Don't Blame Media or India for Bitcoin Debacle: Just HODL?

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Published : February 01st, 2018
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India announced measures against Bitcoin sending it tumbling. Or so headlines claim. That's not really what's happening.

Bitcoin, the world’s largest cryptocurrency, skidded 11 percent on Thursday to its lowest since November, as a Facebook ban on cryptocurrency adverts and a growing regulatory backlash against the nascent market frightened investors.

Officials have said cryptocurrencies are used by criminals to launder money. India, which has likened the market to a Ponzi scheme, on Thursday vowed to eliminate their use..

The Indian finance minister said his government would take “all measures” to remove crypto-assets in “financing illegitimate activities or as part of the payment system”, Arun Jaitley told parliament.

Facebook said in a post on its website this week that it was banning all advertising that “promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency”.

It was not clear whether the ban would affect all cryptocurrency adverts on the social media site. Facebook could not immediately be reached for comment.

Don't Blame India or Facebook

I am reading lots of Tweets and article today all blaming India. The HOLDLers see another "last chance" to buy under $10,000.

India and Facebook have nothing to do with this. Think of all the reports of crackdowns in China, South Korea and other places that did not matter one iota.

What is happening?

Sentiment Changed

Sentiment towards cryptocurrencies is turning sour with negative headlines pouring out from left, right and center,” said Fawad Razaqzada, an analyst at FOREX.com.

That's close but backward. The real story is attitudes changed and media picked up on it.

Where Next?

Given the preposterous run-up in cryptos, the crash rates to be spectacular.

Still HODLing?

The HODLers are still out there telling everyone to HODL. That's what HODLers do. Dip buyers buy dips and HODLers HODL.

It appears the HODLers, at least some of them. have resorting to hope.

Hope!

If anything, that Tweet reinforces how absurd the situation became in just one year's time.

Chain-Letter-Like Schemes Hit

Just follow and retweet him for a chance to read incessant BS on HODLing his favorite crypto.

Only 20% Left

I seem to recall when there was a shortage of Beanie Babies.

Just HODL Over Time

Congratulations, but what can you tell us about the next three years?

Question of the Day, Mine

To make a top all the greater fools have to get in. With grandmas and the shoeshine boys all discussing Bitcoin, we may have arrived.

Is this another last chance to buy under $10,000 or a last chance to get out near $10,000. I don't know and the HODLers don't either.

Source : www.themaven.net
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Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. He writes a global economics blog which has commentary 5-7 times a week. He also writes for the Daily Reckoning, Whiskey & Gunpowder, and has over 80 magazine and book cover credits. Visit http://www.sitkapacific.com
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