 Welcome to Digital Asset News to Catap Stories and Cryptocurrency Digital Assets and bringing on a bite-sized piece. Today we need to talk about a couple of things about going on as far as high-level market manipulation. And we're going to go over a lot of different stories, a lot of different things, and we're going to take the bad with the good. So as far as bad, first up, Guggenheim's CEO now says crypto are tulips after they predicted a $600,000 bitcoin. I'm going to take a look at the US Treasury and Treasury unveils of Biden's proposed tax measure and what that means as far as people who are dabbling in cryptocurrencies like ourselves. And then on far as more bad news or manipulation, it states your institutions may be dropping bitcoin for gold. So says friends of the show, JP Morgan, just K and our friends whatsoever. And that is the bad part. So then what I want to take a look at is the flip side of that same coin as the good things that are going on in the space. First up, ARX Cathie Wood, next Bitcoin could hit $500K. Then we're going to take a look at just a little graph as far as like corrections go and how deep they've gone in the past. We're going to take a look at a Chinese firm investing $25 million in crypto processing or money and data centers in the United States. Also, BlockFi messes up and sends people a lot of bitcoin. And finally, I will take a look at Fed Chairman Jerome Powell talking about central bank digital currencies or CBDCs in the United States. So we'll take a look at all those things. But first, let's take a look with the market. And I'm going to spend really quick on over this because we got so much to cover. First of all, total market cap is almost $1.8 trillion. We took quite a big dip. The coins themselves, we're seeing Bitcoin up a little bit, $41,000, Ethereum, $2.7. So I mean, it's just a sideways day really. There's probably some that are making up fantastic gains. But really, this is where we're at. I think we're going to trade sideways for quite a little bit of time until things start to break out. But anyhow, let's just go over today's stories and see what we got. So this first one, and before I go on, there was a great video with James over at Invest Answers. And this one right here, Crypto Crash Update, how markets are manipulated. It's great. I actually shared it on my channel. Go ahead and check out James. He's got some great information. And he talks about manipulation like we're going to talk about right now. But this is just one of those things where you have to understand that people in our space right now, they get news from a lot of different variety of sources, but we're just a small percentage of investors. In all honesty, these are the types of things that people actually hear about as far as cryptocurrency. And they always seem to amplify the negative for some reason. And the reason is because in mainstream media, negativity sells. Negativity sells a lot more than positivity. And that's why every time you took it, they all turn on the news, you're going to see fires and wars and everything else that was breaking out. They don't really cover too many good things. And these are the types of things they actually cover. So this is what Scott Menard, who is the CIO of Guggenheim Investments, and remember, he said that Bitcoin went to 600K not too long ago. And he says, look, crypto has proven to be tulip mania. As prices rise, tulip bulls and cryptocurrencies multiply until supply swamps demand at previous market clearing prices. And I would love to say that he's wrong, but he's not. He's absolutely correct. And I know that seems a little bit odd, but here's what you have to understand. I see so many different projects coming out now, and I get an email of probably everyone to actually talk about them on my channel. I turned down a lot, but it's a lot different than 2017. 2017, it was all like, hey, we got a white paper, would you like to cover this? I'm like, no, the thing is sense. But now, you know, a lot of these projects, they actually have a working product. They actually have things that are actually, they're doing, they have real world utility. And I think a lot of them are just overlapping. There's a lot of different projects that just do the exact same thing. And it's almost like pharmaceuticals. Pharmaceuticals, you get a lot of different drugs that are like meat tube medications. And, you know, they may come out, they may do well, but I don't think that we have the room right now for all these different projects. I think only the strong will survive. When we talk about tulip mania, he has a point, but he's not saying like, like Bitcoin and Ethereum and Cardano or like all tulip mania, they're going to go away. It's not what he's saying. He's saying like, a lot of these projects will go away because there is too much supply and it's not enough demand, which I think makes a lot of sense. So in this situation, I can see what he says, but the thing, the people that will cover this, we'll just talk about the, we'll talk about the negative and they'll say all the cryptocurrency is tulip mania. So I just want to make you, make you aware of what is going on and you will see more of those stories like that. On top of this, we've also got a nice little dip in the market thanks to Biden administration. Hey, it is what it is. US Treasury unveils Biden's tax measures. So this is for the American family's plan, tax compliance agenda. They're trying to raise money to pay for this. I want to say it's like