The mainstream media and wall street appear to be manipulating the market and public opinion in an attempt to short #Bitcoin. In a string of media articles released on Monday, Bitcoin was attacked as the next bubble as hedge funds are ramping up their short positions.
CME Bitcoin future shorts have reached a record high as hedge funds have poured in more than $1 billion. Hedge funds have been rapidly increasing their bitcoin short positions, betting the coin will go down since October.
Though there are some significant differences between the Bitcoin shorts and Gamestop shorts. Bitcoin has a 1% short interest, $GME had a 140% short interest and Bitcoin has a market cap of approximately $625 billion compared to $GME market cap of $12 billion. Most of the Bitcoin shorts are done with futures/CFDs that could maybe be canceled.
This may end up as another disaster for shorting hedge funds as Bitcoin appears to have the wind to it’s back as even Elon Musk said on Monday, “I should have bought [bitcoin] eight years ago … I do at this point think bitcoin is a good thing. I am a supporter.”
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