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- The Banking Cartel’s War on Bitcoin
Teeka’s note: Over the weekend, the United States and Israel launched an attack against Iran. So far, the market reaction has been far more muted than I thought it would be. Caution is warranted here.
I don’t think the market realizes just how catastrophic it would be if the Strait of Hormuz is closed for a serious period of time. Approximately 20% of the world’s oil travels through it. I’ll have more for you in the days ahead.
For more than a decade, Wall Street and the banking industry have told you they were trying to “protect” you from crypto.
Today, we know the truth. That was a cover story.
At first, their real goal was simple: Kill crypto before it could become a legitimate asset class that challenged their business model.
In 2017…
JPMorgan Chase CEO Jamie Dimon called it a “fraud.”
Howard Marks, co-founder of Oaktree Capital, compared it to a “pyramid scheme.”
Even Warren Buffett, considered the greatest investor of all time, said it was “rat poison squared.”
That same year, big banks spent over $65 million to lobby Washington. One of their goals was to block a federal proposal that would’ve allowed crypto firms to compete with traditional banks.
It wasn’t enough to stop the adoption of crypto assets.
I first recommended bitcoin in April 2016 at $400-and-change. By December 2017, it traded as high as $20,000. That’s a 4,662% gain in under two years.
When those scare tactics didn’t work, Wall Street changed its strategy. It stopped trying to kill bitcoin and started trying to control it.
Over the years, I’ve given this plot a name: The Great Crypto Conspiracy.
I first went public with it in 2018. I told you what Wall Street was saying in public was different from what it was doing behind the scenes.
When a lawmaker introduces pro-crypto legislation in Congress, the banking lobby tries to kill it. When mass adoption starts breaking out, regulators grind the gears. When crypto hits new highs, Wall Street manipulates the market lower.
Then they buy the dip… Repackage the product… And sell it back to you for a profit.
Today, The Conspiracy is back, and it’s creating massive volatility in the crypto market. Before I tell you what’s going on – and how it’s knocked bitcoin down as much as 50% in three months – let me share how this script has played out in the past.
The Conspiracy Always Follows the Same Script