[2021-07-05] Why Bitcoin will FAIL - The crypto crash is HERE [5SdtB1pN5Xc]

Hello and welcome back to a new video. So

today I want to talk about Bitcoin and

cryptocurrency and why I think it's all

going to fail and why I think it's kind of

like a big massive scam, to be honest.

So as you may know, I lost thousands of

dollars on Bitcoin and other crypto coins

in the crypto crash, and because of that,

I guess you could also say that I'm not

exactly the biggest fan of cryptocurrency

and things like Bitcoin. I think it's all

rather stupid. As you can see, Bitcoin is

currently at $33,270 and

rapidly falling. You can see Bitcoin is

trapped within this descending channel

between these 2 yellow lines, and it kind

of looks like— well, imagine the Titanic,

and you've got a table on the Titanic,

and you've got a golf ball on the table,

and the Titanic is slowly sinking, and the

golf ball is just rolling off the table.

Well, it hasn't fallen off the table yet

because when it does, it's going to go

rolling, rolling, rolling and then just

dramatic drop. 1, 2, 3, 4, 5, about 5 or 6

times it has failed to break my red trend

line, which indicates that it's just not

going back over $35K and staying there.

And as you can see, is rapidly dropping.

And my prediction is it's going to drop

all the way back down to this yellow

support line. And if it breaks that

support line, well, it's free-falling all

the way back down to $20K. I'm sorry to

say that. If you look at this trend line,

you can see it's respected the support

lines and the resistance lines almost

perfectly. Look at this, just bouncing in

between this corridor like a ping pong

ball.

So what is cryptocurrency and Bitcoin if

you don't really know about it? Well,

basically it's some kind of digital

currency. That is supposed to somehow

replace our current currency, things like

the dollar, the pound. Bitcoin and crypto

is supposed to be replacing that

old-fashioned stuff. However, there's 2

flaws to this plan compared to normal

currency. The flaws that things like

Bitcoin have are: number one, there's only

21 million Bitcoin in existence, and

there's actually a a record of 8 million

bitcoins that have been lost just because

people forgot their passwords to their

Bitcoin wallet thing. So there's less than

20 million bitcoins available.

And to make matters worse, the people who

are buying Bitcoin are buying it not so

that they can use it in the future, but as

a store of value. So they're hoarding it.

They're just buying it so they can keep it

in their e-wallets and then not sell.

People who buy Bitcoin now are buying it

to hold forever. So it doesn't make any

sense as a currency if people don't want

to use it. The whole point of a currency

isn't that you, you collect the coins and

then you put it away somewhere safe never

to be used. Yeah, you have savings in case

you have a rainy day where you need the

money, but ideally we have money and we

want to use it to buy things. We We don't

just collect money so that we never use

it. But it seems like with Bitcoin and

other coins, people are buying the coins

hoping to never have to use it. So even if

you could go down to the shop today and

buy a can of Coke using Bitcoin, no one

wants to because all they want to do is

save it and hoard it. So what exactly

happens when the remaining how many

millions? There's only a couple million

Bitcoin left out there available to mine.

What happens when all of it's mined? And

all of it's bought up and everyone's just

holding on to their Bitcoin in their

e-wallets and they're not using it, then

it's kind of pointless, isn't it? Because

it's not being used. What's the point of

everyone wanting to buy and own something

that they don't even want to use? I just

can't really see— I just can't really see

the world in 10 or 20 years' time where

we're going to be paying for things in

Bitcoin or Ethereum or whatever random

coin there is. There seems to be hundreds

of coins now. 'Cause anyone

can make a coin. It doesn't even seem to

be difficult to make a coin. YouTube

influencers are making their own coins to

sell to the, to the viewers and scam them.

I'm just gonna go on record and say it

here. In 20 years' time, come back and

watch this video and then you'll see that

I'm right. In 20 years' time, we're still

gonna be using the money we're using now.

