The stock market is doing well, and today I found a couple articles about how the US and China are rushing out, would possibly digital dollars and it could be war soon, it's quite interesting, so let's get to it. Music thanks for tuning in to today's Bitcoin and cryptocurrency news, I am George well today, people are feeling better. Things are up, Bitcoin is 67 hundred nearly seven thousand again, and the market is rallying today, but is that? Is that a fake out or is it real? Is it legit, and also what about digital dollars? There'S been a lot of talk about digital dollars being rushed out due to what's going on due to this pandemic that's going on, because then it'll just cause people to not have to pull out physical Fiat right and it'll kind of contain the spread a little bit. So today I found a couple articles that talked about that as well, and overall us look at what's going on in the markets. Is this a fake out? Is this sustainable? Why are things going up? Let'S have a good discussion, so thanks for tuning guys make sure you hit the like subscribe to the channel. If you are new and let's get started, alright, so bringing up Bitcoin 60 709, pretty good ever since ever since we hit, I don't, know 3800 around there. Thirty, eight hundred four thousand we started coming back up, then we kind of held in the 5000 up until a couple days ago, and then we had a pretty good rally up from 5700 around right here.
All the way up to here for our char let's go to the 1 hour, so we had a sudden boost with Bitcoin and I talked about this yesterday and then we started going up from there. I slow and steady Rises, which is which is good, but why? Why did this go up? Well, because people are hopeful that the new stimulus plan is going to be released, at least in the US, and that is why the market is shooting up today, almost 1400 points over 7 and that's, because people are anticipating that the stimulus plan will be out today. It'Ll be announced today, though, supposed to be announced yesterday, but then it seems like the Democrats didn't like what the Republicans were we're doing so they're trying to find some kind of compromise right and even right here you see the latest news, McConnell called stimulus bill close On the 5 yard line it's, basically, what we've been talking about supposedly up to four trillion dollars and go, give each each individual? I don't know if that means working, individual or what the salary cap will be, but before it was announced 1200 per individual 500 for kids last I heard I got changed at 3000 per household, but it seems like they wanted to add in a few more things And I've heard things like getting rid of some of the student debt and and other things like that that they're trying to add in there.
So I don't know how encompassing it is right and a lot of people are very hopeful about it. But but the thing is, the reality is – and I was talking about this – you know yesterday too, is even they give people 3000 right. Even they delay people from paying student loans and a lot of it gets wiped out here and there right it's a temporary relief for most middle middle class families they make more than 3000 per month, especially if you look at two combined income. So, and even if you didn't, let you even if you did make this 3000 a month – I mean okay last you a month what about next month and what about the month afterwards, because this pandemic is doesn't, seem like it's gon na slow down anytime soon, and It was kind of I think, it's kind of dangerous to propose because there was an article about how Trump and administration is talking about, getting rid of lock down, getting rid of quarantine because there's some fear that is doing more harm than good. And if that's the case, then then this bread will never stop. Basically, but it's it's kind of being talked around in the background is no not real, serious and I don't know how that's go go if if the states are doing a lockdown right now, it's, not even federally mandated, I don't think it's all from the states. So I don't know how that's gon na work, but anyways that's the reason why the market is going up.
Okay, I don't know I I'm on the fence, because I think I think this is again one of those fake outs. Okay, I don't think the market is going up like this, because everyday average joe's people with their 401ks and retirements they're, like oh yeah, let's, put more money into a right now and everyone's so hopeful. No, I don't think that's the case at all. I think the market is being controlled by the large hedge funds right now and they're, taking advantage because there's some hope today, maybe possibly this entire week and they're gon na start buying driving things up and then once things settle down, then they then you know, then The gold drop the market. The people will come to realization that the stimulus plan may be a good temporary fix, but it doesn't fix things in the long term. How do you actually make this sustainable? How do you make sure that the jobs are still there? How small businesses, how they're it will still operate right? These kind of questions don't get resolved unless I'm wrong. This bill is all encompassing and it's good, just be amazing, even if that's the case right, where's this money coming from right from the endless printing machine right. This, just you know, there's a there's, a lot of questions and a lot of people don't really care just like how one Bitcoin goes up to the moon. You know a lot of us through will manipulation, but no one cares.
