Crypto Market Crash, Elon Tweets, and Alt Coins | What does it all mean?

Crypto, Elon, the whole market weekend. Uh, currently crypto markets are in free fall as things start to heat up with, with Elon just tanking essentially the markets, um, with a few tweets, which I don't love. We're gonna talk about that in just a second. Welcome on, you guys that are joining on. We got a live stream going. We're gonna talk about all this together. We're live on Instagram, we're live on YouTube, uh, talking about the crypto market, what's going now. To give preface, my current funds do not play in crypto. I just like to invest myself in crypto. I believe in crypto. I believe in the long-term gains of crypto. Now, I know a lot of people— to start today's cast off, even, let me share my screen here. We are in— right here, I'm on crypto.com. You guys on Instagram can't see it, but crypto.com, we've got, I mean, Bitcoin's at $43,000 right now, Ethereum at $3,300. I mean, Dogecoin's even down at 49 cents, down 8, 6, 6%, 5% today. I mean, everything's in the red, right? Everything, not just Bitcoin because Elon went after Bitcoin. Everything's in the red right now. So we're gonna talk about that. Now, first thing I want to say though, if you got into the crypto game, at least people that I talked to, you're in for the long term, right? We haven't seen these prices, what, since February? Oh, heaven forbid it goes down to where it was at February. Like, what are we— why are we so— everyone's like firesign. I got buddies calling me all morning, Bridger, should I sell? Should I not sell? What should I do? Guys, we've seen these prices. We saw them in February. Heaven forbid the same prices we saw in December. Markets swing. Everyone's a genius in an up market, right? Everybody— I have a ton of friends that have just become all of a sudden become day traders and all this stuff. And the last year, a lot of people— we have 44 million new investors in the markets, which I think is a good thing. I think it's a good thing that people get in the markets. The problem is everyone thinks they're a genius when the markets are going up. Oh my gosh, markets start going down, and this is not just crypto, this is all the markets have had a bearish week, getting into correction territory. Where's the real geniuses now, right? And where are they at? Welcome in, you guys. Drop some comments below. I want to have fun on this livestream as well. And if you're on YouTube, hit the like button. Hopefully, probably that'll help us out on here as well. So anyways, we're looking at, you know, here, got some fun prices, and, you know, it's been interesting. Let me see if that's back to where we're at here. There you are. So first thing, if you got in this game, get in the game for the long term, okay? Yes, prices are gonna go up and down, and while it's going down, you can buy the dip if you'd like, or just hold on. That's how I am. Unless the asset you believe truly is gonna go to zero or near zero, That's a different story. But pretty much every single investment I've made, at least in my personal investing, it's different than my fund. My personal investment is long-term. I'm in the game for a very long time. I believe over time, prices in markets will tend to rise, and the assets I pick, I believe in the long-term. If you got into crypto in the last 4 months, and now you're like, shoot, I got to get out. I'm losing money. I'm gone. This is probably isn't the right game for you. This probably is not the right thing, and you probably put too much money in crypto. That's why I tell most people put in five to ten percent of your net worth into crypto, because if it drops like it's done thirty percent in a weekend, you're okay. It's only five percent of your net worth. Yeah, it stings a little bit, but you're okay, and you're in for the game for the long term. That's the first thing I'm gonna say. Now secondly, you guys have probably been seeing the news. I'm and then we can pull up the tweets here too. Let me share my screen again. Elon, so just give everyone a little context and everything. Elon, you guys all know this, but we'll do this. He comes out. This is the actual tweet here. I'll even pull my camera around on here. You guys can see it. So Tesla has suspended vehicle purchases using Bitcoin, concerned about rapid increasing use fossil fuels for Bitcoin mining and transactions, especially coal, which is the worst emissions of any fuel. Cryptocurrency is a good idea on many levels, which is a big line, actually. The fact that he says that cryptocurrency is a good idea on many levels is great, and we believe in it, and it has a promising future, but