Why Bitcoin’s Future Is Incredibly Bullish | Jacob Canfield Vs. Jeff Dorman

Why Bitcoin’s Future Is Incredibly Bullish | Jacob Canfield Vs. Jeff Dorman


Hey, everyone.
Today, we’ve got a couple of fresh faces for
this week’s crypto duel.
Today, I’ll be joined by Jacob Canfield, the
number one ranked Bitcoin analyst on trading
view, and Jeff Dorman, chief investment officer
at Arca.
Together, we’ll be analyzing Bitcoin’s latest
sleep’s China’s latest blockchain developments
and where is the global economy going?
Welcome to this week’s crypto duel! and makes
you head over to our community page on our
YouTube channel.
And there you can tell us who you think won
this week’s crypto duel.
How you guys doing today?
Good.
Doing well, man.
Thank you.
Thanks for having us on the show.
Yeah, of course.
Thanks for coming on.
So since last Friday, Bitcoin, as usual, has
pretty much done the last thing everyone expected.
On Saturday, it topped out at around ten point
five thousand dollars after rising around
40 percent in under twelve hours.
That’s a big move, the largest percentage
increase since April 2013.
In fact, not only that, it did so in the face
of many bearish indicators.
Can you please breakdown what happened over
the weekend?
Did either of you see this coming and where
do you think we’ll go from here?
Is this enough momentum to push us into more
bullish movements?
I mean, look, as you said, 40 percent is a
big move.
There’s very few people who can ever say in
retrospect that they saw that coming in the
perfect timing or the perfect sizing of that
move.
But there are certainly reasons to have been
bullish leading up to that effect.
I sent a note to my team earlier that morning
and actually the night before to just saying,
here’s the bull case right now, if you’re
looking for one.
Sentiment was incredibly low.
There’s a lot of different measures you can
look at.
But, you know, the fear and greed index was
approaching all time lows again.
Every fund that you spoke to, especially here
in the U.S. and also in Europe, was basically
either high cash balances or even net short,
just given the price action that had happened
previously.
Options expiry had just happened.
You have big options expiry the night before.
And usually there’s a lot of repositioning
that happens after expiry.
So there was certainly a bearish tone.
And as that rolls off, there is certainly
some room or a little wiggle room in there.
We might see some some exacerbated moves right
after options expiry.
If Bitcoin just going below the 2 year moving
average, which I know Jacob can probably talk
about more than I can on the technical side.
And you also add a lot of minors kind of reversing
course, right.
A lot of the move in August and September
down was miners buying puts and ultimately
selling on the market.
And we had heard from a lot of different OTC
groups as well as from our Asian channels
that that was not only reversing course, but
a lot of miners were actually buying calls,
getting ready for the next move higher.
So there were reasons to be bullish.
I think anytime you have massive volatility
both ways, it’s hard to really set yourself
up to capture before move like that because,
you know, you’re trained in any kind of trading
to get smaller in the face of volatility,
not get larger.
But there were certainly reasons to be bullish
ahead of them.
Yeah, I would I would agree that for me, I
was I was prepared for the bounce.
I was not prepared at the velocity or the
ferociousness of the bounce.
So I’ll just share my screen real quick and
I’ll kind of go through my logic on the trading,
what what I was actually watching for.
And then I’ll go over an indicator that has
actually been really historically strong pretty
much through all of 2019 at kind of predicting
these these choppy moves and which way that
they’re going to move.
What I would be looking at is just the daily
chart on XBT USD, which is the perpetual swap
contract for Bitmex specifically.
And so what we saw was we saw a falling wedge
structure on Bitcoin.
But more importantly, we had this like classic
triangle that everybody was watching that
broke to the downside.
And when we broke to the downside, we tested
that 200 day moving average one, two, three,
four, five times.
And usually when it when it tested multiple
times, it usually gets weaker for the next
retest.
But in this case, it rejected it and pushed
it to the downside.
Now, when we remove everything and I’ll go
back to this in just a second, but when we
when we get rid of everything, what we actually
had was we had a really, really classic descending
broad wedge.
Right angle broad wedge, which is usually
bears.
What you usually see is you’ll see a bounce,
bounce, bounce.
