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this is digital perspectives with brad kymes subscribe for new content notifications now heres brad kymes come on in welcome back to the show everybody you can follow me on twitter at backup bradley above at the top of the screen and everything that were talking about here today lets go ahead and get started we got a lot to talk about bitcoin over 15 000 pretty amazing ive got a question for everybody here out here in the audience are we about to see the bull run of 2017 and 2018 again and if so is it going to absolutely just crush what that was in 2017 2018 with the new institutional level money into this space and even the growth of the market that weve had in in market cap and cryptocurrency as a whole lets just go ahead and get into this one thing we do know before we get started down this path today is the justice department thats right the department of justice seizes 1 billion in recently moved silk road crypto now this move follows a widespread crackdown of the department of justice on crypto so listen i i think this is just as great a sign as anything else as we could that we could see to let us know that we are about to see this entire market open up so wide and i believe it goes from a bull run to just what i believe weve been in for the last you know uh several handful of weeks is a bull market not just a bull run but the question here is are we about to see a bull run now lets get into some news really quickly before that jumps off because visa is to face us anti-trust suit over played acquisition now this is interesting because you know these big conglomerates out here in this conversation as far as im concerned extends a lot further than just visa and the plate acquisition here and its to widen their uh footprint when it comes to payments in the digital payment space so that is something we will keep an eye on but i think this question of antitrust issues goes much further than just visa and played i think this antitrust issue should extend into the twitters the facebooks and things of that nature that are absolutely so big i would like to see them even uh busted up a little bit wouldnt hurt wouldnt hurt at all uh and i think we get some more competition in the space is what the space could really use and then wed see uh you know a decrease in uh censorship because whether im for whatevers being censored or not i dont think anybody should be censored thats the whole point we get the best out of one another when we actually give each other a voice and thats really what freedom of speech is and thats why just real quick while im on that soapbox why ive pushed in in this mornings video and said you know we need blockchain voting we need an immutable ledger when it comes to voting this has been an absolute circus of epic proportions and lets face it ladies and gentlemen its 2020. this shouldnt happen and i tell you the truth look i you know i dont really uh subscribe to either of the major parties for political affiliation but the thing is its scary to just see what is taking place and ive seen it on both sides and its just as an observer of this as a citizen in the u.s theres got to be a better way and i think we all know that there is a better way so more consumers are listen to this about the acquisition here from visa really quickly its 50 seconds lets catch this and then well move on with the rest of the news by the way paypal news coming up next more and more consumers are using apps on their phones to make payments visa is now making a big investment the company announced it would purchase plaid the cost 5.3 billion one in four people use the financial technology company which connects their bank to an app like venmo or robinhood the president of visa tells fortune fintechs are clearly reshaping financial services and plaid is unquestionably the leader in this space the company says the deal will help expand its traditional debit and credit card solutions into a broader set of money movement services 3.4 billion people use visas debit card services globally 3.4 billion people using the service i tell you you know there is something to be said about where were going and i tell you what i dont know about you but were going there really quickly i believe at this point just a side note about visa plaid ripple and moneygram additionally on a related note ripple invested in moneygram a few years ago recently as well as pledging significant grants too and moneygram partnered with visa recently for a new debit card uh deposit service making all three related indirectly just wanted to drop that on everybody so you knew that there was a connection and whether it be directly or indirectly we like to keep an idea on all these things now lets change gears and go to paypal and cryptocurrency and the terms of service and the things that we need to know about what some of the key takeaways here you need to understand if you buy crypto on paypal which is great and its opening up to 300 million users i think it is nothing but upside for us as crypto holders 20 million of those 300 million users are also merchants now merchants arent going to accept bitcoin or xrp or litecoin okay but what it is going to do is give you the opportunity to buy crypto hold the crypto sell it flip it back to cash and then spend that crypto with a merchant if you will so and theyll get the cash that they want but what you need to understand is one theres no private keys issued so its just like if i were to send you money because you bought i dont know an old soccer ball i had right or an old car and i i paypaled you the money and lets say it was just a clunker right i just paid you 500 a thousand bucks for a clunker and i send it to you paypal when you sign into your paypal that moneys there right that moneys there and theres no uh code or secret key that you need its going to be the same approach with your crypto youre not going to hold any private keys theyll hold the crypto but they do they do uh express in the language that you own the crypto theyre just holding it in the paypal app for you as they would the money that somebody i or somebody had sent you for a clunker car right so theyre guaranteeing you that the moneys there as long as you have your account another key thing you want to remember whether its