No one ask questions. One thing they're going upright just like when the people are about to get thousands of dollars from the government. No one cares where that money's coming from, but but when things are going south and people start asking questions right so that's the thing you got ta you got to think about. Well, you could think about. You might not care, but you know we'll see we'll see. I think this is a lot of hope right now and even if the stimulus plan does get released later today, there could be a good chance that people don't like what they hear and this reverses right away. So we'll see what happens, but with that said, it's helping Bitcoin, obviously, because when the market is doing good right now, more people are more hopeful, so they start putting some money into into Bitcoin as well. So Bitcoin is having a good rally too. The thing is about Bitcoin: is we we've seen this before we've seen this story? Even here you could see that Bitcoin did shoot up to 7000. Right again, it was due to I forgot what happened if something happened with the markets and it just shot up to 7000, actually shot up from, like 5000, all the way up to 7000, and then we came back down a little bit right, so I'm hoping it's, Not one of those situations where it's getting close up to here right and then it's gon na slide back down, hopefully that's, not the case I mean Bitcoin has been really stable over the last two weeks.
Okay, after a hit bottom, it seems to be stabilizing it's not really going down. Not flash crashing down anymore seems like the holders are, holding and adding to it and and it's slowly recovering so right now, it's looking like, maybe that 3800 was bottom right, but it's still early let's see what happens because I don't think the markets done tanking the Market could go down now could go down to ten twelve thousand dollars by the end of all this, and if it goes down that watch and Bitcoin, even if it doesn't go up and just stays at this level. That would be a very, very, very positive sign, because that would show that it is more non correlating than correlating right, but it bit quite actually rallies. While the Dow continues to slide, then that's gon na be a very, very positive thing for Bitcoin that's gon na be a strong case for a Bitcoin saying to show that it is a hedge, so we'll see. We will see okay now going into the topics that I want to talk about the digital dollar – and we have heard about this because China already announced they're going to julienned. Okay and now more details are coming out, it's it's for sure China is doing this it's for sure, and they have more reason to do this because of the pandemics that's going on and it's. Looking like a leap, a which is, I think, state run to I don't know of a state run but definitely has a lot of input from state.
So they've revealed a lot of a lot of patterns that's going on and it's interesting, it's interesting, but it's not surprising. One thing is that there's a new way of Dera fication so that every transaction is tracked, a hundred percent track. So there's no way you cannot know who initiated it and we're settled that right, so that, of course, we know any Fed that approves this any any central bank that proves this. They want control, they want accountability, traceability and so forth, which is going against what what Bitcoin and others are trying to do. But this is the way it is. If they come out with it, they want to make sure that it is a hundred percent tracked and, of course, if they do detect that there is some kind of legal activity, your account can be restricted or banned and, if it's, worse I'm sure they want to Utilize information and actually throw you in jail right wallet, functionality will depend on behavior and personal data. What'S interesting about this is is there this could be multiple data, multiple wallets and they track your behavior in turn, what you do with that wallet? Okay, like whether or not you go to restaurants a lot or use, you use this to pay for movie tickets, whatever it's, basically going to score you internally right, it's gon na give you like a social score basically, and who knows what to go. Do with that data I'm sure you know big companies, big tech companies already do this right.
If you use Google pay, you use Apple pay. They already do this, so this sounds worse than it is. It sounds like oh they're just go track everything you do well guess what Google is doing right now, Google tracks everything that we do, they could read our emails. I need to have you pay for something. This is all game tracked. So again, it's interesting, but not surprising, because this is already happening so don't think that oh it's only gon na happen, China, but everywhere else it is it's already happening, and the last thing is cliff support, anonymous transactions, which is unlikely, but it talks about how anyone Could set up anonymous wallet, however, you probably still have to enter kyc information like your your phone number or email address, or something like that that's identifiable to you so, which means it's not really anonymous, but this is on their way and Ally. Pay is go, be a second issuer of this did Julian, while the central bank will be the primary issuer and who knows, who else is gon na be involved with this right? So China's is going forward this. The timeline I don't know. Is it gon na? Be this year's I'm gon na be next year seems like this year will be a good year to introduce this, because then they could say: oh it's, another way to to fight the virus, spread right and now interesting enough. The US is talking about that to the stimulus bill ambitions, digital dollars, so this this is this stimulus bill that we're all waiting for right.
