 Welcome to Digital Asset News. Take a top story in crypto, current digital assets, and break them down into bite-sized pieces today. Interesting stuff. First up, Bitcoin rose a hundred and eighteen percent year-to-date, massively outperforming gold, stocks, and the dollar. So the question really is, for all the goldbugs out there, do you really have an argument against Bitcoin? Also, financial giant SBI to test XRP in 6.6 trillion foreign exchange market. And the real story here is that they're not testing Ripple, they are testing XRP, and that is the big story. And honestly, if this does not work out for Ripple and XRP, I think you can put a fork in it. Also, it looks like Joe Biden will be the presidential elect, so the question is asked, would Bitcoin and crypto benefit from a Biden administration? And who better to ask than Kristen Smith from the Blockchain Association, who has quite a bit of connections in DC? And we're getting to all that, but first, let me make an announcement. Finally, my website is complete and it is up and ready to be used to the potential of what it was created for. So the website is danteachesscrypto.com. I'll be putting that in the description of all of my videos, and just so you know, it is 100% free. It's very simple to sign up, click on start learning. So once we click on that little video of me and you just sign up for free, then you're going to pick your own username and everything else, password and whatnot. It's going to give you immediate access to the members area, which I'll show you right now. Just let me log in at the top right hand corner. And the reason why I created this website was because you can only do so much in YouTube. There's only so much that you can streamline and simplify and explain things. On top of the fact that there's so many videos and so many things being put out that it's really hard to organize. So in this website, I try to organize it as best as I possibly could. And I broke it up into five different modules, basics, safety, investing, reviews, and how do I do specific things? There's even a table of contents underneath and everything is based in video. So it's pretty easy for the audio and visual learner on top of that. There's a guidebook. You can download the very right hand corner here. I'm going to jump into module one and our module one basics. Just so you know, we go over specific topics and what I tried to do is make sure that these videos were very short and concise, not like how we embellish certain things on this channel. And you notice two things. First of all, all the videos are not hosted at YouTube because I do not want anybody to be distracted by advertisements. I want them to be super fast, which is why I chose Vimeo and their premiere plan. On top of that, there's also a Q&A for each section. So to make sure that you understand exactly what is being asked and the actual answer as well as a time stamp that will lead you to that answer. So it's very easy and very effective and structured so you can understand everything. So the only thing I ask is very simple. Just tell two people and this is all in the honor system. So if you do it fantastic, if you don't, well, no one will ever know. I want you to learn these things. I want you to do these things. I want you to teach people around you. And the last thing is just remember this. It's a buffet. It's a buffet of information. I don't want you to absorb everything. Just take the pieces that you feel are important to you. All right, so that's it for that. Let's jump into today's top stories. So first up, it is November 7th. It is Saturday, 3 p.m. And what do we got today? Well, just as expected, there was a little bit of a pullback. It's like I talk about don't just dump all your money in all at once. That's not a great strategy. I try to do is just what I try to do is just wait for the dips and today's one of those dips and I'm pretty happy. So Bitcoin's down below 15,000. We were almost going to hit 16, but we're down almost almost a thousand, really. Actually, yeah, we are down a thousand and we're at 14,8. Ethereum didn't do too much of a drop. They're at 437. And the reason for that, for that pump, of course, we talked about yesterday. Ethereum 2.0 is being launched there. We went over the staking guidelines and you can actually start depositing your Ethereum to be a validator right now. But on that video, I talked about exactly why I will not be doing that. And you can check that out, but that's just my personal preference. Anyhow, Tether 17. Hey, 17 billion. Congratulations. XRP. Wow. Hey, almost a 25 cents. Bitcoin Cash 0.3. Chainlake 0.3. And it's like, hey, I brought my $12. I can't. That's pretty good. So everything's down across the board. Crypto.com 5%. Tezos. CDI 0. And no one cares. 