One of the first suggestions to hit crypto-Twitter can be blamed on the breakout’s unfortunate timing. Yep, Bloomberg and The Telegraph even went as far as reporting that the whole thing could be down to an April Fools joke. The joke in question? A spoof article on Finance Magnates, claiming that the SEC had approved two Bitcoin ETFs in an emergency Sunday night meeting.
There are two problems with the theory: Firstly, Finance Magnates. Fair play to FM for the gag (it was certainly one of the most creative in the crypto-space this year). However, the idea that the whole crypto-verse read that article, and despite nobody else reporting the story, decided to buy, buy, buy… Nah.
Secondly, it didn’t actually happen on April 1st; or at least not before midday, wherever in the world you are. By that time the article had been updated to include very obvious [April Fools] spoilers.
Now, we’re being led to believe that Brexit might be to blame… bless the Dutch. The idea behind this theory is that, due to the uncertainty over Brexit, Brits are following the example of Venezuela and going all in on Bitcoin.
Is it Plausible…
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