#bitcoin #cryptocurrencyhearing #crypto
BitfuryGroup CEO Brian Brooks testified on Capitol Hill during a hearing with other CEOs in the cryptocurrency industry.
Don’t Miss: Valley of Hype: The Culture That Built Elizabeth Holmes
WATCH HERE:
Watch the 2021 Berkshire Hathaway Annual Shareholders Meeting on YouTube:
Subscribe to Yahoo Finance: https://yhoo.it/2fGu5Bb
About Yahoo Finance:
At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial life.
Yahoo Finance Plus: With a subscription to Yahoo Finance Plus get the tools you need to invest with confidence. Discover new opportunities with expert research and investment ideas backed by technical and fundamental analysis. Optimize your trades with advanced portfolio insights, fundamental analysis, enhanced charting, and more.
To learn more about Yahoo Finance Plus please visit: https://yhoo.it/33jXYBp
Connect with Yahoo Finance:
Get the latest news: https://yhoo.it/2fGu5Bb
Find Yahoo Finance on Facebook: http://bit.ly/2A9u5Zq
Follow Yahoo Finance on Twitter: http://bit.ly/2LMgloP
Follow Yahoo Finance on Instagram: http://bit.ly/2LOpNYz
Follow Cashay.com
Follow Yahoo Finance Premium on Twitter: https://bit.ly/3hhcnmV
Derivatives and futures markets should be banned. Pure gamble
its peoples money let them play dont be so facist
In traditional markets for this comment anything that uses futures and derivatives outside the scope of cryptocurrency has many use cases outside of pure speculation.There is hedging, arbitrage, and ways to make money where the asset does not have to go up or down but could go sideways and you can make money- volatility crunch. Basically, think of these instruments that traders use to playing chess where simply buying an equity/mutual fund/bond would be more akin to playing checkers. Yes, these instruments can have speculative aspects no doubt. But, a ban on these is simply not practical. I would suggest if you are interested to understand how futures markets started to begin with to understand the initial purpose and that may possibly change your opinion. I would argue that as regulation comes into the space and ETF’s are allowed and more institutional money flows into the crypto space that will increase liquidity. The futures and derivatives market have an impact on spot prices and working together should help with the overall volatility of the space in the future.
So many hackers on YouTube but ☝️different to another’s I can’t believe this real until I deal with him you are the best😍
dropped the mic and it burst into coins . . .
i sold its losen money
buy high sell low good plan
@Ninef Sargis no i sold befor i lost what i put in and i bought better stocks with it ..and for once im gaining
@Mushroom Hatters Blog what did you buy
Reading about people grabbing multi-figures monthly as income in investments even in this crazy days in the market,any pointers on how to make substantial progress in earnings?would be appreciated…..
My advice, is don’t believe them. It’s extremely difficult to make money in crypto long-term. There are big crashes along the way that are very difficult to withstand. There are people who do make money, and substantial money, but they are the tiny minority, usually the so-called whales.
@The Resi Detective From your comment it’s obvious you know nothing about crypto
@Schredder certainly he’s a newbie
@Rishabh lmao nailed it
What a manufactured conversation if I’ve ever seen one…
So WHEN those 80% of holders sell (WHEN, not If) the price of bitcoin will genuinely TANK since there will not be enough buyers to support the enormous selling pressure.
@tawkinhedz decentralized bank. there’s many out there. you can use many digital asset/coin as collateral, not only btc
@DinoSSA and they lend in us dollars?
@tawkinhedz yes. Stable coin. A cryptocurrency pegged to dollar
Probably 20pct of holders need to sell to completely tank the market. The other 80pct will be bag holders or lost keys.
@Raman narwal BTC will never go to that price again. Ever
This is pure bullshit. Desperate bullshit.The percentage looks much more like inverse in reality.
Hold to Die Wojack
Some of those 80%, have actually lost their Bitcoin, believe it or not! It happens to people. Especially when/if they pass away and if they didn’t leave their key with their heirs or next-of-kin. The Bitcoin can get lost and we’re talking millions of $ worth of Bitcoin.
