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Bitcoin, Big Banks and Fake News

bitcoin and fake news

“Media spin,” “fake news,” “disinformation,” “propaganda,” they are all “a thing” from what I understand. You might be thinking, “Am I about to read another article about the election?” No, I’ll save you from that.

If you ever search “Bitcoin” on Google news, you’ll be able to see the latest “news” about the digital currency—but is it really news? There’s so much garbage out there and “news” with an agenda—doom and gloom.

“Bitcoin is proving a big disappointment. The virtual currency is down 33 percent against the dollar in 2015, and 71 percent in the last year. There is almost certainly more bad news to come,” The New York Times wrote in January of 2015.

True, there was a Bitcoin price drop in January of 2015. It’s also true that nobody knows the future of Bitcoin. However, I do know that at the time of this writing, Bitcoin is now at $8,700—and when I do my analysis of Bitcoin, personally I believe that the best is yet to come.

It’s really hard to know what sources are reporting honestly on Bitcoin and other digital currencies. In a nutshell, many news outlets report on Bitcoin like this, “Bitcoin is dangerous, used by criminals and it will crash soon.” OK, is the U.S. dollar known for being dangerous, used by criminals and crashing?

“Cryptocurrencies represent a real enough threat to the financial system, and that governments wont take the disruption of their capabilities around data, tax collection, money laundering and know-your-customer (KYC) lightly,” Mike Corbat, CEO of Citibank, recently said in an interview with Bloomberg.

I can take issue with many of the points in the CEO’s quote, but especially on money laundering. Citibank is the bank that agreed to pay $97.4 million in a settlement in 2015 related to money laundering and Banamex. Citibank literally bought their way out of being charged criminally.

When you’re a threat, you’re always a target!

So why would Bitcoin and cryptocurrency be the target of such a barrage of negativity from its opponents? Why does Jami Dimon speak out that “Bitcoin is a fraud”? Is it to manipulate the price of the digital currency so that it drops quickly, only to have JP Morgan buy Bitcoin on the dip? Because that’s what happened.

Many banks and governments aren’t exactly crazy about Bitcoin. That’s definitely not a secret. Surprise, they can’t regulate it and exploit it to the degree they’d like.

Whereas in the past, many have tried to discourage people from buying into Bitcoin and destroying the credibility of Blockchain technology, now they’ve been forced to acknowledge the power of Blockchain and digital currency. In many cases, some have decided to embrace the very thing they so vehemently spoke out against—Citibank is currently working on their, “Citicoin”.

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