Posted 1 month ago | by Catoshi Nakamoto
Goldman Sachs is gravitating towards crypto. Mad Money’s Jim Cramer regrets his Netflix positon, and the next Bitcoin halving will be market rocket fuel. My name is Frank. This is your crypto nightly news wrap up. Let’s get it.
Not that long ago, Goldman Sachs was doing anything they could to keep their clients away from crypto. They even dished out FUD stories about how crypto is a scam and a “vehicle for fraudsters.” Oh, how the tables turn. Last year, Goldman Sachs was quietly filing patents to use XRP to validate transactions in the future. This year, they’re making moves in broad daylight. Cryptobriefing.com reports, “Goldman Sachs CEO David Solomon met with FTX CEO Sam Bankman-Fried in the Caribbean last month to discuss potential ways the two firms could strengthen their business relations.” The thing is, FTX is yet to release an IPO, so it makes sense they would get in bed with a banking giant to navigate the waters of funding and regulation. In their Caribbean conversation, the two also discussed a possible collaboration in the realms of market making. The American baking giant wants in on the action, and their pockets are deep enough to simultaneously front run crypto and silence regulators. Long term, this story is more bullish for the future than you think. Goldman Sachs getting into crypto will keep them relevant as the financial winds change. For FTX, having Sachs in their corner will help them with regulation, liquidity and possibly providing banking services on their exchange. Cryptobreifing points out, “Due to crypto’s still-uncertain global regulatory status, incumbent banks have traditionally been hesitant to bank crypto service providers. However, that trend seems to have begun reversing.” Institutions have already begun injecting BIG money into the crypto space. Now that the banks are teaming up with the exchanges; liquidity and longevity will no longer be issues for crypto.
Netflix has tanked almost 70% since it’s November all time high of 700. It has plunged 35% in one day, making this their largest drop since 2004. Sorry Jim, but this is indisputable evidence that The Netflix bull thesis has been invalidated. To me, it seems that Netflix could become the new Blockbuster in no time. Besides their prices going up (increase timeline from april 2013- jan 2022) extensively in the past 9 years, this drop comes as a result of losing 200,000 subscribers according to their quarterly earnings report. source They also took a heavy dent in subscribers when they withdrew from Russia; that move alone costs them 700,000 users. It’s no secret that Netflix has been treading water since everyone binged watched “Squid Game” and now they are talking about adding ads into their streaming service in an effort to stay above water. In the case of Jim Cramer, you could argue that the clip we played was from the pandemic, and a lot of people were home watching Netflix during the pandemic. That’s a fair point. But this tweet here is from the 3rd of January this year…Good call on that one Jimbo. I’d rather take stock advice from the Twitter page ‘Inverse Cramer ETF’, where they track the stock recommendations of Jim Cramer so you can do the opposite. Profitable advice I’m sure. If you want crypto trading advice, be sure to check out our guy Frankie Candles, and I’ll send it over to him now for the nightly market watch.
The Bitcoin fourth halving event is 744 days away and just thinking about it makes me want to put on my space suit. If you don’t know, the halving is when the supply of new Bitcoin being created literally get cut in half along with the amount of Bitcoin the miners get rewarded. Right now, around 900 new Bitcoin gets created every day and miners get 6.25 Bitcoin for each block created. After the halving, around 450 Bitcoin will be created per day and the miners will earn around 3.125 Bitcoin per block. This is a recipe for parabolic price action because by the time 2024 rolls around, the demand for Bitcoin will be higher than it is now since more and more countries around the globe are giving crypto the greenlight. Finbold.com reports, “after the 19th millionth block was mined by SBI crypto on April 1th, it became clear that only 2 million Bitcoin was left to be issued of the total supply of 21 million bitcoin.” Although we won’t mine the last Bitcoin until 2140, every halving along the way there plays its own role in the story. Historically, Bitcoin pumps a year and a half after every Bitcoin halving… So around October- November 2025, we could be on the moon. Prepare for liftoff now while you still can.
That’s all I got. Be blessed. Frankie Out!