 What is going on everybody welcome to market talks here on coin telegraph? I am your host Tim Warren from the coffee and crypto show. I'm super excited to go into today It's gonna be a great show This is the show every single week on Thursdays at 12 p.m. Eastern Standard Time at least where I am We're gonna go into the markets find out what is happening and bring on Amazing amazing guests who are experts in their field to help you guys analyze what's happening And of course as the title suggests today is all about what could bitcoins price be doing here soon Are we headed down to $15,000 or lower? And what could be the effects if that were to happen? I am joined by a very special guest today Ray McDermott who I make super super excited to get to interview if you guys are Excited go and smash that like button and subscribe to the channel But if you don't know who Ray is Ray is an editor and head of markets at coin telegraph After discovering Bitcoin in 2016 Ray went on to work as the head of content and marketing at a variety of blockchain startups And aside from sweet trading anything that moves Ray is an avid beer drinker and barbecue fanatic great guy Let's go ahead and roll his clip. What is going on Ray? How are you doing today? I'm good. Thanks for having me on Yeah, man, I'm super excited to have you here. It's gonna be a great show But first of all, I love the last bit, you know the avid beer drinker barbecue fanatic Sounds like a guy after my own kind. Do you watch any sports by any chance? So you are a sports fanatic at any any level? Yeah, yeah, yeah, I mean the US opens on so last night I was up to like 2 a.m. Watching I think it was Alvarez and I just forgot the other guy's name But it was an incredible match the kid that won is only 18 in Spanish And it was the it was like the longest quarterfinal match in history. It lasted about five hours and 20 minutes Wow, holy cow. I don't want a whole heck of a lot of that's tennis, right the US open Yeah, yeah, and it's but I mean I'm in the baseball. I've been watching my astros play repping them now We're in the shirt. I'm a Dodgers fan You know NFL starting this weekend. So there's a few teams my eyes on college football is here. So yeah, man Come on come on. Well, let's go into the crypto portion. Well, yeah, I mean for me sports wise Yeah, I'm a big Virginia Tech College football fan and then the NFL I love just watching some good games and and I'll watch basketball I don't watch a whole heck of a lot of tennis every now and then I'll find myself watching some of that But yeah, not more of the more of a football kind of guy, but hey Say what I love football is never into tennis and about three years ago. There was nothing on Just politics on CNN. So I turned on the US open and you know never had been interested in tennis my whole life And it just pulled me in it's a high-energy sport. It's one-to-one like baseball pitcher batter, you know, like Uh, it's like being in the ring with a bull basically. So it's a one-on-one high-energy sport It's mean two people that are you know in top finesse. There's very few breaks. There's no intermissions So, uh, it just kind of pulled me in and you get addicted to it and there's nothing else on while it's on except Playoffs about to start for MLB. So anyway, we could talk sports all day because crypto is pretty boring, isn't it? Well, I have this I have this sneaky feeling right that uh, as boring as bitcoin and crypto have been there's a chance It's about get interesting for all the wrong reasons and we're going to go and jump in on that So let's just kind of start off with what is your overall view of the market right now again We were up at 25,000. We dropped down now and we're hovering between 18 five and about 19 five give or take Do you think that we have potentially some bullish action coming here very soon? Or is there a little bit further to go to the downside and we'll talk about bigger numbers? Down the road maybe over the next couple of months But let's just start off with maybe the next couple of days or week or two As we lead up for the Fed announcement here in a couple of weeks. What are your expectations for the bitcoin? price over the next couple of days To be honest with you, I think the prevailing trend is to the downside and that's been the case since we topped out at 69,420 And a few months later the Fed started the interest rate hikes. So Um, I mean, it's there's a multi prong kind of reason for why I think bitcoin will probably see more downside I mean how spoke today and he reiterated that he will do or the Fed will do anything necessary To combat inflation, which in july was at a 40 year high, right? so the market's already kind of expecting a 75 bps interest rate hike and Given the tight correlation between, you know equities markets or stock markets and large caps like bitcoin and ethereum. Well I mean since interest rates started hiking Bitcoin price has been nothing in nothing but a downtrend basically. So If you look at things from kind of like the standpoint of technical analysis and we had written an article about this recently So I'll drop the link to adrian Um Bitcoin is basically what what you're getting is A bear flag continuation That's it. I mean, do you want to