 Welcome to Jalassette News, the top stories in cryptocurrency Jalassettes, and breaking down a bite-sized piece is today, we've got some good news, even though it looks bad. First up, 1.5 billion worth of Bitcoin from Mt. Gox hack might spook crypto markets. And this is exactly what I'm praying for, also. Peace and Market Watch had me wondering, where it states half of Americans over 55 may retire poor. There's two things. First of all, it's a lie because they're not going to retire poor or may retire poor. It should say they will retire poor. And the next big question is, how is that going to affect everybody globally, as far as the other people who are 55 and over in other countries? But first, let's break into the market. So today, it is Monday, October 5th, and it's about 1 o'clock PM Texas time. And what do we got? Well, pretty good news, actually. Bitcoin is almost at 10.7, went up 0.6% in 24-hour time frame. Again, I'm very impressed with what's going on the market, especially with Bitnex legal issues, plus the present United States getting coronavirus. These two different things, they were talking about going to crash the market. I said I could either do one or two things, little dip or big dip. And it looks like it just be a little dip and not too bad. If this would have happened in 2017, we would have crashed to the ground. So I believe this market is roaring and is going to do big things over the next one to two years. Also, Ethereum has that 350. It's still above, so we're pretty happy. This is Tether, about a dollar, XRP, 25 cents. Watch out, almost 25. Binance coin is still in that number five position, but I just saw a story about their portfolio of DeFi projects had lost like 50% of their value. So not too good for just binance the actual exchange. Binance coin, hey, not too bad, up 8.3% for the week. But the exchange, yeeh. Bitcoin cash down almost a point. Polkadot up 1% for 17, like you see that. Chainlake has dropped below 10. Womp, womp. Crypto.com up 0.7. Let's see, is there anything fantastic to report? Because the rest is kind of boring. NEM 9.5, that's pretty good. I don't know why. Hey, whoever owns NEM, congratulations. I don't know any of that. RAP Bitcoin 0.4, yeah, sure. Zcash up 1.8. And if you didn't know, Gemini just got the go-ahead to allow for private transactions with Zcash from their exchange. And they actually went to the New York state. So kudos to them actually getting that going. Oh man, Uniswap down 11%. Son of a gun, 330. OMG, now we've got four Celsius down six, but still at over $1.25. Congratulations, Celsius holders. I can't hold on much of it because I'm in Texas. I don't know how it works in the rest of the United States, but I can't gain interest to get Celsius. I have to get it in dollars or Bitcoin. But I wish I would have gotten Celsius. Unfortunately, my state doesn't allow that. And that's pretty much about it. So not a bad day considering all the things that are happening. So let's just jump into the big story. First up, I see these headlines about Mt. Gox. And I'm always like, who cares? I just don't get it. But 1.5 billion worth of Bitcoin from Mt. Gox might spook credit markets. I mean, I get the whole thing about if they're going to dump a bunch of Bitcoin on people who invested in this back in like 2013, 14 when the hack was. So they're going to sell a bunch. And for me, I'm like, great, sell it all you want. Because guess what I'm going to do? I've got money in the bank. And I'm just waiting for you guys to get rid of it so I can gobble it up. But whatever you want to do, it's fine with me. So here's a little backstory. There was a Japanese-based exchange called Mt. Gox. And it said to have handled over 80% of all Bitcoin transactions in its early years. Well, guess what happened? In 2014, that's right, 2014, almost a million Bitcoin or 740,000 Bitcoin was hacked. And it all just went away. But it led to the exchange going bankrupt, which makes a lot of sense because when you lose that much Bitcoin, you can't come back from that. I don't care what year it is. Now it says while 200,000 Bitcoin were eventually recovered, that's amazing, the whereabouts of the remaining 650 remain a mystery. Hold on, let me see here. Let me do some quick math. If you get 650 plus 200, I'm pretty sure that's 850,000. But it says here that 740,000 Bitcoin were hacked 2014. So maybe someone could correct that in the comments section. I'm not for sure, but let's just say this. A lot of Bitcoin was lost. However, under Japanese law and case coverage available here and here, creditors were liable to receive a chunk of their lost funds at massively inflated prices, which was pretty good, right? I mean, if you invest all the way back then, and then wouldn't that suck if you invested all the way back then? And you were looking at 2017 December going, wow, there goes Bitcoin, almost 20,000. We'll show it ahead. You know, my 100 that I invest into Mt. Gox, but of course it got hacked, that would suck. States here, the funds were earlier supposed to be returned on July 1st. This is, they're going to give this back to all the different investors. So it's supposed to go back on July 1st, but a court hearing delayed it to an October date, which is October 15th. So we're looking at 10 days, it's going to go back. But here's my question to everybody. I cannot find an answer for the life of me. So if you had 200,000 returned, right? And there was whatever this number is, let's just say 600,000. So 600,000 is supposed to be returned back to people. And they're going to give back roughly 150,000 in this one. Yeah. Other terms of creditors are said to cumulatively receive over 150,000 