 Welcome to Jalassette News, the top stories in cryptocurrency and Jalassette's and break them down to bite-sized pieces. Today, we've got some thought-provoking articles. First up, Bitcoin could surge to $3 million within five years, says Crypto Hedge Fund Manager and here's why. And I have to tell you, the reasoning he gives behind it is weak and we talked about how Bitcoin could potentially reach $500K and at first I was against it, but then we ran the numbers and made sense. But this is just plain irresponsible. Also, Brian Brooks, the acting director of the OCCO, the Office of the Comptroller of Currency, states that he is against government-issued digital dollar but supports regulation of privately-issued stablecoins. This is going to go hand-in-hand with our first article and I have to tell you, this makes a ton of sense what he is talking about. And bad news for goldbugs, central banks dump gold for the first time in 10 years as precious metal drops 9% since August high. We're going to talk about what's going on with this, the whole issue behind scarcity and how I believe Bitcoin is going to massively eat into the market share of gold. It's only a matter of time. And finally, more good news for Cardano. As they reach a major milestone as far as decentralization, this Friday is going to mark the first time that they're going to have over 50% of independent mining pools. Mining the network, which means Cardano is fully decentralized. So we get to all that. Let's take a look at what's going on in the market. So today it is November 2nd. It is 1.30. I got to get going because I got to go hit some balls with wind mullet. So what do we got today? So Bitcoin is down almost 2%. But up 3.8 for the 7-day average. And we're just teetering around that 13.5. Look, the presidential election is tomorrow. It's going to come out. It's going to not be resolved tomorrow. It's not going to be resolved in 24 hours after that or 40 hours. And it could take up more like a week, maybe a month. We will see. But I am expecting severe instability in this nation. I saw a report that a lot of businesses are closing up shop. They are boarding up because of the potential protests that are about to go down. And it's about to get out of it. So of course, when you have this, investors don't like this instability. And that's okay. If you want to put it into cash, if they think cash is really good for you, then that's fine. But I'm just telling you right now, this is fantastic news for me and you, because the price will go down, because of the instability. And we can pick it up for cheap. It's just one of those things. Anyhow, Ethereum also is going down. I can only tell you this. I can only see the prices going down over the next week, unless some miracle happens where one person is like a clear cut winner as far as who's going to be the president. But that's not going to happen. So Ethereum down 0.8%. Still at $3.5, not too bad. Tether is sitting around $16 billion market cap XRP, which was pegged the quarter, is now slipping. And now they're looking around $0.23. But hopefully, they make it up to that $0.25 range. Who knows? Bitcoin cash on 4%. Chain link down. You know what we should do? Let's just talk about what's up. That's probably an easier one. CDI and Leo token. Wow. NEO is up 3%. I used to own NEO a long time ago. NEM is up almost a percentage. Watch out. What else we got? Absolutely nothing. So yeah, all UMA is up 1.7%. So congratulations, UMA holders. You're up almost 2%. So again, it's going to get a little hairy around here for a while. But remember, me and you are used to this stuff, right? We've been in the game for a while. There is no uncertainties as far as what we know is going to happen. Of course, it's going to go down. Of course, it's going to be unstable. And that's okay. Because when these things happen, it's just like a little sale. Could be a little sale, could be a big sale. Don't know. But I can tell you, just watch out because there's going to be fireworks the next 48 to 72 hours. All right, let's get some good news. So Bitcoin could surge at 3 million within five years. So we did a video about Bitcoin hitting 500K. And I was like, that is just ridiculous. But then when we ran the numbers, you know, market cap calculator, we came out like, okay, you know, if Bitcoin hits to 500,000, that means that it has a $9 trillion market cap, which seems kind of ridiculous right now. But if you look at how much money there is in the world, which there is this great graphic that I show, which there is, you know, a quadrillion dollars out there that just waiting to have help from something, probably Bitcoin. And I mean, just gold alone has 11 trillion. I mean, come on, gold, how great is that? I mean, besides the fact it's been around for a thousand years, if you created gold two day right now, no, no, okay, let me back up. If you created gold 20 years ago, and someone said, I said, here, you can have gold, which is 20 years old, or you can have Bitcoin about what it all does. Super portable, censorship resistance, decentralized, it's completely scarce at 21 million gold, well, you might find some more and portable, that's kind of heavy and get out. And, you know, if there's some kind of riot, well, good luck getting that out of there. And then, as far as transparent, no. So I think it, of course, it would lose. However, that's the great thing about gold. It's been around for thousands of years. Now, I personally believe everybody should have gold, silver, Bitcoin. I'm not saying, if you're a gold bug, I'm not dismissing you, but I'm just saying that you