Stop Writing Nonsense & Misinformation on Bitcoin – Anthony PomplianoOctober 17, 2019
There is a widespread fear that Bitcoin-based investment products might become a tool to move the capital from the fiat markets. And, regulators would not be happy about this happening.
If the ascertained feature of the investment products became a reality, the fiat currencies would become unattractive to investors. And, that could be the start of illicit financial transactions.
When newer markets are created to bring in more of Bitcoin, that would consequently increase the numbers of financial crimes. Eventually, an average law enforcement agency would want to get rid of Bitcoin for once and forever.
The fear around institutional-grade Bitcoin products is that regulators can anytime walk in and shut it down forever.
Speculators and transactors currently sustain the cryptocurrency ecosystem. The Bitcoin protocol is created in a way to help those who are willing to make transactions without falling prey to regulators. Yet another class of them who use this protocol are those willing to extract a lot of profits from Bitcoin. Both of these users work complementary to each other.
Institutional interest in Bitcoin is increasing, and the need for Bitcoin ETF is rising, and the related concerns about the security of these products are also increasing.
Anthony Pompliano opines that the views around the consequences of the ETF products are wildly inaccurate. He stated, “You’re claiming that non-censorship is the only value prop of Bitcoin. What about the non-seizure element? What about the disinflationary monetary supply? Or the sound money element? Or pseudonymity? Please stop writing nonsense & misinformation.”
In a discussion about the different types of Bitcoin investors, another new group of people is considered to be in existence. They are those who invest in Bitcoin to protect themselves against inflation, which might occur due to governmental corruption.
While all these are the trending discussions, nearly $77 million of Bitcoin (BTC) is currently unavailable for use on the network. The reason being that these tokens are locked up in several side chains.
There was a bullish crossover at 100 and 200 MA, the token continues to trade flat. There is no clear directional basis. If the bearish trend should be broken, the 200-day moving average at $8,739 should be invalidated.
The 200-day MA is the barometer for the longer-term trend, and the cross over did not help to buoy the prices. Despite all forecasts, Bitcoin cannot be shut down any time soon. A lot of people are behind the scenes, and they would not want to see it go away.