Former SEC Official Criticizing The Increase In Crypto Market, Big Investors Remain Optimistic

John Reed Stark, a former official of the US Securities and Exchange Commission. (Photo; Doc. Bitcoinsystemi)

JAKARTA - John Reed Stark, a former official of the United States Securities and Exchange Commission (SEC), recently expressed his view of the reasons behind the increase in Bitcoin prices in the past week.

In a long post on the X Social Media Platform, Stark, who now serves as President John Reed Stark Consulting, revealed that the increase in Bitcoin prices occurs because there is no regulation supervision that prevents market manipulation and because people can sell crypto that is hype to 'victims' .

"Crypto prices rose for two reasons: first, because there was no regulation supervision to prevent market manipulation, and second, because people could sell hype crypto, caused by FOMO (Fear of Missing Out), and valued too high for 'victims,' Is it true or not crypto is valued too high," said Stark.

On the other hand, although Stark Skeptics against Bitcoin and Cryptocurrency, many investors and large institutions are increasingly embracing crypto, especially Bitcoin. For example, Microstrategy, a software intelligence company, recently revealed that its ownership of Bitcoin has jumped to 174,530 Bitcoin, resulting in a profit of 1.6 billion US dollars.

Paul Tudor Jones, an investment legend, has become a supporter of Bitcoin, predicting in October that the price will exceed the current level. Stan Druckenmiller, a famous hedge fund billionaire manager, admitted that he should have bitcoin, even though he currently has no coins.

Not only that, Standard Chartered Bank has updated its view of Bitcoin, stating that the price of Bitcoin can reach 100,000 US dollars (IDR1.5 billion) faster than the initial estimate. Larry Fink, CEO of Blackrock, described the developing interest in crypto, stated in October that he saw global demand and hidden interest in cryptocurrency.