All right so let's talk about this new crypto executive order that president joe biden is scheduled to sign this week again because any time we talk about it or new regulations there's a new flood of fear uncertainty and doubt and the price goes down will this negatively affect bitcoin will stablecoin still hold their value or is this the end.
There's a lot of questions and i wanted to make this video to stay ahead of all the rumors before it gets crazy and out of control so i have looked all over the internet to try to find as much information as we know about what's going to be inside of this executive order and i'll explain what it all means but chances are whatever's going to be.
Inside of it is going to be a very good thing for bitcoin and the crypto markets and i'll explain why later in the video part of this video is sponsored by public but more about them later let's get right into it hi my name is andre jick hope you're doing well come with the finance and stay for the quick breakdown i'll give you my opinions at.
The end of this video but for now just please understand that this executive order is nothing more than the president giving out different responsibilities to different government agencies to learn more about this crypto thing he's like here you go here you go here you go remember that scene in the matrix good because i don't that was from dumb and.
Dumber and i was just testing you so the reason we're talking about this is because of what's going on in europe we placed sanctions on russia but we're afraid that russia could be using crypto to bypass those sanctions but what they don't understand is that's not exactly how crypto works imagine it like this you're an older parent who doesn't.
Understand how smartphones work and you see your kid who's being a jerk to other kids at school he's being a bully so you're like hey go to your room you're not allowed to play with your friends you're not allowed to go outside just sit down and do your homework and then you remember wait a minute they have smartphones they're probably texting.
Their friends right now and using my credit card to buy magic stones on puzzle and dragons i must stop them the smartphone in this case is obviously crypto and that's what's going on in europe we place sanctions on russia but the us government is afraid that other foreign countries could also be using crypto to bypass those financial.
Sanctions and that's why the president wants to rush to get this out asap now what they don't fully understand about bitcoin though is that it can't replace the financial system of an entire country at scale just yet if that was the case russia's economy wouldn't be collapsing as we speak right now also if you're a country and you're trying to.
Bypass financial sanctions bitcoin leaves traces of evidence which would not be a good thing now based on all the evidence that i've been able to find so far this executive order is going to focus on three major parts but first i want to thank the sponsor of today's video public.com it's an investing platform where you can buy stocks funds.
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For sponsoring this part of the video now let's get back to it the first part of the president's executive order is going to be to appoint the point man meaning figure out which organization or which person is going to be between him and the crypto markets the most interesting part about this is that a few parts of our government really.
Really want to get their hands on crypto but not for the reasons you think crypto is money money is power and whoever can regulate power becomes powerful because then they have the leverage to demand more money and tax dollars to expand their agency now since the beginning of time there have been two government agencies that.
Have been fighting over that power that is the sec and the cftc i like to call them the good cop bad cop duo the good cop in this example is the cftc the commodity futures trading commission their job is to protect the public from fraud manipulation and other illegal shenanigans now in 2015 they called bitcoin a commodity which is a good.
Thing because that gave them the power to regulate bitcoin and the reason that's good is because the cftc stays out of bitcoin's way and they're just letting bitcoin do its thing the sec on the other hand is the securities and exchange commission their job is to protect hopefully retail investors from unfair capital markets remember the ape.
Movement with amc and gamestop where hedge funds borrowed shares that weren't even available to short naked short selling where it forced the price to go down hurting everyone in the process well that was the sec's job to make sure that didn't happen but the reason it still did is because the sec is heavily underfunded there was a video between.
John stewart and gary gensler the guy in charge of the sec and in that video jon stewart made a joke about the sec in their office asking for coffee donations he was like how could you expect to fight hedge funds with billions of dollars when here you are asking for coffee donations the point is is that the sec wants to regulate crypto because.
That gives them more power and therefore more leverage to demand more money so they can expand there's also finson the financial crimes enforcement network whose job is to make sure there's no money laundering going on and the occ which is the office of the comptroller of the currency whose job is to make sure that banks are following the law.
This executive order is going to be nothing more than telling those guys you you and you go put together some studies for me and we'll figure out the details later nothing's gonna happen but there is one thing that will affect bitcoin's price that's gonna be the study on bitcoin's impact on the environment that's gonna be the biggest difference.
Between bitcoin going to a hundred thousand dollars and bitcoin not going to a hundred thousand dollars full credit to dennis porter for pointing this out but this executive order is going to ask agencies like the epa the environmental protection agency as well as the office of science and technology policy to closely look at bitcoin's.
Carbon emissions footprint and there's going to be a huge push for bitcoin to become what's called esg compliant that's environmental social and corporate governance now this has been for the longest time one of the biggest boogeyman in bitcoin because bitcoin has always had this bad rep about being wasteful and using too many resources.
For mining but the question is how much energy does bitcoin actually waste this is gonna blow your mind check this out here's a chart which shows bitcoin's carbon emissions output which was 41 metric tons of co2 last year that was three times less than gold three times less than the traditional banking system 24 times less than air conditioners and.
A whopping 48 times less than the airline industry now consider bitcoin's utility for a moment because bitcoin is giving people economic freedom all over the world people that are in some cases right now as we speak are fighting for their lives literally and that seems to be a little bit higher on the priority list of things than something like.
Tumble dryers which have a higher carbon emissions output but no one is crying foul over that the truth is bitcoin is an energy efficient machine which will constantly look for the most efficient and the cheapest energy which tends to be clean energy anyway so this will first appear as a problem which will eventually resolve itself but that will.
Depend on the environmental protection agencies to hopefully do a good job with unbiased research but time will tell or lobbying will tell praying to the crypto whales to help us out something in my eye again the last part of the executive order will most likely look at the stablecoin market but most likely it's not going to commit to creating its own.
Stablecoin yet other than telling other committees to look at the finance subcommittees to look in the validity of the stablecoin committee to see if they want to commit basically it's a nothing burger so here are my overall personal thoughts personally i'm excited about these regulations did you know that there are over 17 000 altcoins in the.
Market anyone can copy and paste the code and just duplicate their own also in 2020 there were roughly 7.8 billion dollars worth of crypto that was stolen in 2021 just last year they scammed 14 billion dollars it's a growing industry every single day i feel like i get an email showing that someone sent bitcoin to some unknown address pretending to be.
Me if you own an nft you are probably rug pulled at some point it's like a rite of passage there's no consequence for these people but it would be nice if vincent could step in and make sure that we could regulate this space it would also be nice if the occ could work with banks so that we could custody our bitcoin with them it would be nice if we.
Could just deposit our bitcoin and know that it was insured in the same way that stocks are insured by sipc insurance and cash deposits are insured by fdic insurance all of that will be wonderful because it stabilizes the crypto markets and it brings us one step closer to a spot etf which is the ultimate catalyst between bitcoin being where it's.
Currently priced and a hundred thousand dollars but andre isn't bitcoin supposed to be not regulated no that's missing the point bitcoin is a commodity that acts like a currency it also smells like a security which one is it it depends on how you use it and the government will soon find that out for now they have to appoint different committees and parts.
Of the government to figure it out eventually we'll have another sector in the stock market called blockchain technology but that will take some time i'm pretty excited i look forward to it i welcome it but in the meantime love you thank you so much for watching this video i will see you back here on monday and friday sometimes a wednesday don't.
Forget to check out public in the link down below i'll see you soon bye