So, much of that Bitcoin that’s out there and is illiquid (hasn’t traded in years), will actually not ever be traded.
Have held 80 coins since the beginning….best 100 dollars I ever spent. Never sold a coin since the one Time I sold 20 coins so I could buy my home
Friendly tip: You really should keep that to yourself, especially if you are using your real name on social media.
Og
Good for you! Wow!
I hope for you, it’s not true and your account is fake too. I bet it is.
you bought a house and land for $100? ok.
That would be the case with any crypto that shoots up that high. But oh boy when it crashes it’s gonna crash hard. Bitcoin is running outta gas. Spends way too much energy. Not eco friendly like newer cryptos.
Wow Yahoo, you seriously put Doge instead of XRP on the screen widget. 🙄
That was an amazing point. I didnt see anybody respond to in the comments. So this guy is saying if we have more liquidity and price discovery than more poeple will be ok with buying and selling, instead of a fixed group buying, fixed group selling, and fixed group holding for no apparent reason regardless. If all three groups had more options and knowledge on the table and knew that they could unload their coin or buy new coin without problems, like fees in crypto apps, regulation worry’s, etc. then he is saying the price would stabalize all around. Thats very weird to wrap my head around. Im not seeing how hes right exactly. Anyone else have insight that im not seeing here?
While it would be virtually impossible to calculate, I’d say at least half, or close, of these
80% of holders” are people who lost their keys/hardware wallet from years ago.
Just think every time a bitcoin holder dies and doesn’t leave their private keys in a will, those coins are basically gone forever.
@OxiClean Gets the Tough Stains Out I’ve been saying this for 2 years and now with the Pandemic Accelerating death Rates 🤯 it sucks but you have to think outside the box or you’ll be trapped in a world with no Future.
That’s a pretty wackadoodle statement with all due respect
I would be one of those people… there is a hdd in a landfill somewhere with about 5 BTC on a wallet that I never took the time to remember or save anything because mining in 2010 wasn’t really serious to me…
@Mark Schindler please send location 🥺
Buy buy buy baby but you better own a small percentage of doge also pay your respects
👆👆👆👆👆 Great context.everyone needs more than there salary to be financially stable.the best thing to do with your money is to invest it rightly.because money left for saving always end up used with no returns.l started investing in bitcoin mid November 2020 with the help of a well-known -professional Dr. Oliver Walsh and the profit entirely funded my recent duplex.
Thank you Dr. Oliver Walsh I started trading your signal, I was only able to switch to 3btc 2 weeks ago. I mean, it’s an exciting time for me to share this great news with my YouTube colleagues.
I was listening to radio station while i was driving to work yesterday and they talking about Dr. Oliver Walsh , that he is the best for now , and i remembered i have been seeing post testifying about his accurate trade signals and i decided to contact him since i have confirmed he is legit, yesterday till now i have made 6.5BTC as my profit excluding the amount i started trading with.
My interest in my real estate business was renewed after having accumulated 4 BTC in a month with Dr. Oliver Walsh . I now see trading as a means to an end if i can put in more effort and resources.
If you see closely you can see he does a mic drop in his mind.
Seeing Doge in those stats is disgraceful. Replace with ADA or BNB next time. Wtf?
Good point on volatility and price discovery. I never thought about that.
Could’ve mentioned that Bitcoin is the last truly free market.
More liquidity… I like that.
It’s a relief to see someone in that seat who can eloquently and concisely describe the crypto market.
And somehow hamster coin is up 76% in the last 24 hours hahaha
Brian killed it today!!!! 🙂
What’s a price discovery?
The process of determining the accurate value of an asset.
don’t like it? don’t by it.
Let everyone else do what they want.
What a stupid argument to make.
“you don’t like pedophilia don’t do it, let the pedo’s do what they want.”
Even if i dont like brian. He does bring some great points
I hope it collapses one day.
That’s like saying you want humans to die of starvation. Bitcoin is the digital savings account of the 21 century. You literally will lose your purchasing power holding it in fiat. SMH
It won’t.
