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…We’re overdue for a recession. The only reason it hasn’t happened is because of artificially inflated prices in the stock market as a result of inflation. So what we’re seeing right now is that there are huge fundamental pressures on Bitcoin that in the short term are causing fud and making people scared, but in the long term …
Let me ask you this: what’s more immutable, do you think, the Bitcoin network or the love you have for your new wife?
I definitely love my new wife Bitcoin. You know, the end of the world could happen and Bitcoin would go away, but the latter would never go away. I love that question.
I love that. Thank you. Anyway, man, let’s jump right in there. I feel like there’s so much uncertainty in the market right now, globally and in crypto markets, so I wanted your take generally speaking. What are your thoughts on the crypto market right now in 2022?
I think it’s driven by boredom at the moment. There’s a lot of fundamentals that continue to grow. Valuation coming off of the exchange. We saw over a billion dollars come off of the exchange in one day recently. I believe in March, we saw $2.5B come off of the exchange. Long-term holder ratio if I remember correctly, the huddler ratio is up over 80%. That means people are holding Bitcoin at record levels. They’re not trying to keep it on exchange so they can sell it quickly. They’re holding it for the long run. You’re seeing institutions step into the space. You have Do Kwan at Luna, buying over two billion dollars’ worth of Bitcoin in the last couple of months. They’re trying to get 10 billion dollars.
There’s so much buying pressure going on at the institutional level right now, but one of the concerns that you have is that when institutions buy, often times they’re buying so much that they don’t want to buy it on exchanges because if they were to buy off the order books on exchanges, they wouldn’t get the same price for all the that they purchased. So what they’re doing is that they’re buying over the counter where one institution buys from another institution. It’s not logged on an order book, so it doesn’t affect the price. So you have volume going on that’s not actually changing the price of Bitcoin. When you see that happening, you’re not seeing all of the buying pressure actually affect the price of because the retail and the people trading, you know, maybe less than 100 or so on exchanges are the ones that are actually moving the price action of and that just has an impact on the market because right now the institutions are very interesting. They’re accumulating. They’re taking supply out of circulation supply. They’re reducing liquidity. But the retail is very bored right now because the price has been sideways for four months. They’re not buying up the market. What we need to see happen is some kind of bullish catalytic event. I think getting above $50,000 would do that. A spot EFT being approved in the United States would do that. A lot more regulatory clarity would do that.
Now it sounds like all these big events are more of a long-term thing, like, maybe at the end of the year. Um, what’s your view on the crypto market in the short term? I only ask because it seems like many people are asked to say something like, “Hey, a recession is very possible.” It’s insane to fly to DPD GDP. I’s like what’s happening in global markets right now. Do you think about that?
Oh absolutely, global markets are a disaster at the moment. You have the number one currency in the world, the United States dollar, getting completely debased right now. You know, the funny thing is that the US dollar is the winner among fiat currencies and it’s down 99% in the last 99 years. That tells you something right there about the monetary standard that we’re on. We also have the largest conflict on the European continent that we’ve seen in 75 years, which is a horrible travesty that is having huge impacts on supply chain logistics. My chief operating officer’s family owns a bread company based out of Puerto Rico. They’re in stores all over the United States. They’re running into gigantic supply chain issues because people don’t know this. Ukraine’s one of the largest wheat producers in the world, so they’re having issues. You know, things like that have major implications for the lockdowns that we saw two years ago, for the printing that we saw two years ago, for the conflicts that we see right now. These are having huge impacts on the crypto markets, and crypto is not as small as it was five years ago. It’s not in a bubble anymore. When gas prices reach 4.23 cents and lumber prices rise by 250%, steel prices skyrocket.
I have different um, chief executive officers that run other construction companies around me. They bought work trucks three years ago and put a hundred thousand miles on them. They’re selling them at a profit right now because the economy is so messed up that we’re overdue for a recession. The only reason it hasn’t happened is because of artificially inflated prices in the stock market as a result of inflation.
