Bitcoin Headed To $7000? | Coinbase Hypocrisy | BTC vs Visa

what's up everyone then with the BTC sessions here and this is your daily session although that Bitcoin before we dive into the news just a couple quick things of course do check out my website BTC sessions CA there you can reach out to me directly and book your own BTC session where you can learn about Bitcoin while its proper security anything you like all you need to do is scroll down to the bottom and there is a contact form to fill out where you can reach me now beyond that I'd like to also thank the official sponsor of the BTC sessions on this show we've got lettin IO this is a service for Canadians where you can use Bitcoin as collateral to back a Canadian dollar loan the entire process takes about two minutes to basically sign up for this and most applications are completed and fully funded within 24 hours so I gave this a go a couple weeks back and it works as promised it took me about two minutes to fill out the application and the next day I had money in my bank account you can head to the website use the slider to figure out how much Bitcoin you would need for a specific dollar amount and if you want to check out more about them and what they're doing you can check out my interview with Mauricio de Bartolomeo that I did a while back about what they're doing and what they're trying to build and I will link that in the description down below I will also link to their website so you can check them out they do have a promotion on right now where if you do decide that a loan is something that is something you need they will also give you a fifty dollar credit upon approval of your loan so be sure to check that out and Thank You Mauricio for sponsoring the show now let's move on to the news and damn guys somebody goes up a-town myself and look what happens like I don't even owe a sudden here I'm on I'm I'm in Mexico and I get these notifications that crazy stuff is happening to the price so I mean I'm a day late on talking about this but I was headed home yesterday and I'm seeing it up at $5,300 us first time in ages lots of craziness going on so it's pulled back a little bit from its highs of you know the mid 53 hundreds Bitcoin is sitting around 48 36 at the time of recording this and yeah crazy it's been a while since we've seen a pump like this so what could possibly be the cause well there's plenty of speculation on that going Telegraph I don't know this article says that perhaps brexit cuz reasons somebody alluded to April Fool's jokes being possible so there's an April Fool's joke going around that the SEC had finally approved the Bitcoin ETF and that it was gonna drop clearly that was not the case what do I think I don't know I think it's Bitcoin being Bitcoin if somebody wants to buy a bunch and stupidly dumps a bunch of money on an exchange and forces the price up that people tend to follow in and we get big moves like this it's still a relatively illiquid market if a lot of money's coming in so it doesn't take much to do stuff like this still it's still early days now again this article here from coin desk they talked about there's been a bit of a pullback here they cite that this pullback could continue down to kind of like the 46 4500 range if it goes lower than that perhaps even down to the 4200 now this particular article didn't really touch on some of the upside but this one on CCN did say that to the upside potentially 7,000 in the coming months and why is that it's using something called Fibonacci retracements Mattie Greenspan tweeted this are you freaking kidding me we haven't even hit the first fib level yet drawing the Fibonacci retracement tool from bitcoins all-time high we can see that this leg could easily take us up to 7 thousand dollars before hitting the first cell wall so is that some opium maybe but actually I don't think this is too out of line I think it may take longer than we think I think there's probably still some sideways action to be felt through the coming months and I don't anticipate us going up too much further than we have already but end of year I don't think 7,000 is out of the question maybe late into fall I guess we'll see but yeah I mean anything I'm super excited to see to see a little pop in the price and I'm just trying not to get too ahead of myself now we did see a lot of craziness in the old market so I'm just gonna pull this up for a second here because I'm now look look at the bloodbath today comparatively but we saw massive massive pumps things like litecoin was up 35 36 percent Bitcoin cash was being ridiculous it was up like 60 percent at one point enough to pop it back into fourth place just across the board it was insane the other day double digits on everything and that's why I don't take this pump too much to heart because realistically did every coin have a reason to pump absolutely not did Bitcoin even have a specific reason to pump unless you think the April Fool's Day thing did the trick then no not really so when the whole market goes crazy like this then I I try to eat some humble pie take a step back and go oh look look how irrational things still are so yeah don't get too crazy I hope none of you took this as an opportunity to buy when things were topping out just now and are on now crying over these fifteen to twenty percent losses but hey maybe we're starting to see a bit of a turnaround but I guess time will tell let's jump into the next thing I wanted to talk about here which is Oh coinbase O'Brien so Brian Armstrong was doing and asked me anything and one of the questions came up were about his his ambitions moving forward and and so one of his responses was hey maybe you know honestly like overthrows some corrupt dictators in the world that would be awesome and so I love the title of this article coinbase CEO wants to overthrow corrupt dictators after hiring team that sold spyware to corrupt dictators if you don't know what they're talking about they they hired essentially a company or acquired a company neutrino which was basically put together by groups of people from the hacking team that sold software to corrupt dictators to spy on their citizens and trample all over their rights so yeah not not great if you want to dive further in depth regarding some of the hypocrisy of coinbase I did make a video a while back when delete coinbase was trending and so the video was called why delete coinbase so I'll link that in the cards here and down below if you want to check that out but you know coinbase doing coin based things and lastly this article here from coin telegraph and this is talking about how Bitcoin in the course of the next decade could be things like be Visa and MasterCard for a to become a top world payment system now some people scoff at this because they say well you know it's only X number of transactions per second it's so small but it's more about the trajectory that Bitcoin has been on during the first decade of its existence so yeah basically if it maintains this pace then we could easily see that in ten years so they're talking about the differences between these types of networks now we should know that Bitcoin itself is is kind of a base layer protocol and not necessarily a payment system but it's it's kind of both it blurs these lines visa itself is a payment system that utilizes you know dollars or local currencies as as the actual unit of exchange whereas Bitcoin it kind of does both but other layers on top allow for expedited transactional demand really anything that goes above and beyond the current what seven transactions per second yes so so some of the comparisons here Bitcoin for example has around 10,000 active nodes where as Visa has about 119 data centers MasterCard has 98 PayPal it's 51 now again that's not exactly it's it's apples to oranges in this comparison I think because visa is is a centralized entity and they just have data centers in case some of them fail so you're comparing that to a system that by design was meant so that people could run entire copies of the ledger themselves and so verify to keep it decentralized so of course there's going to be more active nodes now it says at the same time Bitcoin has fewer users only what are they saying fewer users they say that Bitcoin has 25 million wallets well MasterCard and debit cards are have about 5.3 billion again even the 25 million number for Bitcoin wallets you have no idea how many of those wallets belong to the same people so that number could actually be far less really and then they're talking about scaling solutions how visa can do sixty five thousand transactions per second whereas Bitcoin can only do a few but they do make reference to the Lightning Network and really with Lightning Network the only constraint there is your internet bandwidth so how much data can you actually transfer and so that could the transactions per second on that are essentially limitless so they're they're seeing that in the neck decade and it could get to that level and I don't think that's out of the question I just think that some of the comparisons here are are questionable because it is very much a totally different beast and you can't compare Bitcoin which is a complete reimagining of the financial system to a single entity like Visa that processes transactions let me mice an interesting article nonetheless guys I'm gonna wrap it here I do want to say thanks for bearing with me while I was away my wife surprised me with a trip to Mexico for my birthday last week and so I was down there I was trying to whip out some videos while still enjoying myself while I was there while also doing work for both bitcoins so again thanks for people that did watch the couple videos that I was able to do while I was down there if you enjoy what you saw here and you're new to the channel please do hit subscribe if you've been around for a while even if you haven't hit that like button and if you want to be notified please do hit the little notification bell because I am always in the side chat when these air for the first time so be sure to pop in and get notified when these things air for the first time and chat with me there and finally if you really really liked what you saw you can drop me a Bitcoin tip via the Lightning Network have my tip and me address you can see it on the screen here but it will be linked down below as well and yeah check that out I made a video tutorial on how it works as well if you're not familiar anyways I will see you guys next time tomorrow for your daily session you

