In their most recent interview together, Miles and Hosseeb discussed market timing, and Hosseeb advised against it. According to him, it is never a smart idea to attempt to time the market. He cautions against adopting an attitude that is supportive of recurring patterns. so long as the individual is certain that they will do far more than they expect of themselves. Hasseeb recommends that buyers put an end to their inspections of the assets they want to acquire.
https://twitter.com/milesdeutscher/status/1615687496352026624
This fresh announcement adds attention to the current FUD that has been making the rounds in the cryptocurrency markets where incidents of Propp were being theorized. The cryptocurrency known as bitcoin was allegedly supported by artificial intelligence, according to a number of claims.
Is Bitcoin really being propped? ECB is not a fan of Bitcoin
On December 1, the European Central Bank (ECB) stated that Bitcoin shouldn’t be legalized since it is being artificially inflated. Additionally, according to the bank, Bitcoin is more analogous to gambling. Various arguments have been made to support bitcoin and other cryptocurrencies as an alternate method of payment and a defense against the inflationary practices recently adopted by powerful central banks like the ECB.
However, over the past year, the value of Bitcoin fell by 75% before recording a slight recovery in 2023. This led to concerns over volatility. Additionally, the collapse of the cryptocurrency exchange FTX has provided detractors with new fodder.
Bitcoin’s value reached a high of around US$69,000 in November 2021 before dropping to about US$17,000 by mid-June 2022, where it is now circling. The ECB described Bitcoin’s recent stability as “an artificially produced final gasp before the path to oblivion” in its blog in unusually harsh terms.
Ulrich Bindseil and Juergen Schaaf said that “big bitcoin investors have the strongest incentives to keep the frenzy alive.” “Several corporations started promoting bitcoin at their own expense by the end of 2020. Several venture capital companies are still making significant investments.”
The authors claimed that as of mid-July, venture capital investments in the cryptocurrency and blockchain industries had reached $17.9 billion, but they offered no proof of price manipulation.
Regulators from all across the world are developing regulations for the cryptocurrency industry, a complex ecosystem that includes financing activities that take place on the blockchain, the distributed ledger that powers stablecoins that are ostensibly backed by fiat money.
According to the ECB blog, regulations might be mistaken for acceptance.
“Bitcoin should be recognized as neither in regulatory terms and should not be legitimized,” according to Bindseil and Schaaf. “Bitcoin appears to be neither acceptable as a payment system nor as a kind of investment,” they stated.