Nah bitcoin and other cryptos will lead the way you sound jelous of the people who made it to the top thanks to crypto for a lot of people crypto has done life changing things compared to any governments or schools in the whole world
Bad news for Bitcoin…Great news for XRP
What 80% haven’t sold??? lol haaa. What about all the LOST coins or what about Satoshi coins the guy that inveted it!!! Does that count??
The sooner BTC stabilizes and acts like a proper hedge against inflation and something insitutions and countries can hold, the sooner we will have economic stability and REAL economic growth.
you mean 8 billion people can just afford a living playing the crypto game? ok
Bitcoin is dogshit… A dinosaur in crypto…. It will at some point be regulated out of existence because its energy consuming and slow
Its clear to me, crypto is the future.
The government wants less investing into crypto lol, I dump my bank account into defi once a month. Holding only enough dollars to cover monthly costs.
That’s exactly what they’re afraid of, they don’t want the money earning interest out of their system.
@Flenn Boyd yup exactly. writing is on the wall and they see it. Ever since signing up to a crypto reward card i do the same. at least i get rewards for my spending each time…when i spend with normal bank i get zero back!
They don’t want the little guy to become the big guy in such a short amount of time or never at all. They want us to stay poor and dependant on them.
To be honest, did the same thing and dumped into chainlink and I think it was one of the worst decisions of my life. Don’t be fooled, the dollar is still important.
@Ripty Urass chainlink is one of the most disappointing coins ever, I’m not sure if it was the circulating supply that they were expanding as the mkt cap was increasing, but the worst coin return wise…
Complete BS, when he says 80% is that because majority holders are concentrated in a small group which is generally the case in securities
If his stats are credible (I don’t know how ge gets them), my guess would be that the majority of crypto ‘investors’ entered in 2020-2021 with their government payouts and the rise in crypto popularity. Then possible. They haven’t had chance to sell because BTC at a profit because it hasn’t really moved up much for a while. In fact it was higher last spring then now.
Exactly otherwise blatantly utter impossible bs unless they mean HODLERS lol and they mean it 100% literally.. in which case, that’d by definition be 100%.. lol.. so yeah, either way, unless what you said is the case, he’s totally wrong saying 80% of holders have never sold (at all? Lol, please)
What do you mean it hasn’t really gone up? Look at the charts. If folks entered in at the end of 2020 or beginning of 2021 BTC was between 20 and 32 k roughly. It shot up all the way to 69 k at one point. That’s more than 100% or double your money. They’ve had plenty of chances to sell at a solid profit.
Why do you think this isnt possible
Less than two months ago 99.5% of BTC wallets were in profit, they had multiple chances to sell at ATH, so your point is completely off
@Jockney You must be foolish to think if even 10% of those 99.5% sold anyone would still be in profit.
I don’t believe that? If most people are holding it, why I experience 98% drop in 2018, and couple times like more than 50% drop since then? The data is not quite math up. But I still in profits even suffer many time dips.
That is not how a market works, you should learn more about it. As Mr. Brooks mentioned, the market is volatile because only a few people are trading
@Christian B. Don’t matter how you define the market trading, don’t make sense to me.
98% drop? Where? hahahahah
Cardano ADA!!!
Thank me later!!
Buy XRP
Crypto has such a powerful voice!
Stud.
If it doesn’t get sold (higher than it was purchased for) then the government cannot tax the “gains” – The government’s interest in cryptocurrency is how to tax movement. But since stats are being thrown around: it has not been brought up yet, but 18-20% of all crypto owners receive some type of federal assistance (Section 8 housing, EBT, Medicaid, etc) – those individuals firmly believe in the power of the US dollar when they receive benefits. Then “invest” available funds in cryptocurrency. Huge issue that cannot be ignored, right there.
I am holding my BTC i am not Organizing on selling it because i believe it will definitely get to it peak.
i don’t believe that if most people are holding it.
