After a user brings up the possibility of Tesla selling their #Bitcoin over hostility, Elon Musk replies agreeing with: “indeed”
Unsurprisingly, this tweet resulted in another 7% drop a few hours after it was posted
(He denied selling just a day later)
May 18th, 2021
China bans financial payment institutions from the cryptocurrency business
This reiterated a ban from 2013, banning payment channels from offering services in crypto
A short time after this news broke #Bitcoin fell yet another 20% in a matter of hours
May 19th, 2021
Pope Francis (yes, seriously) makes a tweet claiming that #Bitcoin should be replaced “without delay” over environmental concern
June 2nd, 2021
State-run media outlets in China publish a series of warnings to their citizens about dangers in the use of crypto markets
June 4th, 2021
#Bitcoin falls more than 8% after Elon Musk tweets a break up tweet
...Because the market ignored his troll tweet later that “make up sex is the best tho”
June 7th, 2021
The United States government seizes $2.3M worth of #Bitcoin from colonial pipeline hackers, causing panic in the entire crypto market
Prices fell a further 7% after this news came out
June 26th, 2021
The United Kingdom says popular cryptocurrency exchange Binance is not currently allowed to conduct any regulated activities
However people failed to note that this had no impact on users trading experience because it was an entity separate from Binance
July 2nd, 2021
Thailand SEC opens criminal complaint against Binance over unregistered operations
They argue that Binance continues to operate without registration from proper authorities
There are tons of other things including Jerome Powell, “deflation”, IMF warnings, Cayman Islands, Singapore, Bitfinex + USDT, Okex + Hong Kong, CBDC, and much more that I couldn’t touch on for the sake of having room in this thread
This is all within the span of a few months...
If you’ve made it this far, you might have noticed the common theme I’m trying to get at here.
Reading over these & getting the deeper meaning of them tells almost a completely different story than when taken at first glance, compared to how the market reacted
(in most cases)
Whether it is issues of the environment, anti money laundering regulations, and/or Chinese mining centralization, this FUD is all being addressed one by one and will all soon be irrelevant.
Countries will make both historically bad and historically good decisions on #Bitcoin
China banned #Bitcoin because they saw it as a threat to the upcoming digital yuan, a currency which is the 8th most traded in the world making up about 5% of transactions (yes, also energy issues)
There may be choppy weeks ahead, but we will have some serious movement upwards as institutional money & green #Bitcoin mining flows into the United States and we watch the greatest transition of hash power to ever occur.
We all know how quickly narratives change here.
Don’t know why this pic came out like that, apologies 👇🏻
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@elonmusk has had a big impact on crypto recently, & because some of his actions have been a bit unconventional, I was inspired to dig in a little deeper to find out what exactly his “end game” is
& what I’ve found does not disappoint.
I’ll compile all of the info below 👇🏻🥐
This story begins a short time ago after Elon made the now-infamous tweet that Tesla will accept $BTC
$BTC rallied from this news, only for the hype to be cut short by complete reversal in policy from Tesla
Tesla will NOT accept $BTC for payments, citing environmental concerns
This action led many to wonder why, just a mere few weeks after his company invested over $1B into $BTC, would he blatantly speak negatively about it?
Surely he has a reason to do so, right?
Well after taking a look at some hints left in his tweets, that appears to be the case
With the “meme coin” hype blowing up I thought it’d be nice to have a bit of a refresher, & go over some of the cool projects with real use cases that are ACTUALLY being built on $ETH
All of these projects are breaking into trillion dollar industries...