It has only been a week since John Crudele, a columnist working for the New York Post gave the startling prediction that Bitcoin would soon see its market valuation plummet down to zero.
He would go on to further muddy up the journalistic waters by making a request to the government under President Trump, asking him to instigate a ‘massive investigation’ on the prospect that there is a spate of ‘manipulation madness’ afflicting the market.
During the course of Crudele’s article, he dismissively, and outrgeously referred to Bitcoin as being ‘nothing more than a confidence game,’ continuing on to dismiss it as an ‘outright con’ due to its being a ‘fake digital currency,’ which is rich considering he has no problem being paid in fiat currency, which is also backed by nothing.
“As I’ve said before, bitcoin is nothing more than a confidence game. It’s worth nothing if people suddenly lose their confidence in this fake digital currency. It’s backed by nothing. It’s the definition of a con.”
Along with making reference to his own personal contact with Trump, which he professes to a little too proudly. He calls on the likes of China, the European Union, as well as the United States, calling on them to probe those he beleives are responsible for ‘manipulation of Bitcoin’s price,’ while making no reference to the large-scale price fixing that major banks have since been sued for.
The writer would go on to urge the US President to push forward with an investigation in his column.
“And since I happen to know Donald Trump and I also happen to know that the president reads my column regularly, that’s what I’m suggesting right now. No need to even make a phone call.”
Crudele – A Concerned Investor or Completely out of Touch?
While it isn’t exactly clear what compelled Crudele to make these unusual and, let’s face it, out of touch conclusions about Bitcoin, or even what urged him to push for an investigation into price manipulation.
There have been more than enough claims made by individuals both on the positive and skeptical side of the cryptocurrency world. With members of both sides decrying the notion of any kind of manipulation taking place within the crypto market.
In the opinion of John Crudele, an investigation should be launched with utmost expediency in order to address a matter that he wholeheartedly believes is happening. According to him, he is calling for it in the interests of the average ‘gullible investor’, how altruistic. He wants this investigation to happen:
‘Before gullible investors take another hit like they did when bitcoin fell from $20,000’.
There have been a good number of people that regard this demand by Crudele as the height of overzealousness.
But in his ‘request’ the writer for the New York Post offered to help in starting off the investigations. He has even come forward with his own ‘hit list’ of people who should come under investigation, including ‘an analyst named Tom Lee, of little-known Fundstrat Global Advisors’ who should undergo questioning.
So What Annoyed Crudele Enough to Write Bitcoin Hit-Post Series?
This recent call comes after he had written one of his first articles which came down heavily on Bitcoin, and could have just as easily been a tweet due to the sheer volume of this ‘article’ (consisting of less than one hundred words). Makes you wonder how much he got paid for that.
So what compelled this recent vitriolic follow-up? It was largely thanks to the kind of reaction he recieved from the reading community during this tweet-like hit piece.
Throughout this follow up article, he disclosed the kind of emails and tweets that he recieved as his own personal fallout from the earlier article. He would later attempt to defend himself by stating that he ‘didn’t start this latest skirmish’ with the pool of crypto enthusiasts.
Instead, the time and energy of these crypto defenders should be directed towards major influencers such as Berkshire Hathaway’s Warren Buffett.
It comes off as someone attempting to deflect attention off themselves because they were caught out for their irrational rants. We had previously conducted a hit by hit break down of where Gizmondo screwed up in their ridiculous claims regarding Bitcoin and this comes off as very much the shame. Talk shit, get hit.
Bitcoin Surges Ahead and Beyond Stocks – Some Confidence Trick
The underlying objective of any con or ‘confidence game’ as Crud-ele puts it, is that one or more people scam the rest into handing over their money. But as we’re seeing from the current performance of Bitcoin, we see more people getting their money back and then some if they’re investing in Bitcoin.
But calling Bitcoin ‘nothing more than a confidence game’ has become almost a rite of passage for the virtual currency since 2014.
During this same week, Crud-ele went even further in his attacks on Bitcoin, dubbing it a ‘worldwide scam’ in spide of its continued strong performance. Specifically, this comment was made in response to the decision of the Massachusetts Institute of Technology to provide its undergraduate students $100 worth of Bitcoin. This is also coming during a time when more and more retirement funds and university funds are looking to augment their investments with crypto-assets.
Crud-ele went on to conclude that, rather than buying Bitcoin, or ‘crap’ as he puts it, students would be better suited in spending that $100, on ‘burgers and fries at the student center’.
MIT introduced this initiative back when Bitcoin had a market valuation of $515. But since then, its value has skyrocketed to where it is now. While a burger would have been a good immediate fix, Crud-ele is better reminded that this ‘confidence game’ is one with a lot of winners so far.
- Source: First Appeared Here
- Published Time: 2019-05-23 22:04:38
The views and opinions expressed in the article NY Post Journalist John Crudele Wants President Trump to Investigate Manipulation in Bitcoin do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.
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