The Fake News of Bitcoin ETF Approval

You may have heard that we’re living in a “post truth” era. 

Wikipedia defines it as a “term that refers to the 21st century widespread documentation of and concern about disputes over public truth claims.”

Misinformation has long been ripe on the internet. 

But it’s now dripping with juice thanks to the advent of deepfake imagery and audio powered by artificial intelligence. 

The Fake News of Bitcoin ETF Approval

And it can come from the deepest and darkest depraved corners of the interweb, or it can come from supposed beacons of brightness. 

Last week, amid the fog of a new war in the Middle East, President Joe Biden said, as quoted by NBC, “I never really thought I would see and have confirmed pictures of terrorists beheading children.”

That’s the holder of the highest office in the land with a report that should turn any human’s stomach. 

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Only we’re not sure if it’s true. 

Later in the day, White House “officials” — gotta love the anonymity there — clarified that “neither Biden nor the administration had seen pictures or confirmed reports of children or infants beheaded” according to CNN, and he was “referring to public comments from media outlets and Israeli officials.”

No major US news outlet nor the Israeli military has confirmed the beheading storyline.  

Was it a miscommunication? Intentional propaganda? 

Either way, it’s a symptom of a post-truth era that you had better be aware of, lest you fall victim to it yourself. 

Because sophisticated misdirection certainly isn’t limited to geopolitics. 

Just this morning, Cointelegraph, a Twitter account with 1.9 million followers, sent out a tweet saying: BREAKING: SEC APPROVES ISHARES BITCOIN SPOT ETF

It was picked up by Benzinga, then Reuters. And then the info went out via Bloomberg terminals.

Bitcoin volume immediately spiked and the price added $2,000 to trade at nearly $30,000. 

Bitcoin volume immediately spiked and the price added $2,000 to trade at nearly $30,000.

But it wasn’t true. 

As Cointelegraph later clarified: 

The investment world is waiting on the SEC to approve or deny the listing of several spot Bitcoin ETFs. It’s not just Blackrock’s iShares that has applied. The SEC is also considering spot Bitcoin ETFs from Fidelity, WisdomTree, Invesco, ARK, and others, but it has delayed ruling on their approval until at least January. 

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You would know this if you read Chris Curl.

He just told paid readers of his Crypto Cycle publication last week that he wasn’t expecting Bitcoin ETF approvals until next Spring. 

The world is complex and sinister enough. 

You don’t need any more misdirection from politicians or financial marketers.

Around here we’re looking for real results, because we invest our real dollars. 

We aren’t looking to make you feel a certain way. And we certainly don’t need to make things up. 

Cryptocurrencies in particular, because they’re so new and different, can be hard to understand and susceptible to manipulation. 

That’s one reason I hired Chris. He is just finishing up an educational series about crypto that you can sign up to for free.

It will be ready for you in the next few days. 

And that’s the truth.

Nick Hodge

Nick Hodge
Publisher, Daily Profit Cycle