 So we're talking about this move. We've just seen in Bitcoin and Tesla shares I've got the move in Bitcoin right here on the 15-minute chart powering back above that 40,000 level here and the main news is that Tesla have announced that they're going to be accepting Bitcoin payments. So joining me here. I've got Eddie Donmez and Tim Duggan to discuss the move both in Bitcoin and Tesla shares Eddie, I'm going to start with you. You're probably the most informed to tell me what's happened give us a bit of background to this move in both Bitcoin and Tesla shares. Yeah, hugely exciting for the cryptocurrency space. More about institutional acceptance really. So Tesla are now announced that they're going to be accepting Bitcoin as payments. They've also bought 1.5 billion in Bitcoin according to an SEC filing and why this is significant for Bitcoin of course and for Tesla but more so for the Bitcoin space is this is now setting the scene for institutional acceptance both from an asset management perspective. ARC investments have actually released a piece saying if every company in the S&P 500 allocated 1% of their treasuries to Bitcoin it would hit 40,000 and if they did 10% it would hit 400,000. So what this is basically being seen as Bitcoin is essentially a cash or a cash equivalent basically. So traditionally lots of corporate treasuries would have held treasuries. Super low risk, relatively low return and what this basically gives a green light for is more institutional and corporations holding their cash in Bitcoin. Okay so this is huge for the space. Let me come in on that because that's interesting because do you remember Tim back in November we did a video about how this time it's different when Bitcoin passed 20,000 towards the end of the year we did a quick clip this time it's different why is it different to 2018 and Eddie it was exactly that thing it was the feeling that there's way more institutional involvement here with old dogs like me now being interested in crypto and Bitcoin back in 2017 back in 2016 I have to admit hands up I didn't think it was credible yet I didn't think it had been tested enough yet but towards the end of last year on that break of 20,000 the reason why this time it's different is Bitcoin had been through that you know consolidation period it had been tested and the voices talking about the cryptocurrency was you know were much more institutional one issue I have with this all though is obviously you know going back a year ago Elon Musk changed his profile to have a Bitcoin logo on social media he's been pushing this and pushing this also turns out he's got a chunky position in Bitcoin as well should he be allowed to do this is this is this acceptable there's this one man got too much power now. Yeah I think I think he definitely has a huge influence all you need to do is look at Dogecoin that literally joke of a cryptocurrency and the effect that he has but just to kind of set the precedent Michael Saylor of MicroStrategy it's another company kind of a consultancy company he's been around for a long time and he's kind of set the precedent for converting treasury holdings into this Bitcoin so it has been done before but for Tesla to do it is really big news because you know the cult following that is almost mirrored with Tesla and Bitcoin right but in terms of the I have a Doge chart here actually that I could share. Go on share Dogecoin obviously this is up I mean what is it 640% in the other months. Yeah so this is Doge the prior high there I mean god these are very small increments we're looking at the daily virus here as you can see we're just testing that all-time high here at about what was it actually sorry this is not Doge this is Doge here this is Bitcoin we're looking at and just getting the Doge coin up as you can see that 08 was the prior all-time high tested yesterday on these markets and you know I think this is probably not going to see a bit of a pullback within the general list. I know a lot of people are going to be talking about Doge. Doge is everywhere of course because this is phenomenal but I'm on Eddie's line I actually think this story is way bigger than than than just Dogecoin this is this is global impact when we talk about the fact that treasury departments can start to hold some of the valuation in crypto the one question I've got for you guys before we wrap up this short update is now I've been following Elon on Twitter for a while the impact that he's had just over the last sort of two or three weeks it's kind of like he's got the power bug I'm what I've seen in the past time and time again and we've seen this actually going back a long time in the past is power is addictive and it creates a drug and I maybe there's a long way to go on this but we saw what happened with Trump and his Twitter but you know is there a danger that Elon's actually beginning to push it too far and I think there's cases here that look he's been promoting Bitcoin for a year and then to make this announcement I mean you know he always knew he would make this announcement there's definitely something odd here the fact that you know one person can have such an influence over asset prices and benefit from that influence I don't know whether I'm pushing too far down that line but I'm just beginning to get a whiff of this getting a little bit out of control I think he's actually in a little loophole there where I think he is beyond SEC reach right on this because the crypto space is pretty much unregulated so I think he's in a loophole at the moment yeah I don't know experience has taught me if someone you know irritates the industry that much like you saw perhaps with what the the game yeah there'll be some kind of just one interesting thing on this is the new there's a new SEC chairman actually and he is very understanding of cryptocurrency he actually spent time at MIT so he has a good understanding of the space there's also been someone underneath him the head of cryptocurrency research has actually been promoted to directly report to him this bitcoin was not really accepted from the previous SEC chairman but this new one does have an understanding from his time at MIT so yeah interesting things to come absolutely well listen guys thank you so much for this wrap just to finish on this chart of bitcoin and I mean Tesla shares are up now what nearly two percent um one and a half I don't have those up looking at bitcoin now but you know you can see this move on a longer term timeframe it's been phenomenal but we were definitely right end of November 2020 this felt different it felt more institutional it felt like there's a lot more depth to it so yeah Tesla are up 2.5 percent now as I speak thanks very much guys for this recap and look forward to catching up with you later in the day