1.6 for Cosmos. Neo 1. So really nothing too great. The ones that I'm, I'll be honest with you. The ones that I honestly look at every day is, well, of course, all the ones that I own because I'm biased. But I always look at Bitcoin Ethereum just to kind of see where the market's at. And I always scroll down to right here, Celsius and Theta. And the reason I do that is because I'm trying to dial across average into these positions. I've been doing this for a while now. And Celsius has been a massive success. Theta also. So I was really kind of bummed out when I thought that Celsius was going to go over $2, but hey, today's a great day. So it's down a little bit. You know what that means? Put some money into it. Same thing with Theta. It's digital. My man, Digital Dave says anything under a dollar is a steal. Debatable, but we'll see. I like Theta. I like the network. Really got to get back on there, but very super busy. And yeah, that's what's going on. It looks like, ooh, Synthetics is up 20%. Congratulations to your Synthetics holders. So that's what's going on the market. Let's jump into today's top story. So Bitcoin rose 118% outperforming yet again, gold stocks and dollars. And there's a bunch of gold bugs. And I've made a promise to not mention their names because they are irrelevant. And look, if you're a gold bug, great. I like gold. I own gold. I own gold, silver and Bitcoin, a bunch of other stuff. But I have always felt like you should own all three of those. They are the new savings account. And there's no reason for you to not poo poo all over Bitcoin just because you don't understand it. I think you should own it. I think you should get into it. And that's just my personal position. I can't tell you what to do. I'm not a financial advisor. This was a great article written by Joseph Young. You don't know who Joseph Young is. Don't worry. I didn't either. So Joseph here is an analyst based in South Korea and he's been covering finance, fintech and crypto since 2013. This guy is an OG. And he wrote a great article today. And I'm glad I can get to share it with you. So let me scroll down here. So the part that he's talking about is they're pretty interesting. And he talks about why is the rally going on right now and why it's actually impressive. And he talks about, of course, that there was a huge dip in March and he gets into some little details. Like during a period in which the uncertainty around the election caused massive market volatility, Bitcoin has performed well. And that's true. I mean, we've seen some massive fluctuations in the traditional market. I mean, things that'll make you go crazy if you're over there. I am not. So I don't really care. But it is interesting that, you know, we talk about crypto and how volatile it is. But in reality, it's been volatile in a good way. It just keeps going up. I mean, it goes down a little bit, but it's been rising meteorically. And that's pretty good, especially around a presidential election. He states there is a widespread narrative that investors increasingly purchase Bitcoin as a safe haven asset. That's me. Amidst the US presidential elections. If so, this is interesting what he says, then gold should have rallied significantly given that it remains the most valuable safe haven asset. And that's one of those things that we talk about. Gold, I feel is like that hedge and it is something to put your money into as a real safe haven asset because it'll retain its value over time. I mean, granted, it'll go down a little bit and may raise a little bit, but not tremendously. Not like Bitcoin or not like fiat, especially in certain countries. So Michael Saylor, the CEO of MicroStrategy, had a pretty good analysis. He said, you know what? If my cash is on fire and I want to retain the value, I need to put into something that will at least stay the value that it has. And he said, let's do Bitcoin. But in 425 million a couple of months ago, now it's worth like 535 million. So pretty good play in two months to make about $100 million. But it really starts to talk to this whole situation like, well, we talk about Bitcoin as a store of value. Really not so. It's not really a store of value. It is a store of value in a sense, but it will never be like gold because gold stays pretty flat. We're not going to see gold's around 2,000 right now. We're not going to see it go to 200,000. That's impossible. So if we look at Bitcoin, it's right around 13,000, 14,000 right now. And it could go up to 140,000. It could 10x. So really, it's going to maintain your value, but it's also something different. It's like a value catalyst and it really has been going up, like I said, exponentially. So when we talk about store of value, yes it is, but it's also doing some pretty amazing things. And Joseph goes on to talk about that. He says, safe haven assets and inflation plays are not supposed to generate large returns for portfolios. They typically act as insurance to hedge against a potential market downturn. And that's what gold is there for, right? You put your money in gold, stays right there. It doesn't only fluctuate. Then when everything settles off, then you put it into whatever asset you want to. Bitcoin is here and it really has done what it's supposed to do is store of value, but it's actually increased tremendously. So again, it's like an asset catalyst or a value catalyst. Where do you want to call it? Moving down, mainstream awareness of Bitcoin is rising. 