paypal or exchanges if you go to change your email and you didnt think before you changed your email to get that new email associated with wherever your crypto is youre running a real risk of potentially losing your crypto forever and thats not paypal related thats just a friendly little reminder from me about holding crypto on exchanges and same goes for having a new phone and things of that nature for your two-factor verification and things before you do upgrades before you do stuff like that make sure you understand what you need to do to stay within good standing of getting your phone and all of that security straight before getting a new phone and not having any hang ups whatsoever make sure you have that right okay now aside from that coming specifically back to paypal here you know you dont have the private keys and you dont hold the crypto they hold it for you but it is your crypto they make that very clear however what i will say that i want to remind people of lets say youre in a day like you are today okay and lets say that you bought yesterday evening or a day or two ago uh a small handful of bitcoin okay and lets say that youve gone through today and yesterday and youve experienced the gains and you bought in at like 13 000 and now were up over 15 000 you have made a profit now you may say to yourself hey lets just lets just for examples sake right just for an example say you had a hundred dollars worth of bitcoin and a lot of the example lets say you made 80 on that okay and in that eighty dollars youve got 180 bucks 80 of that is a gain well lets say that you dont have any cash in your paypal account so youre now going to convert some of that 180 because youre like hey man i made some money on my crypto im going to buy lunch through my crypto today so im going to convert you know lets say 25 bucks per lunch and i convert that over sell that off ive got 25 bucks in my app now i can pay for lunch right okay you pay for lunch what you need to understand is is that you had an 80 gain on that bitcoin if you had a hundred dollars and you gained eighty bucks you have eighty dollars if that happens enough to you while youre in the in the process of buying and holding crypto in your app and for exchange for that matter but specifically talking about paypal here youre paying a sales tax when you buy that crypto youre also flipping the crypto out for a small transaction fee to your cash to buy lunch and then at the end of the year if this happens to the tune that its over six hundred dollars youre going to have to report capital gains dont believe it its still true because its right down here please note that there may be tax consequences for any gain or loss you incur when you sell your crypto assets i want to thank james rule xrp for sending me some screenshots last night i had to burn in question and i hadnt had time to dig into it right at that moment but he must have been reading my mind because he sent me a couple screenshots and i was like oh james this is magic i was like you know we started having a small quick conversation about whether there was capital gains in there he hadnt seen any it caused me to dig down deeper on it today and then i found this and this i feel is enormous and you need to know it and you need to make sure you understand it because the more you take and flip your crypto as you buy it and hold it for returns and gains and then start to cash some of that out because like hey man i dont need to spend my own money i could spend some of this this money ive made thats like free money off the bitcoin i was holding you know just be careful make sure you understand that there are tax consequences that you will be responsible for at the end of the year now what i havent found so far looking through this information is most exchanges will give you a printout of all your buy sell hold and all that information so you can actually file all your transaction data for your tax info uh i havent seen that here although they do tell you that pax trust company and maybe other providers will help them with the crypto buy sell side and all of that so it remains to be seen as if they will provide an end to year statement but it seems to me they have absolutely taken their self out of the equation with that line that ive got highlighted right there for you and its important that you understand itll cost you a lot more than just lunch if youre not paying very close attention to what youre doing with your crypto all right now lets go into changing gears here a little bit and this is a reminder that reinforces this from clinton donnelly the crypto tax picture were going to have clinton donnelly back on this show very soon because of all of this paypal news and some news were about to get into here and you know its just good to stay up on these things things are changing very quickly he says any attempt to introduce cryptocurrency into day-to-day commerce for uh faces significant obstacle in the form of u.s tax system ill say thats true there you go amen the irs treats any crypto transaction as a taxable event a coffee from a crypto account could be forced to declare a capital gain again that is reinforcing everything i just shared with you about paypal and using crypto to buy lunch now barry silbert shout out to barry silver and grayscale investment fund which is kicking major butt over there the us dollars collapsing in value against bitcoin today well you know we did make that correlation you know kryptopos was on the show and he made that correlation and shared with us that he sees the correlation between the dollar index the dixie the dollar index which shows that when the dollar strong cryptos down and when the dollar is not is weakening we see crypto take off and he is pointing to that today so shout out to barry silbert come on in bitcoin hit 15 000 lets get into this conversation because youre gonna like this one so shout out to i trust capital guys check them out for an ira crypto ira theyre the best in the business bitcoin fifteen thousand thirty dollars ethereum four hundred nine dollars xrp is 24 cents and currently falling like a manhole cover from the sky but heres the question though okay so heres the question and the question is like this is a chart from bitcoin this is a all-time chart back from 2013 and on up to today