this cannot come at the great cost of the environment. Tesla will not be selling any Bitcoin, and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We're also looking for other cryptocurrencies that use less than 1% of Bitcoin's energy transaction. That was a $100 billion tweet in market cap right there, which is crazy. But I mean, you read the tweet and, you know, he's confirmed today Tesla has still not sold any Bitcoin, still today has not sold anything. And let me hide, let me go back on here. You can actually see on the tweets here today, to be clear, I believe in crypto, right? Elon's coming back. I believe in crypto. I just do not want it to come at the cost of the environment. Um, it's, uh, you know, he's— and I'll go to tweets and replies over here— mentions this multiple times, okay? Uh, he mentions potentially Doge, other things. Um, and he kind of combats a few people. You guys can go read, um, some of his replies here. But I actually don't think Bitcoin— now the one thing he did say though, he says right here, Bitcoiners are gonna be He responds, Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their Bitcoin holdings. With the amount of hate Elon Musk is getting, I wouldn't blame him. And Elon Musk says, indeed. Okay, this is, this is 2 days ago. But then this morning, I think it was this morning or last night, he goes, to clarify, 13 hours ago, to clarify speculation, Tesla has not sold any Bitcoin right there. Okay, to clarify, Tesla has not sold any Bitcoin so far. So this run is really just fear. Of this, now Kathy Wood comes out. Let me stop sharing my screen here. Kathy Wood comes out, and I think it was with Square. You guys know in the comments was it Square that she came out with asking and saying talking about the environmental effects of Bitcoin? Actually, she mentions I believe it's correct me if I'm wrong. I want to get the stats right. It was 75% of all mining transactions are done on sustainable and renewable energies. Okay, 75%, which seems pretty good, and it's a lot less expensive than running a regular bank. Like, JP Morgan's got to keep lights on and buildings and all sorts of stuff. The carbon cost of that versus other things. So anyways, everyone online and you guys in the comments, I'd love to hear your thoughts on the environmental impacts of cryptocurrencies. I saw an actually interesting thing. Every time Cristiano Ronaldo puts a post on Instagram, It's like the same energy that 10 households in London use for an entire year because of the people checking their phones and looking at things. Anyways, it's hard to tie everything back to one because our whole world's interwebbed and intertwined, but I'd love to hear you guys' stuff here. Now, everyone online has been ripping about the environmental effects of cryptocurrencies of this future. Can we— and which coins are the lowest transaction? You know, it's a good cause and let's find the most efficient, fastest transaction time, lowest gas fees, all that kind of stuff. But I think there's a deeper reason Elon came out with this tweet. Yes, he cites environmental impact, but lest we forget, all right, lest we forget, Father Elon, just a little bit ago during earnings calls, they had huge flak on Tesla's earning report. Because Tesla made more money in Bitcoin than it did, I believe, than selling cars. They got a lot of feedback on that, a lot of negative feedback, and pretty much the consensus was, Elon, your stock price of Tesla is now tied to Bitcoin. If Bitcoin goes up, great, probably Tesla's price will go up. If it goes down, Tesla's price will most likely fall. If I was in his seat, I'm guessing, and if I was a big investor into Tesla, I would be calling up Elon and the Tesla board and be saying, fellas, I'm TD Ameritrade, whatever. I am a big hedge fund, whatever it is, the big holders, a big pension plan. I'm going to pull out my position unless you pull out of Bitcoin. I wanted to invest in Tesla, a car company that does batteries and really cool stuff that's going to be an amazing company. I did not make this investment to invest into Bitcoin. If I was a big investor at Tesla on the board, I would be having that conversation every single day with the board until they change something. My theory is that they finally got to Elon, and he finally hit a breaking point and just said, you know what? We do need to separate Tesla and Bitcoin. And he kind of says, I believe in cryptos. I believe in the future. And he says, I believe in Bitcoin actually. He meant in the thing, he believes in Bitcoin just as long as it's sustainable. And he cites sustainability. I really think, yes, some sustainability makes sense, but