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Former SEC Official Claims Another Crypto Winter is Heading the Our Way, Bitcoin to $0 in Value?
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Pocket- People like John Reed Stark are of the opinion that since Bitcoin is not backed by any physical/ tangible asset, it is ‘intrinsically worthless’.
- He also believes that by the end of the year, we might witness the onset of another crypto winter that will drive the price of Bitcoin all the way down to zero.
John Reed Stark — a Former US Securities and Exchange Commission (SEC) Executive — who worked for the regulatory body for more than 20 years has recently come forth and claimed that a crypto winter might once again be on its way to ravage the altcoin industry.
In the past, the former government employee has written a host of articles and essays regarding the “worthlessness” of premier altcoins such as Bitcoin, Ethereum etc. Similarly, much like Warren Buffett, Stark too has likened digital currencies to “rat poison” in the past.
As part of his latest tirade, the anti-crypto figurehead has just published a new “research article” for Law360, wherein he refers to IEOs as being “predatory fundraising avenues” that the SEC would soon be clamping down upon. On the subject, he was further quoted as saying:
“They are an enticing medium for fraud, manipulation, insider trading, hacking, and a broad range of chicanery. IEOs represent yet another blatant attempt to hijack a similar-sounding acronym — IPO — in an effort to lure investors seeking to get rich quick. However, just like ICOs, the IEO has not a single element in common with the IPO (other than the first and last letters of its acronym).”
More on the Matter
In his above mentioned op-ed piece, Stark has heavily criticized Bitcoin and claimed that the digital asset has no “real use-cases” (other than its ability to help criminals launder money all across the world).
He also added that Bitcoin was currently being used by a number of miscreants to facilitate illegal activities such as:
- Buying Fake IDs
- Procuring Illegal opiates
- Collect Ransomware Payments
- Fund terrorist-related activities
Stark closed out his article by saying that crypto investors should not be surprised if they wake up one morning and find that their BTC investments have become worthless — since, in his opinion, the asset class is one big ‘Ponzi scheme’ that is bound to implode sometime or the other.
Final Take
Despite people like Peter Schiff, John Stark continually bashing the crypto industry, it appears as though the global investment community, by and large, has continued to support this burgeoning market sector. This is highlighted by the fact that since the start of the year, the price of Bitcoin has risen quite dramatically — with the value of one BTC token currently hovering around the $8k mark after having dropped to a relative low of $3k just 6 months back.
Bitcoin’s price is $26,423.79 BTC/USD exchange rate today. The real-time BTC market cap of $512.52 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $4.55 Billion and live coin value change of BTC -1.03 in the last 24 hours.
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