Why would you sell bitcoin? Are you daft? When bitcoin is ready, you wont need to.
the other 20% sold and cried afterwards
Crypto is a training nappy .wake up people
The idea of bitcoin evolved into an asset, which was not the original utilitarian motive behind its creation. The creation idea was to have an alternative to fiat, which is less transparent and suffers from the idiosyncrasies of the financial institutions and governments controlling it. The problem is that bitcoin got irrevocably tied to fiat and now just represents another form of it, not an independent substitute. If we emphasize it as an asset and less as a currency, the utility value may get undermined and we’ll end up with an energy inefficient asset in the hands of a wealthy few.
The biggest problem with bitcoin itself is as a currency it doesn’t perform well at all.
Even if by some miracle people decide unilaterally it’s solely to be used as currency, the network isn’t nearly fast enough to perform for the world.
Visa and Mastercard, for example; do multiple thousands of transactions per second VS bitcoin’s under 10 transactions per second.
And not only that, since it’s highly deflationary and people know the maximum amount of bitcoin that will ever be mined is so low, just by greed’s nature people will hold on to it.
@Vincent S That isn’t deflationary, quite contrary, if it’s treated as asset, as it is now, it’ll be rife with speculative trading in its evolution, once the 21 million cap is reached the reward system will vanish and it will evolve into a different sort of economic situation, but again if it’s an asset I don’t see that coming down. By then we would have wasted all the electricity in the world, we’ll have to figure something.
Once the technology makes it easy for self custody or managed custody it will pick up as a currency. Also when fiat fails people will use it as a currency. Look at El Salvador. I think managed custody will be popular to spread out the risk of losing your private key or a malicious character stealing your key. Securing your private key is quite tricky. Businesses with insurance will manifest and hold most people’s bitcoin savings.
@Vincent S The crypto space as a whole has multiple coins which can be used in this way and it doesn’t have to be BTC, your statement about TPS is completely wrong, Visa and Mastercard have 1.7k TPS for Visa and 3k for Mastercard, the Bitcoin lightning network has 1,000,000, and ETH 2.0 will have 250,000, Visa and Mastercard barely compare to these numbers
Source: trust me bro!
That’s an extraordinary claim. Where is the data for that? Otherwise seems like perjury to me.
thats a lot of HODLERS
yes its true..few whales are able to move the btc…if everyone gets in volatility becomea more fun
Crypto outlook with no XRP on it! Really, really 🤧
What BS
Bitcoin the hope for the future of the world
you mean 7 billion people are going to afford a living by simply playing the crypto game?
80% didnt sell bitcoin because the original 80% holders forgot their crypto wallet password.
Yeah, or recently won a settlement to 1.1 million bitcoin as one of the 2 original founders. A majority of many cryptocurrencies are concentrated among a few large holders who obtained their stake around the tokens inception or in the early days. It’s an uncomfortable truth for people who like to think the majority of the pick your cryptocurrency’s value is spread out among numerous holders and not concentrated.
This is hilarious hahaa
80% havent sold? Who is that 80%? The pump and dumpers…. Stop making it seem like bitcoin adds anything to the real economy…. It subtracts from the real economy and it is a waste
80% never sold, so from whom buyers buy from? It’s fake when you can mint/ print on a laptop/ mobile 😂
Theres a difference between 80% of PEOPLE who hold bitcoin not selling and 80% of BITCOINS not being sold.
Err.. So it’s like switching from 1 fiat currency to another? What happens when there is major sell-off and money simply disappear? Who will be responsible? Everyone knows where to look for the FED or at least see US on the map and is not going to run away. When a bank gets robbed, that is the banks problem because they are insured. If bitcoins get sold-off, you can look for a 6 feet hole and bury yourself in it. Make sure have money to find someone to fill up the hole! 🤣😂
Having insurance doesn’t mean you get to be careless with funds, the reason banks don’t care if they get robbed is because 99% of their worth is already in AUM, which you cant exactly just walk into a bank and rob. Banks are using your money to invest in crypto and stocks meanwhile giving you a fake number in a bank account to make you believe it’s got value, when in reality the only value it has, is the bank saying it has value
I am afraid it’s free for all and cheat away people’s hard earn money. Everything is over priced. Might as well buy a piece of land and build a house over it. All these speculative value is never a good bet unless there is insider information.
