Bitcoins price dumps again. Should you be worried? And Elon Musk is looking to leverage blockchain to track government spending. This is big. I'll give you a details. Let's get into it. Hey, everybody, welcome into the Thinking Crypto podcast. You're home for cryptocurrency news and interviews. I'm your host, Tony Edward. On your way in. Please hit that subscribe button as well as the thumbs up button and leave
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Folks.
Bitcoin dumping once again, currently just below one hundred and one thousand dollars. So what's happening here? Well, guys, it's like I was saying at the beginning of this week with the Trump inauguration, the Trump meme coin, extreme volatility, extreme chop, and that we had to be prepared for this because it was very much like those FOMC meetings. Those things happen, there's a lot of volatility and you have to let the dust settle, let the market normalize.
So we're seeing a lot of chop here, but there's no invalidation of the bull market. And this is based on data. So some of the things that we should pay attention to is like the DXY continues to break downwards Bitcoin on the monthly chart. The RSI is not signal the top yet, so we still have room for upside bitcoin. Whales with wallets of ten or more bitcoin continue to accumulate, so they're not dumping, they're not moving coins on the exchange of dump. So this is data
from sentiment and it's all on chain data. And we continue to see stable coin supply and liquidity continue to arise.
Just literally thirty.
Minutes to go, two hundred and fifty million USD was minted at circles USDC Treasury, so we've seen over the past three days about seven hundred and fifty million USD was minted. Now, not all that liquidity is going to be used to go by to dip, but a lot of it will be, so I want to make sure I'm balanced with that. It's not every single USD that's
minted it's going to be used to buy. But you guys know how this works, and we've seen the liquidity from tether over the years being used by whales to buy up the dips, so guys don't panic.
I know right now we're seeing a lot of red.
Everything's down, bigoin a theorem XRP, and much more Solana as well. This is the volatility of the crypto market, but it is your friend.
It allows you to buy the dips.
It allows you to swing trade, and obviously people who leverage trade, you know they can do well. I don't leverage trade, so I don't have to worry about getting liquidated. I just buy the lows, bly the blood on the streets, hold and in sell the rip. So that's what I'm looking to do. I believe this bull market still has further upside. Now, something that's interesting, guys is that one user, Marty Party on x and he does a lot of on chain data analysis and he highlights a lot of stuff.
He mentioned that this is kind of a royal flush, and he's saying the exchanges continue to drive price down, and he's saying, here, let me give you the TLDR. This is more about leverage. So they're looking to wipe out the lungs, just like you do to shorts. So they do both sides. But when things get overheated, you usually see this type of flesh out. So it's interesting. I don't know too much about what the exchanges are doing. I understand some of the on chain data, but it
definitely makes sense. And look, the market makers are in the game here too, right, They're looking to make money. So you're seeing some liquidation of lungs and guess what the price is going to go down, and guess what people are gonna start shorting, and then there's gonna be a build up of shorts and then they're gonna get wiped out and fleshed out, and then the market keeps going up. I've seen this time and time again, so it's just interesting to see the on chain data show
us what's happening. It's amazing. Now some interesting news from David Bailey, who is the CEO of Bitcoin Magazine and the Bitcoin Conference, and if you recall, he's been talking and working with the Trump team to help get things going. Trump obviously came to the Bigcoin Conference, so David's been in contact with the Trump administration since in his campaigning days.
Well, he tweeted out today just talked.
With Donald Trump and thanked him for keeping his promises to our industry and to Ross. Talking about Ross Albert, I asked them if he wanted to share a message with the bitcoin community. He said he's with us one hundred percent. We're going to send bitcoin to much greater heights, and we're going to outcompete China and other countries that
want to take it from US. So this is further confirmation Trump is on board with the crypto industry, obviously this week signing the Crypto Executive Order, freeing Ross and much more. Now big news, Elon Musk is exploring bitcoin use to curb US government spending, So this is interesting.
Elon Musk, the head of the Department of Government Efficiency, also known as DOGE, is reportedly exploring implementations of blockchain technology in US government operations to track and reduce federal spending. According to Bloomberg, the DOGE is also looking at using blockchain to secure data, make payments, and manage buildings as
part of doge's efficiency push. Personnel from the newly commissioned non government department have also met with representatives from public permission less blockchain networks to consult about potential used by the US government.
Folks, this is huge.
