Hi Everyone,
It's another exciting day here in Miami, where the famous heat somehow doesn't seem quite that hot, especially when compared to the 40-degrees-Celsius temperature of Dubai.
Sure, it's humid here, but it is certainly a lot more placid then I was expecting, unlike the crypto markets, which are all red so far today.
Really wanted to thank everyone for sending in their encouraging comments on yesterday's newsletter, which even managed to get some media coverage.
It really means a lot to me that so many people agree, and it was heartwarming to see followers on Twitter standing up against small-mindedness.
At some point this morning, I had a thought to burn my ticket to the Bitcoin2021 conference and sell it as an NFT.
I could probably make a quick $25,000 and send the profit margins for this trip through the roof, but on second thought, that really would be missing the point.
The correct path is to stand up against tyranny rather than bow to it. Fight ignorance with truth. Bitcoin and crypto have real enemies.
There's no doubt in my mind that the wolves are at our gates. As we speak, President Joe Biden and Treasury Secretary Janet Yellen are no doubt cooking up whatever they can to hit our budding industry hard, using bitcoin as a scapegoat for the recent Colonial Pipeline hack.
Legislation in place of upgraded cybersecurity isn't the path any innovator would take, but bureaucrats often tend to miss the point.
My only hope is that U.S. Securities and Exchange Commission Chair Gary Gensler will be able to talk some sense into them, but I'm not holding my breath.
On the other side of the pond, researchers at the European Central Bank have fast come to the realization that they need to compete with crypto in order to keep up.
None of this makes me bearish, however. The fundamentals haven't changed.
Money comes in through the Federal Reserve and flows through the markets.
By now, the channels are wide open, and they are increasingly facilitating the transfer into the block economy.
Any kind of coordinated crackdown is more likely to create a Streisand Effect, calling more attention to the need for the democratization of money and financial markets.
Have an awesome weekend!