And then this last bounce.
Classically with the right angle, broad wedge
usually bounces about 50 percent.
So that was kind of an indication to get short
or at least head short neutral.
So when that broke down, usually a measured
move is from the top of the price channel
to the bottom of the price channel.
So about 11 percent.
So 11 percent would have taken us down to
around 68-7000.
That’s what I was ideally looking for.
But we did hit a very strong previous strong
bullish block in this block right here actually
coincided perfectly with our swing low to
swing high from thirty four hundred to twenty
thousand to the 618.
And so I did have a bullish case since that
and saying that, you know, we can we can add
on.
And what I was looking for, price to happen
was basically like a bounce up and then a
retest of that sixty one point eight to maybe
form a double bottom.
Now, the one indicator that has has been giving
me kind of pause to go heavy short, when we
were in this lower range was the funding indicator.
So I’m just gonna I’m just gonna kind of back
up to where I had all my indicators real quick.
So this funding indicator down here, it’s
a funny indicator on trading view by a guy
named Neal Buting.
But this basically shows the positional siding
of longs and shorts.
So you’ve got long interest versus short interest.
And so this is more of a lagging indicator.
So when when the topside.
This is basically where short or where longs
are paying shorts, and so funding is not favoring
longs at all at this position, and this was
basically when we’re in the 10000 chop range.
And so when when shorts are paying longs for
our side, when longs are paying shorts for
an extended period of time.
That means that the the people that are on
the wrong side of the trade, most of the open
positions are longs.
So if you see a price break down at all, you
know that most of the market is actually net
long.
So if you get that, then you’re usually setting
yourself up for what’s known as a long squeeze
to the downside.
And that’s what we saw.
And then when we got down into this choppy
range right here, we had basically net short.
Most individuals were net short.
And so longs are Saras shorts were paying
longs for almost basically since the beginning
of September all the way through October.
So almost an entire month from that breakdown,
we had flipped funding.
So I was watching that, knowing that we could
get a short squeeze to the top side.
Did I think it was going to be the third largest
candle in history?
Absolutely not.
I don’t know if anybody really saw that happening,
but all it really takes is a little bit of
a spark to get a little bit of a spark.
It’s kind of like the initial spark to start
it like, you know, just an explosive chain
of events.
And so that, you know, when you saw China
announce that they are supporting blockchain,
that gave us that little spark.
So all of these shorts that were offsides
because they’d been paying funding for that
long.
They just got short squeeze out of the market.
And then you see this high volume blow off
top.
And we I mean, we respected the moving averages
really, really well.
But I’m going to let him kind of fill on fill
in on some more of his thoughts.
And then I’ll and then I’ll go to the futures
chart, which has been historically highly
accurate with technical analysis.
And that’s it gives a little bit more of a
bullish case as well.
I think I think you’re hitting on a lot of
things that are important.
I think more from for me, having come from
the traditional world, more of an equity and
debt background, technicals always matter
something you need to you need to respect
in traditional markets is not the most important
thing in the world.
Because there’s all types of different players.
You have you have rotations happening all
the time.
Right.
Equities get too cheap.
Companies will start buying back their own
stock or distressed investors will start moving
away from debt.
Move into equities.
Right of debt gets too cheap.
Also on the activist investor, the Carl Icahns
of the world will come in and buy the debt
and will try to take over companies.
So you always have this rotation of asset
classes where new players will come into the
market based on what’s happening.
In crypto you’re just not seeing that, it
is such a small piece of the overall financial
puzzle.
And for the most part, it is so heavily dominated
by traders who are looking at TA that this
sentiment and this funding that Jake is talking
about is actually very it follows the TA very
closely.
So when I was talking earlier about sentiment
being low and funds being very heavy, cash
being short, it’s all based on the same TA.
So everybody was eyeing that same move.
Oh, we’re probably gonna go down to seven
thousand sixteen hundred.
And when that happens, we’re going to buy.
And in general, when everybody is thinking
the same thing, it almost never happens.
Right.
That contrarian indicator doesn’t necessarily
mean it’s going to happen, but it means if
it does happen, it’s going to be violent.
And that’s what we saw.