should have all three. That's all, that's all I'm going with. But when we talk about this three million dollar price tag, I just, sometimes I just, I hate these types of articles because it gives people false hope. And when they see this like always going to three million, they just, they foam away and they do stupid things. So first of all, don't foam away and dollar cost average. Second of all, if it's going to, it's not going to three million. Okay. I mean, if it does, I'll be happily wrong. I'll be the first person like, Hey, you know what I was wrong, but I'm on my yacht. So I don't care. So again, I don't think it's going to happen. It does great, but I don't see it. Anyhow, stick in the article. So Morgan creep digital assets co-founder Jason Williams says Bitcoin could meteorically rise a ton. He states Bitcoin could hit one to three million dollars in the next five years. All right, sure. And his reason is is because people have no idea what it will look like when large banks and countries start holding Bitcoin in their treasury. And I'm thinking to myself, first of all, that is assuming that that will actually happen. And second of all, our bank, I mean, our country's really going to do that, or they're going to hold central bank digital currencies. That is the real question because I just don't see it. I don't see it. Now I can be wrong. Let me know in the comment section, but I'm just saying it's what I see. Do I think Bitcoin could hit 500K? Yes, I do. Do I think it's probable? I'm not saying it's going to, like 100%, but it could happen. Me, personally, I'm very conservative. I see it at 150K. That's where I'm going with, and it only makes sense. It can go that high in the very near term. I'm talking like 2021. So when I'm talking about three million, I'm like, come on, come on, don't put that out. Anyhow, the crypto hedge fund manager highlights Bitcoin scarcity as a key characteristic that will attract more institutional players and continue to drive the value of the king cryptocurrency. So I mean, of course, I'm a big Bitcoin believer. And of course it is very, it's not even scarce. It's finite. There's a big difference between scarcity. Gold is scarce. I mean, really, you want to think about it. It's kind of hard to find, but when you do find a lot of it, I mean, these different minds that were just discovered just this last two weeks. So sure. But I mean, it is finite. 21 million, hard cap, never going to find any more. That's it. So on that point, yeah, I totally give it away and I can see that. And that's pretty much the whole article. And I'm like, well, that's lame. So I'm like, where did they get this information? So they got this, this is from a medium article, and they had interviewed a bunch of different power players in the space. And there was a lot of good information here, and it's super long. And someone's kind of boring. Someone's going to summarize it because I don't want you to fall asleep. So this was good. This was Jeff Booth, author of Price of Tomorrow, and he states, and we know this, but the way he puts it was really good. He says, if I depict just one advantage, and there are many, it would be its portability, which will allow it to serve. He's talking about Bitcoin. Bitcoin's portability will allow it to serve as a lifeboat to the coming economic storms. By portability, I mean that when governments confiscate your money, and they will, through inflation, capital controls, taxes otherwise, most people won't see it coming because of their wealth is concentrated in one currency. And you have to remember, you know, people say, well, that's only third world countries. But guess what? It happened in the United States. They came around, they took people's gold, and they said it was illegal to hold gold, and that happened in the US of A, the land of the free, the home of the brave. So if you think it can't happen, or did, and if you think it won't happen again, well, potentially it will because history likes to repeat itself. Again, I'm not saying it's going to happen tomorrow. I'm just saying be prepared. It is why, and then continue on, it says, it is why people get stuck as a revolution caused by failing economic conditions. Take hold, their wealth becomes trapped. With Bitcoin, if you can remember 12 words, you can move your wealth anywhere in the world. So that's the thing about gold. If you have gold, and you're in some type of economic collapse, you're in some kind of a country where things are just going super sideways, good luck getting that gold out. Because it's not just you and the government. It's you, the government, and everybody else around you who was an economic collapse that wants exactly what you want. So again, if you got Bitcoin, and you know 12 words, you're good to go, and you can go anywhere you want on the planet. So that was a great one. And I really liked that piece. And then of course, Raul Powell, he just came out with a pretty good video called the Bitcoin Life Wrap, Bretton Woods Tupano. I've watched some pieces of it. It's very interesting. You can check it out. Just Google Raul Powell, Bretton Woods, it'll come up. But what he says is what's going to come into play in our very next article. And this is interesting. It says to truly stop a recession from becoming a widespread economic collapse. It is likely that as the International Monetary Fund or IMF has already proposed, the world will become underpinned by central bank digital currencies or CBDCs. With this thesis in mind, Powell goes on a contemplate that this is because central banks want to be able to give people money