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    Bitcoin spikes 10% on news of potential banning



    President Joe Biden and his administration leveraged a major threat to cryptocurrencies who operate on the energy intensive protocol known as “POW” or proof of work. In accordance with an executive order signed in March, the White House is demanding crypto coins like Bitcoin become “greener” or more environmentally friendly or face an outright mining ban in the United States.

    With the oversight and help from the Environmental Protection Agency (EPA), the Department of Energy (DOE), and other federal agencies, the White House Office of Science and Technology Policy said crypto miners should reduce greenhouse gas emissions or face punishment.

    Think of Bitcoin mining as gold mining, the action of extracting an asset but instead of sourcing it from the Earth and causing far more destruction and a far greater environmental impact, Bitcoin is mined from a digital network and just like gold mining, it requires resources like advanced computers, specialized asic chips, human time and effort, and most importantly electricity – enough to power a small country. (Note, unlike gold however Bitcoin is limited to 21 million coins whereas gold seems to be infinite, meaning one day Bitcoin mining will cease to exist as an industry.)

    Contrary to popular belief, Bitcoin operates in an extremely transparent nature making it unsuitable for criminal activity, money laundering, and other illicit actions fortunately however, this transparency also makes it very clear and evident as to the amount of energy consumption used by the Bitcoin network making it a target for environmentalists.

    Many market makers in the crypto industry have already begun finding ways to utilize renewable energy in order to mine Bitcoin through the use of solar, wind, in some places nuclear, and even volcanic energy as seen in El Salvador. Another method would be to make a similar move from Proof of Work to Proof of Stake as is currently being done with the Ethereum network.

    Proof of Work is much more decentralized by nature as it requires more participants across the network to review and approve transactions through the use of specialized mining rigs and the solving of complicated math problems in order to decipher the cryptography used to secure the network, a very energy intensive action. Proof of Stake on the other hand, is a newer consensus protocol where users of the network stake their coins in order to delegate control of the network (far less energy intensive.) Meaning those with more coins, get more control which some argue may lead to less decentralization, the antithesis of the original purpose of cryptocurrency.

    Markets reacted well to the news, with the price of Bitcoin spiking 10% in 24 hours trading at around 21,000.

    View 35 Comments

    35 Comments

    8. V on

      The fiat system uses more electricity all around the world, everyday. Also, if you are holding your bitcoin on an exchange, that is your fault. Get cold storage or get Fu@$&#

    11. Lifeng Zong on

      Charts appear to say 17.5k bottom i could see that, but not with the macro situation though. I dont even think talkin bout the bottom is worth it atm. Macro is the worst in decades energy, inflation, rate hikes, supply shortages etc etc its the perfect storm. From 2008ish till around 2021 when the economy was boomin & the fed was printing money btc still crash about 85%. So i find it hard to accept a 75% crash for a bear market that lines up with a global recession, dont make sense to me. Institutions & whales need retail to sell so theres enough supply to meet their demand & they aint buyin yet!! The thing is retail aint got any money to ape in to btc atm & over the next 12 months or so i see less money in the system as the fed tightens & everything goes up in price. So where will the money come from in that kind of a setting?? I really dont think weve seen the bottom yet or the kind of pain coming next year after mid terms. I guess we will see, I will keep buy and just trade long term more than ever, I have made over 1.5` btc from trading with Judith Sherwood in few weeks this is one of the best medium to backup your assets incase it goes bearish.

    15. Julianne Jacqueline on

      I <,have watched you for the past months, and found you to be really down to earth and no frills. Congrates mate and stay real and love the fact you share your loses and wins. Good luck. Bitcoin price has produced an applaudable retaliation against the late summer mudslide. Additional gains should not be ruled out. For Bitcoin being at $21k value I believe is based on the future expectation that it will be a store of value at some point in the future vs only a medium of exchange now, which means the expectation is it’s utility and adoption will be greater in the future. For that to happen Bitcoin’s value will have to increase, so in other words it’s a bet on the future. If the user demand rises, so will the value of the coin due to the limited supply, which will ultimately serve to stabilize its value as a store of value. Sorry to be long winded! There's needs for us to fully go into trading our crypto assets. You make more money from trading, in both directions so just befriend the trend and use marketspotter to make informed decisions. Always remember that the most important quality of an investor is temperament not intellect. If you’re a modern investor then your main aim I guess would be to take home profits for yourself and family especially during times like this when reading the charts are extremely difficult due to its chronic volatility. Well good-news you don’t have to worry about how this will come about just commit your investments with and trade with my investment Advisor Mrs. Robin Moore trade signal and the rest will be a good history of profits for you. As i have been able to day trade my bitcoin to atop 15.03 BTC with 2.9 BTC with her trade signal despite the state of the market. Trading with her trade signal is a guarantee that profits are assured. For Help/Guidance on building/investing/financial portfolio. ͲeIєɠɾαm^*@ moorerobin ..

    20. robert john on

      I must say that you are the most erudite and smart analyst in the crypto space. First of all, you're just awesome! I've been following for months now and the cinematic videos, excellent insight and comedic tone is outstanding. Before anything else, I would like to say that no one can exactly predict in days how long a bear or bull market could last or how low and high the prices can go, but we can try to make predictions using past events, I think prices should run up a lot now, punishing panic sellers and forced sellers. Most new traders struggle at first to make sense of the markets and how to put their portfolio in a position to flourish. Many try to start on their own and quickly end up with a string of losses, slowly seeing their accounts dwindle to what it started off as. Everyone is looking at bitcoin price action from a 2021 bull run perspective. Everything has changed. we are in a recession, facing stagflation, rising rates, energy shortages driving food and living costs through the roof breaking the backs of consumers. There are different strategy to profit from the crypto market but holding and waiting for a major pump is not the best way to earn profits off market, smart investors trade and take short term profits, I've made over 12’ BTC with 2.5’ BTC retail trading, not on my own but with the help of a professional who have reputable background and understanding of the market, I came across his channel where he share his charts. The selling fatigue will wane, the market will reset. Historically, fortune favored the ones who bought in thought moments, in moments of uncertainty, when prices traded close to the 200wMA. you can reach Mr. Dean Vella on telegram @deanvella1970.

    21. John Text:👉 Delighthelp🖲com on

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    23. Alex Walker on

      Great stream, as always. I appreciate the level-headed approach you take to the news and the markets. More emphasis should be put into trading since it is way profitable than hodling. Trading went smooth for me as I was able to raise over 10.2 BTC when I started at 4.5 BTC in just few weeks implementing Stacy Logan daily trading signals and tips..

    24. Stephen Lucey on

      Been hodling crypto since 2017 so I don't really check Bitcoin news anymore, but wow the crypto atmosphere is pretty wild now considering people want cryptocurrencies to be regulated. Huge difference compared to 2017

    25. Pravina Fi on

      Bitcoin is the most scarce asset only 2nd to human time.

      BTC will help the transition to renewable energy because miners are incentive to find the cheapest energy which happens to renewable/ nuclear. Don’t listen to the FUD, they are secretly acquiring bitcoin. & definitely don’t buy 💩 coins/ fedcoin / devil mark of beast coin ETH

    28. William Chapman on

      but there was never a threat to banning bitcoin the threat was made to mining bitcoin but i understand people are so god dam dumb these days you can tell them anything

    31. richard h on

      Not surprised. Most miners use their electrical bill as tax deduction. Which they probably hate. Every western country is turning to socialism. Capitalism is dead. Sad

    32. Trevor Byrnes on

      Latest research from Professor Matheson shows the US Government Offices use more Electricity and create far more carbon emissions than all pow cyptocurrencies combined.

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