com.u, so the bitcoin price plunges 17 elon Musk tweets, the value seems high, and if we jump over to coin market cap, we can see bitcoin right now. Is it 54 145 us dollars with a couple of cents? So in the last seven days, it’s still up 12 percent 24 hours it’s down 6.3. We can see here in the chart. I mean there. You go there’s that that big big correction now here’s the thing they’re going to be a lot of people that are new to the crypto space. This is like a this can possibly be a normal daily move in crypto it’s a little bit. Exceptional 17 is a bit high, but crypto has significant moves. If you want to make the you know the attendees, the huge gains you have to accept the fact that you’re going to hit the huge, oh just my caller here, the huge potential falls as well guys it’s, just part of what is going on with crypto it’s It’S, how it is you know, you can’t, be shooting to the moon all the time and not appreciate the fact that you’re gon na get corrections that are just as fast now. The thing that’s quite concerning is this correction has happened just from a tweet of musk. Just a tweety sent out what happens if tesla has to start selling some bitcoin and starts announcing it, then what correction could that have – and these are just things if you’re investing in it purely to make money not on ideological purposes, then you’ve got to understand that These are some of the inherent risks there guys it’s, just it’s business, it’s, the markets, it’s trading, so let’s have a look at what he said here, because i i his tweet actually is quite interesting, it’s quite good, so the price of bitcoin fell 17 on monday.

After hitting a record high of 74 000 on sunday, so that’s in australian dollars, 74 000 australian dollars guys that’s just crazy. The volatile crypto currency fell to 65 000 before regat regaining ground at 7, 30 a.m. Australian eastern standard time it was valued at 78. 000. Sorry sixty eight thousand, not seventy, eight thousand i’m. Seventy four thousand i’m still a bit bit shocked that it’s gotten that high the slide came just hours after billionaire elon musk tweeted that bitcoin and ethereum seemed high well ethereum as well it’s at seventeen hundred dollars. Guys remember when it was about a hundred bucks. I remember when it was sixty dollars now, but the thing is the gas fees are gon na go through the moon if you’re actually running something on the ethereum network, if you’ve got a smart contract, because i remember when we’re seeing this, i was talking to rachel. This would be fantastic tech for contract administration. We just program it all in and then people could use it to run a contract, because you know it will you the potential for uh stuffing stuff up really or corruption will be diminished because of the smart contracts that you could lock in place and just take A flag and it occurs, but i mean, with these costs with the gas fees there’s. No one think about that. Am i the only one so boring thinking about gas fees? Maybe maybe it could be i’m, not i’m.

Not all super excited as everyone else so don’t get me wrong. You know i’ll turn my ethereum into some shares, but still so here’s his tweet, an email saying you have gold is not the same as having gold. You may as well have crypto and he’s right. You’Ve got you know, this is where the people, if you don’t, hold it you don’t own, it you’ve got to hold it in your hand, money is just data that allowed allows us to avoid the inconvenience of data that data, like all data, is subject to latency And error the system will evolve to that which minimizes both that said, bitcoin and ethereum do seem high low, and then we get a 17 correction, at least in australian dollar terms of bitcoin. So imagine if it came out in the news that tesla was selling half a billion dollars of the bitcoin holdings to invest in you know, maybe even if it was something new and exciting. You know. They’Ve got a ramp up, production of the new tesla mark v or whatever it is the next one you know and it’s just going gangbusters. What do you think that’ll do to the bitcoin price if they start having to sell it off to fund this, because they’re, not an investment company, guys they’re not meant to be. The comment comes after tesla invested, nearly 2 billion in the cryptocurrency. The company has already racked up about 1.26 billion in profits from the investment.

Well, no, it hasn’t until you realize the profits. You know current until you or did they sell, did they buy and sell. Let me know in the comments, but my understanding is they’ve. Just bought they haven’t sold so until you realize the profits guys it’s, just paper profits, it it’s the same thing as the wealth effect on your house. Feeling, like your equity, is making you rich when it could just disappear overnight, or it could be generated overnight through doing absolutely nothing. This is the funny thing you know. People who bought property at the right time got lucky made a whole lot of money on it and sold it i mean, is it luck or is it skill guys, maybe it’s skill to identify what it is, but for most of us it’s just luck. You know right time once you admit that you know it’s, probably good thing. The tesla, ceo’s tweet tweets have previously impacted markets. A comment about tesla stock, sent it plummeting in may 2020. A joke about dodge coin saw its value almost double. It was a dogecoin elon and his fleet have incredible power over the market prices, founder of quantum economics, maddie greenspan said he predicted. There would be increased volatility going forward for bitcoin well, there’s, always volatility for bitcoin. All cryptocurrencies are insanely volatile. If you know back back in the day, you could have a few whales manipulate the market just with their purchases. Remember it’s, complete it’s it’s, the wild west it’s deregulated.

