New Report Claims Wall Street Is Manipulating Crypto Markets To Buy Cheap
A new report suggests that major Wall Street institutions are manipulating the price of bitcoin and other cryptocurrencies for their own benefit. The report claims that Wall Street has engaged in a number of acts to disrupt markets over the last few months.
Because of Wall Street, crypto is now sitting in its worst slump in recent memory. The price of bitcoin has retreated to a 1.5-year low.
But is Wall Street really to blame? Or is this just a case of crypto enthusiasts looking for an easy target?
The report comes from Teeka Tiwari of Palm Beach Confidential, who recently created a 6-minute YouTube video in partnership with Glenn Beck.
You can watch the full video on YouTube here.
The video argues that prominent Wall Street firms and their CEOs have been saying all of the right things to cause bitcoin to drop. Major institutions have repeatedly made inflammatory statements about bitcoin, for example, and done interviews with mainstream media outlets.
If you believe Teeka Tiwari and Glenn Beck, then these institutions aren’t making these statements because they hate bitcoin: they’re making these statements because they want to continue lowering the price before buying in at a cheaper rate.
If that’s the case, then the plan is certainly working.
Last year, when bitcoin was at $20,000, there must have been plenty of Wall Street executives kicking themselves for ignoring it when it was at $1,000 a few months earlier.
Throughout January, the price of bitcoin has risen and fallen before suddenly falling steadily over the past four months. In November, bitcoin marked its fourth straight month of losses in a row – the first time it has lost value in four straight months since 2014.
A lot of people were looking for a “second chance” to buy bitcoin at a cheap rate. Now, Wall Street has their chance to buy into bitcoin.
But is Wall Street really buying into bitcoin as it crashes? Or is this all a grand conspiracy theory to make crypto enthusiasts and analysts feel better about themselves? Let’s take a closer look.
How Is Wall Street Manipulating The Price Of Bitcoin?
If you believe the video above, then Wall Street is manipulating the price of bitcoin and other cryptocurrencies in a number of different ways.
The video above claims that price manipulation began last year in December 2017 when bitcoin futures launched. Since then, Wall Street has been orchestrating a plan to manipulate the price of bitcoin and buy into crypto at a cheaper rate.
That plan has been underway throughout 2018, although it only came to fruition in the last few weeks with the latest crypto crash.
The video makes an interesting point about the statements made by major Wall Street executives over the past year:
- On September 12, Jamie Dimon of JP Morgan stated that, “Bitcoin is a fraud”, and the price of bitcoin fell 24% by the end of the month
- On January 24, George Soros claimed, “Bitcoin is a bubble” and the price of bitcoin fell 44% by the end of the month
- On February 7, Goldman Sachs released a statement saying, “Most cryptocurrencies are going to zero”, and the price of bitcoin fell 27% from that point until the end of the month
This is where things get interesting: while these firms and individuals were making inflammatory statements about bitcoin, they were also quietly positioning themselves to take advantage of the growing industry.
In April, for example, it was revealed that Goldman Sachs was developing a bitcoin trading desk. The video mentions a number of other major institutions and wealthy individuals who are actively buying bitcoin.
“Look Who’s Buying Crypto Now”
Teeka Tiwari and Glenn Beck argue that the same institutions who were outspoken against crypto a few months ago are buying crypto today. Some of the examples listed in the video include:
- Billionaire hedge fund manager Steven Cohen
- Billionaire Marc Lasry
- Andreessen Horowitz, famous Silicon Valley venture capital investor in Skype, Facebook, and Coinbase
- New Goldman Sachs CEO David Solomon
- BlackRock, the world’s biggest asset manager
- The Rothschilds
Teeka Tiwari also cites a Thomson Reuters survey from April 2018 revealing that “1 in 5 financial firms will begin trading crypto in 2018.”
Are the World’s Wealthiest Firms And Institutions Really Investing In Bitcoin Today?
Is any of the above information true? Do we know for sure that these institutions and individuals are buying bitcoin?
It’s not totally clear. Some of the individuals above have publicly stated that they own bitcoin, while others have not.
Teeka Tiwari claims the Rothschilds and George Soros own bitcoin, for example. We can’t find any information on reputable news websites supporting that claim.
The only source for that claim online comes from Russian state-owned propaganda outlet Russia Today, which ran an article earlier this year stating, “Rockefellers join Rothschilds & Soros in cryptocurrency investing.”
ZeroHedge – which certainly isn’t the most reputable news website – ran a similar article. Cryptocurrency news websites picked it up as fact.
Ultimately, it’s unclear whether the institutions and individuals above are really investing in bitcoin. Some certainly are, but others are only investing if you believe in conspiracy theories.
None of this is surprising considering that it’s coming from Glenn Beck and Teeka Tiwari. Teeka Tiwari has previously described himself as a “world-renowned cryptocurrency expert”, for example, and sells basic crypto information for a premium price of $50 a pop online.
Is Wall Street Just The Scapegoat To Make Crypto Analysts Feel Better?
Ultimately, this could all just be scapegoating. Crypto enthusiasts don’t want to believe that their favorite digital currencies have limited real-world value. Crypto analysts, meanwhile, don’t want to take the blame for making absurd price predictions about the year-end price of bitcoin. The mythical “big Wall Street firms attacking bitcoin” angle absolves both of these parties of responsibility.
Is Wall Street really manipulating the price of bitcoin and other cryptocurrencies to buy in low? Or is Wall Street simply sitting back and letting the crypto world implode?