Right.
So I would say nobody knew for sure we were
going to break to the upside any more than
they knew we were gonna break to the downside.
But when you do break to the to the upside,
when everybody is offsides, it just accelerates
faster than you’d ever believe.
But like you said, today is only good to an
extent.
That’s why I look at a lot of other things
like minor capitulation, minor prices, on-chain
analytics, wallet movements, order book analysis.
Most of my trading is based around order book
analysis, so I’m watching for order flow.
A lot of these a lot of these funny ratios
because what you typically see is when a move
is about to occur, you’ll see a lot of the
smarter traders limit selling kind of offloading
positions or just building positions at that
level.
But price isn’t changing much.
So you see a lot of orders coming in.
So it’s not driving up the order books for
these five million, 10 million, 20 million
dollar buys.
But you’re seeing, you know, a hundred thousand
to 500000 kind of limit buys coming into the
market.
And so that kind of gives you an idea of when
someone’s building a position to expecting
a market move the other way.
One of the things that I think has been driving
the market that doesn’t get a lot of attention
and I’m just gonna show my screen one more
time is the futures market, which is the CME
market.
And what we see is we see a lot of these gaps
and some of these gaps will get filled.
Some of them won’t get filled.
It depends on what type of gap is.
But the CME futures market actually came down
to that 700 support.
That’s seventy three hundred support and it
came down perfectly to the 200 day moving
average on the Bitcoin futures chart, which
is the CME chart.
But on Spot, on Bitmex on any of the other
exchanges, it was below the 200 day moving
average.
But on the futures market is actually on the
200 day moving average.
So you kind of have to look at a few different
markets to kind of get an idea of what, you
know, what’s actually driving the market,
what’s supporting the market, what are the
smart money of the institutions?
What are they using to chart with and for?
In my opinion, I think that the futures market
is actually what’s been driving the market
a lot.
It’s much cleaner from a technical analysis
perspective, but the volume was massive, especially
on this volume breakdown here.
We saw most of the volume coming from the
CME market when this volume broke back in
April.
And so, you know, this bullish move recently
up to 7400 level.
It came down to sixty one point eight.
And those while the twenty day moving average,
which is super, super classic TA, as well
as had this falling wedge structure.
And then it gapped up perfectly to the thirty
eight point two percent Fibonacci level.
So.
So I’m I’m looking for maybe a pullback back
down on the spot price down to maybe the 200
day moving average.
So this level here, this this ninety nine
hundred level was basically like a really
strong pivot kind of price action level in
the upper price range.
And so this is a key level for me as far as
like getting back bullish, I’d say ninety
nine ten.
We break that and I’ll go FOBO.
Jeff, where do you think we’re headed from
here?
Well, it’s always a hard question because
the timing is so important.
Right.
I mean, I don’t think does anybody in this
market for the most part who doesn’t have
a long term bullish view on Bitcoin and a
select few other digital assets, I share that
same view.
I know I completely reinvented my career and
dedicated my career to this asset class because
of that reason.
Even when we’re marketing to traditional investors,
you know, the pension funds, the endowments,
the family offices.
Nobody’s rushing into crypto just to get short.
They’re all in this market because they think
it’s going higher for good reason.
There is a ton of bullish indicators outside
of crypto that are happening across the world
from the global unrest in countries like Chile
and Lebanon and Hong Kong to be just continuous
lowering of rates across the across the world
to even negative rates.
I think the Fed’s going to cut rates again
tomorrow, which is insane when you think about
stocks at all time highs.
You’ve got this race to the bottom in global
currency.
So even outside of anything happening in the
crypto world, there is so much more money
outside of crypto that will make its way into
this market at some point.
And you can have all the TA in the world.
But when demand massively outpaces supply,
which is what we’re going to see in the next
few years, prices have nowhere to go but up.
So you have to block having next year, which
is going to reduce supply and you’ve got new
money that will eventually come into the system,
which is gonna increase demand.
And that’s as bullish as you get.
The problem is, as you know, Jake and I were
both alluding to here is dealer positioning
and industrial positioning can screw all of
that up right in the traditional world.