One of the questions that's unanswered is: how does the government give the money to this citizens right? Is it a physical check? There'S some kind of tax break at this point it's not because people already said it's not because that's not will help things. Okay, tax breaks not going to help so it's. Some has to be some way right. It'S called digitally transfer into your bank account but harder to go. Do that? How do they know what it is so there's a lot of questions about how's it go, do it, but according to insiders that looked at the draft bills sure last week it talks about the use of digital dollar and digital wallets to send payments to qualified individuals. Chrissa DM 1000 for minors in 2004, legal adults, both bills, employ identical language. Around digital dollar suggestion interesting. You know it seemed like the feds were, or the US Fed let's go, give up on this digital dollar thing and let Facebook do Libra right now. No one talks about Libra anymore, because there's so much backlash so now, maybe the feds are really considering doing their own digital dollar, and this would be a really good time to do it too. The question is whose go be maintaining and creating the wallets? Well, it seems like the Fed would be in charge of the digital wallets done. If this is the case right – and I don't know, if anyone wants to see that I don't know, if anyone wants to see that – and of course how is this going to work right, I'm envisioning if they do come out this and they do send it to Your wallet there's go be some kind of integration with Apple Apple pay.
Google pay Samsung pay so that people are that's already utilizing these digital payment systems it's very easy to just integrate your money and start using it before for most Americans, that's, not gon na be the case. Most Americans do not use those services, they still use credit card and so forth. So I don't, I don't, really know how this is all gon na be maintained, but it's, interesting that this is already being talked about right as one of the ways and some of you guys mentioned in the comments too it's like you, use digital dollar. It helps prevent a spread because no one, I actually have to touch it physical dollars or touch there's, a gold credit cards or anything like that it's kind of interesting. If China reveals a digital yen, I think the US will have no choice but to introduce theirs. As well and some of you guys may be wondering why who cares? Let'S? Try not do their thing right. Well, US doesn't want the USD to not become the currency. I guess the global currency that the world operates by like every country. Basically, they want to make sure they have enough USD on hand, there's, actually a shortage of it right now, despite the fact, the u.s. prints trillions and trillions more there's, a shortage of in there go print more, but the US doesn't want that to stop. They don't want a new digital yen to become the currency that the world is based off of so they're gon na do what they can to preserve that so it's interesting.
So digital dollar seems like it's, it's, picking up steam, it's it's, picking up steam, and I don't mean maybe there's a shoe. Maybe there's gon na be a shocking thing where, if it gets announced today and they introduce a new digital digital dollar, which I think it's the chance of it is close to nil. But if it happens, Wow I'll be surprised, and I think you guys will be too so. We'Ll have to wait and see I'll wait to see what happens all right article three reasons why Bitcoin price is bullish right now and I've talked about some of this number. One that is pumping unlimited cash into stocks and Bitcoin react that's. The number one that's obvious right, most people that are investing. They have more funds into stocks than Bitcoin right. So, if they're getting hammered on stocks, they're not gon na think about putting more into Bitcoin. But if they're doing well on stocks, they could think about putting more in Bitcoin. So that seems to be the correlation right now and that is holding true. But of course, if the market is doing well, then bitcoins gon na do better. China has almost been Co. Bad potential cure tested worldwide, yes, and no, because we know that you can't really really rely on the data coming out. China they're their total infection rate and death rate is really laughable. No one believes it, because China has a lot of areas. Ruler areas that's almost like third world countries still right and a lot in their healthcare system is nowhere like ours, even though their lockdown was extreme to the point where they're boarding up windows and doors so that people literally cannot get out of their houses.
Still that number and reports how there's no new cases and so for you got take that with a big big grains of salt. Basically, so I don't know if that's really the case, but cures vaccines are being tested worldwide but, like dr. Fauci has said their earliest. It can come in the u.s. with approval is, is August, okay, that's, the earliest, so that's at least four months that's. If everything goes well so we'll see about that. Okay, actually, that's number. Two three and Congress discusses digital dollar to fight crisis, so that's another positive thing, so those are three things that cover kind of cover, two of them the last one I'm, not so sure about what about other positive things? Are there other positive things? Well, I decided to pull up the hash rate because you figure, one of the fears I have is that Bitcoin seems to be so stable right now, right, but it's still kind of hovering below break even point for the miners. So my only fear is at this point: is that the miners capitulate and causes us to go down more okay, but right now, like today, it's back up to 6700, so business probably close to break even so. The chances of that is less likely. But I was looking at looking at the hash rate: did it really drop it did it did from all time highs, but it's still very high right, it's, not like it just tanked to nothing.
