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A New York Post columnist and business journalist, John Crudele, calls out regulatory bodies in the United States, China, and the European Union last week to carry out a thorough investigation into the crypto space. Crudele is known for having strong opinions and this time he isn’t sparing any arrow in his quiver.
Speaking to the President of the United States and regulatory bodies in the aforementioned countries, Crudele states categorically that it is high time they came together and investigate the person behind the ridiculous Bitcoin’s price manipulation.
Empathizing with tons of ‘gullible investors’ who lost a huge sum in the recent crypto winter, Crudele cries out to the appropriate regulatory bodies (like the IRS, the Securities and Exchange Commission, Homeland Security, and the Justice Department) to make hay while the sun shines. Something should be done now before we see a repetition of what happened last year – when the Bitcoin price dropped from its all-time high ($20,000) to virtually small peanuts.
As he has always argued, the columnist reminded the public that Bitcoin is nothing more than a confidence game. It is, in fact, worthless the moment people lose their confidence in the ‘fake digital currency,’ he added.
Driving his point home, Crudele explained that Bitcoin is not backed by anything. Like the prominent official of the European Central Bank recently asked: “Who is behind cryptocurrencies?” A Euro will always be a Euro because the ECB is behind it. “Who is behind cryptocurrencies?”
Crudele explained further by quoting Jerome Powell, the Federal Reserve Chairman who warned that cryptocurrencies are not real currencies because they do not possess any intrinsic value and that there are investor and consumer protection issues with the digital coin.
The list of Bitcoin skeptics doesn’t stop there. The god of investing himself has cried out more times than we can count for people to steer clear of Bitcoin and other cryptocurrencies. Warren Buffett has used all of the analogies and adjectives in the books to educate his audience; from Bitcoin being rat poisoned squared to it being the mother and father of all bubbles, the business magnate’s stand has never wavered on Bitcoin.
Crudele also took his audience down memory lane to when the Vice Chairman of Berkshire Hathaway, Charlie Munger, described cryptos as “just dementia.” And the list goes on and on.
Therefore, Crudele is urging regulatory bodies to take action now before investors get burned again because, in his opinion, they will definitely be. Starting with the founder of Fundstrat Global Advisors, Tom Lee, Crudele proposed a stern investigation in the crypto space.
Do you think he is just being bearish or does the crypto space really do need a big sweep?