You can stick with a short for much longer,
because even if you get blown up on 2, 3,
4 or 5 percent, you can kind of just reload
and get back in it when the moves are 40 percent
intraday.
It’s really hard to stay in any trade and
it’s really hard to get big in any trade.
In crypto there are people who have 100 percent
or more of their funds in this space trying
to trade it and it gives you no room for error.
So short term, anything can happen, obviously.
Longer term, I think the best thing you can
do right now is just figure out a plan to
ensure that you are long biased when the real
move starts to go to the upside.
Let’s move on to the next question.
So we’ve been speaking a little bit about
China and big moves.
And China has been making some really big
moves in the blockchain space recently, in
addition to Xi Jinping’s announcement supporting
blockchain technology, China Electronic Information
Industry Development announced that there
are now more than 700 blockchain enterprises
in China.
China is also looking to be the first country
to implement a central bank digital currency.
Why are they pushing this technology so hard?
Why is it so important for China to be on
the forefront of blockchain implementation?
Will it offer them some sort of global economic
advantage?
I think if they get to think this a lot of
problems we have and we speak to people who
in crypto who are new to this or maybe just
not as entrenched as the rest of us are, who
focus on it all day, all day long.
But crypto has to be split right now between
what is actually affecting currencies like
Bitcoin or some of the Bitcoin derivatives.
And what is being used as an underlying technology
for everything else.
And I like to use ETFs as an example.
ETFs didn’t create a new asset class.
It simply made investing in existing asset
classes that much easier.
You can invest in different types of equities
that you didn’t have access to before.
You could invest in bonds through an easier
mechanism than you could before real estate,
hard assets, et cetera, and Blockchain the
technology, is doing something similar.
I mean, you look across the altcoins, a lot
of them are very different that there’s not
there’s not necessarily one category that
fit into some of them are clearly scams.
Some of them have no ability to accrete to
the price and makes it a terrible investment.
It doesn’t necessarily mean that it’s not
a good use case.
So when we think about China getting involved
heavily, China’s been involved heavily in
every new technology.
This is nothing new.
I think it’s a I think it’s maybe a wrong
or at least dangerous assumption to assume
that them getting involved in blockchain is
necessarily directly based on bitcoin or currency.
There could be plenty of other applications
of blockchain that they think is really important
and they just want to be ahead of it like
they have been in just about every form of
technology of the last twenty five years.
I would I would agree with him, but you’ve
got to think of what blockchain brings to
the table as far as value.
China is really, really well known for blocking
U.S. companies, said of Google set of, you
know, Google, Facebook, they’ve got their
own companies, they’ve got Tencent.
We checked Alipay.
And so blockchain, it’s one of its biggest
value propositions is trackability and traceability.
Right.
So when you put your food on the blockchain,
it allows you to track exactly which farm
it came from.
It allows you to, you know, compile a massive
amount of data and really have the source
code of where that data came from.
It’s all verifiable, it’s all unhackable.
And so separating blockchain from tokens.
Right.
Because I think that’s a very big important
differentiation, because you can have a blockchain
company that doesn’t have a token.
You’ve got blockchain companies that don’t
have tokens.
But when you talk about China, they’ve got
a ton of issues with agriculture.
Figure out where their food comes from.
And they’ve banned a lot of U.S. agriculture.
They’re buying U.S. property for agriculture.
So just having, you know, their agricultural
processes put onto the blockchain is a huge
part of it.
But also there their program WeChat it is
literally drives the everyday citizens life
on the whole platform.
They schedule appointments.
It’s their payment processing.
It’s their social messaging app.
It’s everything.
So they have all this data.
But now when you integrate a blockchain layer,
now you’re actually have that data that’s
verifiable, that’s shareable, that you they
can go back and they can look at the whole
history and you can’t delete that history
anymore.
And so I think that that’s a really big part
of what China’s doing.
But talking more about Jeff was saying they’re
at the forefront of a lot of technologies.
We’ve got a lot of things that are coming
out from A.I., self-driving cars, robotics,
5G.
You’ve got all these things in blockchain
is kind of the base layer for a lot of that.
You’ve got a lot of these pro broad protocol
layers that you can build all these things
on.
