Bix has an update on the cryptos, including Bix announcing great news that the CFTC and government are getting more and more involved. Here’s more…
Bix says that the recent crash in Bitcoin is because Jamie Dimon in conjunction with JP Morgan, “bought a whole bunch, drove the price up, and then slammed it”.
Bix says that it was just plain-old manipulation that cause the market to crash.
Bix says Jamie Dimon now loves Bitcoin.
Bix says it’s great that the CFTC is getting involved in regulating the cryptos.
Bix says that the CFTC will be a big help to cryptocurrencies, even if some of them are currencies and some of them are commodities as Bix says.
Bix says the “CFTC wants the cryptocurrencies to be freely traded, open and honest.”
Bix then shifts to the concept of the IRS taxing Bitcoin. Bix says he has no idea how they are going to be able to track all the transactions. He says, “well, it’s anybodies guess”.
Bix then moves on to geo-politics and Bix suggests that China designs a digital currency that is backed by cryptocurrency.
Bitcoin covers other news and starts his conclusion by saying that Bitcoin and all of the cryptos are really cheap right now.
Bix says it’s a great time to get into cryptos because by years end, we are going to start many “instantaneous 500% moves” (we’re assuming he means higher, but Bix isn’t clear on the direction, and that statement does seem kind of at odds with Bix’s opening statement of “slow and steady wins the race”).