2020 Bitcoin Investor Study Guide released by Grayscale. They're pretty big. The mainstream awareness of Bitcoin has noticeably spiked since 2019. And we had covered this a couple of days ago about this report. And it really just goes to show that what we're all kind of feeling right now, that everybody's getting into Bitcoin, they're starting to fomo into it. And this report just kind of validates that and says, based on this year's survey, the market of potential Bitcoin investors is 32 million strong. So think about that. You have 32 million strong people just in this little report. And that means that all of them can't even own one Bitcoin. So if you own anywhere near one Bitcoin, you're a winner in my book because you're going to massively outperform everybody else out there. And they're all going to want what you have, which is you were the risky one. You were the one that had the gumption afforded to actually risk it. And by Bitcoin, when people probably called you crazy. So congratulations. Today's your day. And then it says, this is compared to 21 million investors just one year ago. So in one year, they've gone up 11 million potential investors. So what do you think is going to happen this bull run? Do you think it's going to slowly go up and investors are like, that's that's cute. No, it's going to be like, where can I get this? Who's selling it? Nobody's selling it. What do I need to do to get some Bitcoin? Oh, I got to pay a lot of money. All right, I guess I'll do that. And that's really what it's going to come down to supply and demand. There's going to be a lot of demand is not going to be that much supply. Actually, Satoshi Stacker is another YouTuber. He had a great video actually shared on this channel and he talked about how there is a ton of demand right now. But not a lot of supply of Bitcoin exchange. They're kind of running a little bit thin. So we will see. So this little dip right here. This is just, this is child's play. This is child's play. I know you wouldn't go and sell your Bitcoin now unless you need to. You know, unless you're like, I got to sell it for, you know, whatever, a kidney transplant, whatever you got to do. So like in these situations, just remember that the price will probably do pretty well over time on that. No, sir. Domus, but that's just my opinion. Anyhow, let me know what you think in the comments section. Let's move on. Next up, XRP fans. Here you go. Financial giant SBI to test XRP and 6.6 trillion foreign exchange market. So first of all, I own XRP. I know I always say the whole, you know, like watch out in a quarter. And I think that's one of the reasons why I guess I get dislikes on my channel because people will love XRP like this jerk and I don't blame you. You know, I don't blame you, but you got to remember to me as an investor, I'm kind of like, what have you done for me lately? What are you doing? Now I know that people will say, well, they're making moves in the background and they're doing all these things. They're having meetings. That's great. That's great. But I invest this in 2017 when it was like $1.52 and I was $2.75 and 3.25. I remember buying around $3 because I really did believe that it was going to go up massively because of cross-border payments. And I understood the whole philosophy on-demand liquidity. Fantastic. You don't have to have those Nostro-Vostro accounts. It'll be great. They'll get in there with Ripple, with their software, with their messaging software and then eventually the banks will say, hey, we just need XRP and that didn't really happen. But this right here, this article gives me, like in Star Wars, a new hope because when I look at SBI and how big they are, they're a huge banking entity and if they're going pretty much all in, if this doesn't work, I'm sorry to say, if this doesn't work, you can put a fork in XRP because there is nothing else that would make this actually move. That's just my opinion. Let me know what you think. I'm sure you're going to tell me. But here's the article. Japanese financial giant SBI Holdings is preparing to test the use of XRP in the foreign exchange market or FX. The pilot will utilize the crypto to execute cross-border currency swaps according to the financial outlet, Niki, Nikai, whatever it wants to say. And here's the thing. This is exactly what XRP is for. When I do my little education videos here and I want to do something rapidly, it's always XRP or Stellar because they are by far the fastest. Ethereum works pretty well when there's not a lot of things going on. Like yesterday, it kind of sucked because everybody was getting all their, you know, 32 Ethereum in so they could be validators, which I'm not going to do. So XRP and Stellar are super fast. I can never say anything negative about that because that is totally true. They are super fast. So when they're going to do all these tests, I think that'll actually work out. But here's what they're trying to do. The test itself is to determine whether XRP can be used as a bridge asset to lower the risk of price fluctuations that can occur as one currency is traded for another as well as determine potential savings on fees associated with the transfer. So right now, if you do a wire transfer with Swift cross-country, you're paying a bowload and you're waiting a long time. So I don't see how this could not work. XRP is super fast and it is super cheap. So maybe this is what they're talking about flipping the switch. Again, if this doesn't work, that's it. Also trading the global FX markets reaches 6.6 trillion per day in April of 2019. 