also I think it's because shareholders are getting mad at Elon and want him to separate the stock price. Is that making sense? Drop a 1 in the chat if you agree with me. Drop a two in the chat if you disagree with me, and I actually want to get some feedback on why you would disagree with me. Okay, so one if you agree with me, two if you disagree. I think that's the deeper reason. That's I believe that's why Elon did this this whole thing, and he's been ripping out now what's happened with Elon is he's kind of turned his it feels like it feels like he's turned his back on all of us people, and I loved Elon. I'm a big Elon supporter. I love Elon. I probably I still will love Elon through this whole thing. But a lot of people that have been trusting in Elon and following Elon forever, now this happens and they go, shoot, maybe I maybe I don't believe in Elon as much anymore, and maybe I'm gonna find another source of truth online about cryptocurrencies to follow, and maybe Elon's gonna lose his king crown of the the crypto king. I don't know. That's what I think. But I again, for people that are hopping on, I believe Elon did these moves because he wanted to separate Tesla and. SpaceX and their stock prices separate them from Bitcoin. And it's like pulling off a Band-Aid. He had to do something and he had to pull it apart. And now investors, big investors, big pension plans, hedge funds, okay, you know what, Elon, we'll keep our investment with Tesla. We believe in the long-term, you know, of Tesla and all that kind of stuff. There we go. I wanna hear some comments here. 2, okay, this is someone that disagrees. So 1 if you agree with me, 2 if you disagree. It's because Tesla wants to be a sustainable company of the future, and Bitcoin's POW protocol just doesn't align with that. I mean, you look at Cathie Wood though. Cathie Wood argues that Bitcoin is very sustainable and that it's actually very, very good for the environment. Yes, there's other cryptos that are always going to be a little bit faster in transaction, but that's the reserve currency of crypto. And yeah, we can improve some things. Actually, it looks like they're already doing that. I was reading a few articles online today. about switches and changes they can make to Bitcoin mining and hashing and all that kind of stuff. Pretty interesting. Also, what's the Tesla ratio for stock versus tech company? Good question, Nathan Porter. Yeah, I don't know. If anyone wants to follow up on that question, that's great. Greetings from Germany, from Jesse. That's a great point. Greetings from Germany. We should keep in mind that Bitcoin mining is almost 1/3 of the energy consumption as gold. So you're— Nathan, you're saying it's 1/3 the consumption of gold, correct? So gold, to consume, to produce gold versus crypto takes about 1/3 the cost of doing gold. Is that what you're saying? Follow up with me there. Ripple, everyone's talking about Ripple. Ripple, I don't know. I actually personally do not own any Ripple. I'm very, you know, and people, I'm way heavy in XRP. Yeah, I, uh, they've made 10x so far. What's up, guys? Yeah, I, uh, what, what's actually— I personally, I would not call myself an authority on Ripple. I've read the, the SEC filings. I saw they were going against the judgment and all this stuff. I think Ripple's gonna win. I think they're gonna win this thing and actually come out, but I believe that's already baked into the price. I was actually on a call last week with a guy, has a $10 million crypto portfolio himself, just his own money, and that was his, that was his opinion. He He goes, I think that that's already baked in. I think people are already buying Ripple based on that, and that's an art that's already baked into the current price. So he goes, I don't he his opinion was I don't see a ton of upside. Now if we if it got became the backbone of cryptos and was the you know similar to what Ethereum wants to be and all these types of things, yes that yes obviously it's gonna it'll it can take off. But I think that price already baked in. Now there's a big chance though that that they rule. not in favor of Ripple. And I think that would hurt the stock price or the share price. What do you want to call it? Is it a stock price? Is it a share price? Is it a crypto price? What is it? Okay. Are there any shorting options contracts on crypto? Yes, Matthew, great question. I'm actually happy you brought this up. I forgot about this. This is huge. I was actually talking to my dad today, and a few of my multimillion-dollar crypto holders. I have a a bunch of friends that are in this category. We always talk crypto together. I'm not a multimillionaire