directly, but they can't do that right now. And that is a scary prospect. Can you imagine a central bank that says, you know what? Here's what we're going to do. We're going to give everybody an app and we're going to send them the money over. And guess what we can do? We can track everybody and it's no big deal. It's not even like we don't even need a warrant because we can just have all the information there. Of course we can say we're not going to do it, but you know they're going to do it. Come on. Come on. So that is a non-starter for me. I just don't see it. Now, I have nothing to hide like everybody likes to say or maybe I do. Whatever. It's nobody's business of the government to look into my finances. Unless of course they're auditing me then. I can't say much because I've been through one of those. So if central banks were able to create and distribute CBDCs en masse, they would be able to theoretically expand their balance sheets forever since they would then be in charge of both creating and distributing money that governments give value to. So essentially they are the judge, jury, and executioner and they can do whatever they want. The government could step in but at that point it's kind of like a moot point because they're like, oh no, sorry. You know, we're running the show. Grab some bench. We'll call you when we need you. And of course, Raul says we would all be stuck in a new monetary system in which nothing is anonymous and behavioral economics rule the day. So this is happening right now in China. So imagine this. You are a citizen of whatever country. CBDCs are getting issued. You're excited to get an app, but then something happens where for whatever reason you want to protest against the government. They don't like that. And what do they do? They go, well, let's take a look at Jane Smith and maybe we should shut down her account or maybe we should reduce the amount that's in there because if we can bring it to you, we can take it right back. Or what would be probably even smarter is they just do a complete audit of what you purchased and then they drag you in through the IRS or whatever agency that it is and goes, hey, we want to take a look at these trends actually doing because they look a little suspicious. They almost look like money laundering. And do you know anybody as far as like with terrorist ties? I mean, look, it's a slippery slope and it can happen real fast. That's all I'm saying. So lastly, this is the only ray of light in this whole article. He concludes is that Bitcoin is a way out of that future due to its digital scarcity and the fact that it can never be manipulated by the IMF, which is true. That is the great thing about Bitcoin. You cannot manipulate it. It is open source. There's only 21 million. You cannot create more. But with CBDCs, you can really create as much as you want to. It's only limited by your imagination. And that is a scary thing. And when I read this, I know Lagarde, whatever her name is from the IMF, they are actually going to trial a CBDC. It is all over the globe. Europe is looking into it. Australia is looking into it. Russia is looking into it. So kind of depressing. However, here's a silver lining, Brian Brooks. So Brian Brooks comes out. And if you don't know, he is the acting head of the OCC, which, you know, they just pretty much control the currency. And he says, hey, I'm against all government interference. We should stick to what the government does well, which is regulation. So we don't want to create this. And I'm like, whoa, thank God. But it's pretty interesting. Let's take a look. So Brooks says the creation of the US digital dollar is a terrible one because the government is not good at building things. I think we can all agree on that. They are too bloated. They are just too big. They're not nimble. And they can't really pivot. So why would they start to get into the innovation game? That's not, I mean, just staying your lane, you know, they don't do that. Brooks believes tech companies, which already possess the know how to be in a much better position to issue stable digital currencies. He says the US government needs to focus on doing what it does best. What is regulation? That's debatable. But in all honesty, I mean, they're all pretty good at regulation because that's all they do. Anyhow, Brooks makes it clear that the allowing private companies to be the issuers of stablecoins does not diminish the effectiveness of the monetary policy sense and such token issued is backed by dollars that are in circulation. So he's saying, hey, we can still do it. It's just that we don't want the central banks to do it. Now, if private companies do it, that's fine. We can regulate that and it's backed by a dollar to a dollar. That's good. And maybe moving forward, maybe there is a basket of currencies and they can have some type of global CBDC. Regardless, I mean, it's a better option than just the central banks doing everything. Although the best option would be none of the above. But just like Circle and Coinbase have issued a stablecoin and not the Federal Reserve, still that stablecoin is issued with the promise that is redeemable for a dollar, all dollars in circulation are issued by the US Federal Reserve. And this was my thinking because I'm like, well, if the central banks do it and they go, okay, here's your app, Jane, and we're going to give you $1,000 or whatever it is. And that's it. So here it is, off you go. So my question is, why do we need commercial banks? Why do we need Wells Fargo? Why do we need JP Morgan? It makes no sense. Why do we need Chase? Because