6.6 trillion. A lot. It's a lot. Foreign exchange swap volumes are estimated to account for approximately half of the FX market. So there's a lot of room to grow here. Ripple and SBI are longtime partners. I think people know about that, but if you don't, that's the truth. An SBI invested in the San Francisco based payments company back in 2016. So in 2016, they go, this is a great thing. We like Ripple. We like what's going on. XRP maybe we'll get to it. And then four years later, here we are. So the question to me is like, why did you drag your feet? I'm sure there's a lot of things that have to do with infrastructure and get everything right and correct. But hopefully this is the right time for Ripple and XRP. Anyhow, SBI is currently using Ripple's payment messaging system. Again, Ripple is a software company kind of like how Swift works with, you know, wire transfer or anything else. That's what they do. It's a messaging system, which is not based on XRP to power its settlement platform, MoneyTap. So again, they started off with Ripple. Now they're going to go into XRP. They started with level one. Now they're going to go all the way to level 10. And that's really what I thought was going to happen back in 2017 and for some reason didn't. So this like again, I think this could be a great thing. The company also, and they're talking about SBI, allow shareholders receive dividends in XRP and gives gamers on its eSports team the option to receive their salaries in the digital asset. So again, they're pretty big believers into it. I mean, they're given their shareholders. They're given their team members. I mean, it seems like they're really on board. So we'll see how it all works out. If there is massive money savings that SBI reports and they talk about how, you know, it increases customer satisfaction and it reduces the time that actually transmit payments. You're going to see some fireworks here. And this could be a big thing. And then whenever it was telling me, Rob, you got to sell your XRP and get into, you know, whatever, Wi-Fi, something crazy. I'm like, nope, I'm just too stubborn. I'm just too stubborn. And maybe stubbornness might pay off. We will see. Let me know what you think in the comment section. Let's move on. Next up, this is interesting because the presidential election has been called for Joe Biden. Now, we're not going to see him actually step in until 2021. And we have to go through the legal process because President Trump believes that there was massive voter fraud. So they have to go through their due diligence and go to the court. So we will see. Maybe it'll be Biden. Maybe Trump will be there. I don't know what's going to happen. But we have to make our plans now. It does not matter who is in the office. We must make plans and we must prepare. It is better to be proactive than reactive because nobody likes to be sitting on their hands and get sideswiped. So let's just go with the Biden thing. Let's just talk it out. So would Bitcoin and crypto benefit from a Biden administration? It's a great question. And of course, person to ask this question is Laura Shin over at Unchained. Fantastic journalist and really good interviewer, smart lady and she had on Kristen Smith, who's the director of the Blockchain Association and board member of the political action committee, Hodel Pack, and she states, as we look to the Biden administration, if that is what we're going to deal with, which I think they are, and actually think the combination of a Biden administration with a Republican Senate, which I think is where we're going, that it's really good for crypto. And there are a couple of reasons for that. And I'm like, well, first of all, it's not, I never thought it was good to have a Democrat, a Democratic president and then a Republican Senate or vice versa because there's always going to be a bunch of gridlock. However, hopefully they can reach across the aisle and actually work together. I have no faith in that. But let's just dream, shall we? She states that the Trump administration had its benefits. A Biden administration could act as a blank slate for crypto lobbyists and proponents or kind of like a big reset. Let's just reset and start from scratch. She said this Trump administration is a little bit mixed. We had Hester Pierce, Brian, Kintanis, and they're great. Hester Pierce, of course, is crypto mom for the SEC. One of the commissioners. We also have Secretary Mnuchin or Steven, Steven Mnuchin, who is not a big fan of crypto. We have Trump himself who has said on a couple of tweets he's not a fan of crypto as well. Also, Jay Clayton has been quite the big skeptic. Jay Clayton is the head of the SEC and he's like not a fan whatsoever. And they've been standing in the way of getting something done, which is usually a problem with certain individuals who cancel the light of day. So as we look to the Biden administration, we're hoping to get crypto educated regulators in key positions at the SEC, the CFTC, the OCC, and every other place that we can get them in there. And to say it's so Biden will play an important role in picking who those people are. Come on to scenario with a more moderate and business-friendly Republican Senate. Smith says crypto-related regulation could flourish. And that's the thing. I didn't really think about that way. That's true. So if you have a Democratic president and they're sometimes not so much pro-business and Republicans they state are, I mean, whatever, really, really, this is what it comes down to. It comes down to the person because there are Democrats on one side that are truly pro-crypto. And there are some Republicans who are like the exact opposite and vice versa. So it really comes down to the person and how well educated they are in the space, which is the exact same reason why I created this website to educate people and why I made it 100% free because the more educated people that we have in this space, the more they will get into it, the more there will be an intelligent investor and an intelligent investor is a happy investor. So to finish up, I think that's good for crypto because the support we've had from Democrats tends to be from those that are a little bit more open to business, a little bit more open to private sector