 Welcome to Digital Asset News, the guitar stories in crypto and bring them down to bite size pieces. So today, we've got some pretty spot on articles. And first up, Goldman Sachs sees more potential in Ether than Bitcoin. And it's not so much about what Goldman Sachs thinks. It's what people who have a certain amount of money and a certain age group care what Goldman Sachs thinks. And we'll go over that on top of the fact that U.S. Congressman declares investments in Dogecoin, Ethereum and Cardano. And we're going to take a look at how in actuality, it's not the smart money that is in Congress. And that is for sure. And then finally, we're going to do a follow up and talk about a massive crypto mining farm is busted by the Ukrainian security service. This might be seen as a fud type of article, but for me, it's all good news. So we'll go over all this stuff, but first take a look at what's going on into the market today. It is the eighth, I believe. Yeah, July 8th about 2 p.m. I'll pass with Texas time and it's a red day. It's the market is down and there are people selling and there are people making profits and there are people getting their teeth kicked in because they're getting liquidated and welcome to crypto. And that is exactly what's happening. And to me, I'm just sitting over here looking at the markets ebb and flow and I could really not care less about what's going on. And if you are a trader and you're doing a lot of leverage trades, sorry. Hopefully you run the other end of that, but this is what we have right now. So we're below 1.4 trillion yet again. And then let's take a look at what we have as far as like the Bitcoin price. Let me blow this up so you can see it. Not me. There we are. And then we've got Bitcoin 32.8 might even drop down. Let's see what else we got. Ethereum 2146. That'll go below 2000 and possibly. That is how nobody cares. Binance coin 314. Is anything up? Let's see. Wow. Uniswap up again. Well, over seven days, 15%. But over the one hour, everything's pretty much down. And what are you going to do? So the big thing here is not to be alarmed. I still think Ethereum will go up a little bit because there was a delay with EIP 1559 and that was kind of a blow to the system. That's a bummer. But again, they said there's going to be a little bit of delay, but it's still coming August 4th. And hopefully that will decrease some of these costs. And then with everything else going on, and then there is the grayscale Bitcoin shares, just the shares, not the Bitcoin. The shares in grayscale are going to be unlocked. So they're going to be sold, not the Bitcoin. Who was it? Willy Woo had a really good statement. He said, the Bitcoin that goes into grayscale is like Hotel California. You can check in, but you can never leave. And that is essentially what's going on. So they're not going to sell their Bitcoin, just the shares. So people are freaking out about that, because it's going to happen around July 19th. Today is, you know, the ninth. So I mean, what are you going to do? People freak out about everything. And that's just how it is. So until we get a little bit more money in here, expect extreme volatility. And that's just how it goes. But there are some good moments. And we're going to talk about one of those right now with the Goldman Sachs loves Ethereum. So this is what's going on. I find this interesting. Again, I don't really care what billionaires think. I don't really care what, you know, multi-multi-millionaires and massive hedge funds, I think, and do. Sometimes it's just about the perception of what it is. And for people who are like, well, I don't really know about this stuff. And I heard it's very dangerous. And, you know, you might use this for, you know, illegal activities. This is good news. So Goldman Sachs sees more potential in Ethereum than Bitcoin. And this is why I think that I know people are like, Ethereum sucks. And it's it's a very expensive true right now. There's a lot of fees, but I still think it's going to do very well. Because if you ask people about crypto, good chance people know about Ethereum and they're going to buy it. So this was a statement from Goldman Sachs. ETH Ether currently looks like the crypto with the highest real use potential as Ethereum. The platform on which it is the native digital currency is the most popular development platform for smart contracts applications. And real quick, let me just take a look at DeFi Pulse and just on the fly. Just see how much has actually locked up as far as like, you know, total value locked 54 billion, 54 billion. And then just to be, you know, legit here, let's take a look at the actual chains that are being locked up on this. So if we take a look at the chains, I mean, the first one is Ave. It's a multi chain, but it's got 10 billion locked up. Congratulations Ave. But Instadap, Curve, Compound Maker, Uniswap and blah, blah, blah. Everything down. It's all Ethereum. I know people, I mean, like I like Cardano. Some people accuse me of being too heavy on Cardano. I think it's going to do quite well, but you still can't discount Ethereum and what's going on. So I can see their point. Anyhow, this is where we diverge massively. So Goldman Sachs prefers gold. Sure, I have gold and silver, but whatever, stating that neither crypto currency will be able to overtake gold anytime soon. The analysts explained that crypto currencies are not a direct competitor to gold as a safe haven asset due to their high volatility. Oh, really? Oh, really? Well, you actually do have a point and it's pretty, pretty volatile, let's be honest, but not to be undone here. Let's just take a look real quick at gold and here in the price of gold. So over a year, it doesn't seem like it's been a straight line. It's not like it's tether or anything. So 1800 up to 2100. That's pretty good. And then back down to 700. That's just a year time frame. Let's kick it up a notch. Let's take a look at five years. Let's take a look at, wow, look at that. You could have gone from almost 1000 in 2017 to 2000 and back down again. You know what? Let's take it, let's go out even further. Let's take a look at 10 years. We'll look at 2011. You were almost at 2000 and look at 2016. You were almost at 1000. So if you're going to sit here and tell me that gold is the absolute ultimate hedge against everything and it maintains and it's going to be yet a long way to go. Just kidding. Hedge gold is still a pretty good hedge, but it's still a little volatile. Let's just call a spade a spade. Anyhow, so the analysts explained, furthermore, the investment bank pointed out that the competition between different cryptos is hurting crypto's ability to become a safe asset class for investors. And this I'm going to leave up to you. Do you think that is true? Do you think that with all the different cryptos that are out there, the thousands that are out there, does that hurt the digital asset industry or does it actually help? And is that what is holding