[sags]

Collateral damage to companies who heavily invested in bitcoins as an asset.

Tesla and Microstrategy are two "whales" that are now under water.

Microstategy is the worst position, because they bought their bitcoins with debt. The debt carries all kinds of covenants and qualifications.

The big question is what happens when some of these companies are forced to dump large numbers of bitcoins to raise cash......into a declining market.

Crypto Whales Tesla, MicroStrategy Underwater as Bitcoin Crashes to 2020 Prices - Decrypt

Bitcoin's current price means that Tesla and MicroStrategy are both down on their investments. Stockholders have also taken note.

decrypt.co

 

[TomB16]

So, money innovation is no longer powered?

 

[m3s]

The big question is what happens when some of these companies are forced to dump large numbers of bitcoins to raise cash......into a declining market.

Microstrategy can go to like $3k BTC before they are forced to sell

They have lots of BTC that is not used as collateral.. and the CEO even has lots of BTC himself. I doubt you understand how leverage works but you can add to your collateral instead of liquidating

Tesla is also not even sweating yet seeing as they sold 10% at a profit and the way their taxes are structured. Nothing burger sags

 

[m3s]

So, money innovation is no longer powered?

Never was for the boomers

I'm retiring at 38. I was just gifted a way to exit Canada without paying insane taxes

See you in Mexico or Portugal

 

[m3s]

Meanwhile BTC lives another day

 

[Gator13]

Never was for the boomers

I'm retiring at 38. I was just gifted a way to exit Canada without paying insane taxes

See you in Mexico or Portugal

Go with Portugal.

 

[m3s]

Go with Portugal.

I'll probably end up there

Lots of time and places to explore in the meanwhile

 

[Gator13]

I'll probably end up there

Lots of time and places to explore in the meanwhile

There sure is. It's a big world and at your age, take the opportunity to go see it.

 

[bigmoneytalks]

Go with Portugal.

Amazing food, safe, incredible weather...it's a gem. Retiring there as well

 

[sags]

https://www.cbc.ca/news/business/crpto-tumble-column-don-pittis-1.6450411

 

[sags]

El Salvador adopted bitcoin as their currency, which boosted the price of bitcoin temporarily, but it isn't going well.

El Salvador's bitcoin bond reportedly hasn't lured a single investor, and markets are bracing for a default on conventional debt

El Salvador's conventional bonds due in 2032 yield 24%, according to data from Bloomberg

markets.businessinsider.com

 

[m3s]

https://www.cbc.ca/news/business/crpto-tumble-column-don-pittis-1.6450411

If you get your financial education from a forest firefighter turned boomer entertainment writer no wonder you think inflation is good for GICs sags

 

[sags]

Moody's downgraded El Salvador debt to CCC.........junk status.

The people didn't want bitcoin as their currency. There were large protests. There were warnings from the IMF.

What is in his wallet ? Unleash the blockchain hounds and get back to us asap.

Crypto Presidente may disappear in the dark of night and pop up again in ........Portugal ?

El Salvador loses $38M in Bitcoin crash, faces potential default

Having made Bitcoin legal tender in September 2021, the country has made several big currency purchases, frequently buying at prices well in excess of $40,000.

www.newsweek.com

 

[m3s]

El Salvador loses $38M in Bitcoin crash, faces potential default

Having made Bitcoin legal tender in September 2021, the country has made several big currency purchases, frequently buying at prices well in excess of $40,000.

www.newsweek.com

If the US and Canada can spend trillions fighting terrorists in mud huts for decades I think El Salvador will be fine. They only spent a small portion of their reserves on BTC.

You need to think and not blindly believe what the boomer clickbait department uses to sell ads

 

[sags]

Financial ripples around the world, are why US Treasury Secretary Janet Yellen pledged to a Senate Finance Committee that strong regulations on crypto are coming this year.

 

[m3s]

Financial ripples around the world, are why US Treasury Secretary Janet Yellen pledged to a Senate Finance Committee that strong regulations on crypto are coming this year.

Janet Yellen should probably spend her time worrying about other things like what legacy bank will give her millions for "speaking fees" next

Regulation is good and long overdue though. If you read President Biden's executive order instead of boomer clickbait you might learn useful something saggy man

Crypto will easily outlive boomer dinosaurs like Janet Yellen