MEGA-SIDE REVERSAL

Right now, we are in the FTX fiasco and since that happened, we haven't snapped back. We have kind of stayed in the lower range and on a technical basis that short-term negative, it is what is called a bear flag. We saw the Terra Luna collapse, and the price dropped on Bitcoin 45%. Then you have the FTX collapse and prices dropped 23%. So you could arguably make the case that FTX was a bigger deal for crypto than the Terra Luna collapse but the price lost a smaller percentage.

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Comparing the FTX collapse and its impact on the industry to Lehman Brothers collapse in 2008. I think that is very interesting in terms of fear. You should know that when you are trading charts, you are trading human emotions. When someone buys, they are greedy and think is going up. When something sells, they are fearful that the price is going down. You can compare different charts and different historical charts on what is going on because it tends to repeat over and over again.

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In a bear market, you tend to get something called rip-your-off rallies, where you have these mega-side reversals that make people think the low is in. If you look at Bitcoin, the biggest rally we has was in September last year. I think the US is heading to a recession, I think prices and stocks will go lower. I think this is going to be the kicker of why Bitcoin declined up to a point. Once we get some regulations in the space, there will be more transparency. Regulation is the call for transparency for all retail investors and once we get that, we going to start attracting big money.

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If there is one thing I realized and you could see it with the big money that was invested in FTX. Big money is now 100% on the sideline. I'm not seeing any movement in the hedge fund industry to invest in crypto until there is transparency because they have the fiduciary responsibility to safeguard funds and there is just no clarity.