IMF Suddenly Flips On Crypto As Wall Street Fuels A $200 Billion Bitcoin, Ethereum And Crypto Price Rally

bitcoins bitcoins , Ethereum and other major cryptocurrencies in recent weeks as the market braces for a $15 trillion earthquake.

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The bitcoin price has nearly doubled this year (peak fears the investment "window" is closing) as traders abandon smaller cryptocurrencies in favor of bitcoin and its closest competitor ethereum after a crackdown in the United States that some see as part of a plot to destroy the market.

Now that the world's largest asset manager has unexpectedly accused Wall Street of bitcoin and cryptocurrencies, the International Monetary Fund (IMF) has abruptly softened its earlier stance on banning cryptocurrencies, warning that they "may not be effective."

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More From Forbes 'Open The Doors' - Cryptobillionaire Warns 'Window' Is Closing Fast On $100 Billion Bitcoin, Ethereum Price Rise By Billy Bambro

“Although many countries have banned cryptocurrencies due to their risks, this approach may not be effective in the long term,” three senior IMF economists wrote in a blog post on central bank and central bank adoption of digital currency (CBDC). regulation of cryptocurrencies.

In 2021, China is cracking down on Bitcoin, Ethereum, and other cryptocurrencies, driving Bitcoin and cryptocurrency miners out of the country and briefly crashing the market before cryptocurrency companies establish themselves in the United States and around the world.

The International Monetary Fund has been at odds with El Salvador since it granted the country legal status in 2021, warning of "significant risks to financial integrity and stability, fiscal sustainability, and consumer protection."

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More From Forbes 'Open The Doors' - Cryptobillionaire Warns 'Window' Is Closing Fast On $100 Billion Bitcoin, Ethereum Price Rise By Billy Bambro

Earlier this year, the International Monetary Fund said: "A complete ban [on cryptocurrencies] should not be ruled out" and called for a "coordinated response" to the cryptocurrency rally, which it said could undermine the global monetary system.

The easing of the IMF's stance on cryptocurrencies comes as the United States begins to crack down on cryptocurrencies in the wake of the 2022 stock market crash that wiped out $2 trillion in value and destroyed the main decline as a result. FTX stock exchange.

China reopening and market outlook | Bloomberg Clock 03/01/2023