The CEO of MicroStrategy seems to be unaffected by the potentially game changing regulations on the way in the US
If you are like me, you enjoyed your day off yesterday and were ready to enjoy waking up to a nice day with family, though not too much family otherwise your risk getting reported to the police by your neighbors for violating Pandemic restrictions.
Anyways, instead of waking up to pleasantries, you woke up to this smacking you in the face...
Bitcoin dropping by some $3k and not much end in sight to the declines:
(Source: https://bittrex.com/Market/Index?MarketName=USD-BTC)
Talk about the opposite of a nice wake up call, am I right?
On the flip side, me locking in roughly 30% of GBTC holdings the other day is looking better and better at this point, so there is that for some solace.
However, the negatives far outweigh the positives of a little profit locked.
The reason for the decline had to do with a string of tweets from Coinbase's CEO, Brian Armstrong saying that major regulation spearheaded by Trump and Mnuchin is on the way for bitcoin.
Specifically how they want to KYC all self hosted wallets.
More on that can be seen here btw:
If this ends up being true it could have far reaching and potentially very negative consequences for bitcoin and crypto as a whole.
Big investors seem unfazed...
That being said, it doesn't appear some of the largest bitcoin investors have been shaken by this news, or should I say potential news as it hasn't even officially been announced yet.
One of the largest investors in bitcoin, the CEO of MicroStrategy, Michael Saylor put this out this morning:
(Source:
It's hard to read too much into this other than the fact that he mentions no one can stop bitcoin which sounds like it is likely in direct response the tweets from Armstrong last night.
If someone willing to invest almost $500 million in bitcoin and risk his job as well as his company in bitcoin doesn't think this is crippling news for bitcoin and crypto, perhaps we shouldn't so either.
It will be interesting to see how this all shakes out, but as of right now it looks like there could be major changes on the way for bitcoin and crypto in the United States.
Though it still remains to be seen whether these changes would need congressional approval and there will likely be significant legal battles as well depending on what officially comes down the pipeline.
Stay informed my friends.
-Doc
Always Sell at the Top.
Easier said than done.
...because bitcoin is topless :stuck_out_tongue_winking_eye:
Haha everyone likes that!
I wondered why it dropped. Thanks for the report.
You got it!