IRS Wants to Take a Bite Out of Bitcoin

The video discusses the recent trends in the cryptocurrency market, focusing on Bitcoin's volatility and the impact of new IRS regulations requiring reporting of transfers over $10,000. It highlights the challenges Bitcoin faces as a potential portfolio hedge against inflation, especially compared to gold, and examines the influence of external factors like Elon Musk's tweets and warnings from the PBOC.

What impact has Elon Musk's statements had on Bitcoin as mentioned in the text?

Discuss the volatility of Bitcoin compared to gold as presented in the text.