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Ignore The FUD!
This past week brought more FUD which drove crypto prices down even further. Here is a quick snapshot of the FUD items which conveniently always seems to come when Bitcoin is in a correction phase.
Tesla stops accepting Bitcoin (but still HODLs it on balance sheet)
US must report $10K+ crypto transactions (but only if you’re a business)
IRS getting bigger and targeting crypto (but only starting in 2023)
China bans mining (but only if coal powered)
But none of these items are anything to worry about. From a macro perspective we’re still on track. In fact, this is one of the rare “buy the dip” opportunities in a bull market. Here is what PlanB had to say about this correction.
Most bullish news from this week
Private equity billionaire David Rubenstein says cryptocurrencies like bitcoin are 'here to stay'. He stated “Cryptocurrency is not going away, just like gold is not going away,”. David is the founder and co-chairman of the Carlyle Group (source)
Sony Interactive Entertainment has filed a patent for a platform that would allow users to bet on esports using physical currency, bitcoin, or even in-game items. This shows how much the asset class is growing, companies are building infrastructure and compatibility for crypto (source)
Cathie Wood doubles down on being bullish on Bitcoin, saying it will go to $500,000 eventually. (source)
Despite Elon’s tweets about Tesla not accepting Bitcoin anymore, he has confirmed this week that Tesla has diamond hands signifying they are not selling the Bitcoin they hold on their balance sheet. And he also tweeted that he supports crypto over fiat. (source1) (source 2)
Michael Arrington - I had a great time interviewing Michael. Qe discuss his background, founding TechCrunch and Arrington XRP Capital, Crypto investing, the SEC Ripple XRP lawsuit, US Crypto regulations, Bitcoin, Ethereum, Propy, Bitcoin Pizza and much more!
Are you tracking your taxes for your Crypto trading? Be sure to do so, I personally use TaxBit to help me prepare my crypto taxes which I then share with my accountant. Visit TaxBit’s website to learn more.
Disclaimer - Thinking Crypto and Tony are not financial or investment experts. You should do your own research on each cryptocurrency and make your own conclusions and decisions for investment. Invest at your own risk, only invest what you are willing to lose. This newsletter is for educational purposes and NOT investment or financial advice.