look at a daily chart real quick? Yeah, do you want me to share my screen or do you want to go look at your screen? Uh, I think I can share mine. Let me see if I can find the actual window. There it is. Perfect There we go. So Here's our lovely bitcoin, right? We topped out up here um You know 68 or 69 000 looks like in november um, and then the feds started its interest rate hikes shortly thereafter I think that was in june when those rolled in and bitcoin's always kind of in the canary in the coal mine when it comes to um giving you some insight into Not what larger markets might do, you know risk on assets tend to correct sharply Um ahead of like bearish signaling from the central bank So bitcoin kind of led off because you remember bitcoin price corrected and started dropping while The dow and the s and p 500 were still pushing toward all-time highs Which fooled a lot of us that only focused on crypto and to thinking that oh, it's okay bitcoin's definitely going to go up to 75 000 or 100. So we forgot that You know bitcoin's price action sometimes leads And kind of like tweets like a canary what's going to happen um in macro markets, but basically you've got flagpole flag flagpole flag flagpole flag flagpole Right and probably consolidation and to instance and then another breakdown. So Um, I don't really I mean this is a daily chart. Um, I'm more so looking at things on the three day and a weekly Prime frame. I don't trade day charts or four-hour charts or one-hour charts or really at all to be honest um, so what I see here is just a strong downtrend and there's really no bullish catalyst to um to break that that downtrend now If I can go on for just a second longer, um One of my buddies that works at jarvis labs. He's a quant One thing that he had pointed out and also the guys at galois capital had pointed out is that with the upcoming merge There's the possibility of that being a bullish event because um, I know you're a christian. So you know when god Created adam and eve he pulled a rib out of adam to create eve, right? That's like right magical liquidity in in in my opinion So if you think back to the bitcoin cash hard fork in 2017 Uh, you know bitcoin forked everyone that was holding btc ended up getting that bch airdrop Our hard fork token which was worth a lot of money and that just injected a lot of liquidity into the market So if you were bullish on bch, you could hold it Perpetual contracts built up around that and you could trade it If you just wanted to have the free money Then you know you could take that and shovel it into altcoins or eith or into bitcoin So it's possible that if the merge goes down and we start to see these proof of work hard fork tokens That are essentially being liquidity. Where is it going to go? People are afraid to invest in usdc right now because of the Um issues right people are scared to get into stablecoins in general because of compliance worries and You know, we never really know even if if um if usd t tether is solvent We actually I mean, of course paolo will come out and say that it is But yeah, most people aren't You know, most people aren't necessarily looking at stablecoins as the safest place To take shelter like the data would show otherwise, but I mean think about it If everyone gets this massive kind of airdrop from ethereum proof of work tokens It's possible that those funds could make their way into bitcoin and that might create some short term catalyst if the if the open interest is Reaching, you know all-time highs on bitcoin and it's to the short size Maybe that'll catalyze some squeeze that pushes the price through whatever the resistance levels are now But i'm not sure that's it i'm not sure that anything like that if it were to happen Is actually strong enough to break the trend, you know, like you would need to see the price make a daily Higher high or a weekly higher high or a few days worth of higher highs on the actual chart And then we need to consolidate in whatever that new range might be whether it be above 25 000 Whether it be in the 29 000 dollar range because there's a volume profile gap on bitcoin from about 25 000 29 000 So let's say we could clear that cluster and then consolidate there for some time And then begin to work our way back up But i mean that's that's literally just hypothetical Aside from that one hypothetical kind of idea I personally do not see any macro reason for bitcoin to consolidate or break out of its current downtrend Yeah, no, actually what you're talking about right there I think it'd be interesting for the viewers to see go ahead and go to the zoom call. I shared my screen here Um, you know, there's the vrvp the volume range profile Uh volume the visible range volume profile. There's got a lot of gaps in here I actually was talking with uh, you know people around coffee and crypto this morning about it The different holes we have, you know shorter time frame There's a little bit of a gap right here around 1905 where this former level of flat support was over the last couple days And then you start to get into the real big meet of all the volume right here And then there's a little bit of a gap right around 20 800 And then you have even more when you hit the the peak of what we've been in ever since