By CCN: Barely a week after New York Post columnist John Crudele crudely predicted that Bitcoin will soon be worth zero, the tabloid journalist has once again muddied the waters by calling on governments to launch a ‘massive investigation’ on ‘Bitcoin manipulation madness’.
— New York Post (@nypost) May 23, 2019
Specifically, Crudele called on China, the EU and the US to probe those responsible for the ‘manipulation of bitcoin’s price’. Citing ties to Donald Trump, the tabloid journalist urged the U.S. president to order the investigation in his Wednesday column:
And since I happen to know Donald Trump and I also happen to know that the president reads my column regularly, that’s what I’m suggesting right now. No need to even make a phone call.
Genuine Concern or Just Hating on Bitcoin?
It is not clear what prompted the tabloid columnist to call for the investigation into the ‘manipulation of bitcoin’s price’. However, there have been claims, sometimes theories fronted by crypto-skeptics, decrying the existence of price manipulation in the cryptocurrency markets.
In Crudele’s view, the investigations into the bitcoin market manipulation should be launched right away. This is before ‘before gullible investors take another hit like they did when bitcoin fell from $20,000’.
Crudele, whose favorite bitcoin slur appears to be ‘confidence game’, also called the cryptocurrency a ‘con’ that’s ‘worth nothing’.
In what may come across as overzealousness, the New York Post columnist even offered help in kicking off the investigations. According to Crudele ‘an analyst named Tom Lee, of little-known Fundstrat Global Advisors’ should be the first to be questioned.
What Ticked off the NY Post Columnist?
Coming just two days after writing another bitcoin-bashing article that should have been a tweet (it was only 93 words long), Crudele’s follow-up article seems to have been motivated by the reaction he got after his Tuesday hit piece.
In his article, Crudele hinted that he received lots of emails and tweets after his piece was published. However, he defended himself saying he ‘didn’t start this latest skirmish’ with the cryptocurrency enthusiasts. Rather, he seemed to advise, the ire should be directed at the likes of Warren Buffett who have been harsher.
How Has Bitcoin Performed since One of Crudele’s Earliest Hit Piece?
In the same hit piece, Crudele reiterated that ‘bitcoin is nothing more than a confidence game’. This is a phrase he has used often going as far back as 2014.
— CCN.com (@CCNMarkets) September 2, 2014
At the time, Crudele branded bitcoin a ‘worldwide scam’. This was in response to a plan to give all undergrads at the Massachusetts Institute of Technology bitcoin worth $100.
Then, Crudele advised that rather than buying the ‘crap’ they would have been better off spending the Benjamin on ‘burgers and fries at the student center’.
That was five years ago when bitcoin was worth around $515. Now Bitcoin worth $100 acquired then has appreciated to about $1,500. Burgers and fries would not have grown in value; just made the students fatter.