 Welcome to Digital Asset News to get top stories and crypto current digital assets and bring them down to bite-sized pieces today. We've got a lot of stuff to go over so let's just get going. So first up, why didn't MicroStrategy's $423 million investment move the Bitcoin's price? And it's actually pretty simple. It's because it did thousands of transactions over three days and they didn't move the market much at all. The big story though is the other companies that saw what just happened and they have trillions of dollars also. Capital Bank Revolut taps Fireblocks to support new crypto-based services and I actually have a business account with Revolut. It is a banking institution and what this could actually mean is we have another bank that is going to host, sell, and buy cryptocurrencies. Just like the newly formed financial services Kraken. And a follow up to yesterday's story where we talked about Hedgi's CEO selling all his Bitcoin, this is going to pretty much lay it out why he did it and the question really is asked, did he sell too soon? The DeFi market cap drops a quarter or 25% in one day and another question is asked is, is this the right time to start to buy essentialized finance? And finally Google Cloud bets on EOS blockchain venturing further into crypto and this really isn't the story. The story is how Google is getting its tentacles into every type of business and I think what's going on is Google is trying to corner some of the market. So we'll go over all that but first take a look at what's going on in the market so it is 6 p.m. in the dot. Texas time it is October 8th and let's see what we got. So Bitcoin is up today, thankfully, almost reaching that 11,000 is up 2% or 1% for a 7 day period. Pretty good. Ethereum just sitting at 350. I'll take it. Tether's tether with its 15 billion dollar market cap. XRP which is pegged to the quarters at a quarter just kidding it's XRP. Bitcoin cash is up 4.5%. Let's see what else? Everything's pretty much up I think 6.5 for Polkadot sitting at the right back where it was 4.10, Chainlink 9.50, right below 10, 1.2 for Lyco and I think really fantastic that really strikes or jumps out too much. Ooh, Uniswap up 11% but down 20% for the week. So yesterday if you sold maybe that wasn't a good choice but today looks like it could be a little bit better and maybe if you bought yesterday then it was actually a great move. It financed up 11% even though the all time high was around 40,000 or somewhere around there. 8.7 for Uma. Hey, good job. And that's really the most miraculous, fantastic stuff. Ooh, Ave up 13.6%. I'm actually going to be on Alex Masioli's show tomorrow and we're going to talk with Stanley Kulichov who's the founder. I've got a couple questions for him so if you've got some questions that you want me to ask him just go ahead and put that in the comment section and I'll put it out there but it should be a pretty good show. Alright, let's jump into today's stories because we've got a lot to go over. First up, White & Micro strategy is almost half a billion dollar investment with Bitcoin's price. So really it's not much of a surprise. I mean, I'm not going to go with this whole article because we already talked about it. I mean, it's pretty much laid out right here by the CEO, Michael Saylor. He says, look, to acquire almost 17,000 Bitcoin we traded continuously for 74 hours executing almost 90,000 trades which is 0.19 Bitcoin each three seconds. So that's about 40,000 in Bitcoin per minute but all times we were ready to purchase 30 to 50 in a few seconds if we got lucky with one or two percent downward spike. So I cannot imagine the team you have to put together and the patients that you have to have to do that continuously or the program or the bots or whatever else that they use but it didn't really move too much. Of course, they did some OTC. Of course, they didn't just use one exchange. They probably, you know, spread it all out with the top five or top six exchanges and that's pretty much it. This is a, it's a well-written article. I'm not going to be putting anything away from it and talks about, you know, this is the formulas and whatever else and at this point I almost fell asleep but really what it comes down to is this, the story for me was the second to last paragraph and it states right here, Saylor CEO also mentioned that there are 35,000 publicly traded companies carrying a total of five trillion in spare cash getting negative real returns due to the pandemic. This is where it goes off the rails because let's do some quick math, but it says even if one to 2% of this capital and it says five trillion flows into Bitcoin, this would easily push its market cap to two trillion and beyond. So I was reading this and I'm like, I just don't see it, but it doesn't matter. So they're talking here about there's a total of five trillion in spare cash getting negative real returns. So that is true. There is a ton of companies right now and they're sitting on what Saylor called a melting iceberg or melting ice. All that cash is just depreciating in value or