The Fed Just Flipped On Bitcoin [Holy Sh*t]
Lark Davis
Summary of Video Transcript
Introduction
The Fed has-flipped its stance on Bitcoin, with Jerome Powell making a surprising statement about it. The speaker discusses the latest Fed news, alt-coin news, and charts.
Fed News
- The Fed left interest rates unchanged at 4.5%, as expected.
- Inflation remains somewhat elevated, but the Fed is making progress towards its 2% goal.
- The unemployment rate has stabilized at a low level, indicating a robust jobs market.
- The Fed's statement was largely expected and did not surprise markets.
Cryptocurrency News
- Jerome Powell announced that banks can now freely serve crypto customers, a significant development.
- The speaker discusses the potential implications of this announcement, including the possibility of major banks offering crypto services to their customers.
- The Bank of Canada has ended quantitative tightening, and Wall Street predicts the US will follow suit in Q2, potentially leading to a rally in Q3 and Q4.
Market Analysis
- The speaker analyzes various charts, including the BTCUSD vs. DXY (dollar index) chart, which has historically led to major rallies for Bitcoin.
- They discuss the potential for a breakout in Bitcoin and other alt-coins, including Solana and FarkCoin.
- The speaker mentions that some states in the US, such as Texas, are proposing a Bitcoin Strategic Reserve, and that countries like Brazil and the Czech Republic are also exploring similar initiatives.
Alt-coin Season
- The speaker believes that alt-coin season is coming, with the potential for significant gains in the next few months.
- They discuss the potential for coins like Pengu, Momates, and Griffin to perform well in the upcoming season.
- The speaker cautions against getting caught up in the hype and advises taking profits and being flexible in the market.
Personal Investments
- The speaker discusses their personal investments, including Pengu, Momates, and Jupiter.
- They mention that they are considering consolidating their portfolio and reducing the number of coins they hold.
- The speaker advises against having too many coins in a portfolio, suggesting a maximum of 10-20 coins.
Conclusion
- The speaker summarizes the key points from the stream, including the Fed's new stance on Bitcoin and the potential for alt-coin season.
- They thank their viewers for watching and announce that they will be back tomorrow with another stream.