Hey Redpill Readers,
You might be wondering what the ‘FUD’ is going on with the crypto globe. Well, a lot of good news. And ‘FUD’ news, too. Here are the hot stories that boiled up this week.
FINANCIAL TIMES AND FOX BUSINESS LAUNCHED ‘COORDINATED MEDIA FUD’ AGAINST BITCOIN
A report of ‘coordinated media FUD’ about Bitcoin (BTC) circulated recently after mainstream media outlets began to release news dismissing BTC’s market value.
But in case you don’t know…
‘FUD’ stands for fear, uncertainty, and doubt.
The media talking heads are pros at spreading all of that (and more).
Full story: Reports show Financial Times releasing an editorial piece titled ‘The elusive promise of Bitcoin’, while Fox Business writes ‘Bitcoin no match for gold in coronavirus world.’ These came after BTC’s value surged to almost $20k this past week.
Fox Business quoted Peter Schiff, one of our favorite economic minds on the planet. He’s the CEO of Euro Pacific Capital Inc. But here’s our beef with him. We love the guy, but he’s a Bitcoin hater, big time.
Peter was quoted stating that the BTC is “not a store of value because it has no value in store.” The article goes on to say that BTC’s value rise is alarming and warns against investing in the cryptocurrency.
Meanwhile, Financial Times’ states that BTC’s status as a safe haven is “more theoretical than anything else” citing its volatility and that “there are no fundamentals on which to base a judgment of Bitcoin’s value.” They also say its current price just “reflects what people are willing to spend on it.”
But whether you agree with Peter (and the mainstream media), or not, the truth remains. And our research firm suspects BTC’s price will continue to rise regardless of what they say. Why? Due to the weakening of the dollar, that’s why.
Cryptocurrencies have been targeted by the media's FUD campaign since they emerged as viable units of transaction. Why? In hope to sway public opinion, of course.
Media outlets have since called BTC a currency of delusion and a haven for fraud and laundering with very little evidence to support their allegations.
Fiat money takes the cake when it comes to money laundering, by far.
To what end? Well, the truth is, the media’s FUD does nothing but create a slow down in cryptocurrency investments.
And the crypto market benefits most from these publicities as they draw the public's attention, stir interest, and bring crypto into daily conversation.
Remember, folks… despite all of this, BTC is still up and rising above the FUD.
Redpill wisdom says: Follow the smart money, not the fake news.
With that said...
BINANCE SUES FORBES FOR DEFAMATION
October was a pretty good month for Binance… until Forbes rocked the boat and ruined it’s ‘smooth sailing.’
Media FUD last month: Forbes published a disparaging article alleging the purported schemes of the global cryptocurrency exchange to evade regulations and to profit secretly from crypto investors in the United States.
The article cites a “Tai Chi” document allegedly detailing Binance’s scheme to “intentionally deceive” U.S. regulators. It revealed a plan to funnel revenue from financial entities in the US to Binance without being placed under enforcement.
Binance’s response: Binance just sued Forbes Media LLC and its crypto writers, Michael del Castillo and Jason Brett, in the U.S. District Court of New Jersey over an article it published last month alleging the purported schemes of the global cryptocurrency exchange to evade regulations in the United States.
The big points of the suit:
The exchange dubbed the post as misleading and defamatory and alleged "millions of dollars" in losses as a result. Ouch...
Binance claims that the magazine and its journalists harmed the platform by alleging false statements. Double ouch!
It denies Forbes’ allegations disputing the veracity of the “Tai Chi” document. It’s demanding compensation for damaging it’s reputation.
The upside: While the odds of winning defamation suits against the media are tough considering the general requirement to prove not just the harm done but also the deliberate intent, it serves to let people know the legitimacy of the business.
It’s beyond doubt… the steady growth of the exchange giant invites frequent media attacks that sow FUD among crypto peers. But the constant effort to discredit the legitimacy of digital currencies in the market is a big no-no.
Those who are new to the game may be dissuaded.
But for us Redpillers… we follow the money, not the media.
$6 MILLION INVESTED IN BITCOIN LAST MONTH - BY WHO?
By one rapper named, Logic, whose real name is Sir Robert Bryson Hall II. He joins the frenzy of big stars investing in Bitcoin after the celebrity revealed his last month’s $6 million Bitcoin purchase.
A report guesstimates that his ‘canny financial move’ might have profited almost $2 to $4.4 million depending on what he meant by “last month.”
And now… the retired rapper is showing more support for the crypto space by changing his Twitter name to “Bobby Bitcoin” of all things.
Earlier this week: Game of Thrones star Maisie Williams set her crypto Twitter followers abuzz after her Twitter poll on whether she ‘should go long on Bitcoin’. It’s unclear whether Williams has taken her followers’ advice to dive deep into the snow and ‘join the free folks.’ But… if I were Maisie, I’d move just as wise and quickly as Logic did.
After all… winter is coming.
The cryptocurrency is finally getting serious public attention and enticing the elites and institutional investors. Now, as the Bitcoin price records a steady increase this week, several known personalities and wealthy figures are publicly disclosing the fact that they have bought (and held) the cryptocurrency.
Bottom line: Cryptocurrencies are too far from being the dead end. It’s just beginning to realize its value in the marketplace. With lots of people joining the cryptoverse, we’ll see soon the reality we’ve been waiting for – a widely profitable crypto world.
MORE REDPILL CRYPTO NEWS
DAiM Launched the US’ First Bitcoin Pension Plans
Morgan Creek Digital Co-Founder Jason Williams Sold Chevy For Bitcoin
Traders Anticipates Increased Volatility as Bitcoin’s Value Soars
New cryptocurrency regulations proposed in Russia
Airbnb considering cryptocurrencies and blockchain according to its IPO prospectus, and we must say, that’s bullish as hell
DISCLAIMER: Newsletters published by Redpill Crypto Research reflect the opinions of only the editors who are associated persons of the firm and do not reflect the views of anyone else. They are meant for informational purposes only, are not intended to serve as a recommendation to buy or sell any security in a self-directed account with Coinbase Inc. or any other account, and are not an offer or sale of a security. All investments involve risk and the past performance of a security or financial product does not guarantee future results or returns. Cryptocurrencies and digital assets are speculative and highly volatile, can become illiquid at any time, and are for investors with a high risk tolerance. Investors could lose the entire value of their investment.
Redpill Crypto Research will have no liability whatsoever for any expenses, losses (both direct and indirect) or damages arising from, or in connection with, the use of information in this newsletter. Readers are encouraged to conduct their own research and due diligence, or obtain professional advice, prior to making any investment decision.© 2020 Redpill Crypto Research. All Rights Reserved.