Micky.com.au has republished this article in light of the recent cryptocurrency market crash. If you haven’t read it, take a look and share your thoughts in the comments section!
“It’s a huge transfer of wealth that’s happening right now … This market will absolutely explode … The ETF will happen … You will see a $40k Bitcoin by the end of this year.”
Above are the words of former Wall Street investor Teeka Tiwari.
He has a conspiracy theory that explains why the market has crashed and how it will bounce back to incredible new highs.
Want to know more? READ ON.
Who is Teeka Tiwari?
As a 12 year old foster child, Teeka Tiwari became fascinated by investing.
By 18, he was on Wall Street. By 21, he was a vice president. By 23, he had started his own hedge fund.
Now, he is Editor at Palm Beach Research Group and responsible for the firm’s flagship service, The Palm Beach Letter and small-cap and cryptocurrency advisory, Palm Beach Confidential.
Teeka Tiwari outlined his “Great Cryptocurrency Conspiracy Theory” in an interview with conservative political commentator Glenn Beck.
Mr Beck introduced the segment by saying “when (Mr Tiwari) explained this to me, I thought, ‘people should go to jail.'”
“It’s not illegal. It’s just really horrible, and it’s why we all feel so freaked out,” Mr Beck said.
“They are feasting on our savings and it’s an enormous robbery.
“This is how the rich get richer. They know. They’re connected. They’re coordinating.”
Before outlining his “Great Cryptocurrency Conspiracy Theory,” Mr Tiwari spoke of events in the past that have formed his current views.
“The last time I saw something like this was back during 1994 to 1995,” Mr Tiwari said.
“Individuals were making just enormous amounts of money buying companies like Dell, AOL, Microsoft, Netscape … and the institutions had completely missed that bull market.”
Mr Tiwari claims institutions, intent on making sure they didn’t miss out on the boom, started spreading fear into the market.
“Institutions went saying anybody buying internet stocks – you’re idiotic.”
“So you had a lot of people selling their AOL, selling their Microsoft, selling their Dell shares.”
Guess who was buying?
“It was the institutions,” Mr Tiwari claims.
“They literally stole wealth that should have been in the hands of individuals.”
From 1995-2000, five trillion dollars came into the market in one of the biggest bull runs in history.
“So this blueprint of creating fear in order to get cheap prices is nothing new,” Mr Tiwari said.
“They can get away with it. Nobody’s ever been arrested for anything like this.”
The Great Cryptocurrency Conspiracy
OK, so here is where we explain the conspiracy theory itself.
Mr Tiwari believes large institutions have been spreading fear about the cryptocurrency market, whilst (not so) secretly increasing their own positions.
He points to three very specific examples:
- September 12, 2017:
Jamie Dimon, CEO of JPMorgan Chase, says Bitcoin is a “fraud” and he’ll fire any of his traders who buys Bitcoin.
Mr Tiwari says that Bitcoin’s price dropped 24 per cent, before something interesting happened.
“That weekend we found out that the largest buyer of a Bitcoin fund that’s in Europe … was Morgan Stanley and JP Morgan,” he said.
2. January 24, 2018:
Legendary investor George Soros says Bitcoin is a “bubble,” and the worst investment in the world.
Mr Tiwari says that Bitcoin’s price dropped 44 per cent, before something interesting happened.
“In April, two months later, guess what we find out? His 26 billion dollar family office has approval to buy cryptocurrency,” he said.
3. February 7, 2018:
Investment banking firm Goldman Sachs says “most cryptocurrencies will crash to zero.”
Mr Tiwari thought this was strange, because through his network, he knew Goldman Sachs was actually setting up a crypto trading desk.
“They were denying it … (but) I absolutely knew that they were setting up a crypto trading desk.”
“(Then) just before May, they announce a new trading desk.
“Not only that, they put $400M dollars to buy a cryptocurrency trading platform.”
Mr Tiwari says those three developments happened around the same time.
“I can’t prove collusion, but it walks like a duck, it quacks like a duck … It’s probably a duck.”
“If Bitcoin is such a trashy asset, why are all of these people getting involved?”
Teeka Tiwari believes now that cryptocurrency prices have tumbled, the institutions will jump in.
“You will see this market absolutely explode to the upside,” Mr Tiwari said.
“I was at a private event held at a castle in Tuscany about a week ago.
“I had a meeting there with a gentleman who used to run a 20 billion dollar state pension fund … He loves crypto.”
Mr Tiwari also believes that we will see a Bitcoin Exchange-Traded Fund (ETF) within months, because the Chicago board of Options exchange (CBOE) – one of the most trusted and most important financial institutions in the United States – will provide insurance for the ETF.
“That is huge,” he said.
“If it gets hacked, if there’s fraud, if somebody loses the key … (there is) insurance to cover it.”
Mr Tiwari says the Securities and Exchange Commission (SEC), which ultimately needs to approve an ETF, will like the CBOE guarantee.
“The CBOE and the SEC – they speak the same language … They all know each other. They go to the same places,” Mr Tiwari said.
“So the fact now that the CBOE has put their stamp of approval on this unequivocally means that this ETF is going to get approved.”
“The earliest it could happen is August 16, the latest it can happen is Q1 2019.”
“As people start realising that this is actually going to happen, they’re going to reprice Bitcoin.”
Did you know The Economist magazine predicted the Bitcoin boom 30 years ago? You can read about it here.