Thursday, October 04, 2018 by Ethan Huff
The mainstream media is awash in reports about what some are saying is the continued collapse of Bitcoin. Reiterating what Mike Adams, the Health Ranger predicted late last year, the popular cryptocurrency recently slid in value to under $10,000 per coin, which could be a sign of something more than just a simple correction.
The Wall Street Journal (WSJ) was among the news outlets to highlight Bitcoin’s plunge to below $8,000 per coin in early February – a consequence, some say, of the recently opened futures market that now allows professional gamblers to “short” the cryptocurrency, a.k.a. betting against Bitcoin’s value in the hopes that it will decline.
Since that time, Bitcoin’s value has risen above $9,300 per coin (as of this writing), but it remains nowhere near it’s all-time high of close to $20,000 per coin back in December. Several other cryptos like Litecoin and Ethereum that saw similar declines in value alongside Bitcoin have also risen somewhat upwards, and yet not everyone is convinced that this will last – at least not if the government has anything to say about it.
Nouriel Roubini, a professor of economics at New York University (NYU), told the media recently that he believes Bitcoin is “the mother of all bubbles,” and that people who most favor it are “charlatans and swindlers.”
“Policymakers and regulators are getting worried,” Roubini is quoted as saying in a February 6, 2018, article published by The Guardian. “Pretty much every G20 policymaker is talking about a crackdown. We can’t allow it to become the next Swiss bank account for use by criminals and people evading tax.”
Roubini, who’s credited with successfully predicting the 2008 global financial crisis, almost wants Bitcoin to fail. He seems sure that Bitcoin’s recent sharp fall, followed by its modest rise, is indicative of impending doom for the crypto, which he says will probably plummet “all the way down to zero.”
Part of what could be causing Bitcoin’s wild volatility in this regard is market manipulation, some reports suggest. More and more, big banks, including the American central bank known as the Federal Reserve, are chattering about how Bitcoin is being used by criminals to hide their transactions and remain anonymous, which is facilitating the growth of black market industries.
Part of Bitcoin’s draw is the fact that its use is supposedly untraceable, though even this is now being called into question as reports emerge about how simply having the right amount of control over Bitcoin’s blockchain ledger may be enough to keep tabs on how people are using the digital currency.
All of the uncertainty and negative press surrounding Bitcoin has further caused online platforms like Facebook, for instance, to ban all advertising for cryptocurrency, citing concerns about “scams and deception” that may attempt to take advantage of Facebook users.
Adams predicts that in 2018, the central banks will launch even more aggressive measures against cryptocurrency, inciting either a cyber attack or other false flag to engineer a panic selloff. The end result would likely be the same in either scenario: a rapid change in Bitcoin’s price that could trigger a ripple effect throughout the cryptocurrency world.
“Remember: the establishment isn’t anti-crypto,” Adams says. “They’re just ‘anti’ anything they don’t control. They love the idea of crypto as long as they can track it, confiscate it and tax it. Their next big move is to discredit Bitcoin and shift people into a crypto system they control.”
To keep up with the latest news about Bitcoin and its cryptocurrency counterparts, check out BitRaped.com.
Sources for this article include: