Not to mention downward pressure on the US Dollar, the Fed’s own little ponzi gravy train. Looks like classic ‘divide and conquer’ FUD - “oh, Bitcoin and the alts are the ones who should be blaming each other”. Isn’t a simpler explanation just that a whole bunch of people exited the market after the initial speculation bubble burst, and general confidence in cryptocurrencies hasn’t quite recovered yet? On the bright side, for the Fed to state this, it means they are doing damage control on Bitcoin, which means they consider Bitcoin a threat to them - although any serious crypto investor knows this is definitely the case, and that they are right to be worried. Wonder if Russia has started dumping their USD reserves into Bitcoin like some sources have speculated? Wonder if emerging reports about foreign nations backing crypto projects to get around US sanctions have anything to do with this? In short, the Fed are a bunch of perfidious economic vandals (“quantative easing”, GFC etc) who should not be running a national economy the size of the US’s, but rather should be in jail. I would take anything they say regarding crypto and reverse it 180 degrees to get a better idea of what the truth might actually be.
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