you have inflation at 2% and actually they think it's way more than that. So what you're doing is you're just looking at your cash going, well, goodbye, because it doesn't really do too much just like the purchasing power of the nine saints dollar ever since 1913, but it has been accelerated especially with the quantitative easing. You cannot print this much money and not expect to have some kind of repercussion. So this is what Saylor has seen. This is what some other CEOs have seen. This is what big players in the game who are smart have seen. And this is what is going to be seen by these CEOs, by these businesses, by these CFOs and not only them. It's going to be looked at and scrutinized by the stockholders, the company going, what are you guys doing? We need some that actually will appreciate, doesn't depreciate. Get yourself into Bitcoin and if you can't do that, just like skating the gold or something like that. So I think that big companies that are sitting on cash right now are probably looking at Michael Saylor going, you know what? Makes a lot of sense. And I think this is one of those pushes that will happen for Bitcoin. Now, this part right here, even if one or two percent of the capital flows into Bitcoin, he'll be pushes market to two trillion. I'm not going to get into that, but I will just say this. There's if you have five trillion sitting around, what do you think these companies are going to do? Do you think there's going to sit there and just watch the cash depreciate? Or are they going to take a look at, oh, well, Michael Saylor did it. Oh, well, Paul Teeter Jones did something like that. Oh, there's other players coming into it. Oh, we've got other people. And before you know it, it's a domino effect. And all of a sudden everybody's like, huh, he's doing it. He's doing it. She's doing it. I got to do it. And before you know it, there is a tipping point. And that tipping point is coming a lot faster than what people think. Let me just think of the comment section. Let's move on. Next up, this is a quick one. Revolut taps Fireblocks to support new crypto based services. So I have Revolut. I have Revolut as my business account because I thought it was going to be better. I thought it was going to be better than the local banks that I have, or even the nationwide banks. And it's not that great. I'll just be honest with you. They came over from Europe. They have their Metropolitan Bank here in New York, and they're using that to do everything with their banking services. The thing that sucks is that I've had my Venmo account canceled because I tried to use Venmo through Revolut, actually to link it up. And they don't allow that. And then when I tried to verify my PayPal account, they rejected those payments, which is PayPal will put in like a couple of cents. You have to verify the transactions. Well, they denied those transactions and then it screwed up everything with PayPal. So besides that, those two things happening, it's been not a bad experience. Everything's online and not so bad, but they really need to kind of shore up some things because they really need to be interoperable with different types of formats, especially in the States. I mean, that's just me talking about some ugly American going, I want exactly what I want. Well, it's true. It's what I want. So putting that aside, there is some good news. And that is that Revolut will use Fireblocks Wallet and now we're infrastructure when it offers new crypto services for its 13 million global retail customers. So this is right on the heels of crack and financial coming out and saying, Hey, we have a charter in Wyoming and we're going to have special depository services. And essentially they're becoming a banking license. But unlike a bank, they will not be able to do fraction and reserve lending because everything that they have in there, they have to have it backed up. It can't be like a regular bank where a bank takes a hundred bucks and goes, thanks to a hundred bucks sucker. And they just loan it all out to somebody else. And then when someone comes and goes, Hey, is my money still there? Oh, yes, sir. It still is. No, it's not. It's gone. It's gone. It's being lent out. Now money as far as banking services go on a digital ledger. It's all there. Don't look behind the curtain of what the wizard's doing. But in reality, the money that you put in, it's lent out of somebody else. And that person deposit something, that money is lent out. So cracking can't do that. And the same is going to be done with Revolute. And what's great about Revolute is that they have the banking license and now they're going to have digital currencies and cryptocurrencies. And it's just one more domino effect to fall. So it's statement or Revolute statement said using fire blocks. Crypto management solution would help Revolute streamline liquidity settlements and help guarantee the best price to customers while also reducing counterparty risk to fire blocks or fire blocks, use a patented MPC technology for its wallet and said that so far, it's helped the transfer of 70 