Have you noticed a trend lately? It seems like every number of days, some “news” comes from China regarding a ban of some sort.
If not outright, then the discussion surrounds banks and other financial institutions from being barred from bitcoin dealings.
And every single time there’s panic. And what happens when there’s panic? The price drops. Someone makes a lot of money.
I received an email this morning from a reader asking why I haven’t covered this latest news coming from China. Apparently, these “talks” between the People’s Bank of China and financial institutions are getting serious.
The reason is not that I don’t believe it, but because I feel the Chinese are manipulating the markets to their advantage. I don’t wish to perpetuate rumors or speculation, as I’ve said from day one.
I’ll be waiting until the People’s Bank of China sends me a press release explicitly outlining their intentions.
Let me reiterate: my lack of reporting on the topic has nothing to do with whether or not I believe this news. The way it travels, however, concerns me greatly.
As such, I wanted to write to you, my readers, and make you aware of the reasoning behind the lack of coverage on the issue. My writings would do nothing else other than amplify the uncertainty.
Just take a look at your charts this morning and you’ll see what that uncertainty looks like.
We want clarity.