in crypto. I'm getting up there. I've got a decent portfolio of crypto, but I still, I put only about 5%, 10% of my net worth and earnings into crypto. So I try to, I'm a little more hedged there. I'm not all in. I'm not 100% like these guys in the chat over here. So let's talk about staking. The fact that people can stake now, staking has changed the game of crypto. The fact that people can stake means now you can short. People can short coins and cryptocurrencies because staking is now allowed. Since that change only a few months ago, that has— maybe it's longer than that. The first time I heard about it was just, I think, 6 months ago, something like that. It might've been longer, but that now allows for shorting, and to a volatile market of crypto, adds more volatility. And I think, I don't know, if I was short selling crypto right now, I'm probably looking to cover my short here pretty soon. I mean, back to the prices. Let's go back and share my screen again on here. Um, back to the prices on— this is just from crypto.com, so nothing— this isn't too complex, but just over— this is an overall crypto price here. Let me, let me show you guys. So we've got Bitcoin's down 3% in the last 24 hours. I mean, you have— I mean, Bitcoin's $43,000 right now, Ethereum $33,000. Uh, Cardano, 2 cents, actually did very well over the weekend and then kind of slowed down a little bit. Doge, even Dogecoin has fallen to 49. That's the thing about this whole, this whole weekend. Elon's been just this huge proponent of Dogecoin, right? Loves Dogecoin, is going all out at Dogecoin's down. I mean, let's click into Dogecoin here. Uh, it's down. Can we— I don't, I don't even use crypto.com. I just want to pull it up just to pull up a chart that would look good for you guys to check out. Okay, so I mean, it's it's not down that much in in the seven-day moving average. I mean, it's it's kind of been about you know it's right now it's at forty-nine cents, so it's actually not that down that much. It did fall though quite a bit over the weekend. Um, it wasn't like you know it wasn't like money was cycling out of Bitcoin and cycling into Ethereum and into Dogecoin. Uh, they were all they were all down, and it was almost like people were just getting out of the market, getting out of cryptocurrency. At that point, now I think money's moving back in. Now if I was short selling, I would be covering my short here pretty soon. I feel like I mean it's fallen. How much more do you want to fall before you start covering your short and and going from there? So let me I'll show you guys on Instagram. Oh shoot! The thing just fell. Can you guys still hear me? Let me grab this real quick. Um, so there's Doge over the last month. I mean it did it did fall quite a bit. Alright, we there. My— I just— this whole thing just fell off. So it's still— I mean, it's doing okay. And you guys on Instagram, sorry, my whole thing just fell apart over here. Obviously, I'm not the most seasoned live streamer you've probably ever seen on the internet. But you know what? Haters gonna hate, right? Turn those haters into motivators. That's what I'm saying, haters on the live stream. So let me get this back tuned in. You guys good on YouTube? Okay. So, I mean, you look at Dogecoin, fell a lot of— now, another factor. So back to my thesis. I believe, and I actually want to read some of these comments. I believe Tesla, as in the Tesla company, is separating themselves from Bitcoin and cryptos in general. They are a car company. They do— I think they're trying to separate themselves as we are not a crypto company as well. Yes, we will accept crypto, but we are not a crypto company. And I think this is a big, actually a big time for Elon to put a mark in the sand and say, no, this is where we're drawing the line for big investors. And, you know, you look at these cap tables, these huge companies, you gotta cater to some of these huge investors, especially as a public company. You have to cater, you know, when a big investor's gonna pull out you know, 8% of their stock in your company, you're gonna listen to that person, right? Or that organization, that pension plan, whatever it is. Anywho, yeah. Oh, thanks for correcting me. They're not gonna accept Bitcoin. They might accept Doge, but I think they've said they're not selling their crypto, their Bitcoin. Excuse me, their Bitcoin. Elon has said Tesla's not selling. So none of the selling has happened because of Tesla, according to Elon on Twitter, which— I mean, what's more credible than that? According to Elon on Twitter, that's what's going on. Now, is this market manipulation? That's a whole other conversation. Is