us back? Let me understand the comments section. Let's move on to our next piece as we talk about US Congress and their foray into crypto. I thought this was interesting to me because. You know, we like to think that the people that we nominate to get into Congress, you know, they really are good at a lot of different things. Not so much as far as like fomoing in and buying at the top, which unfortunately Barry Moore, I'm going to follow this guy because he's in a crypto. I'm in a crypto. We should have a lot to talk about. And this is what he did. So US rep Barry Moore from Alabama filed a periodic transaction report last week declaring his recent crypto purchases. And let me blow this up so you can see what I see. Actually, let me close up the browser. Here's what we got. This is what he bought. So he bought Cardano between a thousand and 15,000. That's kind of a big range, but okay. He bought Cardano again on May 13th. So first was May 11th. Next one was May 13th, around the middle thousand. Cardano again, Dogecoin June 13th and Ethereum somewhere between a thousand and 15,000. So he's into it. Good for him. I'll take it. So if we take a look at this, where are we? So it says here, his crypto investments have decreased in value since his purchases. He bought Cardano on May 10th, May 11th and May 13th, which is if you follow the channel, you know that I'm not a big proponent of buying things when everything's going up, wait a little bit till it, you know, peaks and then buy it on the decline or at the very minimum, just dollar cost average up and down and all around. He should be fine. This is more is like, Nope, buying everything. So the price of ADA was $1.76, which wasn't bad, $1.55 and $2 and almost a penny. So he's down a little bit. Hopefully he's got those diamond hands. Now we can go from there. And then lastly, the Congressman also declared that he bought Doge on June 13th. Price is around 32 cents. Not too bad because now Doge is around 20 cents. So again, he's down. He also bought Ether on May 5th. The price that day was four grand. Ouch. And right now it's around 2000. So look, if you think that you can just like, everybody's like, is going to buy these dips and they're going to get in low, you can understand. Not everybody's like you and me. They look at these things and they go, you know what? I got to get in now. FOMO is a real thing. They cannot stop themselves and they start to buy in. And that's just how it is. And that's why the market will be a little unstable. Let me know what you think of the comment section. If you think you did the right thing or the wrong thing, I think he should watch the show and learn how to dollar cost average, but I'm Mr. Moore, I'm happy that you're here. I'm glad that you came into crypto. Now let's start accumulating because the market's going to go down and slide down for a little bit. So perfect opportunity. Good for you. All right. So that's that. Let's finish up with our last one, which is crypto. A bunch of crypto miners got busted. So this is what happened. Some people will see this as FUD and spreading FUD and it's awful and whatever else. This is great. I'm glad I'm glad that all the Bitcoin miners are getting out of Ukraine and definitely China and they're all coming. Where are they coming? EU, North America, Texas, Florida, Maryland. Can't wait for you guys to get here. I am ecstatic. Anyhow, so this what happened. This mining facility, which to give you the grant, the scope, but it's not, it wasn't like a small one. Look at this. It's pretty big, just racks and racks. Same thing you would, you would, you would see, you would see like all these different fans and whatnot. So if we look over here, this is all they found out. It was stealing enough electricity to cause blackouts in multiple city areas. If you're trying to hide things, it's not a good idea. It's just sucked the, the electricity to where you're blacking out other areas. Just, just a tip. Anyhow, the amount of weekly damages could reach 7 million hervinias, which is about 256,000. The farm was located in one of the former warehouse buildings of a local energy company. Good place to set up though. I'll give it to you. And this is what they did. They tempered electricity meter data in order to conceal their illegal activities. This is, they use 3,800 gaming consoles, 50, 500 GPUs, 50 CPUs, as well as incriminatory documents relevant to electricity theft that have all been confiscated. Can you imagine sitting in that courtroom and going, Okay, well, let's see if these guys are actually guilty. So we have the documents that show us that, you know, like this is what they looked up to how to steal electricity. We found these Bitcoin miners, they found them in this electricity places. They were running this different software. I'm going to move to config. So yeah, that's a bummer for those guys. You should have just moved over here. I know it's not that easy, but in all honesty, look, people talk about how this is, this is awful and whatever else. And I, I'm going to be pretty sure that people are going to pick up this story and remind us how awful it is. These miners are getting fleshed out. But just remember this, China did the same thing with the Bitcoin miners and cracking down on cryptocurrency. They do it every single year and every single year, the lamestream media picks up that stupid story and they're going to pick it up again next year and the year after that and so on and so forth. So just remember, doesn't matter. The Bitcoin network is still strong. There's been no 51% attacks. There's no double spends. Everything is good. The mining difficulty is actually down. The hash power is actually down. People who are independent Bitcoin miners can actually mine Bitcoin now and before they set things up. And look, all those people that came over from from China and they moved to Kazakhstan, they're actually raising the price for electricity. They're going to have to come someplace else and it's going to take years for the infrastructure and that's going to bring more jobs here. That's going to bring more opportunities and it's going to bring the Bitcoin mining ecosystem right here. And I am welcome and happy to have you. So that is it for today. So look, I know that went a little long, but a lot of things going on. And look, in July, I don't see much action. Like I said, I've been saying this forever. July is going to be a bad month. Just expect some some losses. Expect the market to go down because of all things we talked about, but August, September, October, November, December, and they were going to see fireworks and I'm sticking to that one. So that is it for today. So look, if you liked the video, give it a thumbs up. There's my grandson photobombing me in my video. Give it a thumbs up, a like, consider subscribing to things we talk about our time sensitive on this channel, like we just talked about today. And that is it. So thanks a lot. Appreciate it. See you in the next one.