LARGEST BANK IN THE WORLD BOUGHT BITCOIN. WELLS FARGO, RENDER & APPLE.
Summary
TLDRThe video discusses recent cryptocurrency market trends, highlighting a dip in Bitcoin's value but emphasizing long-term investment perspectives. It features JP Morgan Chase, the world's largest bank, disclosing its Bitcoin ETF holdings, a move predicted to boost Bitcoin's value. The video also covers Wells Fargo's Bitcoin ETF positions and Investment firm International Group's significant Bitcoin investment. It touches on BlockFi's partnership with Coinbase for fund distribution and Jack Dorsey's prediction of Bitcoin's future value. Additionally, it mentions Render token's surge after an Apple mention and the performance of meme coins in Q1, advocating for a level playing field in investments.
Takeaways
- 📉 The cryptocurrency market is experiencing a downturn with Bitcoin dipping below 60,000 and a general market decline of 3.8% over seven days.
- 🏦 JP Morgan Chase, the largest bank in the world as of 2024, has disclosed its spot Bitcoin ETF holdings, indicating a significant shift in traditional financial institutions' stance on cryptocurrency.
- 🔮 JP Morgan's CEO Jamie Dimon has had a changing perspective on Bitcoin, evolving from calling it a fraud to acknowledging the technology behind it and considering it for investment portfolios.
- 📈 Despite market fluctuations, the long-term prospects for Bitcoin and other cryptocurrencies are emphasized, with the focus on the overall growth and potential rather than short-term volatility.
- 🤔 The exact amount of Bitcoin held by JP Morgan is unclear, but the disclosure itself is a significant indicator of institutional adoption.
- 📋 Other major financial institutions like Wells Fargo and investment firm International Group have also disclosed their Bitcoin holdings, suggesting a growing trend of institutional investment in cryptocurrency.
- 💡 Jack Dorsey, former CEO of Twitter and head of Block, predicts that Bitcoin will be worth at least a million by 2030 and emphasizes the importance of contributing to the Bitcoin ecosystem to increase its value.
- 🔑 The concept of 'layer two' solutions and building on Bitcoin is highlighted as a potential area for future growth and innovation within the cryptocurrency space.
- 🚀 Render token experienced an 11% increase after being mentioned by Apple, demonstrating the impact of partnerships and mainstream recognition on cryptocurrency values.
- 🎉 Meme coins have surprisingly performed well in Q1, possibly due to their accessibility and the level playing field they offer to retail investors compared to traditional investment rounds.
Q & A
What is the current market sentiment described in the transcript?
-The market is described as being in the red, with Bitcoin going below 60,000 and a general downturn across the board, with a 3.8% drop over seven days and the market cap below 2.4 trillion.
Why is JP Morgan Chase significant in the context of this discussion?
-JP Morgan Chase is significant because it is the largest bank in the world as of 2024, and it has recently disclosed its spot Bitcoin ETF holdings, which is a notable development in the financial world.
What was Jamie Diamond's initial stance on Bitcoin according to the transcript?
-Jamie Diamond, CEO of JP Morgan, initially had a negative stance on Bitcoin. In 2015, he said virtual currency will be stopped, and in 2017, he called Bitcoin a fraud that will eventually blow up.
How has JP Morgan's position on Bitcoin evolved over time?
-JP Morgan's position on Bitcoin has evolved from skepticism and criticism to a more open stance. In 2018, Jamie Diamond expressed regret for calling Bitcoin a fraud and acknowledged the technology behind it. By 2021, JP Morgan suggested that some investors could allocate 1% of their portfolio to Bitcoin, and they have been actively managing Bitcoin funds.
What does the transcript suggest about the importance of not focusing on short-term market fluctuations?
-The transcript suggests that while short-term fluctuations can be surprising and concerning, the focus should be on the long-term prospects and the underlying value of the assets, rather than the daily ups and downs.
What is the significance of financial institutions like JP Morgan and Wells Fargo holding Bitcoin?
-The significance lies in the validation and mainstream acceptance of Bitcoin as an asset class. When large financial institutions hold Bitcoin, it indicates a growing confidence in its value and potential as part of a diversified investment portfolio.
What does the transcript suggest about the future of Bitcoin and blockchain technology?
