Former SEC official: Bitcoin's value will dip until it reaches zero

10 Jun, 2019
by Fifi Arisandi
Opinion
Former SEC official: Bitcoin's value will dip until it reaches zero

Former senior SEC official believes that Bitcoin's value will keep on dipping, until it reaches zero.

As crypto prices began to dip, former Securities and Exchanges Commission (SEC), John Reed Stark believed that the dip will not stop until it reaches zero.

Stark, who served 20 years with the SEC has been a huge crypto opponent and regularly writes articles and essays on why he takes the same side as Warren Buffet towards cryptocurrency.

He believes that BTC's value, outside of mere speculation, is derived solely to facilitate criminal activity. Quoting his statement, “Cryptocurrencies like bitcoin have become the payment of choice for these, and a slew of other, criminal enterprises.”

On Initial exchange offering (IEO), he commented, “They are an enticing medium for fraud, manipulation, insider trading, hacking and a broad range of chicanery.”

“IEOs represent yet another blatant attempt to hijack a similar-sounding acronym — IPO — in an effort to lure investors seeking to get rich quick. However, just like ICOs, the IEO has not a single element in common with the IPO (other than the first and last letters of its acronym),” he added further as quoted by Express.

He is also fully convinced that the true market of Bitcoin is zero when he said, “One moment you will be looking at US$8,000 per coin, the next, global trading will be suspended. The true market of BTC is zero. When it’s stopped, it will just end. As soon as a system of such kind starts to move outside of the legal constructions that allow it to operate, it stands on a foundation of watered sand and will eventually collapse. When it collapses, it can never be recovered.”

Finally, he warns all Bitcoin investors, “People are going to wake up one day and not find that the value of their BTC investment is diminishing, but that it is zero.”

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Read more about: SEC Bitcoin (BTC)

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