"The fact that it sees such wild swings to the tweets from one person takes away the legitimacy of the asset class."
Reminds a bit of a financial planner who told me bitcoin is "manipulated" and followed up with the ultimate smear "unregulated." Yikes.
Then the Chinese government made all sorts of threats concerning the mining and holding of crypto's top brand.
A wag on Twitter responded with words to the effect that when the Chinese banned Google in 2010 it didn't seem to slow down the company.
Weston Nakamura in an interview with Real Vision's Jack Farley made the trenchant point, "This is what markets look like when you don't have global central banks artificially suppressing volatility, intervention of central banks buying every dip, putting a safety net under every single slight tremor or taper tantrum or whatever it may be, this is what happens."
Making money isn't easy. Whether it be working 9 to 5 or trading markets.
The Fed seeks to smooth every bump so everyone will stay calm and carry on, buying stocks.
Perhaps a viewer or two of his recent 60 Minutes interview caught Powell's off-hand comment that the central bank has bailed out money market funds twice in recent months. Money market funds? Most people believe that is cash.
There was no mention of the Plunge Protection Team or other secret committees to ensure the safety and soundness of securities markets.
Just keep plugging your savings into those 401(k)s, folks, and let the experts handle it.
Cyrptoland is a little different.