innovation. And I think that's actually a winning combo. And that makes sense. So I'm going to link this interview fantastic. I've only watched a very small snippet of it in the description. You can check it out. But this leads me to my next point because we have to be prepared because Biden will probably be the next president of the United States. Let's just call a spade a spade. And that's the case. Then you have to look at what his tax plan potentially is in the future. And this is something that we talked about two weeks ago. Maybe it was even less than that. And this was from the taxfoundation.org. They took a look at what his tax plan is. So I'm just going to repeat the exact same thing I said a couple of weeks ago. So here's what I said, whoever you're going to vote for, this is not a political channel. And I'm not here to change the world. I'm here to make a profit. That's it. So this was just interesting to me because of these are tax proposals. Now, will this go into effect? Well, I mean, maybe if Joe Biden gets elected, sure that could happen. Or he also has to pass this through the House and the Senate, you know, Congress. So, you know, chances of that, who knows. But these are the things. This is the vision for a specific party. Okay. Not that this is right or wrong, but this is just what it is. And you have to start thinking about this right now because if you believe, like I believe, that digital assets are going to go to the moon over the next three, five years, what are you going to do when you are sitting on a million dollars or a million in cryptocurrency and you're like, okay, I need to pay some bills. How do I take this out? Well, now we're talking about capital gains tax. Not only in the federal part, but the state part. And I got to do all these different things as far as like my income and taxes and taxes and taxes. What do I do? Well, right now it's not too bad, but here's what could potentially come out of the pipe. So, former Vice President Joe Biden enacted a number of policies that would raise taxes, include individual income taxes and payroll taxes on high income individuals with incomes above 400,000. That doesn't seem like much now. But I'm going to just imagine this. It's 2016, you bought Ethereum at $10 and you bought, or you bought a thousand, right? So you have a thousand Ethereum. Well, what happens when it goes from $10 Ethereum, which was in 2016, all the way up to, oh, I don't know, a thousand, $1,400 in 2017 and you want to cash out, well, guess what? This 400,000 doesn't seem that much now, does it? So as time goes on, you have to understand you might make a lot of money. And if you make a lot of money, this number that you think is unobtainable all of a sudden becomes the norm. And now you're like, well, wait, well, how much I got to pay in that? Well, if you were sitting on a tax bracket, I don't know, it might be 28%, 32%, 30%. I forgot, 34%. Let's just say a third, a third. So a third of everything that you have now has to go to the government. And I don't know where you're at in the world. This is just for America. But I can tell you right now that taxes around the globe vary greatly. And there are some states that just, or some states, some countries that just are awful and some that are pretty good. But we have to start thinking about these things now as opposed to paying the piper later on. So Biden's plan raised taxes roughly by 3.8 trillion over the next decade on a conventional basis, 3.8 trillion, which is, you know, a good amount of what we printed from nothing. On a conventional basis, the Biden tax plan would lead to 7.8% less after tax income for the top 1% taxpayers. Okay. So if you're Jeff Bezos, hey, 7% less, think you'll be okay. 1.1% lower after tax for the top five and 0.6% for the other income quintiles. Nice word. All right. So moving down, moving down. This is the interesting part. Taxes long-term, capital gains and qualified dividends at the ordinary income tax rate of 39.6% on income above 1 million. Again, that may seem out of reach right now. But as time goes on, this might be the norm for you. I don't know. Lastly, it states, increasing the corporate tax rate 28% would account for the largest revenue gain, which is 1.3 trillion over 10 years in the plan. So that's corporate taxes, right? Lastly, higher taxes levied on taxpayers earning more than 400,000. That could be you, including higher tax rates and ordinary income as well as capital gains and dividends would raise another 1.2 trillion over 10 years. So again, plan now for what's going to happen later because there is nothing worse than being caught short with a ton of money and you're like, ah, now I got to give away 33% or 25% or, I mean, heck, even 20% is a lot. So if you have time, I'm going to link this at the very end of this video. It's how I am not going to pay any crypto taxes moving forward. And I talk about how I do it, the plan that I do it and how I do it legally and that's the most important part. And all right, so that's it for today. So again, I want to remind you that the website is open 100% free. Check out at your leisure. All you got to do is you can check out the front page. A lot of great information if you want to, but the meat and potatoes really is right here under start learning. So go ahead and sign up and I really appreciate it. Thank you so much. Just remember the criteria, just tell a couple people and that's really all I ask for. All right. Thanks for watching. Appreciate it. I'll see you on the next one.