Heard of GameStop yet? The last 24 hours have been some of the most significant in the history of the internet.
Here’s what happened.
1) A community of people on Reddit called “WallStreet Bets” figured out that certain companies like GameStop had been SHORTED MORE THAN 100% of their shares. This means that companies were betting more than 100% of GameStop’s shares that the price would go DOWN.
2) The community essentially said screw that.
3) They all started buying GameStop.
4) The internet broke.
5) No seriously.
6) GameStop went VERTICAL.
7) Those companies that were shorting it have lost 10s of BILLIONS of dollars and it still isn’t over yet.
8) Oh, and it gets worse!!!
9) Wall Street decided that the only way to save its own ass was to convince trading platforms like Robinhood to DE-LIST GameStop and other stocks from its app.
Okay, so that was a quick summary, because this is all happening in real time and I wanted to get this letter out.
But I just want to state, for the record, that this is some next level stuff happening.
In 2020, they shut down restaurants and other businesses because of a VIRUS.
This, in 2021, is entirely more menacing.
I’m serious.
It’s much much worse.
The entire idea of the stock market, supposedly, is that it is a FREE MARKET.
You’re going to laugh, but look what Robinhood’s MOTTO IS…
Our Mission
Robinhood’s mission is to democratize finance for all. We believe that everyone should have access to the financial markets, so we’ve built Robinhood from the ground up to make investing friendly, approachable, and understandable for newcomers and experts alike.
EVERYONE SHOULD HAVE ACCESS??? REALLY????????
So, let me get this straight.
A group of average, everyday people sticks it to Wall Street SO BADLY that they cry to their mommies…
And Robinhood De-Lists the PEOPLE??
Remind me again what they did wrong?
They bought a stock???
Holy smokes.
Guys.
This letter is one of the most informal I’ve ever written because I NEED to get it out there so you understand this….
THE FREE MARKET IS DEAD.
Anyone who tells you that it isn’t is literally lying to your face.
Even the companies DESIGNED to be “for the people, by the people” like Robinhood, INSTANTLY turn their backs on the people the SECOND that Wall-Street cries to their mommy.
I know you all think I’m crazy about Bitcoin, and crazy about owning your own Business.
But when stuff like this happens?
It’s not something that should be “a nice little dream for people to have”.
It’s a necessity.
It is my prediction that this is the beginning of the end for the economic system that is currently in place.
At the end of the day, the Government is the PEOPLE, not some old dudes in Washington.
The PEOPLE are not going to stand for this, I promise you that.
You can mess with a lot of things, but when you start OPENLY manipulating markets…
Honestly it’s not even OPENLY at this point, it’s like they WANT you to know what they are doing!
Ask your Grandma if she’s heard about GameStop….
When you start messing with the MONEY right out in the open is when things start to get super super weird.
History has left us MANY examples of countries where the people caught on to what was happening with the money, and things changed, quickly. (Google Weimar Germany).
Thankfully, this time around, we have two beautiful things.
A) Entrepreneurship.
You can build something that fixes these problems. You can build something SCARCE that the government can’t print and manipulate.
B) Bitcoin
Yes, I really do believe all these WallStreet Betters….
All these mom and pops messing around on Robinhood and sticking it to the man in Wall Street…
They will move over to Bitcoin.
Because guess what…
You can’t shut it down.
You can’t halt trading.
You can’t mess with it, in any shape or form.
At the end of the day, this all started because a few people on reddit noticed that Wall Street was playing games with an innocent company.
They decided to stick it to the man, and buy that company.
And now, the curtain has been thrown back.
Guess what?
The real “man” isn’t just wall street, it’s the entire economy, based around the US dollar.
This tweet from WallStreetBets sums it up pretty perfectly I’d say…..
Stay safe out there.
More happened in the past 48 hours than happened in 20 years of markets before this.
I’m serious, this is huge.
See you subscribers tomorrow.
Kale
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