So you have companies that are, you know, they’ll be offering you know short trading and then they’ll they’ll invest themselves to blow out all the people that are shorting them all yeah there’s, some funny stuff going on there. You just have to be aware of it guys. So there’s also growing concern that bitcoin is entering bubbled territory. In 2017, the price of bitcoin dropped 45. After hitting new highs, the cryptocurrency grew by 305 percent. In 2020. i mean that’s good. If you’ve got the, you know, you’re going to sell now and take the fair, the profits guys so bitcoin dear leader, sent us a message: awesome that that that’s pretty funny that’s pretty funny. Oh no, is that going to be? Is this going to be a meme? Now, in the stock market, people are going to start doing, chart analysis with the tesla theme. Barclays, wealth and investment. Ceo will hobbs told insider that he was avoiding the cryptocurrency because of its wild swings. Newly appointed u.s treasury secretary, janet yellen, said at a press conference on monday that bitcoin was an extremely and extremely ineffic inefficient way of conducting transactions, but bitcoin is continuing to gain institutional support. Well, that’s the thing when you look at the cost of actually using these things, these cryptos to move, move them around. They cost a fortune, guys they’re, very, very expensive, very inefficient, very slow and sure people are gon na say but florian. This is there’s.

This new alt coin – that no one’s heard of that is no marketing peel. That will solve all these problems, magically it’s all about marketing and spin guys. If you don’t have the brand, you got nothing, you know what was it grossly coin grs that was one. I was watching uh back in 2017 and i was actually mining this. This is one of the coins that i was mining on my graphics cards. Well, there you go, it’s got up to 68 cents, hardly anything back from where it was back here. You know it was over a buck and that then back then there was probably a affordable for me to mine it, but the hash rate and complexity would have gotten so much higher and uh. I’Ll be honest. I can’t be bothered running all my computers and heating up my house with with it, because i didn’t have special rigs. I just used normal normal gaming workstations where i stuck three graphics cards in them. So i mean there. You go who’s heard of that. One it’s fast, it’s, efficient, it’s, low cost. You know people were predicting it’ll, be five bucks that was funny so that’s. The thing guys it is expensive to use. On february 9th tesla said it would begin accepting payments in bitcoins for its cars and other products. In the near future, in october last year, paypal announced it would allow consumers to conduct transactions in the cryptocurrency or see this isn’t.

Quite true, paypal is allowing you to buy and hold on its platform and it’s it’s, always going to be a third party between you and anyone else. You’Ll essentially be selling your crypto, your bitcoin and then be the other party will receive cash, which is okay, it’s great. If you want an easy way, if you’ve made a lot of money in bitcoin, you want an easy way to buy things with it sure i can appreciate that, but you know it’s not the same as going to a shop and giving a shopkin bitcoin i’ve tried To do it, we had a draw a little drafting job for a painter, and i tried to i offered him a discounted price for bitcoin. I offered him a discounted price for bitcoin. He couldn’t figure out how to send it to me. I think he didn’t want to. I think he rather wanted to pay in cash. So there you go. I mean, let me know if you’ve ever actually someone in business, if you’ve ever actually managed to do it, send an invoice out in a cryptocurrency and gotten paid for it, because that would be interesting because i mean people want to hold on to it. If they’re expecting it to reach, i think there’s, some max kaiser saying what two million dollar bitcoin 200 000 bitcoin – something something uh crazy as his alien theories, but still people. You know people hold on to the good money, but if musk can move with that much what happens if tesla has to sell american investor and founder of gemini cryptocurrency exchange, tyler winklewass said the story of bitcoin had always been two steps forward.

One step back then, two steps forward. If you understand this, he wrote on twitter as the price hit record highs on sunday, the mysterious and presumably presumable founder what founder of bitcoin satoshi nakamoto he’s dead became one of the world’s richest man. Well, no one knows who he is. There is some australian guy claiming to be him, but you know he said he had all these. These addresses for wallets and then someone made a transaction on one of these ancient addresses for bitcoin time and said no he’s, not he’s, not satoshi, nakamoto uh satoshi is the name used by the presumed uh or by the presumed pseudonyms person or person to develop bitcoin And if he does exist, he’s very, very rich, no he’s, not because none of those original wallets really have had anything moved. How much bitcoin is just locked up in wallets that people don’t have access to usbc believed to have set himself aside. One million coins when the cryptocurrency was created that would put his net worth to 74 billion, but those 1 million coins have never been touched. There you go so there we have it. Everyone cryptocurrency, you know a bit of a correction 17 for bitcoin, just from an elon musk tweet that’s, the game, that’s crypto, guys that’s what it is it’s, not like the stock market; it’s not like precious metals it’s, not even like property. You can get huge fluctuations in one day and maybe there are a few people that are new to the sector that have to realize that that’s that’s, what it’s like that’s, one of the reasons why i’m i’m not investing in crypto, because, frankly, it probably would stress Me out too much i’d be watching it too much.

Oh, you know, and i think you know what’s what’s more important for me stress or potential gains or potential losses. So you know everyone has to understand where they sit. I’Ll stick with my nice boring dividend stocks. This year, maybe next year, i’ll play around a bit. We’Ll have to see so guys. What do you reckon? Are you surprised by this 17 correction? Are you worried that if tesla or some of the big institutions start selling bitcoin the price may tank, or will there be others there just to give it a good support level so it’s not the same as the last big surge it’s a little different anyway guys Thanks for watching, please like share and subscribe to the channel if you’re a fan and enjoy the content i create here. There are a few ways you can support us. You can join us on youtube or patreon. You can support us using our affiliate links from amazon, ebay, independent reserve or aussie broadband. You can buy a merch from heiser says, use gold pass from the perth mint or support us by paypal. Take care. Everyone have a great day. I will see you next time.