-The transcript suggests a positive future for Bitcoin and blockchain technology, with increasing adoption by major financial institutions and the potential for a bull run in the coming years.
What is the connection between JP Morgan's Bitcoin holdings and the price of Bitcoin?
-The revelation of JP Morgan's Bitcoin holdings could potentially impact the price of Bitcoin. As one of the largest banks in the world, their involvement in Bitcoin could lead to increased demand and potentially drive up the price.
What is the role of BlockFi in the context of this discussion?
-BlockFi is mentioned in the context of its collaboration with Coinbase to enable eligible clients to withdraw their funds after the shutdown of the web platform. This is part of the ongoing developments in the cryptocurrency lending and borrowing space.
What does the transcript suggest about the importance of building and improving upon Bitcoin?
-The transcript suggests that efforts to build and improve upon Bitcoin, such as through layer two solutions and other innovations, are crucial for the ecosystem's growth. This is because they contribute to making the entire ecosystem better, which in turn can lead to an increase in the price of Bitcoin.
Outlines
📉 Market Volatility and JP Morgan's Bitcoin Revelation
The speaker reflects on the current market downturn, noting a 3.8% drop across the board and a market cap below 2.4 trillion. They emphasize the importance of long-term investment over short-term fluctuations. The main focus is on JP Morgan Chase, the world's largest bank with a market cap of half a trillion dollars, which has disclosed its spot Bitcoin ETF holdings. This disclosure aligns with predictions by Michael Saylor that transparency in Bitcoin holdings by large institutions would drive the market. The speaker takes a trip down memory lane, recounting JP Morgan CEO Jamie Diamond's evolving stance on Bitcoin from skepticism to eventual acceptance, and the bank's increasing involvement with Bitcoin funds. The narrative highlights the contrast between traditional financial institutions' public statements and their private actions regarding cryptocurrency.
🚀 Financial Institutions' Bitcoin Exposure and BlockFi Update
The speaker discusses the growing trend of financial institutions revealing their Bitcoin exposure. They mention Wells Fargo, which holds positions in various Bitcoin ETFs, and Investment firm International Group, which has disclosed a significant 1.8 billion investment in Bitcoin. The speaker also addresses the BlockFi situation, where the company has partnered with Coinbase to allow its clients to withdraw their funds after the deadline for asset distribution passed. They caution BlockFi clients about potential scam emails and advise verifying information before acting on it. The speaker also touches on Jack Dorsey's prediction that Bitcoin will be worth at least a million by 2030 and his perspective on the ecosystem's growth contributing to Bitcoin's value.
📈 Meme Coins' Success and Investor Psychology
The speaker comments on the surprising success of meme coins in Q1, highlighting the performance of Render token, which surged 11% after being mentioned by Apple. They discuss the investor psychology behind taking profits, even when the narrative is positive, using the price trajectory of Render token as an example. The speaker also addresses the broader success of meme coins, suggesting that their appeal lies in the level playing field they offer to retail investors, as opposed to traditional investment vehicles that favor early-stage investors. They conclude by congratulating meme coin holders and expressing their belief in the potential of such coins, like Bonk, which they've been advocating since 2023.
Mindmap
Keywords
💡Bitcoin
💡Market Cap
💡JP Morgan Chase
💡ETF (Exchange-Traded Fund)
💡Jamie Diamond
💡Blockchain
💡SEC Filings
💡Altcoins
💡Meme Coins
💡Layer Two
💡Render Token
💡BlockFi
💡Jack Dorsey
Highlights
Bitcoin's market value went below 60,000 briefly but recovered, with a 3.8% drop over seven days.
Market cap is below 2.4 trillion, indicating a red day across the board.
JP Morgan Chase, the world's largest bank, disclosed spot Bitcoin ETF holdings, a significant move in the financial sector.
JP Morgan's changing stance on Bitcoin from skepticism to active management reflects a broader industry trend.
Wells Fargo, one of America's largest banks, also holds positions in Bitcoin ETFs, further normalizing cryptocurrency in traditional finance.
International Group revealed a $1.8 billion investment in Bitcoin, showcasing growing institutional interest.
Blockfi partners with Coinbase to enable fund distribution, providing a solution for affected customers.
A warning about potential scams targeting Blockfi customers, emphasizing the need for caution and verification of information.
Jack Dorsey, former CEO of Twitter and head of Block, predicts Bitcoin will be worth at least a million by 2030.
