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good morning everyone Mike here with Republic preparedness and this is a crypto update for you on January 23rd 2024 found a couple of Articles uh that kind of describe some of the situation going on with Bitcoin right now as of this morning it's under $39,000 and appears to be headed in a downward Direction uh this article here by coin Telegraph uh Ezra reguera is very interesting to me this is about JP Morgan uh CEO Jamie Diamond his statements on bitcoin and the uh kind of the reactions on Reddit to that which some of which I agree with here it states that Jamie Diamond had a flurry of negative statements toward Bitcoin you can see as of this article it's at $ 38,5 and uh on January 17th Diamond went on CNBC and repeated many widely debunked criticisms of Bitcoin including the possibility of its creator Satoshi Nakamoto returning to the community to erase Bitcoin uh he also argued that Bitcoin does nothing and laid out criminal use cases for the asset um here he calls it a pet rock and uh he's constantly flinging dirt toward crypto uh many community members think this might be an attempt to drive down the price we're going to speak about that in just a moment on Reddit one user speculated that this may be a calculated move and said that many old investors listen to Diamond this includes a lot of retail investors now there's a lot of people that are um pretty knowledgeable about cryptocurrencies but there's a lot of people that still really aren't and they might be getting scared and selling so uh this could be an attempt for Jamie Diamond to try to get more Bitcoin into the market to drive down the price uh before the Investments really build up and increase the value of Bitcoin we'll see um down here some people think Jamie Diamond is uninformed about Bitcoin While others believe the executive is simply scooping up Bitcoin in preparation for the upcoming having a having is when essentially Bitcoin is mined at half of the rate as it was previously this is usually thought to drive the price of Bitcoin upward and the next having is April 22nd of 201 24 so it's coming up very shortly uh this seems like very convenient timing for the institutional investors to start dumping billions of dollars into Bitcoin um I feel feel like the idea that Jamie Diamond is uninformed about Bitcoin is silly um he's probably one of the most sophisticated investors or at least Bankers on the planet so uh being the head of CEO or CEO of JP Morgan Chase if anything I believe he's got Insight information on bitcoin whereas he probably knows more about it than most people uh so I don't believe he's uninformed I believe this is all aoy to drive the price downward and interestingly while he says Bitcoin is a pet rock and doesn't have any use cases uh JP Morgan Chase has been a authorized participant for the upcoming ETF so at the same time that he's talking poorly about Bitcoin he's his company is going to be one of the biggest investors in Bitcoin so what does that tell you kind of on a similar note there is an article over here on BN crypto uh by harsh notaria uh Morgan Stanley expects crypto to disrupt Global Financial system so why would the banks be speaking poorly about Bitcoin well it's because they expect cryptocurrency in general to start disrupting their business um with a market cap rivaling major economies bitcoin's influence on global Finance is undeniable says Morgan Stanley and Rapid adoption of stable coins has catalyzed interest in Central Bank digital currencies representing over 90% 95% of global GDP uh the bottom line here is I don't want to read the whole article but the bottom line here is they talk about cryptocurrencies and cbdcs in in the same light but they're not the same so I think the take-home message here is that we understand the difference a cbdc is a centralized IED digital currency meaning it has centralized control and they can whoever issues that currency has control over it whether they want to erase it or establish a negative interest rate or lock you out of it or whatever they may want to do um what the other cryptocurrencies typically are decentralized meaning the owner of the cryptocurrency not the issuer has the control over the currency just like you have control over the doll dollar bills in your pocket so I think we all need to understand the difference as we move forward you know I believe they're going to start talking about cryptocurrencies and cbdcs in the same vein but they're not really the same I believe as people that want to maintain their sovereignty over their money we need to be concerned about this and push toward decentralized finance and not centralized Finance um I also believe that we always need a physical currency but regardless of that I believe that the digital currencies are going to be a larger part of our future and we need to have an understanding of these things moving forward so we don't get duped by the system and end up in a cbdc uh and get uh control taken away from our money um so hang in there uh that's about it for today I don't really have anything else yet let's see what happens with the price of Bitcoin and let's see how the uh the institutional investors start manipulating the price and we'll just take it from there this has been Mike Republic preparedness remember to stay informed get prepared and take care of yourself bye-bye
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