the crisis came around. And it kind of goes on like this where a lot of countries, indeed- let me actually show you guys the full list here- had a lot of trouble.
Bitcoin as a Stability Factor
And somebody actually has an even better list right here. It just there was a lot of trouble in Paradise for a lot of different countries, and in theory, Bitcoin’s price only needs to go up 34x, so about like, let’s say, 3,500%, and from that perspective. With a dollar devaluation, which we’ve already seen, it’s really not that wild. But let’s just let that marinate for a second.
A Comparison between Bitcoin and US Banks
Let that sink in, together with the fact that they keep calling Bitcoin a bubble when in reality, all these banks are not more stable. Let this sink in for a little second. You have people saying Bitcoin will still hit ten thousand dollars this year, and others calling for a hundred to a million this year. I’m not too proud to say I don’t have a clue as to what’s going to happen with Bitcoin’s price, but this chart is difficult to ignore.
The Future of Cryptocurrencies
These are the Bitcoin monthly or yearly returns since 20 thin. And I just want you guys to quickly compare this with the banking chart that I showed you earlier. I’m going to put it into perspective for you. 2010, or let’s make it even better, from 2007 onwards, the Credit Swiss price is down 96.15%. If you look at the chart, it’s basically negative every single year.
Vice versa Dora, opposite with Bitcoin because almost every single year is in the crazy green with crazy percentages. And even though obviously as more and more money comes into this system, it’s going to be harder to gain, the opposite, in theory, is also true for how difficult it is for a currency to devalue the more money is inside of it. And so if such a heavy measure or such a heavy action were to take place, the consequences of it would be vastly great as well. Anyway, you have to understand that from a macroeconomic perspective, things are just wild right now.