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Hey young wolves, it's Jean-Marie. Today we're talking about market manipulation. Crypto has been taking a huge hit for the past two weeks, and we're going to see why. It started with China banning Haiti and other cryptocurrencies, continued with the Jaypee Morgan CEO publicly denigrating Bitcoin, calling it a 10-year scam, and then it continued with Chinese exchange platforms announcing, one by one, that they would cease operations here on September 30th.
So why are some public figures and governments acting this way? Are they truly sincere, or do they just feel like they're too late and are making announcements like this to drive the price down? You be the judge. I already talked about China in a previous video, so we're going to focus mainly on what the Jaypee Morgan CEO said about a week ago when Jamie Dimon said it was a scam.
My first reaction was, "How can anyone say something so stupid?" My second reaction, however, was, "This guy is a genius!" People will believe it, many people will sell, and during this quiet time, he'll buy the bitcoins that everyone is selling at a discount. So you 'll tell me, "Bitcoin is at $4,000 and a Bitcoin is at $3,000.
When you want to invest 10 million, it doesn't change anything." Yes and no. Let's look at it. If we do some calculations, let's say the bank wants to buy $10 million worth of bitcoins. At $4,000, they'll have 2,500 BTC. At $3,000, they'll have 3,133 BTC. Almost 1,000 BTC, since they've bought their Bitcoins, let's consider that one Bitcoin rises to $5,000.
In the first case, with their 2,500 BTC, the bank would end up with $12,500,000, so a capital gain of $2,500,000. In the second case, where the Bitcoin is at $4,000, the bank would have 1,500,000. The A330, worth 3,000 bitcoins, would end up with $16,665,000, so that's almost a $4 million difference.
And that's where it gets interesting because if, instead of going to $5,000, bitcoin goes to $50,000 in 10, 15, or 20 years, we're not talking about a $4 million difference anymore, we're talking about a $40 million difference. And that's where we start talking. You see, with big numbers, the bigger the number gets, the more gigantic the gap becomes.
It's on these points that banks manipulate the market, or not. We'll never know for sure, but we can always doubt. What we do know, however, is that the crypto world is very reactive to this kind of news. We saw it at the end of June with a fake announcement of the death of Vitalic Bwin, the creator of Inside.
The price of Ether then dropped by $4 billion in a few hours. It's crazy how just a tweet can change everything in the crypto world. That's why everyone... The world will tell you it's quite dangerous with its six aces, and all you have to do is stay calm and wait for it to pass, and it will bounce back.
If it's not market manipulation, why would these kinds of people act this way? Well, it's normal that people in traditional finance defend their livelihood. They see very well that Bitcoin is going to take a huge market share from them, and they're afraid of that. The banks are directly attacked, and traders are also attacked because when you're talking about McDonald's, the total outrage, plus crypto, everything that people have learned could be called into question.
I just find it a bit of a shame that people who know nothing about crypto, money, and hobbit generally come across this kind of information first. They think, " Oh well, it's JP Morgan who says that, so it must be true," and they don't go any further. You mustn't forget that Bitcoin was created to shake up the banks.
If its arrival in 2009 isn't an insignificant date, it's right after the crisis of So, in 2008, the goal was to have a fairer world, to be less subject to the co-monopoly of banks, precisely to avoid this kind of recurring crisis. Thanks to Jamie Dimon's comments on Bitcoin, there was a huge reaction online, from articles and Medium posts to videos and conferences.
I highly recommend all of John McAfee's conferences and interviews; I'll put links in the description. Even though the antivirus is terrible, the guy is very good at raising awareness about Bitcoin security in general, and he gave a nice response to Jamie Dimon in an interview, saying that as a Bitcoin miner, the cost of creating a Bitcoin is calculated by considering both the hardware and the electricity it requires.
He stated that it took him approximately $1,000 to create one Bitcoin. So, be careful, they use hydroelectric power, so it's obviously cheaper. He continued, saying that when governments print money, whether it's 5 euros or 500 euros, and people say that this bias is beautiful So, who's the real fraud in all this?
I thought it was a pretty cool wink, and I highly recommend watching all these conferences, which are very informative. They're in English, so you might want to try translating some of them yourself. Even though crypto deals with a lot of [ __ ], there are still some positive aspects to the events of the last two weeks.
First, it's the perfect opportunity if you haven't already bought Bitcoin or other cryptocurrencies to get very attractive prices. Second, we need to put things in perspective. We had a peak around June, worth about 74 billion. It rose to about 112 billion in July and August, then climbed to 174 billion following the Hartford strike, and now it's back down to about 112,212 billion.
The key takeaway is that we're still in a very bullish market; we're up over 400% for the year. Thirdly, I think it's not a bad thing that China is banning such high-flying aircraft and that governments are starting to take an interest. It's a bit of a price to pay for success; now they want their share of the pie.
In the United States, in New York, we know very well that the equivalent of the American tax authorities is looking very closely at how to tax thieves and other kleptomaniacs. Legalization and the implementation of rules, especially in the cryptocurrency market, can only be a good thing. It will simply strengthen its legitimacy.
It's just that, well, we might have a lull, but once that period is over, everyone will put their money into it, and there will be a very strong effect. That's what I believe. Fourthly, bad publicity is still publicity. The essential thing is that Bitcoin and cryptocurrencies become more widespread.
If people are already saying silly things in the short term, it won't have any impact on the long term, which is what matters. It's about looking at the statistics. For example, Colbert increased its user base by another 100,000 last month. That's just phenomenal. Not because people like Jaypee Morgan are talking nonsense, not because he's signed with the AUC who's telling the truth.
No, it's a bit of a shame because there are people who will believe that. But in the long term, people need to talk and talk again about Bitcoin, the block size, what it brings, why these issues exist, etc., etc. That's all for today. I hope I've been clear and reassured you about the current situation.
Remember to like the channel to support it, comment on the next topics you'd like me to cover, and see you next time.
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