almost a trillion dollar type of thing or 800 billion type of, how do they want to get going? So the report notes that another significant concern is a virtual, in the report it says another significant concern is virtual currencies, which have grown to 2 trillion market cap. Hey, jokes on you. It's a 1.8. It states cryptocurrency. This was actually in the report, which I think is actually kind of bullish that the United States is taking a look at this and going, you know what, maybe we should take a big, more of a look about what's going on. States cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly, including tax evasion, which of course they're going to say that even though it's very odd, because you can find everything on the blockchain. If you want to look at tax evasion, just take a look at all the banks and the billionaires out there and what they do, but that's a whole other topic. And further on the report it says, despite continuing constituting a relatively small portion of business income today, cryptocurrency transactions are likely to rise in importance in the next decade. And this is the thing. This report gets it. They know how big crypto is going to be, so they're going to try to get ahead of it right now. I think they learned a lesson, you know, a while ago for the internet and they want to really just start to really hammer home the regulation. I think regulation to me is, it's like cake. A slice is pretty good, but the entire cake eating that is just ruining your whole night. And I think that a little regulation is good, but unfortunately when you have a lot of people involved, sometimes things just go a little bit of haywire. And then lastly it states, as with cash transactions, businesses that receive crypto assets with a fair market of value more than 10,000 would also be reported on. But a notice here that says businesses that receive crypto assets. So I don't know how that's going to work. If you're talking about LLCS Corpse and C Corpse or sole proprietors who actually have a business and EI number, if they receive cryptocurrency, they have to report it as opposed to like a random individual like yourself who gets more than $10,000 as far as crypto, do you have to report it? And then how does it actually work as far as decentralized finance, you know? Or as far as like staking, if you make over 10,000 and staking rewards, would you have to report it every time? These are the things that they have to hash out and there is no end in sight for that. So I expect a lot of volatility around a people posturing in Congress. We'll see what all works out. But that is those two pieces. And then finally, I'm going to show up with some more fun, which is institutions may be dropping Bitcoin for gold. So says JP Morgan. Again, James over there had a really good answer to this, but I will just, the whole thing is about, I'm not going to read it, but it's all about the futures market. Now people are getting out. And I will say, I will say this. And of course it was covered on CNBC. I will say this. If you take a look at the gold price, the spot price right now, over the last seven days, the price of gold has gone up. I think we can see it right here. Price of gold, it's silver gold. It was down there a little bit, but same thing. And if you take a look at that, you're like, oh, maybe people are dropping it. And because you know, people, gold bugs, which I own gold, I own silver round Bitcoin, they talk about how it is a store of value. So you're like, well, you know, 1820 to almost 1880 is pretty good. Let's take a look at 30 days, how to do that. Again, it's pretty great because it went from 1780 all the way up to 1880. So, you know, a pretty good store of value, not too much of a fluctuation. Well, then let's take a look back over six months. And you can see that actually over six months, it was almost at 2000, dropped all the way to 1700. So when the gold looks talk about volatility and cryptocurrency, then take a look at a year. Same thing. 1700, 2100, back to 1700, they're in that range. So if you bought right here, 100, you think you're a genius. You're like, oh, I'm going to get some gold, then it drops out of 1700, you're like, what the heck happened that store of value narrative? Gold, some bugs. And here we are. So again, if JPMorgan is going to say that that is what's happening, I don't believe that, especially with the data that we've seen. Again, check out James's channel. And this, I think, is just one more piece, bigger piece of the puzzle. Let me just think of the comments section as far as the FUD. Let's go into the positive. So this, Kathy Wood predicts Bitcoin could hit 500,000. And this was a, it was a pretty good one. And she just did like a little piece because this was during the whole drop a couple of days ago. And this was with Bloomberg's Carol Masser, Archive CEO. Bitcoin would still reach 500K. So she's got pretty strong hands. Wood says that recent correction has boosted the chances of a Bitcoin exchange ETF being approved by the SEC, since central product is less likely to be greenlit when price are at all time highs. I guess the big thing that the SEC is looking at as far as is in the market is manipulation. And of course they're like, we're not going to approve an ETF. There's so much manipulation so people can make so much money. But here's the thing, there's manipulation everywhere. I know they want to get their hands around it. And I don't think they're going to be, it's going to be an ETF without a little bit