Dorsey highlights the ecosystem improvement as the most interesting aspect of Bitcoin, beyond its price.
The potential of layer two solutions and building on Bitcoin as the next big narrative in the crypto space.
Render token's 11% pump after being mentioned by Apple in a presentation, showcasing the impact of tech giants on crypto markets.
The importance of understanding investor psychology and the tendency to take profits, even in a positive market narrative.
Meme coins' significant performance in Q1, challenging the traditional view of their value and potential.
The democratizing aspect of meme coins with their immediate availability to retail investors, leveling the playing field.
A reminder of the inherent risks in the crypto market and the importance of informed decision-making.
Transcripts
I like these days I like these days a
lot especially when we can take a step
back and realize just how right we were
oh it's great as it washes over us and
I'm gonna take a a tip from Frankie and
just say we got a lot of things to cover
so let's just jump right in so today is
one of those days where a little bit of
a red day and uh it's kind of surprising
after we talk about the things we're
going to reveal yeah Bitcoin I think it
went below 60,000 for a second now now
over seven days 3.8% everything's down
across the board wow the market cap is
below 2.4 trillion that's been uh taking
quite some time and we just see that red
Day red Day red day whatever this is a
prime example of why we shouldn't really
pay attention to the numbers go up the
numbers go down it's all about the long
term we're taking a look at that it
really comes down to the whole Prospect
of what we're talking about today JP
Morgan and it give you a little bit of
of a background just how big JP Morgan
is JP Morgan Chase is the largest bank
in the world as of 2024 now things could
change things can go a little bit
sideways or whatever else but it is Far
and Away the largest bank market cap is
500 it's half a trillion dollars
essentially Bank of America 2888 billion
uh Industrial and Commercial Bank of
China 249 billion China Wells Fargo 28
billion and then and a couple other
banks that trail off so pretty big bank
and
this just came out about I don't know 30
minutes ago an hour ago looks like
America's largest bank world's largest
bank JB Morgan Chase discloses the spot
Bitcoin ETF Holdings the new SEC folling
this is actually was predicted actually
by Michael sailor he said there was like
three reasons of what would actually
cause Bitcoin to really go parabolic and
one of those was having the Revelation
as far as the IRS filings of just who is
actually holding Bitcoin not why they're
doing it but just actually the ones that
are holding and we can see right now
that that is what is happening now I
don't know exactly how much they are
holding if they're holding a dollar or
10 billion dollars I'm not for sure
because it's a little bit unclear about
what what this article talked about but
alls I know is that JP Morgan Chase and
this is probably not a little bit that
they actually are holding Bitcoin it's a
funny thing because as we look at the at
the timeline of the history of JP Morgan
and its CEO Jamie Diamond we can just
chronologic take a look at what's
happened over the years going all the
way back almost 10 years ago which is a
funny thing because you know 10 years
ago it was amazing that it was even on
the radar and and and you will start to
think about the people that you have
heard in your long journey in crypto Nal
assets of how many people told you that
this was trash and that it was going to
zero and that it was a big Ponzi scheme
and it was a tul of mania bubble and all
the other nonsenses out there so let's
just take a trip down memory lane in
2015 Jamie Diamond said virtual currency
will be stopped
in September 2017 JP JP Morgan CEO Jamie
Diamond said Bitcoin is a fraud that
will eventually blow up then in 2018 he
said you know what I regret calling you
I believe in the technology behind it
which is the same thing a lot of nation
states will say it's kind of funny China
will say the exact same thing like we
don't believe in Bitcoin but we believe
in blockchain and that's a big
difference but uh inevitably they all
kind of come around and then of course
in 20120 Jamie Diamond says Bitcoin is
not my cup of tea even JP Morgan's
warmed to it then in 2021 they said hey
maybe some investors could make uh 1% of
the portfolio and then of course they
were actually actively managing Bitcoin
funds or moving into it as time went on
so again this just one of those stories
where we were
right and it's it's good to just kind of
sit back and just kind of take that all
in because it's a SLO it's a it's a SLO
to invest into things when you know you
believe in it we believe in it but then
we've got the traditional fin as some
people might call him the smart money I
don't call him smart money call him the
big money as they can come and say to us
you guys are morons you guys are idiots
and you're going to lose everything but
here they are on the background so watch
what they do not what they say and I
love this post by Crypt
T where this pretty much sums it up of