Bitcoin. So this story keeps coming up. And it seemed like every time I read it, it's like, oh, these people, I got hacked. They're going to get all this Bitcoin, it's going to crash the whole market. Well, it never really does. But I'm just saying myself, I'm like, well, how many times is it going to happen? There has to be a limit when these people actually get all their Bitcoin back. Because if you lost around 600,000, there should be a point where it's like, okay, you guys are paid off, now go away, do whatever you want. So help me in the comments section to, because I could not find how much is left to give back. Is this the last installment? Or we're going to have like 20 more of these things. So it seems like these stories come out like every six months. States here, while some of these creditors may choose to hold, others will sell for a profit of 300%. Yeah, I think so. And this is where it always gets funny. I just love it when these publications, they start to quote these different people's names, and anonymous popular Twitter account, Mr. Whale, Joe Blow, John Gunn. It just sounds so ridiculous, but I mean, it is what it is. Meanwhile, Mr. Whale, anonymous Twitter account, states this, if 150,000 Bitcoin is sold in the market, it would cause a brutal drop in fear would quickly spread across the market. So that's pretty much it, the rest was boring. The whole thing coming out of this, I'm praying and I'm hoping that all these people sell because I want them to sell and I want the market to go down. We just saw the price of Bitcoin. I'm hoping it goes down below 10,000. That would be fantastic. And if it goes below nine, even better because when I'm looking at this, I'm just an investor. I'm not a trader. So when things start to go down, I get pretty excited. I didn't used to, because I used to dump. I mean, when I first got in 2017, I dumped a bunch of money in it and I should not have done that. I should have just dollar cost average like I do now. And then when all these dips happen, I don't have this crushing tightness in my chest going, shoot, it's lost 30%. I can go, hey, I got money in the sidelines, I'm ready. So if you believe that Bitcoin's gonna go up, this is actually huge. So if you look at like, this was just came out today, this is from Bloomberg, Bloomberg Professional Services and their analysts have said, hey, Bitcoin's on track for 100,000 in 2025. Now that's very conservative. If we just, let's just stick to a conservative number, 100,000 in 2025, but it's not just them. They also, there's another one, asset manager for ARK Investment, said that Bitcoin can reach a $3 trillion market cap by 2025. So again, they're talking about the same type of year at 2025, sure, whatever. If you believe in this one or Tim Draper where his assessment is gonna be $250,000, I believe Bitcoin is going to go somewhere north of $100K. That's all I can say. If you have a $3 trillion market cap here, that's around $160,000 per Bitcoin. As it stands right now. And then if you take a look down here, and they go from $3 trillion all the way up to $5 trillion. And this is actually from Adam Back. He is the CEO of Blockstream. He's a big Bitcoin maximalist. And he said, that's pretty conservative. He agrees with this whole thing. He says, hey, could be a trillion dollar market cap within two years, probably sooner. And again, that is a super, super conservative type of number. Just in 2017, when we were just all on vaporware and white paper, it was the entire market cap was $850,000, yeah, $850 billion, excuse me. So it was almost at a trillion. But that was, of course, Bitcoin still had a major dominance, but that wasn't everything. Of course that was Bitcoin and XRP and 3M and all the different low caps. But Bitcoin was a large part of that. Maybe 65, 70%, can't remember. Someone correct me in the comment section. But to get to a trillion, I don't see it being that big of a deal. And for 50K to come around, sure. Let's make it the most conservative you can possibly think of. If Bitcoin goes down to below 10,000 and you can pick it up for that amount, whatever it is, you could 5X your investment in one to two years. And try doing that anywhere else, especially in the stock market, especially what's gonna happen with the stock market pretty soon if you believe all the different predictions. So I mean, there's no other way that you can possibly do that anywhere else. Even land and real estate investment, pretty darn tough to 5X everything. Or if you wanna look at like 100,000, 10X, or 250,000, 25X, just very hard to do. So let me know what you think of the comment section, which leads me to the next article, which is half of Americans over 55 may retire poor. And I'd like to take that may retire poor and just say will retire poor because I believe that totally to be true. I'm gonna tell you exactly why. So this is actually an opinion piece. This is from Howard Gold. He's one of the writers there from MarketWatch. And he just invests or he just interviews a couple of economists. And one of them is economist Teresa Gillarducci, a professor at the new school, the new school in New York City. I don't know, that's right. And one of the nation's leading experts on retirement. And she said that half, that's the right half, of Americans age 55 will retire in poverty or near poverty. She states, our data is showing that because of the COVID recession, about 50% of workers over the age of 55 will be poor or near poor when they reach 65 years old. And then they define what actually poor is if they're living in less than 20,000 a year. She told me, I think that's what we could all agree that means chronic deprivation for the rest