Goldman Sachs warns Bitcoin could drop below $6000

Today Goldman Sachs warned that Bitcoin could drop below last month’s low of $6000 because it had failed to rally past $12,000 and had dropped back below $9200. I am not sure I agree with this sentiment. The only reason it dropped below $9200 again was because of extra-ordinary news of the Tokyo whale selling $400 million, the SEC regulations, and the Japanese suspension of two of its exchanges. We’ve already been hit by those things and BTC has not fallen below $8400 by much and is slowly making a recovery. In my opinion, traditional financial sectors are getting worried and desperate to block the rise of cryptos because it obviously threatens their power and influence in the financial markets, and by extension, the political arena. Banks in Finland have blocked Cryptocurrency transactions basically because they don’t understand what it is and are afraid of something new. A lot of traditional financial establishments are against it and one even said we need to shut down Bitcoin and all Cryptocurrencies because of the possibility of things like Tax Evasion and Money laundering due to the fact that it is anonymous and permission-less. These are bullcrap arguments because people use Swiss Bank accounts and offshore accounts to do this all the time including many of our famous politicians. Mitt Romney even argued once that we need to keep such Tax Loopholes open. We know about these things that are used to evade millions of dollars worth of taxes and yet we do nothing about it so why start worrying about the ability of Crypto to do it if the authorities don’t even invest the banks that do it all that often? It doesn’t make sense. These people might be afraid because Cryptos may give regular people the same means to evade taxes and fees that they(the rich people) have had all along and as always, they don’t want everyone to be on the same level as themselves.
Now, I am not for tax evasion, I believe everyone(including the ultra-wealthy needs to pay what they owe in taxes) but tax evasion should not be the sole privilege of the rich if we are going to let it happen.
The real reason we keep having these pullbacks is because of regular business cycles of ups and downs and the FUD that is spread by the big banks themselves attacking Crypto because they did not get in on the ground floor and it threatens their own power and influence. However, they will realize sooner or later that they can’t keep it down forever and will have to adapt or become extinct.

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