of regulation. So again, it goes hand in hand. If you want the price to go up, you're going to need a little bit of regulation, so big money players can get in and feel a little bit comfortable making the say, okay, well, now we're going to come back. But I believe we're on the right track, but I've been here in ETF for four years now. And here we are. And then lastly, she states, and she's talking about Elon Musk, which actually I'm not going to cover. I don't really care. So yeah, that's the whole thing about the ETF and what Kathy Wood says, but she's still bullish on the 500,000. And she said that her analysts have taken a real deep dive into it and taken a look. And she goes, we still are on the right track for a half a million dollar Bitcoin. The big question is, when is that going to happen? I still hold it's going to be 130,000, between 130 and 150,000 by the end of this year. And we'll see how it all works out. Let me just think of the comment section on that one. And then I just want to go over quickly and blow this up. A nice little graph as far as corrections go. And I want you to notice something. This one right here, this was in 2013 to 2016, Bitcoin dropped 87%. And here's all the things that happened during that time. China bans Bitcoin. Remember that China bans Bitcoin? Well, actually they just did it again. And Bitcoin exchange, Mt. Gox suffers hack regulatory troubles and eventual bankruptcy. And then we see another thing here, December 17, 2017 to 2018, it dropped an 83% again. 530 million of Japan's largest OTC crypto exchange coin check was hacked. And on top of the fact that we just in the four year cycle and it went down. And then lately, between April and roughly a month, we lost 51%. That's a lot of money. I know all came to this, they talk about Elon Musk tweets that Tesla accept stop accepting Bitcoin payments. When you take a look at this, it seems pretty awful, right? But in all honesty, really what's going on is people are just whales are just accumulating. People are just getting into the market. And the people that haven't gotten the market, they're able to kind of pull that train back and get into crypto because they know all the different levers to pull. So don't be, don't be alarmed when you see these things and especially like the other articles that we saw about, because all the different hacks in China banning everything else, all those stories just play into part of the, the total market cap just dropping. But there's one thing you have to remember, every single time it has dropped, it has come back even stronger. I remember in 2017, we had $20,000 Bitcoin. And everybody's like, that's amazing. That's a huge amount of money. And our market cap was $860 billion, $840 billion. And everybody's like, wow, we almost hit a trillion. Now, when we take a look at it, can you imagine if we go below $1 trillion, people will be losing their minds? Like, this sucks. This is awful. So take a look at the big picture about what's going on. And I think you'll see where this whole market is going. Anyhow, that's those two pieces. And then here's some more good news. We just talked about how China had banned cryptocurrency again, and you can't use peer-to-peer. You can't trade between two people and OTC desks are all shutting down, which I think would be a big problem for places like finance, because a lot of their customers aren't in China. And we'll see how this all works out. But I think this is a good move here as a Chinese firm, BTC, invests $25 million in crypto, mining data center, and Texas. So the whole thing is this. I'm going to skip the first part, because I don't want to spell sleep reading it. The first part here is the total power capacity of the Texas Mining Center is 57 megawatts, with more than 85% of its power generated by clean and low-carbon energy. So all the people are like, it's so awful. Well, now you can get 85%. And then they're going to say that, hey, as time goes on, we're going to move even to like 95% renewables. So that's the big thing. So BTC current data centers in the current place that they're actually invested into. We're in Sichuan province, China, which runs 100% of clean energy the company claims. Here's the problem with China. It's tough to go in there and say, we need to do an audit and take a look at these things. They're like, no, no, thank you. So the great news is that China is trying to shut down everything over there, and especially with crypto, because these miners, well, if they can't sell their Bitcoin at their mining, how do they run the operation? I think it's an interesting situation, especially with what could happen in the United States. This could shift the whole dynamic over to other countries, especially in West Texas. The reason why West Texas is so big, because first of all, those mining operations, you want to keep them cool. And you want to actually get some cheap electricity. The thing about West Texas, where I live, is there's a ton of wind and solar energy. And for those type of situations, this is perfect for Bitcoin. Also on top of that, it gets super hot. So I'm like, why would you guys ever do that? Well, they have this liquid cooling process, some type of gel that they put in there, kind of liquefied gel that really cools down the whole thing. And we had covered this like six months ago or seven months ago. So you get really a twofer. You get low cost energy, renewable energy, and you have a way to cool things so much. And of course, just to build things over there