of your life. And now I don't know where exactly that you are. Some places, $20,000 is a boatload of money. And some places it's not that much. So it just really just depends on your cost of living, where you're at and what are your needs at that point. And the author goes on to say something kind of odd. He says, if this happens, it would reverse decades of progress toward eliminating poverty among the elderly. So it's just got me confused because if you don't know, military, I was in the military, medic, became a nurse, did a lot of things with home health care. And this was like when I was in my 20s. Now I'm in my late 40s and I can just tell you that all those years that I spent over there, I would see nothing but poverty. There was a majority of our patients were either, I mean, everybody has Medicare at that point, but a lot of our patients were on Medicaid. And Medicaid, if you're not familiar in America, when you reach a certain level or cannot maintain a threshold of a certain amount of income, you can be put on a healthcare service called Medicaid and is for low income individuals. And it covers a lot of things and it's really a lifesaver or a raft for a lot of people. And what I would see as time went on, I would just start to see that the patients that I was seeing was starting to get poorer and poorer and poorer and the things that they were able to afford wasn't that much. And I just didn't see what this guy's seeing as far as like reverse decades of progress towards limiting poverty. I saw nothing but poverty. And it was pretty sad to see people who were at this point in their life where they should be having that, they're living out their golden years. They were literally just what I've heard before deciding between do I pay for food or do I pay for this blood pressure pill? And I've had many a discussion with different patients about what they should do. Now we would work with social workers and that's not the point. The point is that we would see a lot of poverty and it's on the rise. That's all I can say. It goes on. So what's behind this? People losing their jobs and health insurance because of COVID-19 are losing the employer match on their 401k contributions or having to tap into retirement savings to cover all these expenses. And the economist says it's all the above. It starts with job losses. All the workers are losing their jobs at a faster rate relative to younger people. And that's the thing. I mean, if you are a corporation of business and you got an option here to hire somebody who is and there is this thing called ageism. You cannot discriminate based on age, sex, color, religion, everything like that. But it happens all the time. If a corporation says, hey, we have a job opening and we have a person who's maybe a little older in middle management and we can move them up but we're gonna have to pay them more or we could pay somebody maybe 30% less who is younger and hungry and can do a bunch of different things. A lot of times they hire the younger person because they can get away with it and they can pay less. And that's the whole thing about corporations. It's the bottom line. And that's the problem. I mean, if you're waiting for your retirement, your pension to cover you, those are the old days. Those days don't exist anymore. It's very rare to see pensions kind of come about. And then we're talking about personal finances. It's very, because you have to dip into all those things. You're gonna need a lot of money as you get older. That's the big thing. And when older workers lose their jobs, they lose access to savings, they lose their employer's contribution and they face a temptation of drawing down their retirement assets. And it's the same thing that I would see all the time. They're like, well, I'm gonna dip into my retirement, dip into my retirement. Now what happened? They're talking about contribution to 401K. When I was going through, they would contribute a pretty good chunk. It actually, they would match me one to one. Whatever I put in my 401K, they would match. This is different companies that I worked for over the years. But there's a statistic here. It said in 2009, 20% of employers stopped contributing to the 401K. So the employers, so they wouldn't match you. But now over 50% of employers have stopped contributing to the 401K because they learned they can get away with it. I don't know if that's really a wise practice because as I understood it, you could contribute to the 401K and it would be like a tax write-off, but maybe not. I guess these companies wanna save as much money as they possibly can. Anyhow, here's one of the problems that I see because of the retirement accounts that are out there, especially like your 401Ks or your IRA or stuff like that. You cannot take or you cannot withdraw if you are under 59 and a half. So if you're 55 and just waiting for that time, if you take it out, you actually have a big penalty. Because of this CARES Act that was just passed, they removed the 10% penalties on withdrawals up to 100,000 from those accounts for people under that age. But here's the big thing. It allows them to pay back the money over a three-year period and if you don't, you will get that 10% penalty put right back on. So this is one of those issues with people going, hey, I can dip into my retirement accounts, my IRAs. No, I mean you can, but you have to pay everything back within three years and if you don't, you get penalized. So it's one of those things where like you're losing every time you take out your own money, which kind of sucks. So here's the recommendation from the economist. She says, don't quit your job. If you're older and you're afraid