I should not have done that. Let'S bring that chart back up again. So it didn't go down a little bit but it's not like it just tanked all the way down to April levels right, so some miners have shut down right, but they haven't all capitulated. Nowhere close right, so that's the paw good thing. So maybe this scenario goes away, then we don't have to worry about it, but this was a big worry back in 2018 2019, where you know there was no Sun drops and it seemed like this. Those Sun sell offs were from the miners capitulated until they needed they got, they got enough funds to operate, and then they started things back up again. So this is. This is positive because it kind of shows you I've always said this bitcoins price trails, hashed rate. Now the other way around, if you look at like coins hashed rate, you look at your thumbs. Hash rate. They probably fell down to zero because it is not profitable to mind them at all, and everyone just shuts down so kind of shows you the difference between Bitcoin and others, that's pretty much it. I said a lot ramble on a lot there uh the market stock, Martine 46 g7 pledges to do whatever is necessary, restore growth response to coronavirus. You know here's the thing it's a fine balance right now, because I talked about how Trump and some others are talking about, just ending lockdown.
Just let healthy people go back to work right, it's, almost like it's, almost like we're we're, putting markets ahead of health, because we do know that the coronavirus does have a devastating effect on the older population. Also, it does have lingering effects with just normal, younger folks, not as much but still it's, not it's, something that you got ta. You got ta be somewhat serious about right. You don't want to just go out and hang out with people that that have it, because you don't know how your bodies go, react versus someone, else's body, so it's still something you want to avoid, despite not being you know not being too old, you still want To worry about it, but still it seems like at this point everyone's more worried about the markets, then health right so it's it's and I get it. I get it because, most of us, we still have to worry about how we're gon na live, how we go pay bills and so forth. I get that right, so you still want funny, but still I don't think you should prioritize that over health right, which is which Tipene seems like that's what everyone is doing right now, the whole world is doing what they can to prop up the markets to give Everyone stimulus plans, but the pandemic is still spreads and maybe because there's not anything else, people can do, but it just seems like there seems to be like like there has to be a balance.
I guess right, but it seems like it's, more weighted towards helping the stock market at this point which, which I don't know if that's the right call all right, I'll turn it back to you guys for some QampA, you yeah her Japan is moving back to Olympics That'S, a big deal that's a big income loss for Japan. Uk now I think in the entire country, is under lockdown yeah, so it's uh, it's getting serious it's, definitely getting serious that's for sure John that's, true that's. True until you get you get the flu and then you realize you're worse, because you still have no money yet you're you're, like coughing your lungs out, so think about that and here's the thing and I I still don't know I we have to wait for the Stimulus package to come out right, but I still think based on earlier reports, it seems to be a temporary band aid. They'Ll help you for a month, they're not go. The feds are not go, have a stimulus package every single month: okay, despite the fact that they could run out, they can run up to the debt. You know infinitely, but they're not they'll, give you people three thousand dollars every single month, so temporary relief it's good, but what about after after April right after everyone gets their check in April? Maybe people are fine? What about May then? What about June July August? So that's the name, those are those things – are still unanswered: a lot of people looking up Bitcoin according to Google and Friends yeah.
I think people want to know where to put their money into and that's. Why I've been saying for the last few weeks? The best case scenario of a Bitcoin right now is that it starts rattling up if it starts rallying up. While the markets is going down, let's go cause FOMO in that's, the best thing we can hope for right. Now these honestly that's, I think, that's the only way it's actually won't, go back up, because we have seen when the markets and shambles right, even though it's not a one to one correlation. The people that money they're there that's losing everything in the stock market they're not gon na put more into the Bitcoin right, but people knew people could potentially put money into Bitcoin if they start seeing that it's a safer to save Haven compared to the rest. In the market or if it's going up – and they want to make some money right, so that's that's wha what we have to look forward to it. I think a lot of people is like a Bitcoin for that same reason, because maybe for the last few weeks you know they're, saying: okay, it did drop really hard, but now it's, holding and it's holding and it's going up mmm you know. Is it time to enter so interesting, see Tess, you're, yeah it's, I mean you're 60 and you know my mom isn't mice in her 60s, but still what about, if you're, not sixty? What about your seventy right? What about if you're 75 so that's the thing it's a tough it's, a tough call, it's a tough call it's almost like see here's the thing where I don't agree with, but I guess still I could see the point like if you're, if you're hanging out with Other people, where you know it's around your same age group and everyone is fine right, know: you're, not infected and you're hanging out.
You know – and you know, that you're not gon na be going to work or not go be seen your parents anytime soon, you're, not gon na, see your grandparents, then I would say that would be okay right because you're in a group of people healthy young people, That that you know you're not gon na be spreading it right. You'Re not gon na go to the supermarkets you're you're staying home, your quarantine yourself afterwards, I would say that would be okay right, but right now that seems to be that's, not the case either. You can have groups more than ten people, I think and the U at least where I live. I don't know what what about other people other countries like in other lockdowns or so forth, but then again I can see how, if you do that, then you're not really in lockdown and you're, not really in quarantine, so it's it's, tough, all around it's, tough there's There'S, no, I guess there's no right or wrong answer yeah. The argument is young. One could spread it to others right, but what have you you don't see others what, if you're home all day long so who are you, go spread it to that's the argument right? If you don't, if you you're, gon na quarantine yourself and you're, not going into public places like me, I've been using delivery services like mad recently, I don't really go anywhere. So I guess it depends on your lifestyle.