We know Elon knows a lot about crypto and blockchain. He holds bitcoin etherorem and doge coin. Tesla has bitcoin on his balance sheet, and Elon I believe with X is going to be integrating crypto payments very soon stable coins and probably Doze and other cryptocurrencies. And I wouldn't be surprised if there are blockchain enabled profiles for verification purposes and to avoid scammers and all that stuff. Right, But also he's going to look to have it implemented
in the government. And boy, I've talked about this over the years, that we will see governments using blockchain and if we can get governments spending on the blockchain so we can keep them more accountable. Regardless of your political affiliations, I think we all can agree with this, right. We want to make sure our tax dollars are being used in the right way and we want more transparency about that.
And if he can help reduce government spending where it's bad spending, habits, over spending on things and so forth, that would be really great because remember that's our tax dollars, and the more they keep spending, the more they got to keep print money. So it leads into bigger problems, right, which we face in our society today. So guys, this is bullish as you can imagine, they're probably meeting with Ripple Cardano, the folks of solana Etheroreum and we'll see
which blockchain or blockchains they decide to use. But pretty amazing. And remember Elon knows what he's doing, so he's not playing around here. So it says here must push to use blockchain technology to force the government transparency is not a new idea in US politics. In April twenty twenty four, former presidential candidate Robert F. Kennedy Junior said he wanted to put the entire federal budget on chain. So this is really great, guys. And we know RFK is part
of Donald Trump's administration, so really great news. Once again, it doesn't matter which side of the earlier on, this is welcome news. And here former Finance a CEO CZ weighed in saying all governments should track all their spending on the blockchain.
So this is really great.
I think this is a move towards the future, and we're going to see this happen across the globe.
Guys.
It won't happen overnight, but blockchains will be used. We will have more transparency in how governments are using our tax dollars. Now, I'm not sure how many of you saw this, but Roger Vere put out a video asking for Donald Trump's help to get him back into the United States and to end the attack that he's been getting from the IRS. And I know some people can say, but wait, Roger gave up his citizenship as a United States citizen, and he did, but there was reasons behind that.
I remember interviewing Roger a couple of years back, and he was talking about all this stuff the US government and different folks were trying to do to him.
So that's why he left.
Because he was an early bitcoin adopter, and Roger's been pretty critical in the growth of bitcoin in crypto. He was an early investor in Ripple and other companies as well, so he's been around for a long time now. I don't agree with him when it comes to bitcoin, cash and so forth, but that's beside the point. So even Jesse Powell, former CRACK and CEO, weighed in saying Roger gave up his citizenship because he was a victim of law fare, sentenced to prison for speaking his political beliefs.
He knew that his bitcoin advocacy would put him in the cross heres again, he ensured his exit was clean and exiled himself for his own safety and the survival of his family.
Turns out he was one hundred percent correct.
And I'm not going to read through the whole thing, but just to give you guys an idea of what happened and why Roger gave up his US citizenship. So we'll see if Trump was able to do something there to help him out.
Guys.
Me coin platform pump. That fund set a single day revenue record, raking in fifteen point five million dollars in fees following its anniversaries. So this platform is where a lot of meme coins come from, and it's Salana based, guys, so be careful out there. Just look at the Trump and Millennia meme coins. What happened to them? They are down bad. Now that doesn't mean they can't bounce and go up a bit more, but they are super volatile.
These things are like walking to the casino and playing throwing it on red or black on the roulette table. So you got to be careful here. But the money is going up. People are getting really degenerate, and there's all types of meme coins being put out there. So just be careful. If you know the game, you know how to read on chain data, you know how the cycles work and all that, then more power to you. But if you don't know, just understand the risks and
that you can lose all your money. I'm seeing a lot of stories, guys, tons of stories that it will take forever to share them. Here, people who don't know what they're doing and they go put in their money and they lose it. It gets wiped out and it's gone. And it would actually be better if instead of going and buying the mean coins, they buy the underlying asset
of Solana a soul. If they just bought that and held it, they would be making money, not in immediate like meme coins, right, because the mean coins is like once again walking to a Vegas casino. But if they just held the underlying token of the network, it would work out better for them in the long run, right, just even maybe six months from now, when the markets back up, they would be in profit. But unfortunately people
are not financially educated. This is like the appeal of Vegas, right, let me go gamble at my wins and money and blah blah blah. But this is even worse, So be careful, guys. And you go to the website and you just see like all kinds of crazy coins being minted. It's pretty wild.
Anything you can think of, it's nuts, man. But be careful guys, like for example, Bart Snake, these been these fart coins, fart Boy, fart Man, fart coin, Like, come on, man, we're investing in coins about farts, What the hell is that? That's just degeneracy, man. Come on anyway, I'll step off my soapbox. Just be careful, guys. Ari, folks, that's the news.
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It will really help me out. Thank you guys.
I appreciate you all and I'll talk to you all later.