What we’re seeing right now is huge fundamental pressures on that in the short term are causing fud and making people scared, but in the long run actually stand to validate why exists in the first place. That is when you start messing with the value of a currency by changing its supply, it only ever leads somewhere bad. Ask the Romans who clipped their coins. Ask the Maori people who had a massive influx of their currency come in and destroy their economy. Ask the West Africans when they were trading ‘agri beads’ that got inflated by the Portuguese and the Spanish. In my opinion, is a natural force that makes that physically impossible. Before we get into more long-term discussions, I just want to give the audience both sides of the Bitcoin. If the cryptocurrency market crashes, it will be because of what you just finished.
Now, finishes the sentence: If the cryptocurrency market crashes, it will be because of… what?
If the cryptocurrency market crashes, it will be because people forget why Bitcoin existed in the first place. Bitcoin was not designed to make you rich. It was designed to make you free. It was designed to make you sovereign. It was designed to put control of the financial systems back into our hands, not the hands of the central banks and the central authorities who run the currency. That’s why Bitcoin was created. When people sell their Bitcoin, the reason that they’re doing that is either they’re spending it on goods and services, which is great, and that’s an economic factor, but that’s normally not why people sell their Bitcoin. People normally sell their Bitcoin because they forget the reason Bitcoin was made in the first place. Bitcoin was not made to go up and to the right for three months and rally to 120% so that we could buy a Lamborghini. That’s not why Bitcoin was created at all, make no mistake. There are plenty of cryptos that were made for the purpose of going up, but that’s not why Bitcoin was made. Bitcoin was created to bring the simple concept of scarcity that exists in the physical world but not in the digital world into the internet. You do that, you’re able to build a scarce currency such as Bitcoin among other things such as NFTs, but when people sell their Bitcoin and we see major drops, it’s because they got bored because the market was trading sideways and they weren’t getting the gains that they wanted in the time that they demanded, so they sold their Bitcoin because they forgot the big picture. That’s why it always has to go back to the big picture as far as the short term look is concerned. Bitcoin is in a defined trend. I’ll talk about that.
In the first world, the trend is your friend until it ends. In the first world, we have a concept in the court system called “innocent until proven guilty.” You’re innocent and somebody has to prove that you’re not innocent. You’re not guilty and then somebody has to prove that you’re innocent in crypto. We’re in a downtrend and somebody has to prove that we’re in an uptrend or we’re in an uptrend. Somebody has to prove that we’re in a downtrend right now. We’re in a sideways trend and I’m waiting to be proven that we’re in an uptrend or a downtrend, so I’m going to stick with the trend because it’s my friend until the end, which is we’re trading sideways and what I can tell you is that if it drops and goes into a downtrend, it’s because people forgot the reason Bitcoin was created, and if it goes into a major uptrend, it’s because one, people remember that and two, there was some catalytic event to bring new money into the space
I love that, I love that perspective. Has your strategy changed at all in a sideways market? I guess you have your USDC position increased. Your Bitcoin position has increased.
As a result, I own cryptocurrency. have a very similar strategy to Michael Saylor. Um, I interviewed Michael Saylor recently, a very, very big advocate for Bitcoin, and his strategy is to find money through Bitcoin. That’s literally the microstrategy. They talk about the way that we buy our Bitcoin, which is to find money and then buy Bitcoin. We don’t try to time the market. If I have money sitting on the sidelines that I think I could put into Bitcoin, I will do that. My strategy has been the exact same the entire time. I try my best not to time the market too much. If I see a good opportunity like I saw in March 2020, when Bitcoin dropped from $7,000 to $3,000 dropped 50% in a day, I bought in at around $4,500 after I saw the bounce was coming in and I took advantage of the opportunity. If I see an opportunity to buy Bitcoin and I think I’m overexposed in US dollars, which at the moment I wouldn’t say I have a lot of my net worth and cryptos I’m not currently buying, then I would go ahead and buy more Bitcoin. I already have 65-70% of my entire net worth in cryptocurrency and the majority of what’s not in cryptocurrency is in the operating accounts in our company. Because I have 13 employees, eight contractors, and a new product launching, there’s a lot of need for cash, but I already have a lot of money in crypto, so my strategy has always been to make sure that I have enough crypto and buy it whenever you see a good deal.
What’s your new product?
