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12/13/2017 / By Ethan Huff
Is there a future for Bitcoin? Not if Wall Street has anything to say about it. YouTuber Gregory Mannarino announced on Sunday that a futures exchange has now been set up for investors to speculate on the future price of Bitcoin – and according to Mannarino, this means that Wall Street could be planning to try to “rig” the price of Bitcoin.
Even though people who engage in futures exchanges don’t actually own the commodity or asset in question, Mannarino is convinced that merely by having the ability to guess at the future price of Bitcoin, Wall Street investors will somehow influence that actual price of Bitcoin for people who own it.
In his video, entitled “Wall Street Is About To Rip The Face Off Bitcoin Here’s How. By Gregory Mannarino,” this stock market analyst lays out his case for why “Wall Street always wins, and Wall Street always will win.” In a nutshell, Mannarino believes that there simply isn’t a way for the average Joe to truly own a profitable stake in Bitcoin because, in the end, Wall Street will seize control of it.
According to other reports, futures traders in Bitcoin will actually allow customers to be against the cryptocurrency, which some believe could alter the dynamics of the market for real Bitcoin. Futures vipers will essentially bet on Bitcoin decreasing in value, also known as a bearish “short” position, and if they’re right, they end up making money.
However, Bitcoin actually has to go down in real life before these short positions can turn a profit, not the other way around. But to Mannarino, the mere existence of a futures exchange means to him that Wall Street might be trying to go in for the kill with plans to profit from the cryptocurrency without actually having to own it.
“Why would Wall Street want to start trading of Bitcoin on the futures exchange? Do you think it’s in your best interest?” Mannarino asks. “Wall Street never loses. Never. They never lose. They may have a sacrificial lamb here or there, referring to Bear Stearns and Lehman Brothers, the last meltdown, but we bailed them out. They never lose. And they never will,” he insists.”
Mannarino isn’t alone in his perspective. Many in the mainstream media are echoing these sentiments, including a recent Reuters report that suggests the ongoing exponential growth of Bitcoin in recent months could begin to slow.
Even despite an increase in value from $15,460 before the futures market opened up to upwards of $18,650 on Monday the day after, traditional investment groups and those in the media are reporting that Bitcoin growth could see some bumps along the way.
“The bitcoin founder should be horrified seeing it rise so quickly, as any serious focus on it and its recent explosive move higher will soon end its freedom,” claims John Taylor Jr., president and founder of the research firm Taylor Global Vision in New York.
Taylor believes that Bitcoin has yet to peak, but once it does and the “up-move ends,” he expects that “it will crash.”
The immense volatility of Bitcoin, having risen from under $1,000 back in January of this year to nearly $20,000 in the month of December has many traditional investors concerned about its long-term stability. Still, the idea of shorting Bitcoin even at this point in the game may be a bit presumptuous, say others.
“Anyone, especially a professional trading outfit, would be crazy to actually short sell this bull market,” says Nick Spanos, founder of Bitcoin Center in New York City. “But just because it doesn’t happen on day one doesn’t mean it won’t in the future.”
Sources for this article include:
Tagged Under: bitcoin, cryptocurrency, futures, Gregory Mannarino, Wall Street
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