BTCUSD - Testing the diamond hands
A few thoughts on today, for anyone who cares - or at the very least - for my own record:
1. Elon/Tesla/Bitcoin
Nothing has changed with Bitcoin or crypto since Elon/Tesla showed up. Their endorsement was great but their lack of clarity on their stance has clearly started a shit show. Either way, everything about energy consumption and other FUD factors are not new - they've been brought up countless times before.
Elon/Tesla first dabbled by 1.5b to their balance sheet on Feb 8th. when it was between $42-43k - so his "pump" really only drove it 50-60%. This weeks drop has been about 40% and already recovered 30% of it back.
Interesting Fact: Tesla's trade netted $101 million profit which is 1/4th of profits this quarter.
2. China Banning Bitcoin
Luckily, Bitcoin was built specifically for this boss. The entire infrastructure was designed with this exact censorship in mind and therefore it's a non-issue for Bitcoin's existence whatsoever. It creates fear and makes it much more difficult for people in China to use it, but there is no "banning bitcoin". It's decentralized. Your money is on the blockchain no matter where you have it and it cannot be confiscated (given you keep it on cold storage). Shit, someone could even destroy all aspects of their crypto wallet and memorize their 24 seed words and your money is basically in your head. Same goes for taxation, if they over-regulate/tax BTC, everyone will simply "lose their crypto in a boating accident" as they say.
3. In other news...
MicroStrategy bought more and now has over 100,000 Bitcoins, Cathie Wood's new projection is 500k and the recent sell-off has boosted the chances of a US Based BTC ETF, and WellsFargo is onboarding a crypto strategy for customers in June - just to name a few.
1. Elon/Tesla/Bitcoin
Nothing has changed with Bitcoin or crypto since Elon/Tesla showed up. Their endorsement was great but their lack of clarity on their stance has clearly started a shit show. Either way, everything about energy consumption and other FUD factors are not new - they've been brought up countless times before.
Elon/Tesla first dabbled by 1.5b to their balance sheet on Feb 8th. when it was between $42-43k - so his "pump" really only drove it 50-60%. This weeks drop has been about 40% and already recovered 30% of it back.
Interesting Fact: Tesla's trade netted $101 million profit which is 1/4th of profits this quarter.
2. China Banning Bitcoin
Luckily, Bitcoin was built specifically for this boss. The entire infrastructure was designed with this exact censorship in mind and therefore it's a non-issue for Bitcoin's existence whatsoever. It creates fear and makes it much more difficult for people in China to use it, but there is no "banning bitcoin". It's decentralized. Your money is on the blockchain no matter where you have it and it cannot be confiscated (given you keep it on cold storage). Shit, someone could even destroy all aspects of their crypto wallet and memorize their 24 seed words and your money is basically in your head. Same goes for taxation, if they over-regulate/tax BTC, everyone will simply "lose their crypto in a boating accident" as they say.
3. In other news...
MicroStrategy bought more and now has over 100,000 Bitcoins, Cathie Wood's new projection is 500k and the recent sell-off has boosted the chances of a US Based BTC ETF, and WellsFargo is onboarding a crypto strategy for customers in June - just to name a few.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.