billion worth of digital assets. So that got me wondering, what the heck is fire blocks? And I took a look at their website and they have some pretty big players. They have players like its stamp. And let's take a look at the exchanges. Aha, LGO, coin flex, Voyager, coin square. So these guys have been in the game for a little bit of time and they're going to offer their services to Revolute to offer cryptocurrency assets. I don't know exactly where this is going to go, but I like to see options and I like it when the other traditional banks had to sit back and go, hmm, are we blockbuster? Because in the distance, that looks like Netflix. Now, who knows? Is anybody's guess? But let me know what you think in the comment section. Let's move on. Next up, this is a good article. Talks about here's why Hedgeye CEO sold all his Bitcoin. And this was a story we did yesterday or a couple of days ago where we talked about a risk management CEO selling all his Bitcoin. So actually, no, so this is actually two days ago. And it was right when the market was pretty much had a big dip. And so he had that. You had also another piece of information where the President of the United States had tweeted out that he was not going to be negotiating any type of stimulus package. And then 24 hours later, he reversed that decision. And now he's in negotiations. And magically, the market came back up. So the question was then is why did this gentleman sell his Bitcoin? So it's actually answered in this article. So it starts right here. It says it's not personal, he said, which is CEO Keith McCullough. It's just ROC empirics. And I was like, what the heck is that? Next question. Next sentence says, the ROC means return on capital. Empirics means math, which I'm like, who writes like that? Who writes this? So like, who wrote this? And look at it's Robert Stevens. I'm like, who's that? And the Robert Stevens is a freelance journalist whose work has appeared in the Guardian, AP, New York Times, gradually Oxford Internet Institute and could reach on telegram. So I'm like, that's a pretty good sentence. Just I appreciate people who put a little bit of humor into their article. All right. So going down, he said it's a combination of who knows. McCullough's answer as the Y claims to have sold his Bitcoin. How much is unclear? It's difficult to parse and appears as vague as any YouTube crypto trader who searches for Bart Simpson, haircuts and golden triangles in price charts. That's another good sentence. I actually got a kick out of this whole article when I was reading it, McCullough's firm, however, claims to advise risk managers with over one trillion of assets under management. And I read that too. And I'm like, is that guy really give advice, you know, personal, like sit down advice, or is it just a bunch of people who subscribe to his newsletter? And he's like, yeah, probably got about a trillion. It is unclear in what capacity and whether they simply refer to subscribers of his new letter. So I know people really like this guy. McCullough, I guess he's very entertaining. I haven't seen him, but, you know, if he ain't cheating, he ain't trying, I guess, but who knows what he's doing. So moving on, it says he sold, he says he sold his Bitcoin for a combination of a bearish at Hedge-Eye trade breakdown and rising prop probability of quad four and Q4. And I was like, well, I don't know what that is either. And they say a breakdown is an explanation and quad four is a term invented, invented by Hedge-Eye. It means that economic growth and inflation are slowing down. Well, that makes sense, right? I mean, we know there's going to be a dip coming up these presidential elections here in the United States. We know it's going to be very tumultuous. It's going to be very hectic and erratic. So we're going to see dips. We're going to see peaks and valleys and all that stuff. This is going to be one of those times when people could actually make a lot of money. I mean, if you start to really think about buying the dips and selling at the tops or at the tops of, you know, that those different channels, I'm not those guys. I'm not a trader, but I will be buying those dips and I will be increasing my position by, you know, maybe five or 10 percent as it starts to take a dip. So moving, moving down and finish up, McCulloch continues, if that empirical fact or my decision to de-groce and or sell affects you emotionally, you should really consider why that's happening to you. When I sell something for a big gain, the only feeling I have is that I am going to pay taxes and the author writes, this means that if McCulloch has upset you, it's your fault and he's rich and doesn't care. So, yes, it's kind of funny. But I mean, really, in honesty, you shouldn't really care if somebody sells, if they sell and they want to get out, sure, you know, go ahead and get out. We should have no emotion. When you put emotion into trading or into investing, that's when mistakes are made. So just kick back, relax. We all know where this is going, right? This whole market is going to go up