Friday, July 1, 2022

As Bitcoin Breaks Support, Bulls and Bears Pretend to Know the Unknowable

by Mish Shedlock, Mishtalk:

I don’t know where Bitcoin is headed and no one else does either, but margin calls and leverage could easily lead to a rout.

Bitcoin broke technical support at the $35,000 level, but that support was very weak with only one bounce off that level.

Words of Warnings

Technically speaking, the $32,000 level looks far more promising for a bounce.

Joe Rogan Says Bitcoin Is ‘Freaking Out’ Government, the Latest on Inflation, and More — News Week in Review

by Kevin Helms, Bitcoin:

Another whirlwind week in crypto draws to a close, and of course there’s no shortage of spicy stories and new, compelling narratives in the world of innovative digital money. This week, Elon Musk gives investment advice, United States Securities and Exchange Commission chair Gary Gensler catches flack from SEC commissioner Hester Peirce, and Joe Rogan calls bitcoin a viable currency, noting that it’s got the government “freaking out.” Buckle up and look lively, this is the News Week in Review.

Charlie Munger Accidentally Makes a Case for Bitcoin In His Attack on Cryptos

by Mish Shedlock, Mish Talk:

Berkshire Hathaway’s Charlie Munger Calls Bitcoin Stupid and Evil.

Audience Participation

Here’s a great clip of a young high-school age girl asking Warren Buffet for one investment idea at the Berkshire Hathaway annual shareholder meeting.

I partially covered this video in my previous post. In this post I want to cover the Bitcoin angle and statements by Munger.

Singapore’s Central Bank: We Want to Be a Responsible Global Crypto Hub

by Kevin Helms, Bitcoin:

The Monetary Authority of Singapore (MAS), the country’s central bank and the regulator of the crypto sector, says that its licensing process for digital asset service providers needs to be stringent. “It needs to be because we want to be a responsible global crypto hub with innovative players, but also with strong risk management capabilities,” said the central bank chief.

Canadian Government Laments Fact that All Bitcoin Donations to Civil Liberties Protesters Can’t be Seized

by Didi Rankovic, Activist Post:

Recent events around the globe have prompted many to consider how safe and “unconfiscatable” cryptocurrencies are – and whether or not the use of digital money adds to the quality of life, where freedoms and privacy are concerned.

Depending on what cryptocurrency you look at, the verdict may be different, or the jury may still be out; but at least in one case, it seems that a cryptocurrency is attempting to live up to the hype. And this is happening over in Canada, much to the chagrin of the police there.


by Namcios, Bitcoin Magazine:

The largest U.S. oil producer Exxon Mobil is considering expanding its North Dakota bitcoin mining pilot program to further reduce the volume of natural gas it routinely burns off or flares into the atmosphere, Bloomberg reported Thursday.

People familiar with the matter told the news outlet that the oil giant has an agreement with Crusoe Energy Systems to redirect gas that would otherwise be wasted from an oil well pad to mobile bitcoin mines. The report said the pilot project launched in January 2021 in North Dakota’s Bakken and expanded in July; now, it consumes up to 18 million cubic feet of gas per month that Exxon couldn’t otherwise monetize.

Florida Governor Ron DeSantis Says State Is ‘Figuring out Ways’ to Allow Businesses to Pay Taxes in Bitcoin

by Jamie Redman, Bitcoin:

Florida governor, Ron DeSantis explained at a press conference on Tuesday that he’s spoken with state agencies and told them to figure out ways for businesses to pay tax with cryptocurrencies. During the signing ceremony for a bill focused on financial literacy, DeSantis said that the government is working on accepting bitcoin “for payments in the state of Florida.”

Prince Philip of Serbia: Bitcoin Is Freedom — Says ‘We Need to Take the Money Away From the State’

by Kevin Helms, Bitcoin:

Prince Philip of Serbia and Yugoslavia says that bitcoin is freedom. Noting that “we need to take the money away from the state,” the prince stressed: “We need to have hard money again. We need to have good quality money that’s not subject to inflation.”

Member of St. Maarten’s Parliament Plans to Have His Entire Salary Paid in Bitcoin Cash

by Jamie Redman, Bitcoin:

On Saturday, the leader of the United People’s Party and member of St. Maarten’s Parliament, Rolando Brison, announced that he’s become the first elected official to request his entire salary paid in bitcoin cash. Brison believes St. Maarten can be the “Crypto Capital of the Caribbean,” as long as his country continues to embrace blockchain technology and cryptocurrency solutions.

Robert Kiyosaki Predicts End of US Dollar — Says War Giving Rise to Crypto as Safer Haven Than Fiat Money

by Kevin Helms, Bitcoin:

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has predicted the end of the U.S. dollar. Furthermore, he said that the Russian-Ukraine war has given rise to crypto as “a safer haven asset than government fake fiat money.”

Bitcoin Slides Ahead Of EU Vote Which Could “Practically” Ban Key Digital Currencies

from ZeroHedge:

Cryptocurrencies stumbled on Sunday evening after trading rangebound for the past two days, following a delayed market realization, and reaction, that on Monday, the European parliamentary committee will vote on a new regulatory framework for crypto assets, which according to Bloomberg could accelerate passage of a measure that industry executives say could “practically ban key digital currencies including Bitcoin and Ethereum in Europe.”


from SGT Report:

Lior Gantz returns to SGT Report to warn Americans about what is rapidly turning into HYPER inflation. The price of gas, oil, iron ore, corn, wheat, soybeans, copper, palladium and nearly every single staple upon which we rely each day is soaring – hyper inflating. In fact, this week the price of nickel was up nearly 100% in a single day. What is now upon us is going to be absolutely devastating.

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