is not too expensive, a little bit more than in China. So I think this is a great move. It moves it to America. America becomes, again, I hate to say, more of a power in the crypto space, because everything is kind of moving into this area and moving out of China. So maybe all the people that were like so nervous about, well, it's centralized in China. Well, not going to be centralized in America. So whatever. And we'll see how that all works out. And it states here, the new operation in Texas can help the local economy. Great. That sounds good. And that's pretty much the whole thing in there. So I'm just excited that we see a lot of different Bitcoin operations mining power plants moving to Texas. And this is like the third or fourth one. So great. I'm happy. I'll take it. And to finish up, just because this is random news, Blockbuy messed up promo payments, transfers up to 700 Bitcoins mistakenly. And just so you know, your funds are safe. It wasn't a lot, but it's enough to cover, I think. So Blockbuy, they overpaid bonuses to a group of customers. If you don't know Blockbuy, it's kind of like Celsius. I hate, and Celsius is going to scream at the monitor, but it's kind of like that. You can earn different yields for the different cryptocurrencies that you have. All you got to do is put on the platform and then off you go. I don't use it personally. I just use Celsius. So I can't wait to talk about Blockbuy. But they mistakenly overpaid bonuses to a group of customers with some receiving up to 700 Bitcoin in their accounts. The payments were related to a stable coin promotion. You know, just like how you put in Bitcoin and get so many Bitcoin or stable coins, whatever else. Well, they just put everybody in Bitcoin. So instead of $700, I guess, $700 in stable coins, it was 700 Bitcoin. The issue first blew up in social media. Well, customers of the company bloated about the payments followed as we're concerned about the financial stability of the platform after issuing these oversized bonuses. And this was a statement just so everybody's clear. The company's exposure is currently approximately $10 million and decreasing quickly as clients are running returning funds, which is amazing. I wouldn't return squat. We are incredibly grateful for our clients understanding the mistake and returning funds that did not belong to them. So, hey, it all works out. You appeal to the humanity and people and they get back. The company declared this mistake doesn't imply any financial risks. Having over $15 billion asset center management means they got a lot of money. So it's just $10 million. No big deal. And that customer's funds are safe, even though the conference has eroded. So, well, everybody makes mistakes, hopefully they're not huge mistakes, and they say it's okay. But for me personally, I'm not going to use BlockFi. I mean, Celsius has done pretty well by me and they haven't liquidated anybody. And this is the second big incident that they have. The first one was March, 2020. We had that huge Black Swan event with the coronavirus. And now recently, we just had that, you know, China bans Bitcoin and Elon Musk craziness and we've lost like, you know, 40% a day. They still don't liquidate anybody. So I'm happy with what they're doing. So good job, Celsius and BlockFi. Learn from the mistakes, I guess. All right. And lastly, the Fed chairman Jerome Powell said that central banks will produce a paper on CBDC. And I was going to, I'm not going to go with the things. I think it's funny that people think that central banks and banks are going to be the innovators. It's just ridiculous. Now, we've got stablecoins, we've got crypto. And this is just one more thing they're trying to do to just keep a foothold. I'm glad they're doing it. But again, I think once they actually get the paper out and get the people to comment and all those things, it'll be like, well, thanks, you know, it's just kind of like, like when people, when Blockbuster was like, hey, we're going to have, we're going to come out with a streaming service better than Netflix or like, but I don't need you guys. So, so that's it. I think this was probably a room for it. And we'll see how it works out. But it just goes to show you that where things are moving, I was kind of worried that America would never catch up. But it looks like they're doing the right things. And even banks are starting to talk about custodying crypto and, and, you know, being an exchange essentially for it. We covered that before about, you know, hundreds of banks thanks to NY Dig. So that's really it. We'll see how it goes. It's just a paper. It's not going to happen overnight because it's the, it's the government. There's, there's slows molasses. Anyhow, that's it for today. So this is my last day in Puerto Rico. We're supposed to do a meetup. I missed it because I just didn't have, I just didn't have time to all the things that we were trying to do. But we'll be back very soon and we'll go from there. And we're putting out the Puerto Rico video very soon about, you know, legalities with the lawyer that I use, with the property manager, with the real estate agent, with the accountant and with the people that actually live here. So put it all together, a nice little package. You'll have it soon. And that's it for today. So look, no one little long, there's a lot of things going on. If you like the video, go ahead and give it a thumbs up. That helps tremendously. Consider subscribing. That's it for today. See you in the next one. Bye.