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Few days ago I created a
thread pointing almost same thing but bitcoin specifically, the theory is becoming so realistic that the new government is only going to manipulate the crypto market to put money into their pockets just as you have pointed out with your theory.
Perhaps it's very unfortunate that some folks in here might want to be defending some bullshit which is pretty obvious but for some pro crypto US government they would rather not realise the reality of market.
Including Elon in the frame makes it even more and more problematic to me as he used bitcoin and left for some reason which e claims energy consumption. I hope we don't regret this and the biggest fear of the coiners (manipulation) become so realistic.
It is a valid fear. Lots of people have pointed it out already. I was hoping that the interest in bitcoin was genuine to push forward a new and upcoming industry of crypto in their country and not something to perpetuate corruption. Unfortunately, we can't do anything about this. We can make theories but even if we are proven right it is not like we can stop anyone from buying bitcoin. As long as they have the money, they can buy bitcoin even if some politicians will only use this for selfish reasons.
But what we can do is to not fall for some propaganda by the government and feed into every hype they try to build.