First of all, a good news is Crypto market seems to be recovering pretty well. Now, the China FUD is seemingly over, market has realized it and slowly moving upward. Due to China FUD as well as Mr. Jamie Dimon's statements, crypto market fell down crucially a few days back and lost almost $40 Billion within 2-3 days.
But now, the market is seems to be recovering and total market capitalisation seems to stabilizing at $147 Billion. Well, for all crypto evangelists, this is going really great. Doesn't it?
Actually, this is crypto market and as I have said earlier, it is full of conspiracies, scams and hacking.
Now, a new statement has come from the Wolf of the Wall Street himself. Mr. Jordan Belfort calls Bitcoin a 'Fraud & Bizarre' this time.
Mr. Belfort said something like this
“the biggest problem I see from Bitcoin, and why I would never buy it, is because they can easily steal it from you through hacking. I know people who lost all their money like that.”
Well, this statement looks like something what Mr. Jamie Dimon said in his statement before crashing the market and bought the dip thereafter.
If we talk about Jamie Dimon's statement, then he called Bitcoin a fraud and nuisance. In fact, he even warned anyone in his company staff to be fired if found in possession of Bitcoin or cryptocurrency in general. But later, it was revealed that his company subsidiaries itself bought Bitcoin dip.
Whenever Bitcoin started to stabilize, someone take this chance to criticize it again and with that criticism the Bitcoin value suffers.
A few days back, Ray Dalio, the founder of Largest Hedge Fund Bridgewater also called Bitcoin a fraud and highly speculative.
Now, this time Mr. Belfort came to criticize it. Belfort actually believes that Bitcoin is a highly speculative instrument and not even real. It has no recognition except on the internet. It is not backed by any government. It is completely decentralized and all decentralized instrument turns out to be a bubble or fraud eventually.
Although, he believes in the concept of Cryptocurrency but current model of Bitcoin is full of corrupt programs being played at the hands of Miners as well as large investors, commonly known as 'Whales'.
Belfort said that,'' there is future for digital currencies but not like this. Cryptocurrenices should be backed by central governments, not by some artificial computer program''.
He also added that sooner or later, central banks will come up with their own cryptocurrencies which will be more stable and reliable.
Well, some of his statements are true regarding the high volatility as well as no backing by any strong and reliable authority. But still, cryptocurrenices are not that easy to break down.
Attempt are always thrown on crypto market to strike its value down but it always recovers eventually.
Let's see how the market reacts this time.
Keep your Investment safe and use your own diligence before making any Investment in cryptocurrency or ICO project.
Thanks for reading ...!!