Well, we actually just launched something called Club DeFi, which is a product to do, uh, an educational product where we teach the world about cryptocurrencies and everything. I specialise in technical analysis, so I’m one of the instructors there. I teach about technical analysis. Many of the other people from our team teach in their specialties in trading and investing. We want to get into mining. We’ve been doing education with something called the Crypto Technical Analysis Academy for over four years now, but with Club DeFi, we’ve just spent the last year and a half and several hundred thousand dollars developing and on launch day we opened up only 200 seats in the beta. We had 500 seats signed up for within 45 minutes and we’ve had 5,000 people try to sign up for the closed beta since we started. So this thing’s about to get huge, so clubd5.com Check it out. It’s not fully up right now, it’s in a closed beta, but it’s coming.
Dude, I will definitely check it out. That’s fantastic. Thank you very much. I appreciate that. Hey, final few questions Just because I have you here, I want to pick your brain. Give me two or three altcoins that you know that you personally still have your eye on, and don’t give me the usual suspects like Cardano. Let’s pretend Cardano’s already out there, something besides like the top six or whatever.
All right. Yeah, a good one, a very good project is chain link. That’s one that gets talked about quite a bit. I’m a link marine. You know, Chainlink is a very powerful protocol. It brings on off-chain data on chain and a lot of DEXs wouldn’t really work without it. It’s something called an oracle. If you’re trying to find layer two, I personally think Chainlink is a great project.
I also just finished recording a video right about eight minutes before I got on with you about, uh, Terra Luna. She’s trying to buy 10 billion dollars’ worth of Bitcoin to create the first Bitcoin stable coin. You know, we have stable coins like Tether and USDC. They’re supposedly backed by US dollars and there’s different auditing that goes on, but frankly, even if they are fully backed by US dollars, they’re still backed by the wrong thing because isn’t the whole point of cryptocurrency to get away from a dollar standard and get back to a Bitcoin standard? So I love what Luna is doing. They’re currently, at last check, sitting on 1.83 billion dollars worth of Bitcoin. $42,520 is what they’re sitting on right now. That’s a very powerful project and I do think that they’re going to do very well.
I think another one that gets overshadowed quite a lot is polka dot. I think Polkadot is, you know, everybody’s competing in the Layer 1 and Layer 2 space, but nobody’s really competing in the Layer 0 space, the interoperability space, so I think Polkadot’s going to be kind of a winner. That is not to say those are three that I don’t think get enough attention.
Personally, I think Avalanche gets enough attention too. By the way, Avalanche is a great project with their side chains.
And I know Polkadot does brand themselves as Layer 0. They’ll be the ones that the layer ones plug into, but in essence, aren’t they just like Layer 1?
Yeah, well, you can argue that they’re Layer 1. They’re a Layer 1 that builds a network of layer ones. So when you when the internet was being built, there were different protocols, there were different communication methods, and then you had to have other technology that integrated those, so Polkadots were trying to do something similar.
Thank you for sharing your time with me on today. My final thoughts about this crypto market for the audience.
Yeah, I mean you guys, you and your brother have been in space for a very long time. Many of our friends here on YouTube have been in space for a very long time. I’ve been in space for almost five years. I got there on July 31, 2017. Every single person who’s been here for as long as we have will tell you the exact same thing. Sometimes it’ll trade sideways for three months. Sometimes it’ll go down for three months. Sometimes it might go down for a year and a half. If you wait 10 years, it’s going to go up and it’s going to go up big time, so if you’ve been here for three or six months, I would encourage you to lean on the common wisdom that everyone who’s been here for half a decade will share with you. I can’t think of a single person that will disagree with this because it’s just a fact. If you give it five years, you’re going to make a lot of money and you’re going to be in the green. And frankly, it’s my opinion, but I think it’s accurate. In the next five years, Bitoin is going to outperform everything including real estate, Forex, precious metals, and stocks. So make sure that you’re not missing out on this opportunity and make sure to invest in your education. It’s the best investment you will ever make.
I love it. They’re not making any more land. They’re not making any more. That’s right. Absolutely. Thanks man.
Thank you very much, Austin. Peace.
[This article is a transcription of a video made by Altcoin Daily]
Original video: https://youtu.be/iVY3lNscNNo ]