Yeah. The data out of China is iffy. I mean there's I've heard I've talked to people, that's studied satellite images of China and satellites can pick up like certain particles, ones that include like bodies being burned and there's a lot of shots from China showing countless areas, that's, burning bodies, ok, so the number of Deaths numbers infected is staggering high in China and if the number hasn't gone up truly it's because probably like a million people died already and they're just they're, not sharing that data, especially in China yeah, especially their health care system. A lot of people are just just just uneducated there's, a lot of things going on. You can't trust the numbers for China, but you can trust the numbers from other countries. Look at what's, going on in in Europe right now, it's pretty scary, to look at what's going on in Italy and in Spain. I looked at Italy's number yesterday. I didn't believe it because it shows one in 10 died in Italy. I mean that's that's, crazy, that's, crazy yesterday, when I checked this, was that, like three three twenty or something so now gone about, seventy thousand total deaths and if you look at I mean this is where it's like I, this can't be right. Look at Italy! Sixty four thousand affected six thousand died that's. What that's like one in ten that's horrible, that's horrible you look at us, is really good. You know forty six dollars infected only 600 dots, but look at Spain, Spain.
Twenty seven hundred out of forty thousand that's, not good that's, like seven percent right, Germany is really good, so some countries are really bad, really really bad, especially countries with the older population right. So this is uh and there's no way, there's no way in hell that China only had eighty one thousand affected and thirty two hundred dots there's no way that's it's at least tenfold. This is at least temple if not a hundredfold. What that is, but everywhere else everywhere else it starts increasing quite quite dramatically: every single day, Russia, China, Cuba, are sending doctors, we Clemente to totally underground now. No porpora news, however, mentions it that's interesting well, BBC with will be these dominant peaking. Oh, you mean with time to be picking up all to God. I don't know I don't know I don't think recently. Most of the gains have been coming into Bitcoin more than all points, which is why BTC Dominus, almost 66 percent, because there's still a lot of fear. If you're gon na be pinging up anything, I would still say picking up Bitcoin right now. I'Ve always said you know, you buy the dips right, you buy the increment, you never go all in you'd, be smart about it. Well, right now, I would still choose Bitcoin over any any all point. Italy also has the most loominatee members yeah that's, weird hey by the way. This has nothing to do with anything that I'm talking about, but I just want to share.
Sometimes I share with you guys. Some shows that watch so I started watching Westworld season 3 and I don't know how many of you guys watched Westworld, because I was really into season one and season 2 season. 3 is see. The first episode of season 1 just really almost killed. My entire interest in this show it's, like the whole point of Westworld, is to see like this. You know futuristic world and and what you know, what what people do in the parks right now, they're moving on to the park and it's just really not really digging it I'm, just sharing with maybe that I don't know how many guys was watch West world, but I'M, not thinking episode 2 is a little better, but ibis owed. One almost made me want to quit this show so just want to share that with you guys. Also better call Saul is getting better and better. Some of you guys love Breaking Bad. If you haven't watch better call Saul see them, one is really slow. Season, 2 gets better season, 3 gets even better, it picks up so there's a lot. You guys know. I know a lot of you guys are stuck at home watching binge watching a lot of. So that's, why you know all right guys, Oh in the stream about 30 minutes, so big ones coming down a little bit, but overall it's holding really well with within the market, so we'll see we'll see if it can continue to go up.
You know 6700 or actually actually peaked out about 7000 right. So last time we shot up from 5000. All the way to 7000 came that down a little bit so we'll see what happens. We had a big boost yesterday, we're slowly climbing up, can it hold or will it come back down, but even if it comes back down overall, it seems like Bitcoin may have found a bottom and we could be going up from here, because you know what you Know what, when we went down to three thousands right kind of the same thing? Look at it. You know once we hit bottom thirty, one hundred we shot up a little bit and then this slowly came down, but guess what we started coming back up slow rises until we had some pumps and it could be the same thing where you know what? Maybe we hover a little bit: maybe we'll go down a little bit or hover a little bit and then we start recovering rolling back up and if it does, it's gon na cause a lot of FOMO with what's going on in the stock market. So it'll be very positive Bitcoin.