Want to talk about the stupidity in the Crypto market right now? There's a lot going on. We have the Elon problem. We have Doj investigations, and we have the folks at the Colonial Pipeline. That pipeline that got hacked actually paying the hackers ransom in Bitcoin.

Talk about the perfect storm for a crypto crash. And look folks, as somebody with an audience, I gotta say, it's pretty freaky when private U.s companies have to pay ransom for their own defense. The Colonial Pipeline accounts for nearly half of the jet fuel and gasoline usage on the east coast of the country. It's pretty stupid and sad when anonymous foreign hackers can shut down a large portion of the Us infrastructure, cause massive panics for over a week, spikes of prices, and then get rewarded for it.

You need to be informed on some of these issues because these are things that are really becoming a huge problem. Anyways, folks, before we get into the video on what happened with Crypto and how bad this is going to get, all I ask in return is that you hit that ravishing like button and also don't forget to subscribe. Okay, so to start 100, The worst news of the last 24 hours had to do with Bitcoin. and Bitcoin led the overall crypto market to go into a deep downtrend.

By now, you probably know that the first straw that broke the camel's back was Elon Musk's reversal on his position with Bitcoin after directing Tesla to buy 1.5 billion in Bitcoin in February. Well, he decided yesterday to tweet his decision that, hey, no, you know what the environmental impact is, just way too severe. He said Tesla has suspended vehicle purchases using Bitcoin. We are concerned about the rapidly increasing use of fossil fuels for bitcoin mining and transactions.

He then went on to say that Tesla believes that cryptocurrency is a good idea, but that this cannot come at the great cost of the environment. Then with that, of course, Bitcoin tanked. And so when I saw his tweet, my original reaction was to retweet it with the eggplant emoji. which I think that means being sassy.

Correct me if I'm wrong, because remember folks, Elon Musk promoted Bitcoin for months. He put it in his little description. He kept talking about it. He then directed Tesla to buy it.

It rallied up tons more after it was pumped. He then directed Tesla to sell some of that, locking in a ton of profits, saying that they are testing liquidity. That selling bolstered Tesla's earnings for that quarter. After he cashed out a part of his Bitcoin, He's like, oh, I don't I don't like Bitcoin anymore.

No, no, no, you got people to buy it. Tesla made some money off of it and then he won 80. people were like, well, hey, you know, Elon Musk. He just didn't know about the environmental impact.

Really, He didn't know about it. He directed 1.5 billion in purchases to buy Bitcoin And he didn't know about the environmental impact like that's either stupid or reckless. He definitely knew. And I think there's a bigger story here.

The fact that Elon Musk has been chilling Dogecoin for the last couple of months makes this so much more ironic. His trolling shenanigans of putting Dogecoin on the moon via Dogecoin funded rocketship isn't exactly environmentally friendly either. But I think that when it comes to Elon Musk, you have to be really, really careful about how you look at him as a person because it's a little bit more complicated than like he does this. Then he 180s.

Elon Musk is two different people. There's the boyish Elon Musk that goes on. Snl pumps Dogecoin by calling himself the Doge father puts whoopee cushion seats in his Tesla so that you put on the mode, and then it farts when the passenger sits in the seat. That's actually true.

Google it. that's a Tesla feature. Tesla calls it emissions testing mode. The boyce Elon Musk that tweets about 420 and lines up his vehicles in the way that spell sexy.

The boyish Elon Musketeer likes to troll and make weed jokes and all that stuff. And then there's the Master by Elon Musk. the mastermind who has a massive plan to electrify the world, get us over to sustainable energy, disrupt the transportation industry, and get us to Mars and beyond, as well as encourage the celebration of technology. Look, folks, hear me out.

I actually think that what we saw today was the mastermind Elon Musk. Sure, if you take this at surface level, it's an incredibly stupid tweet. It says that cryptocurrency is a good idea on many levels, but then he says he can't come at a great cost of the environment, but literally any early stage technology By factor, if it's just starting to get figured out. well, it all starts off as energy and efficient.

Every industry starts that way. Putting capital into these technologies actually allows the process to go faster because it incentivizes evolution of that technology. If you really believe that innovation and new technology shouldn't be allowed to start off as energy inefficient and temporarily bad for the environment, then you wouldn't be filling our lungs with ash and emissions with his rocket launches. And honestly, folks, surface level Again, it looks terrible.

Looks like he did a 180. He just randomly bought Bitcoin and then he regretted it months later. Looks like he's a hypocrite. all that stuff.

But I think that if you look deeper, Elon Musk. Elon Musk right now has become the most influential person in the crypto space. And when he says that Tesla will not be using Bitcoin for transactions, but will still be holding it until it's energy efficient to actually use it for transactions. What is he doing in effect? Obviously, on one hand tanking crypto prices, but bigger picture, he's creating an incentive.