JP Morgan CEO Jamie Diamond sitting
there going I wonder what we got it as
the price anyhow let me know what you
think about that in the comment section
I love these days and it doesn't stop
there well as Faro now this is actually
an older story I think this broke this
morning uh looks like uh WS Fargo
America's third largest bank I think
it's the fourth largest bank in the
world also owns spot Bitcoin TFS and
it's not just them so here's what we
have according to the filing Well Fargo
holds position in Grace skills spot
Bitcoin ETF pro shares Bitcoin strategy
features ETF and shares in Bitcoin Depot
marking a notal entry of course and that
wasn't just them well as Fargo on top of
that earlier this week investment firm
giant I'm gonna butcher this name uh
sahana nailed it International Group
revealed in an SEC find that it holds
1.8 billion in spot Bitcoin and other
Bitcoin ETFs joining a wave of massive
financial institutions disclosing their
exposure to bitcoin again it just kind
of just keeps steamrolling and as we
move into the later part q no we're
already in Q2 2024 but Q3 Q4 getting
into 2025 I can see these catalysts and
these narratives actually filing filling
out where we could actually see a nice
little Bull Run moving
into potentially next year but I like to
see that that is fantastic also good
news for blocki uh people who got
screwed over blockfi partners with
coinbase for fund distribution shuts
down the web platform and here's what we
have so if you're part of blockfi I
never got into blockfi I never got into
FTX but I did get into Voyager and
celsus and got screwed over there so I
know what you're going through H this
was a post that said that the
collaboration with coinbase this is
block buying coinbase will enable
eligible blockfi interest accounts
retail loans and private clients to
withdraw their funds I think this
actually already happened because here
it says the lender informed clients on
Thursday May 9th today is Friday May
10th that as the deadline to withdraw
digital assets from the current estate
distribution has
passed They will receive instructions on
setting up a coinbase account to
facilitate withdrawals so apparently
this has already come through and
already happened so again you will this
is a a tweet what it's essentially
saying is if you miss that opportunity
to withdraw funds you will receive
further information via email and I
cannot stress this
enough you are going to get scam emails
if you're in blockfi even you're not in
blockfi I guarantee some scammers have
your information so make sure that you
don't trust the emails that you receive
that you verify try to reach out even to
me on on X and just to see where things
I mean the fraud that is going to come
out is going to be massive so just to be
aware that the emails you're going to
get
I'd say probably half of them are going
to be BS and the one that you really
need is going to be tough to find so
good luck to you I'll try to update as
much as we possibly can we'll go from
there and also more good
news uh price predictions I don't like
price predictions as you guys know I
think they're worthless but it allows us
to dream a little bit but there was
something that that Jack dorsy said
former CEO of Twitter now head of
block uh he says Bitcoin will be worth
at least a million by 2030 I don't care
if it is or not I I I will have plenty
of Bitcoin by that time I already have I
mean I have a I have a reasonable amount
right now I don't care if it hits a
million I don't care if it it'sit 10
million I don't care if it it's
500,000 it's going to be the best
performing asset I'm pretty sure I will
have in my entire portfolio that
includes real estate but it's what he
said down here which made me stop and
think so dorsy now the head of the
financial services firm block so it's
not just like Jack dorsy is excuse me uh
was just here for Twitter and you know
just did Little Bits here and then of
course Elon Musk bought him out but I
mean he know was a little bit about
financial services block is massive and
he noted that bitcoin's price isn't
actually the most interesting aspect of
Bitcoin this is something I never really
thought about and now I'm going to
really make sure that I talk about this
more and more he says the most amazing
thing about Bitcoin apart from the
founding story is anyone anyone who
works on it or gets paid in it or buys
it for themselves everyone who puts any
effort into make it better is making the
entire ecosystem better which makes the
price go up so I know like some people
say well Rob we don't like these runes
we don't like like these nfts that are
being built on top of uh Bitcoin we
don't like layer 2's like stacks and
core but you don't understand and and
now it totally makes sense as people
start to build and use Bitcoin more and
more you shouldn't I mean some of the
Bitcoin Maxes I guess I understand what
they hate it ordinals and whatnot but we
really should really Embrace and go oh
you're trying to make it better you know
in some way shape or form I know it
rises the cost up for transactions
because of ordinals and ruins and things
like that but on another note Michael
sailor is using that same thing for