Andreas Antonopoulos talks about a lot of
this when he talks about you can have a car
that’s its own corporation because the blockchain
allows it to verify all these transactions,
do all these different things.
And so you’re going to see just like a very
big shift in the way that all these technologies
integrate today together.
It’s called the IOC Internet of Things.
When you’re when your refrigerator is, you
know, empty, it can send an automated message
to the store.
And then all of this thing is can be built
on that blockchain layer.
So I think that what his message was, was
that they just need to be at the forefront
of it.
They need to accept it.
Whereas, you know, the US, the S.E.C., the
CFTC, they’re they’re like they’re given really
gray.
You know, they’re there.
Clarity of regulation is if we sue you, it’s
a scam or, you know, sue you, sue you by fire.
I mean, that’s basically like what they’re
allowing with with crypto right now.
And it’s not really clear.
They allow, you know, Block One and EOS to
get away with like a 10 million, 20 million
dollar fine for raising a billion dollars.
But then they find another guy, five million
dollars for raising 10 million.
It’s very confusing.
And Donald Trump himself have come out and
said that blockchain and, you know, bitcoin
and cryptocurrencies are bad and scam.
So you’re at this kind of dichotomy where
two world leaders are giving mixed messages
on what they’re saying.
And in my opinion, we’re going to lose trillions
of dollars in business because a lot of these
innovative technologies and I saw first hand
Asia is all in on crypto.
You go to Singapore and it’s nothing but tech
emerging technologies.
I was at the Blockchain Invest Asia conference
and they’re just all in 5G, IOT, you know,
all these everything.
So in my opinion, they’re just they’re just
they see they see the vision, they see the
future.
And same thing with Russia.
Russia has been eyeing blockchain for a very
long time.
And the big tipping point will be when a country,
a sovereign nation, starts to back their national
currency or their national digital currency
with Bitcoin.
And I think that’s the next tipping point
that you’ll see really be the bullish use
case for Bitcoin as you see it with gold.
You see China has like one of the largest
reserves in gold.
You see Russia has the same thing.
They were buying U.S. debt, but now they stop
buying U.S. debt because that may not be a
good debt to hold for the long term.
Our debt ratio is going up like through the
roof when a sovereign nation starts buying
bitcoin and then backs their digital national
currency like we’re seeing with China.
I think that’s the next tipping point for
for Bitcoin, you know what I mean?
Jake bounced around a lot of different topics.
And what I think is important to separate
two of the things he’s saying.
Right.
So blockchain technologies.
So, as he said, doesn’t need a cryptocurrency
in effect.
I think the word cryptocurrency is the most
dangerous word in this entire market because
it makes everyone think that every tokin that
comes about and every blockchain project is
trying to become a new global currency.
That’s not the case.
There is plenty of different use cases for
tokens, some of them already better than others.
In exchange tokens, which are kind of quasi
equity instruments, you’ve seen things like
File coin, which is, you know, trying to.
Allow you to transfer assets, access storage
on your computer to the people who need it.
So these are not currencies.
These are these are different use cases of
blockchain technology.
And to what Jake said, there are way more
reasons right now in Asia to be using some
blockchain than necessarily here in the US
because of the verification, everything from
agriculture to merchants to to things that
are maybe not as clear cut as they are here
in the US.
So the blockchain technology itself is really
important data.
And I would argue that here in the US it’s
not really being stifled, stifled by the SEC.
The SEC is focused only on the that the investing
part of it.
Right.
Our retail investor is getting taken advantage
through these investing opportunities.
That means ICOs or other top forms of crowd
sales, and that means listing on exchanges
that are not necessarily registered broker
dealers.
Things like that.
That’s a totally different line of regulation
than anybody who just wants to build using
blockchain technology.
So I think you are seeing the innovation here
in the US as well.
But I think some people like to conflate the
SEC’s impact on crypto prices and on trading
versus the innovation happening just in blockchain.
I mean, IBM is one of the biggest blockchain
companies in the world now.
Bank of America owns more blockchain patents
than anybody else in the world.
So I don’t think that it’s I don’t think that
I don’t think we can say that China’s doing
it and The US isn’t.