and what i looked at here was simply this when we had the bull run of 2017-2018 okay we had the price there on december 17th was 19 365.49 according to coin market cap december 17 2017 now bitcoin has always appeared to be you know and not appeared it has been the leader in in this space and it is the brand awareness crypto that most people use synonymously with referring to all cryptos are you talking about bitcoin how many times does that happen to you were trying to ask somebody if theyre into cryptocurrency oh you mean that the bitcoin be like well theres more than 7 500 coins out here currently in the market today and the funny thing about that is is i can tell you for a fact sitting in this chair the world doesnt need 7590 some cryptocurrency so a lot of these are going to go away sooner rather than later i believe and the good part to that is is that were going to see i believe as we get this designation that whatever it is i believe will help xrp gain ground and really find its place and have that designation classification that will help that particular asset get the use case utility that it needs to help really drive the value now coming back to bitcoin december 17 19 365.49 whats interesting to me is today were over 15 000 and again as i just showed you xrp is not responding yeah dead on arrival it looks like well the reality is is im being tongue-in-cheek because i dont believe that for a second because really when i look at the charts and history i come here and i go okay lets go so we go to the chart the xrp chart that was december 17th for bitcoin when i look at xrp when it peaked out at 3.82 cents i think it was 84 but you know what im gonna leave the two cents to whatever but he was arguing over details but the reality here for me is simply this january 4th 2018 we had the high of xrp not on the same day as bitcoin but in fact what we saw was uh it ended up being 19 days after bitcoins peak 19003 and then we saw that on december 17th and then on january 4th just 19 days after xrp hits 382. now i dont know where we are and were not able to determine just as of yet are we back in that moment but it does look like we are leaning hard into a run for bitcoin it is well above the uh technical analysis uh support and resistance and its really pushing hard at this point so you know my question is is one are we on the prep precipice of a massive bull run as this bull market is beginning are we going to see a bull run ensue here and if so will we see that lagging indicator just like we did in 27 20 uh 2017 and 2018 where we see like a 19 to 20 some day window after bitcoin hits a peak and then we see xrp push to its peak you know uh you know i dont know history doesnt always repeat itself but its at the very least it certainly rhymes okay so these are things to certainly look out for i believe so when i look at that and i count you know oh count out you know okay weve got to pay attention here to what goes on because if bitcoin goes to that high again you know will it push through that high or will it pull back right will it find resistance there or will it find you know support and more buying power thats going to be the interesting thing and one of the other things we will look at that as we do that is the dollar strength while all of this is happening very key component is cryptolysis cryptopolis has pointed out the other thing i want to ask you is is that you know in just another 20 days or so or after november 20th so really in another 15 days we had the federal reserve back on october 23rd propose a new rule that changes not only the amount that has to be uh i guess shared or revealed from three thousand dollars to two hundred fifty dollars for any transfers that go outside the united states lowering the threshold but theyve also in that same proposal financial crimes enforcement network fincen and the federal reserve have made a proposal to widen the agencys definition of money to explicitly include cryptocurrencies november 20th itll be 30 days it says the fed is seeking public comment due within 30 days of the proposal being published in the federal register the former logbook of the u.s government individuals can provide feedback online via email my question here is is that were you know like i said november 20th itll be 30 days from the day that this article was published i dont know if its a 31 days and the definition is amended but it does sound like were very close to that kind of a window there its a tight window that once they get the public comment uh closed off after 30 days theyre pretty much going to do what theyre going to do which is expand the definition it looks like and when they do what does this chart look like what will this chart look like if they expand the definition of money in the federal reserve and fincen to explicitly include crypto currencies where does bitcoin stop and where does xrp start and what does this market look like when there is clear away definition from the federal reserve and the financial crimes enforcement network that cryptocurrency is money all right guys thats going to do it for me make sure you hit the like and subscribe something is afoot and its nothing but upside for anybody in crypto from where im sitting not financial advice hit the like and subscribe make sure you share with somebody you know leave a comment below and check out all the links in the comment section and the uh description box for everything that you may want or need its all products and services that ive used and they are vetted links to really great companies so make sure you check them out the other thing i wanted to tell you guys is while this is happening and crypto is starting to boil about to boil over make sure you go sign up for link to lin qto link to the premier company private investing made simple make sure you go over and sign up for them they are the premier company for private equity and blockchain and crypto its hands down if youre interested sign up you do have to be an accredited investor but you dont have to be an accredited investor to join a great community so make sure you do that too all right guys take care i will catch all of you on the next one XRP Las Vegas 2023 Naming Service:Early Launch Reservation .FLR Domain Names/Payment 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