ELON MUSK ON REGULATING CRYPTO | JEROME POWELL A DANGEROUS MAN | NATURAL GAS ENERGY CRISIS
Currently bitcoin is around 42.5 those turn around 20 and five and were seeing a nice bounce because were seeing, in my opinion, the stock market rally and its affecting the cryptocurrency market as well, and it is also rallying as well and were seeing natural gas pull back. Some, so this is what its called the everything rally and essentially the reason why it is important that everything rallies is because were seeing institutional money go into cryptos and stocks, so it kind of goes hand in hand if these institutional investors lose their money in stocks. Well guess what they lose money crypto as well, because theyre going to sell there to move back over there thats pretty much it yesterday. There are reports that kathy wood of arkhan vest has sold a ton of her tesla position and the reason for that again. Currently, its pure speculation, its because elon musk is playing ball with china. Of course, this is tesla as well, because he makes evs over there and obviously he has to play ball, because, usually, when you do business in china, you have to go and abide by their rules. If you want to use their labor, if you want to get into a country, you got to share your technical insight in order to join in to their economy. If you want to be a manufacturer there and thats fine, but the problem with that, is that usually, when that happens, the other companies who manufacture these parts, they literally rip it off and they still your intellectual property, your ip thats kind of what youve been seeing For the past decade, or two now, youve been seeing americans complaining, hey guys to china, you guys are stealing our ip, just literally copying it, and we want you to stop doing that to stop and desist.
But, of course, as you know, american laws do not apply to china because, as you know, its a different country, so natural gas is currently peaking and now its coming down some, which is great overall, because the energy market is currently to the moon. Literally, when you see natural gas increase of price 3x in a matter of weeks, that tells you that we are having energy problems and an energy problem is going to be a problem for cryptocurrency, because mining is used, electricity evergreen! Why am i still covering this? Well, they have defaulted and missed another payment, but now were seeing every grant issuing out their own stake in a company and theyre selling it to the national government of china. So what does that mean? This could potentially mean that we will see a nationalization of a private company. So what that means is that if you are a holder of ever grand or we have a lot of folks who are, you know, bond holders of evergrand, and that means that they are the last in line to receive payment, because just like any other corporation right, You have the lenders, then you have the stockholders and then you have everyone else. So basically the lenders get paid. First, then, the bondholders, and then the stockholders, so in the case here of this nationalization of this company here to china, is that the foreign bondholders would be last in line to receive any payment and then to prioritize who gets paid.
Now that were seeing the energy crisis unfold right before us here, it kind of makes more sense as to why china is dumping and banning cryptocurrency, because cryptocurrency uses a lot of power and china imports a lot of lng, liquefied natural gas to power their plants. To make power, and the thing is that you, as you know as well, china is a mega production of everything in the world here. So when china got wind or notice of oh, my god, what is this cryptocurrency here? What is it? Who cares but my god they are using a lot of power and what are they making not a whole lot, apparently nothing to benefit the chinese government so that so then china said you know what i think its time we crack down on cryptocurrency. That could be one of many reasons of why china correct on cryptocurrency, and yesterday we saw elon musk talk about regulating cryptocurrency. He was asked, hey, elon musk. What do you think we should do in terms of regulating cryptocurrency well, elon musk said nothing. We should do nothing to regulate cryptocurrency, while i agree with elon musk in that sense there, but i do believe we also need to put in some protection for the average retail investor, because it is ripe as fraud, and there are a lot of investors here who Are new to the game they come in and they get wiped out. Because of that, and of course there are many folks also entering also and making tons of money, but the problem with cryptocurrency is that a lot of time the code is open source which is fantastic and phenomenal.
I like that, but the thing is you have all these coins coming out and its literally a copy and paste with a few changed words here here and there for the naming of the new coin. So i mean some some folks may say thats innovation. But to me that looks like just plain plagiarization and which is fine, but they need to add some also value to it and some benefit not just a pure copy and paste with. That being said were also seeing the american government jerome powell j or also known as j pal yesterday in a senate hearing senator warren said i quote unquote. She said that jay powell is making the banking sector in the financial institutions less safe and he is a dangerous man and she would not be voting him in again for the second term of his work, because there are so many qualified folks out.