Ex-CFTC Chair: Trump Admin Coordinated to Pop 2017 Bitcoin Bubble

[Yaunfitda]

Ex-CFTC Chair: Trump Admin Coordinated to Pop 2017 Bitcoin Bubble

Very interesting theory:

Former Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarclo says that the Trump administration coordinated to pop the Bitcoin bubble of late 2017.

They did this by introducing Bitcoin futures on the Chicago Mercantile Exchange (CME).

https://bitcoinnews.com/ex-cftc-chair-trump-admin-coordinated-to-pop-2017-bitcoin-bubble/

Are you guys buying this theory? Personally I don't think so, I mean that time we are already in a parabolic rise and it's just a matter of time before it's going to burst and it just so happen that when CME and CBoE enter the picture the bubble is just waiting to be burst and those two are the catalyst for it.

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[adroitful_one]

No, I don't think the President had anything at all to do with it. It probably had more to do with the stock market rising than anything else. People were pulling their money out of the crypto market and investing in stocks. Crypto was at an all time high at the time, so it really made sense to cash out whatever profits you had made there and invest it into stocks. If you did that, you're probably doing pretty well today.

[exstasie]

https://bitcoinnews.com/ex-cftc-chair-trump-admin-coordinated-to-pop-2017-bitcoin-bubble/

Are you guys buying this theory? Personally I don't think so, I mean that time we are already in a parabolic rise and it's just a matter of time before it's going to burst and it just so happen that when CME and CBoE enter the picture the bubble is just waiting to be burst and those two are the catalyst for it.

Exactly. The launch of CBOE and CME futures markets was just a catalyst for the bubble to pop, not a true cause. The market had already been hyping them up for months so a "sell the news" event was inevitable. In hindsight, in the context of a parabolic bubble, the crash makes perfect sense.

If the CFTC pulled the plug right before they launched, I'll bet the market would have crashed just the same. The market was looking for a reason to crash. That's how blow-off tops work.

[Kemarit]

https://bitcoinnews.com/ex-cftc-chair-trump-admin-coordinated-to-pop-2017-bitcoin-bubble/

Are you guys buying this theory? Personally I don't think so, I mean that time we are already in a parabolic rise and it's just a matter of time before it's going to burst and it just so happen that when CME and CBoE enter the picture the bubble is just waiting to be burst and those two are the catalyst for it.

Exactly. The launch of CBOE and CME futures markets was just a catalyst for the bubble to pop, not a true cause. The market had already been hyping them up for months so a "sell the news" event was inevitable. In hindsight, in the context of a parabolic bubble, the crash makes perfect sense.

If the CFTC pulled the plug right before they launched, I'll bet the market would have crashed just the same. The market was looking for a reason to crash. That's how blow-off tops work.

Not buying this theory as well. The market is at the top that time, CBOE and CME was just the impetus, hype is at the top. You just have to see a lot of irrational buyers that time to really realized that, "damn, market is about to burst" because people thinks illogically and thought that it will go on parabolic rise. You can feel the consensus here in the community, many newbies popping up, many so called "experts" saying that the price will go on $30,000, LOL. But for experience traders they know that those two are catalyst, that's not even a month before they enter, the market started to show signs of slowing down.

[Yaunfitda]

@exstasie, @Kemarit - That's what I've been suspecting as well, so there's no so called coordinated attacks coming from the government, but this theory is somewhat very interesting though. I mean what would be the incentives for Trump administration to pop the bubble?

Nothing, pure insinuation or better yet just to create another FUD. So let's wait for the next bubble and see what theory will they come out in the future. 

[Kemarit]

@exstasie, @Kemarit - That's what I've been suspecting as well, so there's no so called coordinated attacks coming from the government, but this theory is somewhat very interesting though. I mean what would be the incentives for Trump administration to pop the bubble?

There is no basis actually, and there argument are really flawed in the beginning, as much as it is very interesting on paper, it doesn't hold any ground specially for crypto enthusiast who have been in the game and witnessed the boom and bust cycle of bitcoin.

Nothing, pure insinuation or better yet just to create another FUD. So let's wait for the next bubble and see what theory will they come out in the future. 

Probably for click-bait, the state of crypto journalism is very bad that 90% of them are posting pure rubbish article and this is one example.

[tonyvo2017]

hmmm .. I don't think this is true. He once stated that Bitcoin is very bad and recommends that people should not participate in buying Bitcoin when he is the most influential president.
I think this is just the FUD of people who want to oppose Mr. Trump to make his election more difficult.

[audaciousbeing]

Ex-CFTC Chair: Trump Admin Coordinated to Pop 2017 Bitcoin Bubble

Very interesting theory:

Former Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarclo says that the Trump administration coordinated to pop the Bitcoin bubble of late 2017.

They did this by introducing Bitcoin futures on the Chicago Mercantile Exchange (CME).

https://bitcoinnews.com/ex-cftc-chair-trump-admin-coordinated-to-pop-2017-bitcoin-bubble/

Are you guys buying this theory? Personally I don't think so, I mean that time we are already in a parabolic rise and it's just a matter of time before it's going to burst and it just so happen that when CME and CBoE enter the picture the bubble is just waiting to be burst and those two are the catalyst for it.

This is one allegation that would be hard to believe really even though its not out of place to see a government functionaries trying to bring down whatever that is going against the dictate of the state, but to be so personally involved to the extent of setting up a company for that purpose is a mission gone too far in my opinion. Since its didn't work and bitcoin is still standing, then there is no reason to given credence and attention to this report.

[lobat999]

So lets assume these allegations are true, then we  will now see the U.S. Government had failed on its mission because Bitcoin is  the same as always and volatile as ever! Had they truly popped in what they perceived as a "Bitcoin bubble", then why is Bitcoin still has a big market capitalization and still trading at more than $9k to date!

Also, if they had used Bitcoin futures as a tool to control BTC's price as per information from that article, then why it is still volatile as ever? Moreover, iIf they truly believe it could have an impact to Bitcoin, then why did they didn't put massive financial resources into Bitcoin futures to influence the market itself?

Finally, all these allegations doesn't add up especially that Bitcoin futures volume right is not as significant to drive influence over Bitcoin markets. Now I was thinking maybe that Ex-CFTC Chair had an axe to grind against Trump or something like that. Imho.

[exstasie]

@exstasie, @Kemarit - That's what I've been suspecting as well, so there's no so called coordinated attacks coming from the government, but this theory is somewhat very interesting though. I mean what would be the incentives for Trump administration to pop the bubble?

Because they (like any government) don't want speculative bubbles to get out of hand. The 1929 stock market crash is the most of obvious example of what can happen.

With the introduction of regulated markets, the CFTC is also hoping to lessen the influence of unregulated foreign markets, which they no doubt assume are helping to drive these bubbles.