13 thoughts on “Bitcoin Headed To $7000? | Coinbase Hypocrisy | BTC vs Visa”

  1. Hypocrisy – an excellent word that characterizes the exchange, which say about cardano, and did not add this coin

  2. Trading has been better for me ever since i stared trading with Noah Firmino who has helped me handle my trade for 3 months recovering all i lost. With an initial investment of $300 i earned $ 3950 in just a week. For those that needs help i recommend you trade with him and stop loss. write to him on WhatsApp via +14807705074

  3. Can you please say something about SMART CASH (SMART) ? – i think its one of the best coins worldwide… insane idea, very decentralized, biggest potential in my opinion

  4. I'm tired of losers who like to blame their poor decisions on Coinbase. They complain about this or that marketing decision Coinbase has made along their way to becoming the most reliable and trusted and successful Bitcoin exchange in America. I have been a member for a couple of years now and have yet to have anything to complain about. I have never had any trouble with transferring funds or crypto either into or out of Coinbase control. The only exception is when there is a huge market move in prices and then they sometimes temporarily suspend transfer functions or they become overloaded and stop working for an hour or two til things settle down. I am sure this is not unique to Coinbase.

  5. This Pump can not be made by any average Trader. It was a big big big one. It was made at the Beginning of Q2. Next Pump coming soon!

  6. GDAX used to not charge any fees as a maker now they do. especially for ordinary folk. If you trading in hundreds of thousand $$ then you have no fees.

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