You know the old saying about getting kicked when you’re down. Well, Bitcoin and cryptocurrency in general is getting a good kicking lately from many in the same corner, namely banking and governments, and also from a diplomat and a Swedish pop star turned philosopher.
You can’t make this stuff up.
Bitcoin is up against a barrage of FUD unlike anything it has faced so far. Many in the global power elite are on the attack, because they’re scared.
So, we all know about the remarks made by JP Morgan Chase’s Jamie Dimon, about Bitcoin being a fraud that is about to explode.
Earlier, and what started and is probably prolonging this correction and panic selling is the Chinese rumors about cryptocurrency exchanges in China to be shut down, while so far the Chinese government hasn’t told anyone this, much less the exchanges. It’s rumor so far. They have halted ICO’s but apparently it’s temporary and allowing their regulators to get stuff in order.
Then we have a DoubleLine Capital founder, Jeffrey Gundlach telling some anecdote about his 86 year old mom asking him if she should go with Bitcoin when it was over $4000, while now it’s lower and he says she’s probably not interested anymore. Ha ha ha (contrived sarcastic laughter)
Now we have Mohamed El-Erian, former director of the International Monetary Fund and many many other positions, including former President Obama’s Global Development Council’s Chair, as well as too many distinctions to mention here. It is also worth noting that he’s a Globalist and was named to Foreign Policy’s Top 100 Global Thinkers for 2009-2012. He’s currently a Chief Economic Advisor with Allianz. Yeah, THAT guy. He’s saying that Bitcoin should be worth only HALF of what it’s worth now (post correction) because the high pricing assumes massive adoption, which he doesn’t see happening. He does concede it will remain as a peer to peer method of payment.
Bank of America has a survey that called out Bitcoin as the “most crowded trade”. With so many into it that a massive exodus (crash) was also the end game.
Then we have the Swedish former pop star and philosopher, asking what happens when all of these small Asian investors lose all of their savings that they have been dumping into Bitcoin. He’s also using the same “tulip bubble” reference that Jamie Dimon used, referring to the 17th century speculation and crash of tulip bulbs. (crazy, right?)
So we have all of these forces lined up on one side against Bitcoin and cryptocurrency.
It literally is enough to make any non conspiracy thinker think twice about how dangerous the Powers That Be consider it and that is EXACTLY why you might also tend to believe that it’s going UP UP UP in the future as more and more people flee into it.
The entrenched system is deathly afraid of Bitcoin and man they even have the former Swedish pop star towing their line. (whether he knows it or not)
So, how low can it go?
How many crypto investors will be spooked by all of these voices lined up against it? (and I am SURE there are MORE coming, this is just the tip of the blitz)
Hold onto your nutz, my friends.
Hodl on, indeed.