This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out.IF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.COElon Musk tweeted an announcement that Tesla will no longer be accepting Bitcoin payments for cars, citing the environmental impact of mining.The official statement from Elon reads: Tesla has suspended vehicle purchases using Bitcoin, we are concerned about rapidly increasing use of fossil fuels blah...blah...blah...energy nonsense.Notably, the statement also included the fact that "Tesla will not be selling any Bitcoin."Elon Musk is a genius, but it seems he and Tesla have entirely missed the mark on this decision. Both Tesla and SpaceX rely on legacy banking and the dollar to receive payments. Each of these systems requires more energy than Bitcoin. Musk would need to reconsider his entire business model if he plans to hold himself to the same level of scrutiny that he is using to assess the environmental impact of Bitcoin. There are so many ways you can attack his decision. Just read the replies from his linked tweet. Further, DOGE is also a proof of work coin, which just a day before he proposed as a payment method for cars.Sure enough, moments after his tweet, Bitcoin and the entire market tanked, only hours after the S&P saw one of it's worst days in recent memory. I started to sound an alarm a couple of days ago that the market was starting to look frothy and here we are - one bearish tweet was all it took to trigger the sell-off. Irrational exuberance around dog coins, Tom Brady's laser eyes and calls for 100K Ethereum etc... all local top signals. I even tweeted two days ago that there were a number of top signals in the crypto markets. It seems that high schoolers making millions on dog coins with no inherent value that they believed would be the future of money was a decent signal that it was time for a flush. No surprises.It's laughable for the entire market to drop on this tweet, so we know that whales were just waiting for a catalyst. I do not have the numbers, but I cannot imagine that many people actually purchased cars with Bitcoin, investing in an asset that loses value the second you take possession with a deflationary store of value. This is smoke and mirrors.The truth is, this news holds no bearing in the long run. If Bitcoin is on track to be the global asset we all know and believe it to be, then one company's misguided choices will have no long-term impact.In This Issue:Elon Musk's TweetBitcoin Thoughts And AnalysisTrading Tip: Close Your Chart After A TradeVitalik Pulled The Rug On Dog Coins103,124 ETH Deposited Minutes Before CrashBitcoin's Largest Difficulty Adjustment Since 2014Tether Releases Breakdown Of ReservesThe Wolf Of All Streets Podcast Ft. Sean CulkinMy Recommended Platforms And Tools
The Wolf Den #241 - Elon Musk
The Wolf Den #241 - Elon Musk
The Wolf Den #241 - Elon Musk
This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out.IF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.COElon Musk tweeted an announcement that Tesla will no longer be accepting Bitcoin payments for cars, citing the environmental impact of mining.The official statement from Elon reads: Tesla has suspended vehicle purchases using Bitcoin, we are concerned about rapidly increasing use of fossil fuels blah...blah...blah...energy nonsense.Notably, the statement also included the fact that "Tesla will not be selling any Bitcoin."Elon Musk is a genius, but it seems he and Tesla have entirely missed the mark on this decision. Both Tesla and SpaceX rely on legacy banking and the dollar to receive payments. Each of these systems requires more energy than Bitcoin. Musk would need to reconsider his entire business model if he plans to hold himself to the same level of scrutiny that he is using to assess the environmental impact of Bitcoin. There are so many ways you can attack his decision. Just read the replies from his linked tweet. Further, DOGE is also a proof of work coin, which just a day before he proposed as a payment method for cars.Sure enough, moments after his tweet, Bitcoin and the entire market tanked, only hours after the S&P saw one of it's worst days in recent memory. I started to sound an alarm a couple of days ago that the market was starting to look frothy and here we are - one bearish tweet was all it took to trigger the sell-off. Irrational exuberance around dog coins, Tom Brady's laser eyes and calls for 100K Ethereum etc... all local top signals. I even tweeted two days ago that there were a number of top signals in the crypto markets. It seems that high schoolers making millions on dog coins with no inherent value that they believed would be the future of money was a decent signal that it was time for a flush. No surprises.It's laughable for the entire market to drop on this tweet, so we know that whales were just waiting for a catalyst. I do not have the numbers, but I cannot imagine that many people actually purchased cars with Bitcoin, investing in an asset that loses value the second you take possession with a deflationary store of value. This is smoke and mirrors.The truth is, this news holds no bearing in the long run. If Bitcoin is on track to be the global asset we all know and believe it to be, then one company's misguided choices will have no long-term impact.In This Issue:Elon Musk's TweetBitcoin Thoughts And AnalysisTrading Tip: Close Your Chart After A TradeVitalik Pulled The Rug On Dog Coins103,124 ETH Deposited Minutes Before CrashBitcoin's Largest Difficulty Adjustment Since 2014Tether Releases Breakdown Of ReservesThe Wolf Of All Streets Podcast Ft. Sean CulkinMy Recommended Platforms And Tools