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Trump Administration Launched Bitcoin Futures To Manipulate Price Lower: Former CFTC Chair
from Silver Doctors:
The stunning news release last week didn’t even make it to many in the mainstream media…
by Chris Marcus via Arcadia Economics
The stunning news that was released last week that didn’t make it to many of the mainstream media outlets was that according to former CFTC official Christopher Giancarlo, the Trump administration actively intervened in the Bitcoin market to drive the price lower.
According to coindesk.com and various other reports, Giancarlo actually said the following at a recent speech:
“One of the untold stories of the past few years is that the CFTC, the Treasury, the SEC and the [National Economic Council] director at the time, Gary Cohn, believed that the launch of bitcoin futures would have the impact of popping the bitcoin bubble. And it worked.”
So at least according to Giancarlo, the Trump Administration, along with several former Goldman Sachs executives, have started playing the role of God in the financial markets.
Because whether Bitcoin is a bubble or not, the United States is advertising free markets that are determined by investors. Not government. And if these statements are accurate, the president, along with a group of former banking executives, are now deciding which markets they think are too high or are too low. And abusing their power in order to dictate the financial markets.
Also worth considering is how they knew that a futures contract would have the impact of crushing the price. Is it perhaps from experience in the gold and silver markets where exponentially more paper gold and silver has been sold than can possibly be delivered? Again, this is not my opinion, but rather was confirmed by another former CFTC commissioner Bart Chilton in the interview I did with him earlier this year.
The article also mentioned “Giancarlo elaborated further, saying bitcoin’s dramatic price run-up in December 2017 was the first major bubble following the 2008 financial crisis.”
First major bubble following the 2008 crisis? Didn’t anyone at the White House, the CFTC, the Treasury, or the SEC see what Trump said about the stock market while he was still campaigning?
It’s also likely not a coincidence that the government would target an asset market that represents a threat to its hold on power via the dollar. Somehow it seems whenever gold and silver are rising, that’s when margins need to be raised. And when another anti-dollar market, this time the crypto sector, is rising, again that’s when the government intervenes.
Yet regardless of whether you choose to believe that there is a bias to which markets are targeted or not, what is unquestionable is that at least if what Giancarlo’s saying is indeed accurate, then not only did the government just get caught manipulating another financial asset market. But they’re actually bragging about it.
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