We're still gonna be using pounds and

pennies and dollars and cents. There's no

way in 2050, 2040,

we're going to be dishing out Bitcoins to

buy our Big Macs and Coca-Colas. That's

just so unbelievable. So it

seems like the main reason why people are

buying Bitcoin and cryptocurrency right

now is because— not because they think in

the future they're going to be using their

Bitcoin to buy stuff, it's because they

see it as a store of value. So instead of

just having your cash in your bank account

losing its value to inflation. They would

rather have the money in something that's

going to go up in value, and a lot of

people think crypto is going to go up in

value, so they put their money into

crypto. Uh, that's all good

and everything as a theory, but we already

have stores of value such as gold,

silver, and precious metals. Gold can be

mined out of the ground, and the precious

metal that is gold can actually be used

for useful things like making jewelry,

making circuit boards, and making chips.

Bitcoin can't really be used for anything.

It has no function. There's no value in it

apart from it's all hyped up and people

think there's value in it because

everyone's hyped up about it. But

intrinsically, there's not really any

value in Bitcoin or cryptos because they

don't do anything. They don't do anything

that's really new. We already have money.

We already have coins and currencies that

have served us well for thousands of

years. And the other thing I really don't

like about cryptocurrency and Bitcoin

especially is the energy consumption and

the fossil fuels that are released into

the atmosphere. And I see myself as a very

environmentally conscious person. I care

about the planet, I care about the

atmosphere, I care about the oceans, and I

don't like stuff Like plastic polluting

the oceans and the chemicals getting in

the air. And I see Bitcoin mining

contributing towards that for not really

any good reason apart from people want to

make money. I know gold mining also

creates pollution because they're powering

the vehicles using fossil fuels, but at

least they're mining and taking out gold

from the ground that can be put towards

some kind of use. Um, for people and

services, but you can't really say the

same for Bitcoin. It's just really dumb

that you've got all these warehouses full

of graphic cards buzzing away solving

some kind of computer algorithm just so it

can generate a digital number.

At the end of the day, that's all it is,

is a digital number on a screen. You can't

touch it, you can't hold it, you can't

make something out of it. It's just You

know, it's on a screen on a computer,

it's a digit, and it requires so

much energy and electricity. Just, just to

make one Bitcoin, it takes an entire

warehouse of graphic cards and CPUs

buzzing away. I hate to be the one to say

this and just poop all over the party,

but Bitcoin is basically just worthless

artificial gold that has no value to the

world. And as soon as all of these crypto

influencers and the people hyping it up

realize this and the hype fades away, the

value of Bitcoin is just going to

absolutely crash. And not just crash 10 or

20%, it's going to crash dramatically,

probably all the way back down to zero

when no one wants to buy it anymore. It's

just going to be worthless. Anyway,

that's just my opinion backed up with

hundreds of hours of research that I put

into, and this is the opinion that I

formulated after all of this research.

And if you have a different opinion,

that's fine and everything, but, um,

yeah, I just, I thought I would throw that

out there onto the internet. I also find

it kind of weird that so many people seem

to think we need a digital currency as if

we don't already have them already. We

already have digital currencies. Every

bank has online services and apps. Just

because it's like a traditional bank with

a brick-and-mortar building doesn't mean

it doesn't have online capabilities. I

haven't stepped foot into my bank since,

I don't know, over 10 years because they

have an app and I just do all my

transactions through the app and my money

gets sent digitally from a computer to

the computer at my bank place and then

they display my balance on my banking app.

It's already digital. I don't know why we

need digital currencies when the current

currencies we already have have already

gone digital anyway. And another thing

that people should be worried about is the

regulations. A lot of countries are

clamping down. Recently, the UK also

decided to clamp down and they banned

people from using Binance, which is a

crypto exchange. China obviously doesn't

like it. A lot of countries don't like it.

And then the countries that do like it are

countries like El Salvador, like the shady

countries. That you don't really want

to trust too much. And then America,

well, it seems like America hasn't really

decided how hard or when or if it wants to

clamp down on it yet. But I feel like they

will eventually when it gets too big for

their liking. They're gonna decide, nope,

this Bitcoin stuff is just getting way too

big, it's getting out of control, we need

the control back, let's shut it down. And

then they're just gonna do a China. So

yeah, those are just my thoughts. Thanks