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Almost every traditional investor is up in arms about crypto. The simple reason is that they are worried about themselves and their investments, not you. These top one percent of these investors have their money in traditional investments and a lot of that is in stocks. For decades these top investors have used their influence and money to control the money in their favor. In a crypto world, they lose their grasp and they will do anything to prevent that.
If you think that the stock market is for the people and by the people you are wrong. Before doing a full dive in I am going to bring up some examples that have been stapled into my mind. While the Robinhood and Gamestop situation could fit the description of the corruption on Wall Street, I am going to be mainly focusing on how it is in our media.
During the beginning of the COVID-19 outbreak before it became about politics and people’s health, it was about one thing and one thing only, money. The man leading the massive stock market crash billionaire hedge fund manager Bill Ackman who is the founder and CEO of Pershing Square Capital Management.
After making a $27 million bet against the stock market Ackman ran over to CNBC claiming to the millions of investors watching him live that “hell is coming.” He also implored the White House to shut down the country for a month.
After announcing that he hedged his bets against the market on March 3rd everything went downhill from there. In the following weeks, the Dow industrials dropped 12.9%, the second-biggest percentage loss post-WWII. The S&P 500 dropped 12%, its third-biggest percentage loss and the price would not bottom until March 23rd after its decline of 34 percent.
All it took was one man for nationwide panic in the stock market. Overall it was not just him but with his influence, he was able to make over two billion dollars in around just one week. This massive crash that seemed like it would lead to another depression left fast than anyone could predict and by August the S&P was back at its old heights. You have to be there to see the influence Ackman had but this was so coincidence and even with an investigation by the New York District Attorney's Office, no charges were ever filed.
This takes me to the topic at hand which is how these same type of investors are using their power to try to get people to stay away from crypto. They are the same people that were responsible for the 2018 crypto crash. Warren Buffet has been on multiple news channels and constantly bashed crypto into the ground.
Unaffectionaltly crypto has made its way back and has reached all-time highs because of people that were sick of the stock market during the ups and downs brought by COVID-19. Yet after all of the good things to happen to crypto the Bill Ackman of our world is stealing money from the average investor while still getting praised.
This man is Elon Musk. If you truly care about the future of cryptocurrencies you should hate the way he is treating our investments. He is constantly pumping and dumping coins while making every crypto investor look like an idiot.
He is fully aware of what he is doing and is using his influence to make money off of the people that look to see what he is doing. The fact that people go off of the “hints” that he tweets out pains me. Cryptocurrency is supposed to be against the institution and you are letting this man control our world like a puppet.
As much as you do not want to believe it he probably has people on the inside that are making millions that know when Elon is going to tweet something out about Bitcoin and especially Doge. Crypto investors need to stop thinking that Tesla not using Bitcoin is going to stop other companies from using it.
At the end of the day, it is not a loose cannon and the price will not drop if we hold. It is time that we truly go against the institution and make our trades after doing our own research. Do not turn into what we were against and for the sake of everyone do not let Elon Musk control our market.
