Financial News Are Gold or Bitcoin Real Currencies? Bitcoin Price Manipulation Allegations: What You Need to Know?

Are gold or bitcoin real currencies? Cryptocurrency analyst Fred Krueger has made a bold statement claiming that gold is becoming obsolete in the face of Bitcoin’s growing dominance. In his speech, Krueger said that despite the disdain for fiat currencies shared by gold enthusiasts and Bitcoin supporters, Bitcoin will become the ultimate form of sound money. Krueger outlines a historical timeline that illustrates gold's failure as a reliable monetary standard: The Coinage Act of 1792 defined the convertibility of the U.S. dollar into gold and silver. By 1862, unbacked "green notes" were issued during the Civil War, marking a departure from the gold standard. Britain abandoned the gold standard in 1914, restored it in 1925, and gave up the gold standard permanently in 1931. In 1933, President Franklin Roosevelt issued Executive Order 6102, officially ending the gold standard and requiring Americans to sell gold to the government. The Bretton Woods Agreement of 1944 fixed the price of gold at $44 an ounce, but it collapsed in 1971 when President Richard Nixon ended the gold standard altogether. Krueger concluded: "The idea of ​​backing a currency with gold makes no sense. Gold certificates cannot be trusted, gold cannot be circulated, and it is a much inferior form of currency compared to Bitcoin." Kruger pointed out that Bitcoin Coin has advantages over gold, calling it a superior monetary system. Unlike gold, Bitcoin can be easily traded, stored securely, and moved across borders with minimal friction. "Gold cannot circulate. It decays to power law 5.0 almost as fast as fiat currencies. No one is using gold as a medium of exchange. That makes Bitcoin Lightning look good," he said. Krueger suggested that the United States sell its gold reserves and invest in Bitcoin instead. Kruger echoes the sentiments of Bitcoin advocate Samson Mow, who believes the move will initially strengthen the U.S. dollar but will eventually pave the way for Bitcoin to replace fiat currencies. Bitcoin Price Manipulation Allegations: What You Need to Know Aaron Arnold, host of popular cryptocurrency YouTube channel Altcoin Daily, said Wall Street faces accusations of deliberately manipulating Bitcoin prices to accumulate assets at lower prices. In a recent video, Arnold highlighted claims that major financial institutions, including BlackRock, are coordinating efforts to drive down the value of Bitcoin. These alleged tactics involve market manipulation and media-driven narratives designed to influence public sentiment. The report pointed out that BlackRock’s Bitcoin ETF experienced huge outflows totaling $330 million, which was widely reported by the media. Arnold believes this could be part of a deliberate strategy by major financial players such as Larry Fink to suppress the price of Bitcoin. Further fueling suspicion, he cited Jim Cramer's concerns about Bitcoin, predicting that its value could fall. However, Arnold reminded viewers that Cramer has admitted to influencing the market in the past, suggesting that his recent comments may be an attempt to change public opinion about Bitcoin. Additionally, Altcoin Daily highlighted the U.S. government’s readiness to build a Bitcoin reserve. The proposal suggests that the more than 200,000 Bitcoins confiscated by the U.S. government could be used to increase the value of the U.S. dollar and secure its status as the world's reserve currency. The initiative, championed by Senator Cynthia Lummis and supported by President-elect Donald Trump, would rely on converting Federal Reserve assets into Bitcoin, eliminating the need for additional tax revenue . Altcoin Daily noted the bullish sentiment surrounding Bitcoin despite manipulation concerns. He mentioned BlackRock’s potential impact on Bitcoin adoption, noting that the asset management giant plans to allocate 2% of its portfolio to Bitcoin via its ETF. Arnold emphasized the importance of BlackRock’s strategy, noting that even a small portfolio allocation from such a large institution could reshape the cryptocurrency market. Arnold also suggested that Wall Street’s alleged efforts to promote negative rhetoric about Bitcoin may be a calculated move to achieve cheap accumulation. He warned that this could be the last chance to buy Bitcoin under $100,000. Disclaimer: The content of this video, the views and opinions expressed by the author or anyone mentioned herein are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptoassets carries a risk of financial loss.