dramatically. I mean, all the different videos that you watch from just from me, I mean, you can just see where all the businesses that are getting in, the different industries, the institutional investors, the mom and pop shops. I mean, everything is going in the right direction. So we have a little bit of dip. Who cares? I don't care. That's just a Thursday. Anyhow, he states of goal and Bitcoin continue to correct in price. They're already in motion on that since I made my sales. These are no rules on my full cycle investing accounts that says I can't buy them back. And that's just it. He's going to, he probably saw the writing on the wall and he looked at, you know, maybe the different things that, you know, the more the traditional market is happening to it. Maybe, you know, the Fed talking about slowing down that quantitative easing, maybe with the president of the United States sending out that tweet going, Hey, I'm not going to give any kind of stimulus package to the American people until you vote me back in. Unbelievable. So he, if I look at that and goes, this is a good time to sell and maybe he's right. But again, in the last two days, 48 hours or so, we've had a pretty good big rally and maybe he's thinking about this, maybe it wasn't a good time, but only time will tell. Maybe in a week it crashes to 5,000. No, it's cryptocurrency. I don't care what's going to happen in the next month or six or even a year really, honestly, I mean, I know what's going to go as time goes on. I live through the whole dot com bubble and how the internet came to be and what it was. I remember when there was no internet kids. And let me tell you, it was a strange time. People actually got out of the house, didn't stare at screens all day, get off my lawn. So just like Alex Machinsky talks about from Celsius, he says, look, Cryptocurrency assets or what he calls moip money over internet protocol is going to swallow up the internet and it's going to take over everything 10x wise. So if you thought the internet creation and everything that came along with that was radical and how it changed everything, you ain't seen nothing yet. Wait till this market gets going. Let me know what you think of the comment section. Let's move on. Next up, DeFi market cap drops 25% a day. And this is another quick article, but this is a blog post by Santamit and they estimated that the DeFi token trade volumes have fallen by 30% combined. Place tokens like Sushi, Uniswap and Urine Finance are among the hardest hit. Weakly losses of 51% to 31%, which that's a bummer, that sucks, right? Let me just be clear before we go on. There's a big place for decentralized finance. I think it's going to be enormous. I just don't I just think it's just too early and these projects are just too immature. I think they will grow. I think it'll be great just not right now. Santamit claims to identify whale accumulation activity, taking place around several DeFi assets, including synthetic. So whenever that I'm like, maybe I should get new synthetics. Maybe I should actually look at it a little bit harder if whales are accumulating or maybe not. Maybe just want to accumulate and pump the price so people can jump in. They can dump it all on the bag holders. Who knows? Santamit also noted that the combined value of DeFi assets at the time they last moved on the MRMVRV blockchain has dropped an all-time low indicating undervaluation at current price levels. And we'd like undervaluation because we can scoop them up for a fire sale discount. Lastly, DeFi index is slumped to record lows this past week. Binance did one. They did a DeFi composite index and it crashed one fifth or 20% yesterday. And then overall it's fallen 63% from late August. So that's not a good one to get into right now or maybe it is. I mean, it's fallen so much but if you started out there, woof. So always be careful with the shiny objects. And I always talk about don't FOMO in. When I say don't FOMO in, I don't mean like don't get into it. What I'm saying is, do your research, take a real hard look and then when you want to buy in, dollar cost average. If you got a thousand bucks, don't on Tuesday go, you know what, boom, here we go, synthetics, take it all. No, it's not the way to do it. Just dollar cost, whatever you thinking for. So let's say you have a thousand, let's say you put in 20 bucks. Super conservative, right? Super conservative, 20 bucks in. Maybe you buy another 20 in 40 hours or 72 or a week later. I don't know. But the whole point is that you don't feel that tightness in your chest when you dump a thousand in and then it drops 30%. You're like, shoot, I just lost 300 bucks. I can't just like that. My wife's gonna kill me. That's not the way to do it. You just put a little bit in and have it drops a little bit. You're like, great. I could put a little bit of money in. If it goes up a little bit, you're like, awesome. I made some money. That's the whole secret. It's not super tough. I know the trader's out there. You guys do whatever you want, just not a trader. And this actually leads me to my