of the virus, get a hazmat suit. And I was like, I read that, I go, oh my God, that is the worst, just, can you imagine? I mean, you have to decide between your health or working, I mean, depending on where you're at, right? So it's just, it's an awful decision to make. So this is what I'm trying to tell you. All these things that we just talked about, we're talking about Bitcoin and different opportunities that are available and the market that's going to, you know, potentially take a big dip, that's okay. Because that dips, then I'll have the ability to buy it up. And you don't have to buy up like tens of thousands of dollars. I'm not saying to buy one Bitcoin when it reaches 9,000, that's 9,000 bucks a lot of them. I can't do that. So I'm just saying, when it dips a little bit, what I will be doing is buying those little dips in small increments, because I don't want to FOMO in and put $1,000 into it. Maybe it's a hundred bucks, maybe it's 25, it's whatever you have. But the big thing here is not to lose sight of what it could potentially be. And that is the big thing. But there's another part to this, and that is your taxes. I've talked about this many a time. Let's say you're able to build a nice little nest egg of, let's say 500,000. You put in $50,000 over this time, for the next however much time it's taking you. And then it starts to balloon or inflate to half a million, or maybe even a million dollars worth of cryptocurrency. So if that happens, guess what happens to you? You're going to get dinged and you're gonna have to pay taxes on those capital gains taxes, depending on how long it is. It could be sizable. Right now it's between 15 and 25% right now. I don't know who's gonna win the presidency coming up, but expect it to change, especially with a quantitative easing, because you're gonna have to tax people and you're gonna have to get revenue from some point. And it's not gonna be just out of thin air again. It's gonna be from people like you and me who are paying a boatload of taxes. So this is what I'm afraid of. Also, on top of that, for the next year of 2020 when you follow your taxes, you're gonna see this little comment here, this thing I've been harping on before. If at any time did you receive self-send exchange or any kind of virtual currency? And if you don't say yes, those exchanges that you go to, they got your information, they're going to send it to you. Do not shoot the messenger. I'm just saying that is what is happening. So I'm going to leave you with this. There is a video I made. It talks about not paying crypto taxes. I refuse to pay an exorbitant amount of taxes if I have the opportunity not to do so legally. And that's the big thing. So again, if you had a traditional IRA or you have an old employer plan like a 401K, 403B, TSB, 457, whatever it is, you can move it into a crypto IRA and you can do trades within it at zero to no fees, which is pretty awesome. This is who I use personally. I trust capital. I put and I'm going to max out every year the maximum amount, which I believe is 6,000. I think I've reached my threshold. So $6,000 I'm putting in and you can invest into these types of cryptocurrencies into an IRA because here's the thing. Once you put that money into it, let's say you put $10,000 in a cryptocurrency, whatever this is and you say, hey, I'm putting it at whatever, Ethereum. And Ethereum goes bananas and all of a sudden you've got $1 million worth of Ethereum. Well, guess what? You're going to be taxed on all those gains. But if you do it with an IRA, you're not taxing those gains. And I talk about all those different options, the legal options in this video on a link at the very end. So to get a month for free, I have a link in the description of every one of my videos. It looks exactly like this. Click on this link. It is an affiliate link, but you will get one month for free of iTrust Capital. And if you just have questions after you watch that video that I'm going to leave to you, just click right here and click schedule a call. They can do 15, 20, 30 minutes, however long it takes to answer all your questions and get through them, which is pretty amazing, right? Just to actually be able to talk to a live person, what actually happens here, which is fantastic. That's it for that. There are some different pitfalls that we just saw when we took a look at that article about retiring poor. Remember, it's not how much you make. It is how much you keep over the long haul. And that's why I talk about using a service, something like this with iTrust Capital. And look, there's other companies out there that do the exact same thing for cryptocurrency IRAs. Just that I looked at other ones, I did not like them. And this is the one that I went with. And it's my personal choice. So I give you the option and you can check it out and do whatever you want to do. All right, so that's it for today's video. Thanks for sticking with me. But before we take off, I just want to do random shout outs. So thanks everybody who signed up for digital asset news. Really appreciate it. Here's Steve Erlich, could be the CEO of Voyager. Who knows? Chris Castillo, Pac-Bid, Crypto Fastline, that's a good one. Frankster, Joey Serena, Bill Ennis, Chuck C, Chuck C, I like that one. And then Dreamer. So thanks everybody for signing up. I really appreciate it. If you liked those videos, I'm gonna put two more up that you could check out. There's gonna be one definitely I need to put up there, which talks about no crypto taxes, which I think is important. And that's it for today. So thanks for sticking with me through the whole thing. Super appreciate it. Thank you so much. See you on the next one.