At a recent conference, Christopher Giancarlo, former chairman of the U.S. Commodity Futures Trading Commission (CFTC), detailed how the U.S. Government orchestrated the Bitcoin crash of 2017/2018 in an interview with Coindesk.
“We saw a bubble building, and we thought the best way to address it was to allow the market to interact with it.”
Bitcoin in 2017 had risen to a historic high of nearly $20,000.00 per Bitcoin. According to CoinMarketCap.com, on December 17th, 2017, the price of Bitcoin rose to $19,140.00.80; the next day, Bitcoin futures went live.
In a report by the Federal Reserve Bank of San Francisco. The rise and subsequent fall in the price of Bitcoin were directly related to Bitcoin Futures:
Giancarlo went on to say: “Coming out of the 2008 financial crisis, the legit criticism of regulators was along the lines of: Where were they during the expansion of the real estate mortgage bubble, and why didn’t they take steps to pop that bubble when they could have?”
Today October 23rd, 2019, as Bitcoin faces continued struggles and sits around $7477.75, time will tell how Bitcoin Futures, BAKKT, and the continued hearing surrounding Facebook’s Libra will affect the price of Bitcoin.