hearing on the digital dollar two weeks ago was not only a public exploration and introduction to the concept a central bank-backed digital currency, the hearing was also used as a platform to publicly assassinate the viability of the private (“bogus” in the words of Senator Warren) cryptocurrency market (bitcoin, stablecoins, etc.).
With this in mind, the Chinese government has continually tightened control over the crypto market in China, most recently cracking down on cryptocurrency mining in the country. The U.S. Justice Department announced a few weeks ago that it “recovered” $2.3 million in cryptocurrency of the ransom collected from the Colonial Pipeline hack. And today, it was reported that South Korea seized almost $50 million of crypto assets from citizens accused of tax evasion.
So the benefits of the private cryptocurrency market are being deconstructed by governments. Add to that, even after gaining traction, the private crypto market continues to be used primarily as a tool of corruption and speculation. With that, this chart set up argues for a typical bubble outcome (crash).
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Indeed, the situation in the crypto market is not very good now, but this is not the first time this has happened. If we turn to the history of the development of the crypto market, we will see that similar situations have already happened, and every time after a series of negative news and statements in the direction of cryptocurrencies, they, cryptocurrencies, are developing again with even greater force. Of course, cryptocurrencies have their own purpose, what they were created for, and sooner or later we will see for ourselves what all this will lead to. In the meantime, we need to try to get the maximum benefit.