I simply think that it may be more important
near-term for China and other Asian countries
to get some of this technology right.
Now, conversely, going back to what Jake was
saying at the end of his comments about the
currency aspect of it, now that is very real
and that’s very scary in the sense that we
really talked about.
Every country is trying to debase their currency
because the global debt to GDP GDP is higher
than it’s ever been.
And there’s only two ways out of massive debt
loads.
There’s default, which you’ve seen now in
countries like Argentina and Puerto Rico and
even close in Turkey and obviously in Greece,
you know, 70 years ago.
Or you inflate your way out of it.
Right.
And you inflate your way out of it by basically
inflating your currency so that your debts
are meaningless or you simply lower the purchasing
power so much and find a new form of that
purchasing power that’s going to take over.
So China is looking to basically debase their
own currency to fuel exports and keep rates
low while simultaneously adopting Bitcoin
or their own new currency like they’re doing
that they think is going to be stronger and
give you the ability to pay down these debts
and to ultimately become a global force.
That’s really scary.
And I don’t think that Jake or I or anybody
who’s not there every day can really say what
the ultimate goal there is.
But certainly currency wars and trade wars
and terrorism, all the things that are happening
are not to be taken lightly.
And I think you’re going to see a pretty stark
dichotomy over the next five to 10 years between
commercial uses of blockchain versus the currency
uses of blockchain.
Wow.
I actually wanted to go back a bit to a point
where Jake said that he believes that at some
point Bitcoin might become the backing of
a national currency.
How would we actually get to that point?
As a store of value, I mean, it’s a digital
gold.
It’s it’s deflationary in nature.
It is based on Austrian economics.
It’s a scarcity model.
Right.
So it’s it’s based on what people value.
But the biggest thing that it has going for
it is that it’s unstoppable.
The only way that they tried to stop it was
to shut off the fiat on ramps to it.
And it still managed to survive quite well.
I mean, you saw that in twenty seventeen,
which is one of the biggest reasons why I
you know, I sent a note to basically move
positions to cash only around 17, 20, set
around 15 to sixteen thousand after the big
drop from twenty thousand is because the writing
was on the wall.
Bank of America shut off bitcoin buying, Wells
Fargo shut bitcoin buying, all credit cards
shut bitcoin buying.
And the only way you get new buyers is is
by having new money come into the market.
And so they tried really hard to shut off
all these Fiat onramps.
And now you see all of these big players that
are entering.
The fact that Bakkt is here is a big deal.
I think that it really gets understated like
how big of a deal Bakkt is.
Bakkt, they own the New York Stock Exchange
and they’ve managed to innovate tremendously
on the New York Stock Exchange.
They got they they did a whole bunch of things
that nobody really saw coming on the NYSE.
But the fact that they came in and they are
great, they created this deliverable.
You know, Bitcoin backed futures market.
And now they’re coming out with this commercial
app where you can pay in crypto for.
I think it’s a much bigger deal than people
are realizing.
And I think that I just think that Bitcoin
is really here to stay.
I mean, it’s it’s proven itself as a store
of value.
It’s proven itself against attacks.
It’s really it’s I mean, you have to spend
a billion dollars.
I can’t remember the exact statistic or amount
of time, but you have to spend like a billion
dollars to try and like every 10 minutes or
an hour, something like that, to try and bring
down the Bitcoin network.
And you can only do it temporarily because
the incentivisation of the way that the mining
works in the way that Satoshi Nakamoto designed
it, it’s incentivized to maintain the network.
And like he talked about with the halving
coming up, everything is just pointing with
all these macro events to Bitcoin as a massive
bullish catalyst coming in the near future.
So I see I think that once you see what somebody
sovereign nations, when they when the price
of gold maybe dips or they’re looking for.
I think that Bitcoin eventually could see
itself as a as a standard or a backing.
And I have seen some theories about the way
that Bitcoin could act as a standard unit
of measurement for finance, whereas like we’ve
got the kilogramme we’ve got these standard
metrics, measurements of unit.
And I think that Bitcoin could act as the
same way because of the nature of its properties
and the fact that it’s so decentralized and
doesn’t really have anybody that runs it now.