back here in early june And then as you mentioned, there's a dip before 23 000 and then another one before 25 But there's a lot of there's a lot of hurdles and you can now go off my screen here You there's a lot of hurdles for bitcoin Even if it does start some bullish momentum A lot of different levels where potentially you might see someone who is taking a long take profit and not push it Anymore to the upside or even better Bears who are just sitting there waiting for a good short entry and uh, there's a and it's not just one or two There's like several before we even can talk about 25 000 again Yeah, and price hasn't been able to clear the descending Resistance line. So if you draw a trend line from all time high All the way to where price is now on a daily time frame The price has never been able to push above that resistance level Um each time that's where the bull the bear flag continuation basically taps that resistance the last time it was it was at like 25 300 It taps that resistance level um the bear flag breaks down and We end up legging them. So Yeah, I just I mean bitcoin To me is in an accumulation zone right now. It's time to dollar cost average into the asset people should be thinking about the upcoming halving and Um, you know those sort of things rather than trying to day trade bitcoin with leverage Um, I personally don't think it's time to ape into bitcoin If we dip below 19 000 like we did this week if we dip below the swing low at 17 800 If we drop to 15 000 or even to 11 000 If if you're a cash flush Perhaps in the $10 000 range that could be a place where one starts thinking about purchasing entire coins But I think you know given that the uh the price action is basically to the downside the smarter thing to do is Just to kind of average and slowly Or hold on to your powder and wait until we he kind of until it's clear that we've hit a bottom And entered a phase of consolidation And then start easing in and you know what consolidation looks like is flat range bound Trading just like from 2018 to 2020 the price was basically you could put a ruler on the Candles on a daily chart and the price follows it in a straight line And you should look for volume to be increasing on a daily or a weekly kind of time frame As that consolidation takes place and there's also a lot of on-chain metrics That can give investors insight into whether or not you know Um, it's time to start accumulating Wow, that's really good. You know something you said right there Let's go and jump into that is potential macro price bottoms for bitcoin And it's let's start with 15 000 because I know that you have a lot of relationships With people who are in the mining world What would happen to bitcoin miners that would affect the price pretty significantly if that bitcoin price did fall as far as 15 000 We actually just held a twitter space is um Oh, wait, there we go. Sorry adrian's telling me move my laptop back a little bit So, um, we actually held a twitter space is last week with an analyst, uh, colin harper from luxor mining um, who run a pool and then Joe bernett from blockware solutions who I think they provide co-location services and they also kind of Help people set up they are an industrial bitcoin miner. So they help people set that up So I had a chat with them last week and both of them said, you know 15 15 000 would pretty much be um, where many miners are looking at breaking even um And starting to fall out of profitability But there is not really a hard fast um Metric on that because cost of production varies depending on um Miners, you know cost of electricity per kilowatt. We could say the average is uh seven cents usd per kilowatt But there are people that are using renewables That are all the way down to four cents per kilowatt There's guys that are using like flared gas. Um, you know, like flaring from Um, uh oil production or like there are there's people that are flaring um liquid natural gas So they're using that to power generators. Um, that are then providing the power for bitcoin miners So their cost to present production is zero, you know, they're capturing wasted energy and using it to create bitcoin um So in that instance, like for them, they're agnostic to bitcoin price because they're essentially producing it for free Uh, but what you might see happen if bitcoin price drops to 15 000 or below and stays in that range Let's say for two three four weeks. What you might see happening is um Smaller or even larger miners Um start to struggle with like debt and some of them might start turning off their machines So there's less hash rate that's online. Um, you know, those sort of things could happen. You might see liquidation of certain like asics so different bitcoin mining machines and equipment might go on liquidation sale, but um Price dropping to 15 000 doesn't like Blow up the mining industry. It doesn't kill them. They're not going away It's it's a Darwinian type of thing. So the strongest Miners survive those that can secure the cheapest electricity Are the ones that will thrive. So you'll probably see more mergers and acquisitions take place and You know bitcoin mining is going to move wherever cheap electricity is So china banned it and it came to america, right? I mean