Welcome to bitboy crypto, my name is ben everyday. On this channel. I show you how to make money in cryptocurrency if you like money in crypto, make sure to hit that subscribe button. If you like, bitcoin and ethereum - and you want our youtube overlords to know, to show this to more people - make sure to smash that, like button guys, i don't.
Have my gimbal uh. Thank you to the super bowl last night. They took it. I was really upset about it, uh, you think in 2021 that the nfl would want people to make content at the super bowl uh. But i guess not so guys today huge huge huge news.
Uh bitcoin pumping there's. A very specific reason for this ethereum right behind it getting ready to pop off who knows ethereum could be 2000 by the end of the day, depending on how things play out uh, but the the fact is: something happened.
We're gonna be talking about that also guys uh. I want to say my contest. The buyback contest is over now i did finish in uh 10th place. I turned four bitcoin into 17 bitcoin during that contest uh. I really should have been higher in the rankings if you watch the channel.
You know why i wasn't. It was just kind of like a mistake in the rules of the contest uh. I really was up probably about 250 300. That would be about 400. Actually, if you do that math but anyways uh, the point is we drew a bunch of the money from buy bit last night we took some profits and so uh we're, going to be starting.
The next leg of the competition we're, going to be hopefully setting up an ethereum one, soon uh. So if you want to go ahead and uh or if you want to go and sign up for, buy bit, make sure to visit bitboycrypto.
com deals. All right guys bitcoin pumping why well it's, a very, very, very simple reason why bitcoin is pumping today, an sec filing from tesla and elon musk reveals they just bought 1.5 billion dollars in bitcoin that's bigger than the last Great scale buy uh, and here's here's.
What i want you guys to keep in mind about this. Okay, keep in mind that it is a public publicly traded company. Tesla is so they have to they're, forced to say how much they bought and make a little prediction about what's about to happen here soon? Okay, but remember this spacex spacex elements, other company does not have to file because they're, not a publicly traded company.
So what that means is not only did they buy 1.5 billion worth of bitcoin from tesla? How much does spacex own? How much does elon musk own how much the holding companies he has owned? It's, really crazy when you start doing that math and thinking about how much they own bitcoin, of course, pumped all the way to like forty four thousand dollars.
I think when i woke up this morning and checked it uh slept in a little bit this morning after the super bowl uh, getting ready with the fam to head back to the atl uh, but it was such a nice surprise.
Another thing i'm, the most disappointed about. I think i'm. The most disappointed about in this is that i had closed along last night. I really love having logs open. While i sleep because man i would have made so much uh, i dropped my bed account down to uh.
I think there was 1.67 bitcoin in there and i ended up. I transferred out like a whole bunch uh like 15 bitties, and then i flipped that up almost to two yesterday at the super bowl, so pretty pretty fun times we'll, see how high i can get that thing tomorrow.
We're gonna be starting our uh one thousand to ten thousand dollar challenge. By the way. I want you guys to be giving me some ideas of some coins. You think i should be looking at for that portfolio uh, but right now bitcoin is feeling pretty nice uh it it.
Definitely. Everyone sees now bitcoins, probably fifty thousand dollars by the end of the month and people are freaking out. Saying like oh well, you know uh ethereum, you know by valentine's day. Twenty five hundred dollars is not going to get there.
It's only a week away. You don't know what's gonna happen. I i'm still standing by that prediction. I was standing by that prediction. All the way until the day of and the thing about ethereum is, is that when it pops it pops off hard, it could go from 17 to 2500 in two or three days, and a lot of people are thinking that's.
Gon na happen. Now what happened yesterday with ethereum we talked about last night from my super bowl video - was that obviously people were selling out of the fear of what was going to happen today with the ethereum futures contracts by cme, guys they're.
Just not that big of a deal compared to the other, you know institutional, investing channels that we have right now, uh you know, and when it when it comes to what these you know, hedge funds are thinking when they're.
Getting these futures contracts is let & # 39. S say that they & # 39. Ve invested now number one. What this means is, is they're hedging? Their bets. Remember this, that's. What a hedge fund is right, they're hedging, their bets against loss by ethereum.
Nobody thinks ethereum's, going down anytime soon with bitcoin. They knew it was the top of the market, and so they were hedging those bets. They were. They were betting on ethereum futures, the ethereum future price to drop or excuse me they were betting on the bitcoin future to drop the price of the bitcoin in the future.
It sounds so weird to say it. The price of bitcoin in the future was going to drop, they knew we were at the top of the market, so they were hedging that to the downside and then, when the market started to tumble i mean: did it play a role in it yeah? Obviously, it played a role in it because it was like the day of the top of the market was the day they launched, but was it the driving force? No, it was kind of a manifestation of people wanting to hedge against the top of a market.
All these things that you've, been looking at where you & # 39, ve, been seeing market cycles and you've, been seeing uh, you know the psychology of a market chart and that cheat sheet, and things like that.
These people have known this forever. This might be new information to you, but they have known this for a long time, which is why they knew to hedge at the top of the market. Right now, nobody thinks ethereum's at the top.
Now, once it's 3000, could it play a role? Maybe possibly? Okay, i don't, think it's going to ethereum is nowhere at the top, and so there's, not a lot of reason for them to hedge low numbers. On the downside - and these are paper bitcoin - the only people that are hedging this think about this guys, the only people that are going to be hedging these huge contracts or ethereum are people that already own ethereum, that that's.
What you do you own ethereum, and then you hedge it in case the price drops you don't lose money, and you know that's, basically kind of that's, a short summary of how those work and for Me i think that yesterday was strictly fear and panic selling over what could happen today, but what we're.
Seeing now is it don't, look like that's going to happen. What a day for this elon musk news to come out what a day, because this is basically uh going to hedge a potential ethereum drop. I believe, and that's, where we're, seeing it back over 1700.
But you know as far as dogecoin goes, i know. A lot of people are interested in dogecoin and people on tick, tock and kill me because i say it's. You know it's. Not i mean you guys. Watch the channel know what dogecoin is it's, a fun coin, you know, dogecoin is for fun, bitcoin is for business, bitcoin is for investment, dogecoin is fun, but it is not ever going to be what bitcoin is uh there's? Just no way that it's, going to be that elon musk is making little tweets about dogecoin.
Meanwhile, he's, buying 1.5 billion dollars worth of bitcoin. So something for you guys to think about in terms of dogecoin, which is let's have fun with it. While we can have fun with it, i hope for all your sakes.
It goes to the i hope it goes to a dollar. I promise you, i hope it goes to a dollar uh. We've, got small holdings in dogecoin uh compared to other things uh, but i hope it goes up for your sake. If you own dogecoin, i mean what a cool story that you've got a guy you out there, the richest guy in the world.