this market manipulation? I mean, you could really argue it is. He has done this before, Tesla stock too high. I mean, he has done this multiple, multiple times on Twitter. I wonder if the SEC is going to take, I don't know, I hope they at least look into to everything that's going on. Make sure that— I mean, Elon has done this multiple times where he'll pump and dump stocks. This feels like, this feels like the 1920s. Anybody read the book Reminiscences of a Stock Operator? If you read that book, it talks about market manipulation. This is before the SEC, all these insider trading and all this kind of stuff. The reason that book has stood the test of time, it's one of the most famous finance books of all time. It's called Reminiscences of a Stock Operator. The reason it stood the test of time is because Pretty much everything that happened in the 1920s, 1910s to the '30s before the Great Depression is all happening again right now. All that kind of stuff. Yes, there's SEC and they try to stop stuff. They find people. It all happens again right now. I love that book. It's fantastic if you guys haven't read it. Okay, let me look here. Yummy coal-powered mining. A lot of people into Yummy right now and these altcoins. I'm more of a long-term, by the way, I'm not gonna be your advisor. Don't ask me about altcoins, okay? I'm not the altcoin guy. I'm the fund guy. I teach investment funds, private equity, hedge funds, venture capital. That's what I teach and do. That's like, that's where I am. I'm not an expert altcoin. I'm not gonna pick the best altcoin ever. I believe in crypto for the long term. I'm in it for 5, 10, 15 years. And I, every time I put a dollar into crypto, I literally put it in and I say, I could go to zero. I'm never gonna even think about these dollars again. That's how I invest in crypto. Now, you can do your own thing. You'll probably make way more money than me, but I'm a long-term, slow, just hold, buy and hold investor in crypto because I don't trade crypto 24/7. And everyone that I know that trades crypto has only traded in up market. Everyone that's like, I'm a genius in crypto. I'm going to— it's going to the moon. I'm so amazing at crypto. Yeah, it's easy to be a genius in a bull market, right? Everyone's a genius in a bull market. Show me what happens when you have a bear market, okay? All right. China is kicking Tesla out. China's government loves Bitcoin. They own 3%, have the largest mining farms. Interesting. I didn't know. Is China— is that confirmed? China's actually kicking Tesla out? They won't accept Bitcoin. You're right. You can't pay for your Tesla in Bitcoin right now. The crypto sample size is much larger than the past 10 years, but we've seen 50% drops pretty consistently in the past. Is this any different? No, I don't think, Nathan. I think you're spot on, Nathan Porter. Spot on. Good to see you on here, Nathan. Spot on on that. I don't think this is a— I don't think you need to lose your shorts on anything. Long— think long-term game. This happens all the time in crypto, okay? It's a long-term game. Hey, actually, you know, speaking of altcoins, I want people to drop their favorite altcoin in the chat right now. Drop your favorite altcoin in chat just for fun. Let's see what people are liking. Now, you can't drop it unless you bought it. Okay? That's the rule. No dropping a coin unless you own at least some of it, okay? But drop your favorite coin. You've gotta own some of it and be a little more authentic so people aren't throwing it. But drop your favorite altcoin in the chat. I actually wanna see what people are into. And if you wanna drop a little description of why you like that coin, drop it in here. Heard of the Flare Network? No. Bitcoin will easily surpass $250K. Gold market cap is $10 trillion versus Bitcoin is just $1 trillion. It's a great point. The entire crypto market, well, last week was like $2.1. I think today it's like $1.9 trillion. That's the entire crypto market, $1.9 trillion, which you might say, wow, it's big. Apple's what, $2.3 trillion? Apple, $2.3 trillion. It's almost like It's, I mean, it's like, it's close to half. I mean, you look at Amazon, Apple, Google, it's half of 2, you know, 2 of those companies, it's half. And so I think there's a lot of room to grow in crypto in the long term. A lot of people are entering right now. I think there's a lot of new money coming in. And big institutions, once smart money gets into a coin, that's where I get in. I like following smart money. I don't love kind of these random, dumb, MILF coin and cum coin, dumb crap, Shibu Inu. I'm not into them until, until smart money gets into it or it's got