He's pushing the entire crypto space to become more sustainable. Folks, he could have easily dumped all of Tesla's Bitcoin. He already dumped some of it. You know, a couple months ago, Tesla shareholders would have been rewarded because Bitcoin straightened higher than it was when they bought it.

But instead of dumping it, he's putting out a directive. He's incentivizing the entire crypto market. But he's especially incentivizing Bitcoin to move past its energy and efficiency. and at the same time, how big of a deal actually is it that Tesla isn't going to be allowing Bitcoin as a way to purchase Teslas? It's not really that big of a blow.

There's not that many people who are buying Teslas in Bitcoin. it's more of a symbolic blow rather than anything. The biggest push for Tesla was them actually buying Bitcoin and they're holding it. So folks, maybe I'm biased here.

Maybe I just like Elon Musk, and I want to see the good in him. But I think that behind the surface here, what Elon Musk is doing is he's giving a kick in the butt to Bitcoin. Move forward faster. Move past your environmental issues.

Okay, but backtracking a little bit. How real are the environmental concerns for Bitcoin? And is it hopeless? Well, here are some statistics for you. The University of Cambridge cites a study that shows 20 to 70 percent of electricity consumption for crypto. And yes, that's a big range, but between 20 and 70 of total electricity consumption originates from renewable energy.

Pretty impressive for an early stage technology that's in the very, very early stage Work Analysts you guys know Arc Arc shows the banking system and gold mining system as being far, far worse for the environment on obviously a total basis, but also on an individual basis. Estimated cost per gigajoule. Irena, a global watchdog on renewable energy, believes that bitcoin actually incentivizes and it helps drive sustainable energy adoption. So if you're trying to mine, you're trying to build that profit margin as much as possible.

so you need to cut the expenses of the expense of mining is electricity. So if you have a cheaper option if you can use renewable energies, well, you're going to do that because it's going to make you more money. The more renewable energy and renewable energy technology that you buy, the more companies are incentivized to create ways of giving you that that accelerates the overall trend because that brings costs down across the board. Now, at the same time, the massive, massive adoption of Bitcoin and cryptocurrencies this year has dramatically increased the usage of energy all across the board.

With that acceleration, you've definitely seen acceleration of the bad kinds of energy usage as well. And I think that at the end of the day, Elon Musk just incentivized and pushed the entire crypto market in the right direction and we'll see if that pays off over time. Now, the other thing I want to talk about is Binance. It was announced today that they are under Doj investigation and of course, this is the world's largest crypto exchange.

So it sent ripples of fear through prices And at this point we don't have a lot of specifics in terms of what they're trying to do and overall regulators are just trying to figure out how to regulate crypto, both on the Irs side on the criminal activity side. I've gone over many times how a very small portion of Bitcoin transactions are criminal activity, but when it comes to the media coming out and saying hey, you know Bitcoin is being used to pay off the Colonial Pipeline hackers, Bitcoin is used for ransom. It gives the average person who doesn't know anything about Bitcoin or cryptocurrencies this idea that oh my god, no, it's it's this is this is immoral cryptocurrencies. That's literally.

it's literally just for paying criminals, when in reality, when it comes to Bitcoin specifically, it's less than one percent. and the criminal activity that is done isn't Bitcoin's fault. it's largely on the part of exchanges. But of course, when the media pumps the sort of story, it doesn't really give people a chance to think for themselves.

They just think, okay, Bitcoin equals criminal activity. And when you're starting to see all of these headlines come back to the surface when Crypto is just kind of moving away from that criminal association, it's disappointing to say the least. The idea that because criminals use something that it's inherently bad is really, really flawed. Because criminals use cash, Criminals drink water, criminals use cars.

It's not Bitcoin, that's the problem. It's the criminals. So crank down on the criminals, crank down on the criminal usage totally in favor of crypto regulators coming in, even if it creates a lot of fun in the market. If they come in, and they give clear guidance on how they're going to regulate it, how they're going to protect investors, how they're going to decrease criminal usage, and discourage people from hacking these different exchanges.

That's 100 excellent. That's going to increase consumer confidence. Who cares if that gives us some short-term selling off. Do you really want to have to worry about all these bad headlines with criminals coming in and using Bitcoin? No.

Let's get some clear guidance. Let's get this all at once. We can take a crypto crash. We can take a crypto winter.

That's a great opportunity. A lot of people are like, oh, I wish I had bought crypto much cheaper. Well, we're probably going to get some opportunities over the next couple of months, and then we're going to get back onto that overall Uptrend: You want to be in a market that has a lot of undervalued opportunities. You don't want to be in a market that has a lot of overvalued opportunities.

But definitely don't get me wrong, we're definitely in a freaky market right now, but we're going to stay dedicated to the process anyways. Those are my thoughts. Let me know what you think about this. As always, have a great day and I'll see you in the next video.

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