Saturday, January 20, 2018

Did the banking cartel secretly buy up millions of Bitcoins leading up to the Dec. 17 CME futures contract?

One of the more interesting dichotomies for Bitcoin is that it should have been impervious to outside influences like Wall Street.  By this we mean that the market itself is based strictly on the buying and selling of Bitcoins, and the price determination comes from supply and demand mechanics within the exchanges, or between trading partners.

So the question that has to be asked is, why did the price of Bitcoin suddenly begin to fall off a cliff starting on Dec. 17... the same day that the Chicago Mercantile Exchange (CME Group) began their Bitcoin futures contract if the Bitcoin market is completely disconnected from any financialization of the cryptocurrencies by Wall Street?

The only real and logical answer is, entities participating in the futures contract had to have purchased a large quantity of Bitcoin in the open market prior to this so that they could then use them to manipulate the price to coincide with whatever bets they make in the paper market.

In fact this scenario was posed in an interview a few days ago by Craig Hemke over at TF Metals Report, which you can listen to below.

In closing there is also one other interesting thing to remember.... a little more than a month ago both CEO's of JP Morgan and Goldman Sachs were vilifying Bitcoin and cryptocurrencies in general, only to have Jamie Dimon and Lloyd Blanfein change their tunes just this past week.  Thus was their disdain for Bitcoin in the recent past just a ruse to keep the price relative so they could accumulate what they wanted and now that they have it, are more than happy to admit their institutions are players in the game?


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