AGENDA 21 RADIO

BY CHRISS STREET

Wall Street is crying this morning as the crypt-currency bubble may popped with Bitcoin down $7,355 in the last week.

Breitbart News published ‘Will Bitcoin’s 3,000% Profit End in Pump & Dump Tears?’ on Dec. 10 as the mania surrounding Bitcoin was beginning to roar. With the price at $19,755 a week later, several tech writers claimed Bitcoin was worth $1 million as the new store of wealth. They also disparaged gold investing as the equivalent using analog telephones.

A Zero Hedge writer claimed that the prime justification for Bitcoin’s astounding price run was its ability to function effectively outside the “central banking cartel’s longstanding monopoly of the money supply and its historic ruthlessness for squashing all competition the central banking cartel’s longstanding monopoly of the money supply and its historic ruthlessness for squashing all competition.”

Bloomberg commented that a with a small group of about 1,000 so-called “whales” controlling 40 percent of the Bitcoin market, “these insiders have an amount of leverage over the cryptocurrency market that is unsurpassed in modern times.” In the Gilded Age over a century ago, public investors were fleeced by ruthless insiders that colluded to corner cheap and illiquid stocks, run up prices to suck in Main Street investors, sell at huge profits, create a price crash, and then do it again.

Breitbart News has no evidence that the Bitcoin market has been subject to manipulation, but we did warn that a bubble in Bitcoin could all end in tears for a naïve public.