next point, which I did a little, this was a forward. Somebody had posted this about the overall percentage drop for decentralized finance. You can just take a look. I mean, curve as far as like, here's what's all-time high and then today, and then sushi swap and da-da-da-da-da, right? So the median is about 60%, average 61. So pretty big drop. And then I just posted this and some good replies and everybody's got pretty good stuff. I mean, I got some smart people to follow me. Thank God. And this one was really good. DeFi dummy, he says, hey, no worries. I'm all diversified and DCA'd in early. DeFi will replace part of the traditional finance system. True. I totally believe that. Sure, most projects will disappear. True. But some will become leaders in the industry and I expect 80% of my portfolio to go to zero. I expect, I can't believe you said it perfectly. I expect 80% of my portfolio to go to zero if 5% moons, I'm a happy camper. And that's the big thing. This is the big thing about these big money institutional players getting in the game. They know if they put money in, well, their downside is, this is just like what Rell Paul said yesterday. He's like, well, I can lose 50%, 70%, 80%. I mean, the downside, that sucks, you know, but it's an asymmetrical investment because I know that this and these projects, specifically he's talking about Bitcoin, can go dramatically higher. So yeah, I might lose 80%, but it could go up 1,000, 2,000, 10,000%. I don't know. I mean, it could really go up and this is what investors always salivate over, asymmetrical investments. And that's why I'm in this space. All right, let's move on to our last article. Last up, Google Cloud bets on EOS blockchain venturing for the new crypto. Couple of days ago, I'd actually talked about how everything was sliding down, you know, two days ago was awful. And then the only one that was going up was EOS. I'm like, what the heck? I mean, I own EOS and EOS hasn't done Jack for like years it seems like. And I was like, what the heck happened there? This is what happened. And everybody told me in the comment section. So thanks everybody, I appreciate it. But this article isn't about that. I don't really care about that. What I care about is the bulk of it where it talks about how many projects Google has actually gotten into. And this first sentence kind of lays out exactly how the article is gonna be gonna go. It states blockchain is undergoing a critical turning point shifting from an emerging technology into a useful business tool that enterprises want to incorporate into existing IT stacks. You know how good an article is gonna go by the first sentence. So I had to look up like, who wrote this? Rachel Wilson. So I looked up her and she's a journalist, public speaker and podcast host, tenure's experience about technology, has been covering blockchain and crypto since 2017. She's writing a whole book on enterprise blockchain. So pretty smart lady looks like she knows exactly what she's talking about. And it's gonna be pretty much disseminated right around now. So let's take a look at what she says. So she states, Google Cloud recently became a network block producer by joining EOS blockchain community. Now just to be clear, EOS blockchain producers, there's only 21 of them and you had to vote them in. So it's not like they are instantly in but they are a big player and if they get voted in, hint, hint, that probably will be. I think it'll be pretty good to bring some notoriety to EOS. And it states, Alan Day, developer advocate at Google Cloud Goldcoin Telegraph that Google is broadly interested in open source protocols and DLT, our distributed ledger technology. And that's big. When Google Cloud or just Google, the company itself goes, hey, distributed ledger technology, that looks pretty good. That's good, but what's better is that they invest into digital asset or cryptocurrency like EOS. DLT is the overarching technology that deals with blockchain. China talks about how great distributed ledger technology is. They do not talk about Bitcoin. They talk about DLT and these companies are going to start talking about blockchain and distributed ledger technology, but they're not going to say cryptocurrency specifically in digital assets. So when Google comes out and says, yeah, you know what, we like this and we like EOS and we like Hedera hashgraph and we like theta, that's big. So moving on earlier this year, Google Cloud also joined Hedera hashgraph, governing council, enabling Google Cloud to operate a Hedera network node. In addition, Google Cloud supports for DLT, Amazon Web Services listed as a cloud service provider for China's blockchain based service network. And moving down, they explained that Google Cloud will leverage advanced security measures on EOS and is building security through progressive layers. Lastly, Kevin Rose, the senior VP of blockchain, public blockchain engagement at Block One, which is a company behind EOS, told Cointelegraph that Google's participation on EOS will enable new business models for both parties to drive the