British MSM Keen To Talk Bitcoin Down

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A few weeks ago, we mentioned how a British business magazine called Moneyweek had rehashed an article instructing you how to short Bitcoin a couple of times in the past year.

Whereas we are not too surprised anymore to see the business bastion of finance, the British newspaper Financial Times do be bidding of classic banking and thus talk down Bitcoin, the tide seems to be spreading ever further.

Bank of England warning

With more and more young Brits investing in cryptocurrencies, there was already a stark warning from the British taxman this week, but now Bank of England Governor Andrew Bailey also joined in. Speaking to Bloomberg, he stated at a press conference that young Brits should only invest in cryptocurrencies:

If  you’re prepared to lose all your money.

I’m afraid crypto and currency are two words that don’t go together for me. They have no intrinsic value.

His statements aren’t working though, as reports are coming out that record numbers of young British people are now invested in crypto.

Look out below

The surprise however, came from the UK arm of the website Investing, which claimed that Bitcoin was now well on its way to lower territory. In an article entitled Look out Below they stated that:

In the current environment, competition from other, less expensive cryptocurrencies with better potential for massive gains on a percentage basis are siphoning demand away from Bitcoin. BTC technicals are signaling demand weakness. Based on that, we’re now bearish.

Bitcoin reacted by rising from $55k to $58k as Wall Street investors chose it as a safe haven to protect against excessive money printing from the FED.

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