Bitcoin Price Reality – Separating Fact from Myth
The recent plunge in Bitcoin – and almost every other cryptocoin out there – is attributed to all of the recent bad news. Bitcoin price reality needs to set in. Let’s tear apart all of the recent factors the “experts” are attributing to the Bitcoin price plunge….
Bitcoin Price Reality #1 – The Google Cryptocoin Ban is a ZERO factor to Bitcoin prices. The same holds true for the other big coins out there like Ethereum, Litecoin and some of the smaller – but established coins – like Monero, Ripple, etc. Nobody ever saw a Google ad – or a Facebook ad for that matter – for Bitcoin itself. Ditto Ethereum, TRON and who knows how many other coins. The Google ban will make life difficult for ICOs and emerging cryptoexchanges and it basically puts cryptocoin consultants, experts and gurus out of business. HOWEVER, any advertising ban cannot even put a dent in Bitcoin itself. To think otherwise is the most powerful example of FUD driving idiots and the afraid to sell coins because they just don’t know any better.
Bitcoin Price Reality #2 – The SEC is going to crackdown on cryptocoin. Yes, perhaps. But so what? That’s not going to have the slightest ACTUAL impact on Bitcoin (and again, the other big coins, etc.) Because Bitcon is decentralized there is nobody for a government agency to go after. No single entity raises any actual money with Bitcoin. This is why Coinbase is so slow to list any ICOs. This quote from Michael Lempres, a senior corporate officer of Coinbase explains why. “We do not support any [ICO] at the current time because we are not sure what the regulatory [treatment] is… We are waiting for the dust to settle between the CFTC and SEC before we electively engage on supporting ICOs.” The CEO of Coinbase said much the same thing during a recent CNBC interview when it comes to listing new coins; they are operating Coinbase with a conservative abundance of caution. Bitcoin Price Reality: If Coinbase were to be subject to higher, much more stringent regulations tomorrow it wouldn’t matter at all. A typical day at a Coinbase office would go on as usual.
Bitcoin Price Reality #3 – All of the government regulation on earth won’t and can’t stop Bitcoin. NBC News published a very dark article on their website about the future of cryptocurrency. All together the reporting wasn;t bad but they got one thing very, very wrong — they grouped Bitcoin together in the same category as all other cryptocurrencies. I think what spooked the Bitcoin world markets was what the IMF (International Monetary Fund) said in calling for GLOBAL regulation of cryptocurrency. It’s been pointed out time and time again that Bitcoin, in and of itself, is immune from and impervious to any regulation of any kind. Bitcoin is the king of cryptocoin and is in a class by itself.