it's already here, but our dominance of that industry increased Europe is going through a kind of crazy energy crisis right now And you know winter is going to be quite cold for them literally speaking For people in their homes. So, you know the mining industry whatever exists over there. It's either shutting off Or it's moving, you know, it's moving over to the west or further east Africa is an untapped gold mine and parts of the Middle East Are also kind of untapped when it comes to really low electricity So if some calamity happened in the united states where bitcoin mining was no longer you know profitable or favorable here Then you could see those that have the funds shift back into africa And into the middle east so on and so forth. So Yeah, it's it's interesting. It's a bit silly to Say that, you know, if bitcoin drops to a certain price Miners are going to get completely liquidated and shut down there will probably be another capitulation like there was and I think in june when price dropped below 20,000 a lot of miners related and Charles charles edwards his hash bans or hash ribbons on chain metric kind of shows that Um and his his kind of shows right now that prices capitulating also for miners Well, you know speaking of miners and you know, I want to transition us to begin to talk about ethereum But I'm gonna stay a little bit with bitcoin for a second. So of course ethereum is switching from proof of work to proof of stake There will no longer be miners. There'll be stakers That has caused a lot of unrest in the mining community of people who are making some pretty good money mining ethereum My question for you with your relationship with miners. Do you think that miners who were mining ethereum will just Hang up their shoes. They all right. That's it. I'm done Do you think they'll navigate potentially over to bitcoin? Or we've also seen it looks like a lot of miners are moving towards a project called ergo And it's having a massive uptick in price due to it What do you think the future looks like for former ethereum miners again other three options? Or maybe another one i'm not thinking of do you think they're moving to bitcoin? Maybe another altcoin or are they just going in going to sell their computers and find a different work I'm not exactly sure and there's a lot of theories out there and you know Three weeks ago there had been a ton of kind of conversation between actual miners On twitter and then telegram groups and all that and it was impacting You know ethereum price because we were like, you know major mining schools are going to hard fork and are going to refuse to To merge da da da. So all that's kind of died down, which I found interesting Something must be happening behind the scenes. Maybe they they're confederating or they've had some some, you know, like Meeting to uh to kind of tamp down the foot a little bit. So I'm not exactly sure what happens Or what will happen, but I imagine that for many people who have been mining ethereum for a long time The gears paid off, right and GPU prices aren't really attractive They've crumbled and they will continue to crumble as merge happens, right? Unless the merge is a debacle or it gets delayed at the last minute for some reason Meanwhile asics that are capable of mining on, you know, ethereum classic or ethereum The prices are still sky high there. So One thing that we could see happen possibly is maybe ethereum miners hop over to etc and just mine there if you think about mining it's not something where you need to be a zealot and Purely dedicated in an ideological sense to that one coin, right? For example, cadena. I don't know what the hell cadena does I know they have a hundred million dollar grant to develop an ecosystem. They just launched some defy product But I mean from a fundamental analysis point of view Cadena doesn't necessarily look like a good investment to me buying that token because I don't know what it does And it's relatively young and new But from the perspective of mining I will mine the heck out of cadena because it produces money, you know And I can dump cadena on coup coin or other Deeply liquid markets and use it to buy spot bitcoin, right? Or I can dump cadena or I can dump etc Or I can dump ltc or I can dump zcash if i'm mining any of those and use it to Average into bitcoin or to cover my operational cost Of mining bitcoin if i'm running asics or posting them somewhere So, you know for ethereum miners. I imagine that their gear is paid off for that reason There's no reason for them to sell their gear And there's no premium on that gear right now, right? Like if I can hop onto another chain and mine Whether or not that chain is fundamentally sound etc has no daps on it, right? etc is relatively inactive etc doesn't It pales in comparison to ethereum in terms of utility But mining etc equates to money and if my gear is already paid off Why not do that? So uh or ergo this other coin that you're talking about so um, I don't personally, I don't I don't think that um Everyone will just check their gear off recycle it sell it and abandon mining. That's my personal view Bitmain also just released the e9 about a month ago. It's uh asic. It costs like 10k Um, and it is purely dedicated to mining eth and I