NEW INSANE CRYPTO TAX PASSED BY ILLINOIS GOVERNOR & SECRETLY BACKED BY ELIZABETH WARREN!

**Tony Edward** (0:04)
Hey everyone, welcome in to the Thinking Crypto Podcast, your home for cryptocurrency news and interviews. I'm your host Tony Edward. On your way in, please hit that subscribe button, as well as a thumbs up button and leave a comment below. If you're listening on a podcast platform such as Spotify or Apple, please leave a five-star rating and review. All right, folks, we're continuing to monitor Bitcoin's chart, waiting for the continued move upward because we are moving away from that extreme oversold zone. On the daily chart, the Bitcoin bulls are in control, part of the MACD. It has a bullish cross. And on the weekly chart, as I've been sharing with you guys, there is a bullish divergence. So we got to let the market do its thing. But we are seeing some additional metrics that are signaling. The bottom is either in or very close. Here analysts, blockchain backers, shared a chart showing Bitcoin's on-chain loss and that it has hit the 10.5 million marker here. And this is where we've seen it hit in the past and it has signaled the bottom. Doesn't mean it must repeat exactly, but again, these are signals. We got a confluence of factors, the bullish divergence, the on-chain losses, the extreme oversold zone that we've been in, and much more. So we're seeing some positive signs. And this is why I've been telling you guys, I've been buying and slowly dollar cost averaging in, right? Because even if it's not the exact bottom, we are certainly close at that bottom. We're in the bottom zone. So this is certainly a strong metric we need to continue to pay attention to. There's also another one someone shared here. Bitcoin has never dumped below its electrical costs. So essentially, the cost to produce or mine a Bitcoin, Bitcoin always held around that level. It never really broke down below it. And the miners do control a lot of the Bitcoin market. And I think this is just another strong factor we have to pay attention to. We can look at these individually and say, based on this one factor, that means the bottom is in. But if you see a confluence again of these things, it's a very good sign.
And as far as the relief rally out of this correction we saw recently, the Bitcoin MVRV is still hovering below the neutral line. And I'm talking about the 30-day MVRV. So it shows that traders are still underwater, even though there has been a little bit of a climb back to the neutral zone. So we want to see this go above and the price to follow suit. And obviously, as we get overheated, we'll go back down. But it's all cyclical. So that's why it's important to pay attention to this metric. It very much mirrors the RSI metric. Now folks, we have some very crazy news. This is coming out of Illinois. I'm sure many of you saw it already. Governor Pritzker, JB Pritzker, if I'm saying that right, has signed a 0.2% tax on crypto transactions into law, including transfers between personal wallets with the Crypto Council for Innovation, calling it the most punitive digital asset tax in the country.
This is straight up draconian. They want to tax crypto transactions. And the way they did this is very sneaky, guys. So apparently this new digital asset trading tax was quietly slipped into the state budget at the last minute and it made Illinois the first state to single out crypto for different tax treatment. So they're not doing this for any other asset class. They're just doing it for crypto. So clearly there's an agenda here. So I decided to Google, who the hell is Governor JB Pritzker?
And I figured, wait a minute, we never heard about this guy. He never really talked about crypto in the past. And he's just the governor of a state. So why the hell would he all of a sudden wake up and do this and sneak it into a bill last minute? Well, I decided to check, does he have any connection to Elizabeth Warren?
Well, apparently he does. And I believe Elizabeth Warren is the one who seeded this idea. I don't think this governor woke up and said, you know what, I'm going to tax crypto, right? It came from someone. The marching orders came from the big banking incumbents down to Elizabeth Warren, and then she sends it out to her cronies, right? So Illinois Governor JB Pritzker and US. Senator Elizabeth Warren are prominent figures in the progressive wing of the Democratic Party. They recently collaborated during a highly contested Illinois US. Senate primary election, where Warren and Pritzker both back Lieutenant Governor Julianna Stratton. Now, here's some more details on that, which I think is the smoking gun here. Warren and Pritzker campaigned together in Chicago to support Stratton against a crypto-funded opponent. Warren praised Pritzker during the campaign, calling him a rare billionaire who fights from the heart.