digital economy. I'm going to read you something right now and it's from Alistar Rennie. And Alistar is the GM of IBM blockchain. And I want you to realize that IBM blockchain is a, not a decentralized, it is a centralized, not permission list, but permissioned blockchain that is collected inside IBM. And it is only contained in there and it is made for corporations. It is the exact opposite of what we are trying to achieve. However, it has had some success because businesses tend to trust big corporations. However, I do not think they will be overall successful because IBM is a monstrous corporation and they will never be as nimble or as quick or able to pivot and make moves like a smaller company can and that's where innovation comes into. However, this is what he states, blockchain delivers the missing element of trust that cloud technology alone can provide. Cloud providers are growing increasingly interested in blockchain as a means to enable greater trust and seamless collaboration among disparate stakeholders. So again, he's saying, blockchain, not a specific project, just blockchain. So when you ever hear IBM blockchain, don't get excited. It's not way that big of a deal. It's a big deal if you're a corporation and want a permissioned, closed, centralized blockchain. And to finish up, it states will major firms bring centralization to blockchains. That's the big question. What these big corporations moving in is now everything gonna become centralized. Well, it's just all summed up right here. So Google Cloud Service is moving into EOS and they want to become a block producer. But just like I talked about, but since the network, EOS network relies on 21 block producers only that must be voted in by token holders. It seems that concerns over one block producer or node, validator, failing to carry out governance duties should not result in network failure. That's one of those things just because Google's there and they're a big entity does not mean that they will hog tie and run everything to the ground. They're just one. However, we have to be a little bit vigilant when these big corporations move into our space. Me personally, my final thoughts are this, EOS needed this. They needed this win because they haven't been doing anything for the longest time. I mean, they've done things with voice and that's supposed to launch as some kind of social network but I don't hear anything about it. I don't know if you have. And I don't really hear anything about EOS. The only thing I hear about EOS is when I get some notification of some random airdrop of some random different token that does absolutely nothing. So I hope this actually leads to a catalyst and it does good things because EOS could need bigger wins. So interesting the comment section and that is it for today. Lastly, I'll say this, if you're looking for a alternative to Coinbase or looking for some type of wallet or some decentralized finance or whatever else you're looking for, here is my exchange of wallet fees and it's a spreadsheet that I put together and it goes over everything from Coinbase and all their different fees that they have to my one, two, three punch which is Kraken Celsius Voyager. I talk about their fees and how much you actually get just for keeping on your tokens or your cryptocurrencies as far as your interest rate. And just so you know, Celsius is my personal favorite and I have 30% of my entire portfolio and growing actually and it's over there right now getting these types of interest rates. And actually this is wrong. I need to update this. The interest rates on some of these are way higher especially with Bitcoin, I think it's like 6.7% and USDC is like, I don't know, 12, 14% somewhere on there. Anyhow, so everything from Voyager, Gemini, Binance, Uphold, SwiftX, CashApp, eToro, I don't recommend them, Crypto.com. And these are all the ones that I've actually used and recommend or do not recommend. To find the spreadsheet, just look in the description of every one of my videos is going to be a link. It's going to look like this and it'll send you over to the exchange fees spreadsheet. So take a look at that and then just decide if you've been around for a while, you know what it was like in 2017. You could not get into an exchange to offload some of your tokens or your cryptocurrencies because there was so much volume they weren't letting anybody in and they were crashing. So I recommend Highly for the next bull run which I think is next year to sign up for as many different exchanges and wallets as you possibly can so you can fill out or complete your exit strategy. Now you can go to Kraken or Voyager or Gemini or any of these places, directly to them and sign up, that's fine. But if you use my affiliate link, get between 10 and $25 and that is totally up to you. So that is it for today. Thanks again for sticking with me. If you like these types of videos, you'll be too much going to pop up in your left and right. YouTube kind of controls some of that and that is it for today. So thanks again, really appreciate it. See you on the next one.