they're worthless at this point. So he answers this question. So when asked about the role of commercial banks, Brooke says he envisioned the financial institutions being nodes on these blockchains or themselves be issuers of stablecoins at some point. And that's interesting because that would only make sense. They could be independent nodes, just like we have nodes for Bitcoin, all these different banks throughout the country, address nodes, and they are part of the whole network of whatever CBDC it is. And what's also interesting is it talks about, they could be starting to issue stablecoins at some point. So now you're going to start to look at mergers and acquisitions, are these banks going to start to partner up or just trade out by these companies or these networks that issue Tether, USDC, name your stablecoin? I think if that's the case, you're going to see a lot of people make a lot of money. Well, I mean, companies that actually do that, but it's an interesting prospect and quite honestly, a little bit scary. And scrolling down, he makes another good point because they start to talk about the CBDCs that are being distributed right now by China and the European Union doing a stablecoin framework, which means they're going to actually distribute at some point. And he said, hey, the question is, where's the US in all this? Because all they've said is that, you know, we're really worried about any money laundering, we're really worried about terrorism, we're really worried about the illicit activities that these CBDCs play. And that's it. That's not getting into the fray. And he's, I mean, when he says right here is totally correct. Brooke explains that other countries are seeing crypto and stablecoins in particular as a strategic advantage and the US has not figured that out yet. I don't know how in the world they cannot figure this out, because there are already countries who are using stablecoins who are using Bitcoin to totally bypass sanctions that America has put on. Look, Russia and China are the same thing right now. Do you think they really want to use the US dollar and they don't want to bypass any kind of sanctions? They're like, you know what, we're okay with that. No, of course they want to do it. Of course they want to get out of it. And if the government can't see that, they are ridiculously slow and behind the times. I could be wrong, but let me know what you think in the comments section. Let's move on. Next up, this is a quick one, bad news for gold bugs, but central banks dumb gold for the first time since 2010. So what's happened? Well, a few central banks have started selling tons of gold for the first time since 2010. And of course, this is in response to the COVID-19 pandemic. It is now 1875 per ounce. Gold price are down almost 10% since it hit 2075. My man, Peter Schiff comes out and he's just like, gotta roll this guy out every time there's some kind of bad news with gold and good news of Bitcoin. But he says, if you measure the size of asset bubbles based on the level of conviction buyers have in their trade, the Bitcoin bubble is the biggest I've seen. You know what? It doesn't matter if Bitcoin goes up to $10 million per Bitcoin. Peter Schiff will come out and go, you know what? It went up too fast. Gold won't do that. Gold's super stable. It's not going to go up a million percentage points or whatever it is. He just has to say these things. And honestly, I don't know why I even talk about it anymore. He's totally irrelevant. I'm going to stop doing this. There's no point to talk about it. Anyhow, according to a report from Bloomberg, a few central banks are starting to sell gold in order to offset the disastrous economy driven by central planners and bureaucrats. And this was interesting. The World Gold Council notes that year over year, gold demand has dropped 19%. And I wonder to myself, this is the graphic I'm always talking about all the world's money. So, you know, gold is 11 trillion, right? So I wonder myself year over year it's been decreasing the amount or the demand for gold. And I think to myself, how much has I wonder how much Bitcoin has actually dug into the market cap of gold? Because, I mean, think about micro strategy. They were concerned about all the money that was on fire. And they're like, hey, we're on a melting ice cube. So if there was no Bitcoin, what would they have gone to? If they would a lot of like, well, you know, the safest other asset store of value would probably be gold. So they would probably buy in a gold square, the same thing. All the different companies that did it, same type of thing. I mean, just check these out. All these companies would have probably gone to gold. And how much do they have in total? So you're looking around 10 billion. So 10 billion, just going to gold or something else, I don't know what it is. But and this is the ones that we know about who knows who's really trading OTC and really just slowly accumulating and not saying anything. So I want the price to go up because they want to mass accumulate. That's the interesting question. So I think in the grand scheme of things, this is just bad news for gold bugs in general. Now again, gold silver Bitcoin is a pretty good play. I just don't see the massive upside potential of gold versus Bitcoin. Bitcoin has a much massive more potential. I do not think that gold is going to go from 2000 and then 10X to 20,000. However, for Bitcoin to go to 13,000 to 130,000, yeah, I can see that happening. That's 10X. Anyway, I'm moving down. So it just talks about how Russia sold their gold reserves for the first time in 