Hollywood movies are never too far removed from reality. In the case of unfair practices on Wall Street, we have seen it in legendary movies such as the 1987 classic by Michael Douglas and Charlie Sheen also known as Wall Street. The movie was loosely responsible for the attraction many young graduates – in the 80s and 90s – had for stock market trading. In a nutshell, the movie glorified greed.
We have also seen several other films that continue to give us a glimpse of the underbelly of what goes on in the traditional markets. These movies include The Big Short, Gold, Wall Street II, Margin Call, The China Hustle, just to name a few. With the weekend a few hours away, the aforementioned movies might be worth exploring for any crypto enthusiast with free time.
The Theory That Wall Street Is Manipulating Bitcoin and Crypto
It is no secret that the talk in most crypto communities on all social media platforms has hinted that Wall Street has a hand in the current market turmoil we are experiencing. The discussions started on December 17th last year when the CME Group and CBOE started offering Bitcoin Futures. Coincidentally, this was the last time we saw BTC at $20,000. This has been viewed by many, as the beginning of the bear market that has matured into the full blown crash that has been accelerated by Fake news, Hash Wars and postponed ETF decisions.
Scare Tactics By Wall Street to Buy Low
The fact of the matter is that the Securities and Exchange Commission (SEC) is yet to give concrete guidelines as to how Bitcoin and Cryptocurrencies should be regulated in the United States. However, the commission can be lauded for taking a stand against ICOs and categorizing them as securities offerings. This has opened up the doors to investigating over-hyped ICOs that have left many in financial ruins. The SEC has even settled with Floyd Mayweather and DJ Khaled for their role in hyping such ICOs.
However, the SEC has not got down to penalizing prominent individuals who declare BTC as dead or Ethereum as a shit coin. For them to do so, they would have to recognize Bitcoin and other Cryptos as assets worthy of regulation. Without regulation, any individual can say negative statements about BTC. This means the CEOs and Chairpersons of prominent Wall Street firms, can express their freedom of speech when it comes to BTC and cryptocurrencies.
If the SEC were as swift with crypto as they were with Elon Musk and his tweeting habits, the crypto-verse would be a far much safer place.
Crypto Trading is the Wild West
But the bottom line is that they have not yet started penalizing those who manipulate the crypto markets in a manner similar to how they handle traditional market manipulation. This leaves crypto trading wide open like the American Wild West as glorified in cowboy movies, video games (Red Dead Redemption) and books. For you to survive during the Wild West period, you had to think on your feet and be quick with your guns.
This can be compared to how crypto traders are constantly adapting with the markets. Some have even decided that shorting BTC and ETH is more attractive on Bitmex. According to them, going long makes no sense during this bear market.
Youtube Video Explaining How Manipulation Is Happening
As we wind down this conversation, there is a youtube video circulating in the crypto community that explains how prominent Wall Street firms and their CEOs have been saying all the right things to cause BTC and crypto to fall as they buy. The video can be found below. It is up to the viewer to make their own final conclusions based on their own research and beliefs.
What are your thoughts on the theory that Wall Street is manipulating Bitcoin to buy in cheap? Please let us know in the comment section below.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.