think you can mine etc also. So Um, it's going to be interesting to see what happens That's very very interesting. That was a great take. Let's let's continue on with ethereum though Now we're going to get away from the mining aspect of it and the fact that it just moved to prove mistake What are your thoughts about this merger? Not even just for now this merge for ethereum itself Uh, how do you think it will ripple and have effects on the rest of the crypto space? Will we see ethereum? Will this just be a sell the news the sell the news release here in a week or so Or will we see ethereum actually start to move bullishly and will it take any other altcoins with it? Potentially, maybe even could this be a bullish catalyst for even bitcoin Or is it just kind of a flash in the pan and we're headed back down all the market together? um Well, there's a few theories on that and I just shared an article with adrian that we wrote about two weeks ago about Different strategies for trading the merge um A lot of a lot of things that happen in crypto are you know by the rumor sell the news events, right? So It is highly likely that We will see some post merge sell-off in ethereum price But does that change ethereum's? kind of like Does that change one's investment thesis for being bullish on ethereum long term? I don't think so Now if you look at like ethereum derivatives It's clear that what people are doing market makers and those with big money is their long spot and their short futures, right? so perhaps they're trying the game the supposed Hard fork airdrop that will happen. So people are still accumulating ethereum According to multiple data points, right? I want to have as much ethereum as possible going into the merge Assuming that it's going to be that i'm going to get three tokens out of it that I can sell on the spot market, right? but in case There's some catastrophe or things fall apart or the merge is the debacle Well, at least I am short futures so that I can kind of mitigate any losses that I might take on um on that kind of long spot position that I have But in the long run if ethereum becomes deflationary and it moves to proof of stake It seems to be to my benefit to still be holding ethereum and even buying a dip Um, if it if it sells off during the sell the news event because I can stake it um for like five percent at coinbase or 4.5 percent at ledo or possibly 10 percent At other places. I think kraken and ftx and binance are going to support ethereum staking defy Got totally rocked, but now that it's cleaned out Um, we should see a little bit more experimentation with new financial models Start to come out. Um, so if the ethereum merge is is a success well One year after that we get sharding where the network becomes a lot more capable And the theropoot goes way up. So I imagine if the merge is successful then People are going to want to look for yield on their deflationary eith, right and large eith holders defy protocols and such and market makers In this market, which is flat and bitcoins probably not going up. We're searching for yields, right? So ethereum looks to be possibly that asset Uh Which it already was and you know the whole defy summer It was that asset that people built upon and used to pursue yield on their investments. So There's three strategies that I can think of for ethereum one is simple just hold the token and hope that there is a few proof-of-work hard forks Uh and that you get them and that you can sell them on Polo or finance or whoever supports the proof-of-work token And just bag that money put it into bitcoin or stables or your favorite altcoin or whatever or more eith Second strategy is what smart money is doing which is being shortened ethereum futures and quarterly Uh options and then um being long, you know, holdling eith Um and getting that airdrop third option is to just trade the trend so you could stay in stable coins or whatever your favorite The uppegged asset is and if the price action is to the upside and it looks like you know Ethereum's going to continue to be a asymmetrical performer in the crypto market Well swing trade that trend ride that momentum whether it be to the upside or the downside In in if you are still bullish on eith Then profits derived from that momentum trade could be used to start to build a long eith bag So those are kind of like the three basic strategies I think part of the sell the news event Um that we might see with ethereum will be the unwinding of all those futures contracts all that open interest on On ethereum, uh that could kind of be the catalyst that puts pressure on eith price in the short term But um, I was just thinking about it as an investor myself the other day and reminding myself Okay, if the merge is successful or even if it's a debacle, there's like 500 dApps that are built on eith It's a 43 billion dollar market cap asset. Um but There there are really mature derivative markets built up around ethereum um non crypto businesses banks and investing entities like ethereum and are investing in ethereum, so Um, I don't think it should be the type of thing where one should panic sell their entire bag Just because maybe the price drops 20 or 30 percent if there's some issue with the merge, you know Like I think