"To all who are wondering what happened, Chinese government just announced sanctions against crypto mining and transactions in a top-level conference."

Also, I believe Musk must have known such sanctions were in progress, that’s why he stopped Bitcoin transactions for Tesla to kiss the Chinese government ass.

That’s a huge market for Tesla, and electric car companies are rising in China.

News is Short term, bearish, Long term, bullish.

Mining needs to move away from China.

Bitcoin is a direct threat to the upcoming Chinese CBDC.

China wants a CBDC to challenge the US dollar as reserve currency, but just as importantly, to control the population more closely through a digital renminbi.

Bitcoin can never exist within China, and a break is inevitable, for Bitcoin is freedom from that control narrative."

Thank you, Elon.

Thank you, Shaina.

Bought the dip.

Lawmakers in the Central American country’s Congress voted by a “supermajority” in favor of the Bitcoin Law, receiving 62 out of 84 of the legislature’s vote.

“The purpose of this law is to regulate bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out,” the law reads.

Prices can now be shown in bitcoin, tax contributions can be paid with the digital currency, and exchanges in bitcoin will not be subject to capital gains tax.