• Thu. Apr 25th, 2024

Is a Shady Twitter Account Responsible for Crashing the Bitcoin Market?

Christian Klausen

ByChristian Klausen

Apr 20, 2021

When it comes to cryptocurrencies, many investors prefer to trade with a pseudonymous presence on social media. The whole point of cryptocurrencies is to promote decentralized financing capabilities. However, some downsides come with the territory. The immediate effect of the notion was felt all over the crypto community in the past 24 hours.

It seems that the news has been going viral that the US treasury is going to put several crypto-connected institutions under compound lawsuits. Without any solid footing or reliable resources to back the claims, the news has managed to go viral on social media platforms. The tweet from a pseudonymous account @Fxhedgers might have taken a ripe bite of under $300 billion valuation cuts within 54 minutes of circulation.

Some inquiries have been made into the matter that has been raised time and again by Ron Conway, Brian Armstrong, and Ray Dalio. The fake Twitter account that has spread this rumor has been known in the past to pull such publicity stunts. Jake Chervinsky from Compound Finance told the media that the first point of contention in the claims is that the duty of imposing money-laundering cases falls under the US Department of Justice jurisdiction.

Furthermore, to put on trial several financial institutions at once does not seem very probable. The tweet that managed to dip the leading coin to a sudden drop of $51K does not even cite any credible sources. However, it has pointed the attention of crypto enthusiasts towards the troubles related to anonymous and privately sourced information.

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Cash is a more Insecure Mode of Payment than Cryptocurrency

When it comes to digital wallets, the possibility of tracking down the users is much more possible than catching a criminal who is paying for money with cash. Brain Armstrong, CEO of Coinbase, has taken a stance on the defensive side by claiming that criminal cash payments are 4% higher in comparison to digital currencies. The people who are using digital assets are more likely to spend their investment for a specified utility offered by the token they are holding. 

On the other hand, cash is a free monetary system that does not provide enough tracking history to locate the culprits. He also endorsed Kraken CEO Jesse Powell and veteran investor Ron Conway in accepting that the Chinese government is way ahead of the curve when it comes to crypto adoption, and it is high time for the USA to exert its dominance in the field and create more jobs and opportunities in the sector.

Christian Klausen

Christian Klausen

Christian Klausen is a talented news writer renowned for his compelling storytelling and comprehensive research. With a sharp eye for detail, his articles offer readers a thought-provoking and well-informed perspective on a wide range of current topics.

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