a really great utility for a certain company or aspect of a supply chain or something like that. I do like Chainlink for that reason, Uniswap, stuff like that has actual utility for some of these. Cardano is one. You know, let's see. DAO Maker, incubated Origin, Harmony, Elrod, and other giants. Cody, Yummy. I would call it— he's going, wait, is Yummy an altcoin? I would call it an altcoin. People are like, wait, Yummy. Anything that's not, like, a top, like, 8, like total market cap coin to me is an altcoin. Okay? That's just by the doctrine according to Bridger. That's how I call it. All right? Could you explain reasons why a higher stock price is good for a company? By Jimmy Hong. You get richer as the stockholder. That's what you want. You want your stock price to go up if you're Elon or own stock of that company. If it goes up. Now, they can do other things with a bigger stock market cap. You're talking about total market cap, Jimmy. You know, it gives— you can do stock buy, you can actually issue stocks. It gives you more liquidity if you want to do that. So if Tesla right now— Tesla's in a great spot, right? Tesla forever had no money, zero. They were losing money every quarter for like a decade. They didn't make any money. Their stock price gets up and they need to fund a new development. They need to fund a Cybertruck. I got a report. I got a— I got an order on a Cybertruck. I put in my reservation. I'm like 2 millionth in line. It's ridiculous. OK? Tesla needs some money. They can issue more stock, sell more stock. Elon can liquidate stock. I mean, everyone just gets richer that way. You can give stock options to employees. And if that stock goes up, all your employees are now making more money and it keeps them at the company. A lot of reasons. I mean, it keeps shareholders in. I mean, you can do dividends. There's a lot of things you can do at a company just in general. Okay, crap, crap coin. I love Astro. Anything that's not Bitcoin is actually an altcoin, an alternative to the original. That's actually a great point. That's how I think. Anything alternative to the original, and maybe Ethereum. I like— anyways, it's— I feel like altcoin is by whoever is saying it, and if you feel comfortable with that coin, it turns not to an altcoin anymore. Like, I'm very comfortable with Ethereum. So I don't claim Ethereum as an altcoin because I'm very comfortable and I've held Ethereum. I bought Ethereum back in 2016, 2017. That's when I first bought Bitcoin and Ethereum. I put like $1,000 in each one of them and just kinda let it go. And I, you know, you wish you would've done more obviously, but that's why I think it's not, but I love it. Okay, I love it. I'm gonna wrap things up. Again, I think, I believe it's because Tesla, Elon is so Separating himself from the Tesla stock price. That's why I believe he's doing this. From his tweets even today, Elon believes in crypto. He believes in it all. He actually still believes in Bitcoin. Just wants to make sure that it's decentralized, that it's actually doing what it's promised on a blockchain, which I think is a good thing. And maybe they can be, you know, some of these large holders, things like that, can make tweaks and they can actually Actually, I was watching a livestream today of somebody else. They actually, they actually can change what's going on inside of coins. And once it's set, they actually, it's a lot of work, but they can redo and sometimes issue more coins, sometimes issue different liquidity and different satoshis, stuff like that. He was theorizing they could do that in Bitcoin. I'm not sure. You know, I'm not an expert on that. Go watch somebody else's livestream. But that's it for me. That's all I got for today. Love you guys. I will see you on the livestream. Last thing I'll say, Thursday, we're doing a live announcement and giveaway this Thursday live. What's the giveaway? Okay, you gotta show up. Watch out for our emails. I'm gonna post on Instagram and YouTube and all this kinda stuff. Watch out, we are doing a livestream. We got a lot of big announcements coming and we're giving away tons of money and it's gonna be really fun. And actually, we're gonna do a training. We're bringing on a couple of our people in our group that have done incredible in their funds, have raised, I think one guy's coming on, raised over $50 million since the beginning of the year for his fund, first fund. It's pretty awesome. Look out for that for Thursday. It's gonna be a really fun event. So, okay, thank you all, you guys, and we will see you, I think you see on Thursday, okay? Drop comments below if you guys want me to hit some more stuff before then.