it's the type of asset that you should remember that there there is a plethora of kind of bullish Um fundamentals surrounding that asset And kind of just be hopeful Be hopeful that it's a success Yeah, that's that's really good ray I mean something we say on our channel at coffee and crypto all the time is that price is downstream of fundamentals So many people get wrapped up in price and think if a price of a project goes down That means the project must have gotten worse or vice versa if the price goes up the project must have gotten better That's not necessarily always true And I think that what you just talked about was a great great example of that My last question before I let you go for the day though, ray as a trader and for anyone who's listening right now Who wants to be trading more and looking for some good stuff? What project are you most excited about the trading potential of right now? Because while bitcoin is the biggest one obviously its volatility isn't as strong as some of these smaller cap coins What is your favorite coin to be looking at for trading opportunities right now? I am actually interested in atom or cosmos for a variety of reasons and we Um, we did an analysis on atom a few weeks back. Um, so i'll drop the link for that so everyone can go read it Um, let me find i'm going to share my screen real quick Yeah You know i've got 40 gazillion tabs open so The challenge of finding the one that has what I need that is that is always it Okay, I always love when people share their screens stuff and I get you can look at the tabs and be like, oh wow that person stays busy Yeah, yeah, I mean i'm an editor Busy is the name of the game. So I mean atom's already up today. It's up 6% trading at 1370 And like ethereum atom is a bit of a asymmetrical performer right now, right? So you can see it's trading and kind of an ascending trend line right now Where it's bouncing off of that The bottom trend line and hitting resistance at the top trend line Like pretty much any altcoin that was consolidating when bitcoin was kind of like Looking like it was going to turn 25k and to support Um, it's capped at the 200 day ma, right? So all altcoins and including bitcoin are trading below the 200 ma And what happens is they bounce up above it. They hit that and then correct, right? They either shoot through it and then come back to retest it as support and consolidate Or they shoot through it meet resistance and bounce down to the 20 ma Or they shoot to it and we all think we're getting bullish And then something happens with drone powell or some crypto scam like 3ac or tera blows up and then they lose the 20 ma and Drop to new swing lows before resuming that trend. So Adam is doing that, but it's still moving in an upward You know, it's moving to the upside price is trading above the 20 day moving average above the 50 day moving average You've got that kind of like that confluence between the two or the 20 crosses above the 50, right? So we've got a huge gap in the uh volume profile here and what I like about adam is that They are um, I think staking is like 17 apy on staking um, I think 69 of the available Circulating supply is being staked right now um adam as something is happening within the cosmos ecosystem where Um, they are launching some stablecoins different d5 protocols that are within cosmos are launching a stablecoin and you need to stake adam In order to create that stablecoin. So in the last two weeks we saw Adam staking rise by like 90 percent, right? It's fallen off a bit in the last seven days um IBC, uh, then, you know, like the interblock chain Interblock chain I forget what the C stands for But that's kind of meant to be the safe cross chain bridge And we saw a lot of hacks with cross chain bridges in the last six months And the harmony got hacked like 500 million ran got hacked and ran is in trouble because it's kind of like the Hacker's bridge of choice whenever a hack happens. That's where they bridge through You know to like Clean the coins or whatever put them on a different chain Ronan was hacked like a lot of cross straight cross chain bridges were hacked and supposedly what's unique about IBC is that it's a little bit more secure and unhackable Also, Van Ek, you know, Van Ek's uh Like a multi-billion dollar Uh fund like they have one of assets under management They recently wrote an analysis about adam In the cosmos ecosystem and in their view They see the price doing a 100 x and going to 140 dollars per token in their multi-year analysis And they cited a lot of the reasons that I cited attractive Uh yield on staking Uh that oh also terra completely collapsed on a lot of the protocols like d5 protocols and projects that were in the Terra Luna ecosystem have shifted over to adam or to the cosmos ecosystem So it's kind of the token that was supposed to blow up and it never did price did blow up during the bull market last year Um, but you know all the fundamental drivers of what was supposed to make adam The l2 of choice or the l1 of choice never came to fruition because the market completely fell apart So it's like the last great hope at this moment What I find interesting is ETH price action Is To the upside it's bullish compared to all altcoins and bitcoin and that's