I mean, we can go into how many wallets are
owned by Wecks percentage and the centralization
nature of its early beginnings.
But the longer that time goes on, we do see
that it gets more and more and more decentralized.
But I think that we’re talking the long game
here.
I don’t think this is a five year, 10 year,
20 year play.
I’m talking 50 or hundred year play in that.
For me, it’s just even though it’s an early
technology like you had kind of mentioned,
I think that it’s still got potential to do
really, really big things.
I just think it’s even simple things, very
simple, which is Bretton Woods was an agreement
between nations to make the U.S. dollar a
reserve currency.
I don’t see anything going on in the world
right now that makes you think that any nations
are going to agree on anything right now.
So the likelihood of anything replacing the
US dollar as a reserve currency, as a vote
or as an agreement is not going to happen.
Only what’s going to happen is because they
don’t have a choice.
Right.
And the only instrument out there that has
any potential to knock off governments ability
to control things is something decentralized
and immutable like bitcoin.
So, you know, I don’t think there will ever
be an agreed upon, hey, bitcoin is not a reserve
currency because governments need power.
And power is based on your military and on
your currency.
So no one’s going to cede that control on.
No one’s going to cede that control voluntarily.
It’s gonna be something that happens because
they don’t have a choice and it’s too late.
And with Jacob saying, as you know, because
of all the things we’ve spoken about, about
why Bitcoin is growing and why adoption is
going to happen, these governments are gonna
have a choice at some point, whether they
openly or explicitly say, yes, we accept Bitcoin
in any walk of life or it’s just assumed like
a unit of measurement where you don’t have
a choice because people are benchmarking it
to it anyway.
It’s going to happen.
And I think it’s fairly inevitable at this
point.
And that’s why you’re seeing China going on
their own new currency right now.
And what the U.S. will really digitize their
currency soon is every government out there
is going to grasp at straws right now to try
to hold on to that power that they do have
while they still have it.
And it’ll be probably the most interesting
political and economic experiment ever.
If Bitcoin somehow is able to use her, you
know, tens of thousands of years of control.
Great.
Well, that was an incredibly interesting take
on the future of our global economy.
Thank you guys so much for coming on the show
today.
Thank you.
Appreciate it.
Thanks for inviting us.
Thank you again for watching.
That was Jacob Canfield and Jeff Dorman on
this week’s crypto duel.
My name is Jackson and always remember to,
like, subscribe and comment.

18 comments

  1. Who won the Crypto Duel? Jacob Canfield or Jeff Dorman?
    Cast your vote in the community tab!

    1:25 5 key reasons why Bitcoin surged upward
    3:30 Technical analysis of Bitcoin’s latest surge
    7:30 The importance of TA in crypto
    9:49 Bitcoin futures market as a major indicator
    11:29 Long-term bullish indicators for Bitcoin
    14:29 China’s focus on new technologies
    15:37 China’s interest in blockchain
    20:06 Differentiating blockchain from crypto
    23:44 Bitcoin is unstoppable
    27:01 Is Bitcoin the next global reserve?

  2. Nice new perspectives from the usual 👍🏻 but using order books 🤔??Jeff Dorman was really insightful.. good explanations. Jacob was also helpful but seems more like a “google it” expert.

  3. Cant pick a winner, but both gentlemen made very interesting points. Loved listening to this conversation!!! Great Video!!

  4. Bitcoin is a huge value proposition just as failsafe alone. No gov. should try to hinder it.
    It would be downright irresponsible to hinder it (but hey, irresponsibility is what they're all about.)

  5. What does it mean when shorts pay longs? How can he use such language 99% don't understand? He has to take it down to a level that even a person who know nothing about TA can understand. Otherwise, it is USELESS.

  6. 8:00 "For the most part, so Heavily Dominated by traders who are looking at TA" – WTF IS HE TALKING ABOUT?. Bob and Mary from the middle-class dont know shit about TA. And the Millennials don't either! They are too lazy to even take their life fucking serious lol!

  7. Jacob vs. Krown please! Krown doesn’t see China liking blockchain as a good thing, whereas it doesn’t seem like Jacob has quite the same views, so I think it would make a good mini debate.

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