MSM Celebrate Bitcoin’s Worst Week In “Almost A Year”

Gil Scott Heron wrote a poem back in 1970 which became the anthem of a generation. As the US sent more and more youngsters to Vietnam, his poem turned into a song that captured the spirit of standing up to the establishment. It was called:

The revolution will not be televised.

To understand how scared classic finance and classic media are of losing their hold on power (which is exactly what the treat from social media and cryptocurrency is to them) try to fathom the length they will go through to convince the masses that what you say on Facebook is bound to be untrue, what you believe about the pandemic and it’s consequences is a lie and what crypto can mean for your financial freedom is outrageous.

In the past 24 hours alone, here are the celebrations that happened in tandem by classic media and classic finance as Bitcoin had its worst week in a year. For reference, Bitcoin is now trading at the same level as 9 days ago.

If any stock did that, it would barely make the news.

Elon is a pro

Bill Gates claimed in an interview on Bloomberg that only billionaires should risk their money by investing in Bitcoin, which is exactly why Elon Musk had done so. Gates, who’s written a great book on climate change I must admit, said that Musk can trade Bitcoin and you can’t because Elon is a pro.

That pro is possibly in trouble with the SEC for touting Dogecoin, something we warned about for months of course.

Worst month since March

City AM, the newspaper that writers for the London City traders, reminded everyone that Bitcoin crashed for the second time in a week.

We of course would say that the current corrections the crypto market faces during the 2020-2021 bull run are around 20% while those experienced in the previous bull runs were of the order of 35%-40%, but hey, their title is clickable of course.

Yahoo Finance, which has at least shown some sympathy towards crypto in the past months, claimed that Bitcoin’s stunning gains in recent months have led to concerns from investment banks over sky-high valuations and calls from governments and financial regulators for tighter regulation.

In all, Yahoo reminded us that Bitcoin has now had its worst week since last year in March when it dropped to $4k. Given that it is now trading for ten times as much, of course still a very respectable yearly profit I’d say.

There was also The Telegraph, which spoke of Bitcoin and gangsters in the same opening line and my own favorite read the Financial Times who reminded you all that Bitcoin cannot replace the banks.

Because of course, that is the fear they are all trying to sell. Let me tell you brother, always do your own research and remember that the revolution will not be televised.

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