because of merge Adam is doing the same thing yet. There is no merge. So I find that you know compelling So it's been an asset that I've been kind of dollar cost averaging into I like to stay price agnostic So I don't care about the short term price of adam or bitcoin or ethereum If adam drops to five dollars, I'll just buy more if ethereum drops to 800. I'll buy more bitcoin I buy 50 dollars a week via Platform called swan, right? Um, I also mined bitcoin. So um that while i'm not profitable mining bitcoin right now I'm still increasing my bitcoin position, right? So I like to stay price agnostic because I think in the next bull market All of those investments will be profitable just looking at the market structure of the assets looking at the fundamentals of the project and their use case And there might have been one other reason why I was interested in those assets, but it's jumped out of my mind Well ray that this has been a great show so far. I got two questions from chat We're gonna speed round this because we're running short on time But uh, if you can answer these as quickly as possible rodrigo perera said any idea why bitcoin He said any ideas like bitcoin did not work out to be to date the store value uh People bought into antony pop pump liana's narrative and all the smart guys narratives that it was a Asymmetrical performer and that it was inversely correlated to equities markets and that bitcoin would become a risk on asset when Stocks and equities weren't attractive and that's not true If you look at the 90 day correlation between equities prices like the dow the nasdaq The s and p 500 bitcoin price. They've always been tightly correlated. Sometimes it breaks and one performs You know outperforms the other but it's only always in the short term from my perspective And and and also bitcoin came about As quantitative easing came about after the 2008 2009 Great depression or the credit crisis whatever you want to call it So bitcoin like other risk on assets thrives off of free money A fed that prints to oblivion and when interest rates were zero percent basically On the dollar so you know Quantitative easing has come to an end interest rates are going up the feds not giving out free money like they were before So everything's tightening up and you see bitcoin price tightening up alongside that So what we need to see is europe this probably too long what we need to see is europe coming out of this cold winter Or we need to see the eu start looking at easy money policies to save themselves from economic collapse Or we need to see if the fed Decides that hey, we're going to take some actions to help our friends overseas And maybe we get a little bit softer and more devilish on our our combating of inflation, but so far pal has not really even Put that into words or thoughts. So, uh, yeah, that's why bitcoin is not a bitcoin is money Bitcoin is an investment. I believe bitcoin is a store of value for people Who who are in economies that are that deal with hyperinflation like in venezuela, argentina and syria, lebanon bitcoins a better store of value for them Then their native currencies But as an investment tool here in the united states I am uh, I am you know 20 30 40 50 percent down on some of my bitcoin investments this year. So It has not been been a store of value in the short term But in the long term it has been if you invested in bitcoin in 2017 or 2013 It's still a store of value for you and you're still up on your investment. So, you know keep stacking those stats Good answer ray last one. What do you think about ad a waiting for the vassal hard fork? Hey, we just wrote an article about that yesterday. So I will drop that also Yes, you are resident technical and wrote that. Uh, so I'll drop that to you. Um, Charles hotchkinson said Um Cardano is stronger than ever and many other altcoins are also stronger than other than ever on a fundamental point of view But macro market fears and challenges continued away on the market. So, uh, Cardano did get like a 15 pop when it was announced that vassal was coming Sadly, maybe if um, if stock markets and bitcoin crumble as that hard for as as that upgrade takes place Then cardano might not, um Perform well in the short term even as that upgrade happens, but um, you know, there's still probably a lot of Fundamental fundamentally strong reasons to invest in ada 70 percent of it is staked um What we need to see from cardano is just more utility It needs to become a cross chain asset that becomes more integrated with defi You know like ethereum and other, um cross chain Defi um tools like I think cardano needs more utility to put a little bit more pressure on its price Great answers there ray guys, that's all we have for you in this video But make sure keep your eyes out for any articles written by ray because they are phenomenal Make sure before you leave this video you leave us with a like and if you're not subscribed to coin telegraph Go ahead and hit that subscribe button It is free and it helps push out better and good crypto content so that we can help the entire world Realize how powerful crypto can be for the future with that being said though guys. I'll see all of you next week peace All right, it's been a pleasure. Take care everyone