|The value of Bitcoin surged after rumors circulated that Amazon was considering accepting purchases in the cryptocurrency. After Amazon said they weren’t planning such a change in the near future, Bitcoin dropped, but is expected to recover soon.|
A crypto expert has tweeted that the infrastructure bill being considered by Congress could “sink the American crypto industry.” It could all just be worrying out loud, but it would seem that the government sees cryptocurrency taxation as the cash cow needed to pay for the trillion dollar plan.
The Chinese government has upset the global financial scene by banning private sector tutoring companies from making money. Educational companies working in China will become non-profit entities, which prompted panicked selling of stocks. Many Chinese parents employ tutors for their children, creating an industry worth around $120BN. The CCP is looking to reduce the cost of raising children, presumably to encourage couples to have more of them. The move by the CCP comes on the back of a broad crackdown of China’s tech sector.
In a side note, the first person tried under new Hong Kong security laws has been found guilty.
The US economy has returned to its pre-pandemic size, but despite government insistence that inflation is only a “temporary” problem, many sites are reporting that key indicators suggest otherwise. Panicking over inflation usually just makes things worse, so we’ll keep living like Jesus is coming back tomorrow and building like he’s not coming back for a century.