digital IDs so I think we'll all
flourish in that sector and uh I'm going
to try to bring a little bit more light
to that and I think that the next big
wave of the next narrative that we could
see on top of real world assets and web
3 gaming and defy and or see to dpin I
think is going to be layer twos and
building on bitcoin so let me know what
you think about that in the comment
section I never thought of it that way
it's a good one got to give it up to
jack on that one and then also let's
talk about just a couple of alt coins
first render pumps 11% after Apple
mentioned oxy I must have missed this
whole story this was uh 13 well say it's
13 hours ago but it was really a couple
days ago so render token jumped 11%
actually it was like on I think it was
May 8 render token jumped 11% after
Apple briefly mentioned octane a 3D
design software powered by the render
Network in its Keystone presentation
showing off its M4 chip on its latest
iPad and I guess there was a commercial
or some kind of snippet of information
that was put out as far as video wise
and it says you can literally see the
render logo in the video so that is
essentially a partnership between Apple
and render and this was this is a May
7th post everything started to hear
about it this on May 8th and look at the
price I want I wanted to include this
just to remind people that as good as
things are and the narrative as good as
they are people will still take profits
and you have to understand the
psychology of investors not everybody is
gonna Diamond hands forever and be like
oh that's a cool story let me take some
let me take some profits it's just how
it is I mean just that's just how it is
so May 7th 10 bucks and then of course
it dropped for some reason which is
weird and because I think the story was
released on May 7th then on May 8th this
is 3:00 in the morning we BL this up now
9:00 and a crater down here until 300
p.m. this is mountain time so that would
be 5:00 p.m. Eastern Standard Time when
you know Financial Services actually you
know concludes the price was $949 so
whenever this this announcement had it
must have happened over
here and then people caught wind of it
and what did they do they sold and then
the more people heard about it they sold
again and they wrote it back up here and
what happens people sell but but you
will notice
it is a nice trajectory of where it's
going even though looks like render is
doing very hot for what it is so just
something to keep in mind I think that's
a a great play especially
congratulations to render holders I am
one of those of course that's why I talk
about it because I'm biased but
congratulations for holding on to a
project that looks like you do fantastic
work and then lastly friend of mine uh
Jesus Martinez now has two channels one
Jesus Martinez for gaming other one is
classy Gam or I think it's classy crypto
which deals with
defi uh he put out this information I
didn't know this he says the mem coins
won in
q1 they they won this they won this
battle and Asus is a big big gamer big
web three believer had on the show a
couple times great guy I did not know it
was this it was this big look at this
look at
this you know I I used to laugh at meme
coins too I mean I mean I got into
Bonk and I got into hot dog Costco hot
dog not too long ago I did fine but look
at this meme coins real world assets AI
defi dpin every was talking about these
and people would laugh at mem coins but
it is where it is where it is the
question is why did it do so well and of
course people will say every time I
bring up m coins say yeah but that's
just last quarter that's just a flash in
the pan I don't think so I don't think
so I'm gonna tell you why it's because
all these different assets that are
coming out real world assets AI dpin
defi layer one everything that's here
even Layer Two I just talked about you
have to understand of who gets in first
you know who gets in
First Investors VCS seed rounds preed
private rounds they get in there before
you do because we're all retail right
and then when retail gets in guess what
happens I mean there may be lockup
periods and things like that but as time
goes on they tend to want to make some
gains with meme coins a lot of not all
of them you'll take a look at them the
circulating Supply and the total Supply
is released on day one there is no pre
not pre-mine there's no pre- rounds
there's no pre-seed there's no seed
rounds no pivate rounds it's all right
there have fun and I think that is a
Level Playing Field and I can get behind
that so uh congratulations to mecoin
Holders I a big believer in Bon I and
talking about this since 2023 I think
it's the next Dogecoin and there's a way
to stake it it's by smart contracts and
not like you know individual people I
did a video on it I Linked In the
description you can check it out but
remember everything's risky so have at
it that's it for today just want to do
something down and quick on Friday just
to get everybody uh up to speed but
that's it for this session you like
today's video give it a thumbs up
consider subscribing everything we talk
about is time sensitive
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