Just bs,how can he know that 80% have never sold if bitcoin is self operating and transactions are not able to be tracked?
Transactions are able to be tracked and the supply and activity are known values that can be tracked in the system through the public ledger.
1:00 That’s weird of all the coins they chose to show they show Doge lol
This guy is great! Very smart
I’m no longer waiting for the GRANT LOAN because I earn $29,700 every 10 days recently
Same here lol, I also Earn weekly Profits of $23.830 on My Investment Since I started invest with Rechard Collins, his trading is the best I have seen
Crypto is probably a bigger scam than MLM
Please explain proof of work, proof of stake, UTXO, and blockchain at high level…..After that you can claim it’s a scam.
@flowbrandz316 yeah haha, these people call it a scam because they are too uneducated on the topic, they would rather just miss out again like they did 3 years ago.
People don’t understand that the dollar is also volatile…we are jusr so accustomed to thinking 1 dollar is equal to 1 dollar in buying power…its not, in fact the dollar had dropped in value SIGNIFICANTLY much more than bitcoin
But the biggest difference is that the dollar is traded everywhere and prices are only changed to combat inflation once every few years. That means even though the dollar is volatile, everything that is purchased with the dollar follows it’s volatility.
crypto and the watch market are similar…in that they both can’t really justify that value to cost ratio and can’t afford now to go down in price.
Bitcoin or Cryptocurrency is just a monetized Social Security Number. How do you “mine” for Crypto? Define:Crypt, a headstone/death. How much dollars per digit? It’s universally illegal. You can’t randomly cash out on other peoples Social Security Numbers for one’s own wealth. How do you convert or purchase crypto or is it just free for all to cash out on?
You have no idea what you’re on about
well said
80% of Holders never SOLD!?!?🤯 scam alert.
How does that make it a scam?
US just granted a paten for Veritaseum! 🙏✈️🙏✈️🙏✈️🙏✈️✈️✈️✈️
If you have to explain what crypto currency is to them….we’re in trouble
can the whole world afford a living by simply playing the crypto game?
And that is why the corrupt government will only allow crypto to be used today!! They forced them all onto easily corrupted and manipulated platforms. Now it is no diff than the comex!
BTC is old tech, it’ll be taken out by other better blockchains, tick tock
He wants to kill bitcoin volatility so assholes like me can stop exploiting retail traders 🤣
What ever the people give a price to, be it “sea” shells the “Government” will come a lookin’
Nice video I was able to get huge income stream in 2020 during the COVID-19 pandemic investing with a professional broker expert Mrs Camille Anne Hector, and now in 2021 I’m still doing massively well in profits
Cryptocurrency is such a powerful concept
that it can almost overturn governments,
Her management team is quite impressive so far, with my $2,000 I’ve made over $11,832 with just 10% charges
I must say fx is the future and with the day to day increase of BTC it’s more advisable to start investing now
@Laura Jonathan She’s not like other brokers that will come up with stories or start telling you that your trade didn’t go well after you have invested your money
I still remember the first week I came in touch with Mrs. Camille Anne Hector, her strategies was so easy to adopt which she was able to make me $15,000. Was my first time seeing $15,000 btc paid into my wallet 😇❤️🔥
Bitcoin 🚀🚀🚀
The stock market is rigged and crypto is used as a wallet by hedge funds.
Brian Brooks is brilliant.
The pumpers will gladly tell you how rich they are and how much money they have made, the ones who lost seem to never udder a word. In this closed loop game, both winners and losers are holders, funny how it’s promoted as everyone gets rich while producing nothing, guess that is how a ponzi scheme works, bring in new money or it all falls apart.
When a big whale sold or dump his bitcoin those small fish who did not sell their bitcoin will be liquidated
Bitcoin isn’t the saviour, Need a proper privacy coin.
John McAfee had the right idea, Probably got killed for it as well!
Time is running out for btc. Its below 50k and soon year end is here. That would be ridicolous for so many btc bulls on youtube and the media.