The IMF Calls for Cooperation
The IMF(International Monetary Fund) is an organization of the United Nations.
This is another unfortunate case of the government fearing Bitcoin and other cryptocurrencies. It seems like everytime the crypto market is about to make a recovery, another news story such as this one drops.
The IMF spokesman, Gerry Rice, said that there is a need for "greater international discussion and cooperation among regulators."
He also stated, "When asset prices go up quickly, risks can accumulate, particularly if market participants are borrowing money to buy. It's important for people to be aware of the risks and take the necessary risk-management measures."
What does this mean for Crypto?
It is hard to say what this will do to the market, or if it had anything to do with another dismal day that crypto went through today. It seems like the UN might be taking the stance that cryptos are here to stay, but they just need to be regulated. This might be good for crypto for the long term, but the market has been struggling for the last 24 hours. I am not sure if this news attributed to the struggles of the market in the last 24 hours, but it probably didn't help.
It is easy to see that many governments are worried about Bitcoin and crypto taking away their fake money press business they are in.
Conclusion
In my view all of this bad news and the recent bear market is just a good buy opportunity for me. I am not sure how much lower the market will dip, but I am fairly certain it will rebound to new all time highs! That is crypto 101.
To the moon,