13 years. Other countries include Turkey and Uzbekistan. They've also sold a ton of gold. And then this was one of the things that concerned me. It says, in fact, last year, central banks worldwide purchased the most tonnage of gold in more than 50 years. So maybe that's the whole, that's obviously the whole reason why gold went up is because the central banks go, you know what, we need that because of these economic crisis that we know was going to happen. So that number, just like the stock market, was artificially inflated by the central banks who bought up stocks, options, gold, debt, I mean, everything. And that's why I always talk about after this presidential election, doesn't matter who gets elected, the stock market will crash. I don't know if it's going to be a big dip or a little dip, but it's not going to look good. That's all I can tell you. And it states a few gold investors stressed they were terrified that central banks might dump bullion during the economic crisis. So you better believe it. It's definitely going to happen. And I don't know how far gold's going to fall. But again, still not a bad story of value. And Louis Street, the lead analyst at the WGC explained virtually all the selling is from banks who buy from domestic sources, taking advantage of the high gold price at a time when they are fiscally stretched. And the report by WGC dubbed gold demand trends for Q3 states at a greater date, demand is 10% below the same period of 2019, 10% in one year. The total supply of gold fell 3% year over year in Q3 to 1223. Just a weird comment, the total supply of gold fell. I'm guessing that is just either hoarded up or lost or something where you could not get this gold, but it already fell. So you think that if the total supply of gold fell, well, if you have less supply and there's more demand, of course, your price goes up. Unfortunately, demand is down 10%. So that's the problem. And again, to me, the big question is how much has Bitcoin crypto currency assets really eaten into the market cap of gold? I think it's more than what we believe it is, but only time will tell when people start to come out and go, yep, we're going for Bitcoin. Anyhow, let me know what you think in the comment section. Let's go to our last article. So next up, this is quick, but it's big. Cardano reaches a major decentralized milestone. And what it all comes down to is this, over 50% of all blocks in the Cardano network are now being validated by public stake pools according to announcements shared by IOHK. So before this, when they launched Shelly back in July, it was all pretty much done by IOHK. And then when they got the stake pools going, and it actually was a lot of fashion, what they thought it was going to be. And now, as of today, they're around 50%. And then as a Friday, they state it's going to be stake pools will be 51% IOHK or IOG, whatever you want to call it, will only be mining 49% of the block. So very interesting. And this is one of those criteria or criticisms I should say that people have been talking about Cardano, it's not decentralized, not decentralized, not really great. Takes too long, so on and so forth. But here we are, and we have proof that yeah, doing pretty good. And lastly, IOHK's technology manager Kevin Hammond claimed this, the end goal is to have all blocks produced by stake pools, all of them, which will make governance completely decentralized. And he says IOG, or input output global, instead of IOHK input output Hong Kong, will continue to run its own stake pools that will produce blocks in line with the stake they attract, just like any other pools. But these will no longer have any special role in maintaining the Crown Network. It will also, of course, delegate a substantial amount of stake of its stake to community pools. Simultaneously, the voting mechanism will be enabled and it will no longer be possible to increase and recentralize Cardano. And it talks about this actually, they wanted around 1000, they thought it'd be great, and they already have 1208 stake pools. So this is a great news. If you are Cardano on top of the news that we talked about last week, where the Gogan timeline is going to be completed in four months by February 2021, which will create Cardano into a smart contracts platform on also on top of the fact that you can do an ERC 20 converter. So you can take, if something's built in Ethereum, you can very easily just take it, take that ERC 20 and just convert it over to the Cardano network. And we saw the actual example, it took them like 10 seconds, it was awesome. So this could be a game changer, we will see. Anyhow, that is it for today. So thanks for sticking with me, I really appreciate it. Also, before we take off, want to give a random shout outs to people who signed up for Digital Asset News, really appreciate it. And these are the new ones. So Raymond Tanal, thanks, Eric Mitko, Crow 24-7, Franz Braun, Friolve, Ignacio, Frank, P-Dub, that's a good one, Dad Bean, Mark Reese, Bill Ennis, and Iran Rodriguez. So everybody, I appreciate you signing up. I'm going to reward everybody very soon. As soon as I'm able to verbally confirm that I can launch the actual website, it'll be free. That's going to be a lot of great information. It'll be very easy. All will have video and just a very easy place to own everything you really want to know, instead of having to hunt for it all through YouTube or even my videos. So I'll let everybody know hopefully this week if I can get everything moving. But that is it. So thanks for sticking with me, I appreciate it. And I will see you on the next one.