| | Trusted by over 100,000 blockchain investors. |
|
HEALTH, WEALTH, AND HAPPINESS |
| |
Hi Everyone,
It's not every day that I get to speak with a head of state, and as statesmen go, laser-eyed Lord Fusitu'a of Niuas, the Tongan head of Parliament, was rather candid on Twitter Spaces yesterday.
As he diligently answered my question and explained the process that will need to happen to turn bitcoin into money in the small South Pacific island state, it became strikingly clear that the largest barrier in replicating the recent El Salvadorian bitcoin legislation would actually be his ability to return home from New Zealand, given his health condition and the COVID-19 restrictions in the region.
At this point, the entire nation can easily see the massive benefit, as the law would likely "double the country's GDP." See, there are only about 106,000 people living in Tonga right now, but another 300,000 citizens live abroad.
Remittances are the number one source of income, and the fees that result from going through traditional finance methods are extremely high.
What seemed even more interesting on the back of all this was the massive innovative benefits from offers that the good lord has recently received from bitcoin-advocating technologists to harness the power of the ocean waves in the surrounding waters in order to create renewable energy.
It's easily enough to power the entire country from the excess, while running a single mining farm there.
After advocating for bitcoin and free money for more than eight years, it's quite surreal to see entire countries, especially the poorest ones, wholeheartedly embracing it.
None of this, however, can save us from today's price action, which is, for lack of a better term, quite dismal. |
|
Blood red death
One thing is for certain, there's no shortage of bad news to accompany today's price action.
Over the weekend, sell-side analysts from Goldman Sachs put out a 60-page hit piece on the crypto markets, in which they stated that they understand the value of Web 3.0, but don't see a place for any of the current top cryptocurrencies in their clients' portfolios.
Analyst Lou Kerner, a Goldman alum, dissected the report, giving the highlights along with his take in this quick hit.
There's also a lot in the news right now about China's ongoing crackdown involving the bitcoin mining industry on their mainland, but community consensus seems to be that this is actually good for the digital currency.
By far the most prevalent cause of concern today is the confirmation of the ominous technical indicator, the bitcoin death cross.
The famous indicator was first foreshadowed by a small-time analyst and covered in this Bloomberg article, but only today has it been confirmed on the charts. |
|
Of course, many people feel that the death cross could also turn out to be a contrarian indicator, while others consider it completely meaningless.
Analyst Imran Yusof has put together a short, yet comprehensive guide to this event, and what it may mean for the future trend. Make sure to read, share and clap this article 50 times.
Also, just for fun, our executive producer is working on a film about the event, possibly starring Max Keiser and Michael Saylor.
|
|
Own blood
Last, but probably least, is the possible effects that the Federal Reserve's new policy shift may be having on the price of digital assets, as covered by our friends at Yahoo Finance.
Yes, it's true that some may be selling their crypto because of the Fed, but it's obviously not worrying stock traders at all, as the Dow Jones Industrial Average is up 2% so far today at the time of this writing.
As far as the charts are concerned, we've come down a long way from the top, but we are still up somewhat for the year. Some coins have risen more than others.
Bitcoin is currently in the green, to the tune of 10%, as it gives its third test of the $30,000 support. Ether, on the other hand, has gained 170% year-to-date but has now fallen through its support of $2,000.
I will leave you today with an old market quote from Baron Rothschild. Though we have no way of knowing if we are near the bottom, his famous quote is:
"Buy when there's blood in the streets, even if the blood is your own."
Wishing you all a successful evening.
Best regards, |
|
Mati Greenspan Analysis, Advisory, Money Management |
|
|
|
|
|
|
