"In Your Face Scammers"
Whether bitcoin is high or low, many opposers constantly discredit cryptocurrencies, opponents like Peter Schiff.
Its normal to listen to Peter Schiff talk badly about crypto, but what's not normal is to hear people that once knew about crypto, supported and are most likely in possession of crypto talk bad about it on media; acting like it's a terrible investment or even have the audacity to say they don't know anything about crypto.
On may 2019, businessman and judge on TV show Shark Tank Kevin O'Leary, gave an interview claiming "If I want to be compliant, and I don't wanna breach any regulators because I'm a participant in financial services globally, and that is where the majority of money is, [...] I have to be compliant, I have no interest in doing any of this crypto crap because it is not compliant."
In this interview, he seemed not to know anything about cryptocurrency. He even appeared confused at what bitcoin is and refers to it as a "Digital Game." He goes on and on talking about cryptocurrency and why not to believe in it. The man can believe what he wants and say what he wants, but what he seemed to forget is that we live in a digital age and the internet holds a record of everything we say. It appears that Mr.O'Leary forgot that in April 2013 he was also invited to an interview, where he had extensive knowledge of digital currencies and supported it.
How can someone know about crypto in 2013 and then poof forget?
Kevin O'Leary thoughts on crypto in 2013: "it's here to stay"
When heavyweights in the financial industry have media platforms to express their thoughts on markets; it can be a dangerous thing if it is used only to benefit some. This only makes sense if people like Kevin are providing fake news to get people to sell and later buying low. What a scam right? Scam or not it's just another dirty move from certain groups within markets, that not only happen in crypto but on traditional markets as well.
You might ask yourself, why should you or others care about fake news?
Well, there is something called market psychology; this is an extensive branch that is used by traders as a strategy for investment decisions. For example, good or bad news can have an impact on social behaviour. These statements will depend on who or what media channel provides it, but it will undoubtedly set the trend.
Two weeks ago, I attended a Forex event; For those who don't know Forex, it is mostly known as a trading platform for traditional markets. I asked one of the guest speakers about cryptocurrencies, and at some point, he mentioned that when something is too popular; it's probably too late to invest. Considering the speaker's mindset as a traditional trader, it makes sense that someone like Mr. O'Leary a businessman and traditional investor would also think this way, thus making false claims about crypto completely makes sense as a dirty market move.
Hope you enjoyed it and don't be fooled by fake statements!
By: Carolina Pérez
Twitter: @carolinaninap