This is actually a very typical and classic JP Morgan playbook strategy.

1. Talk it down hard while to scramble to evaluate the investment thesis.

2. Attempt to destroy it if you can (cheapest option to retain existing oligopoly position).

3. Accepting it can't be destroyed then continue to talk it down while you engineer your entry point.

4. Acquire as much as you can while you maintain and stoke fear in retail.

5. Once a sufficiently sized position is taken then use that to lobby and manipulate regulators into thinking you broadly represent the market players.

6. Convince govts that they should buy but only after a hard fork that better establishes OFAC rulesets and supply 'elasticity'.

Ultimately it is clear their strategy is to attempt to destroy it from within.

It can't work but it can create another mess circa 2017. nostr:note13hankrdjgkhzptj6u724zmmvhhv7mc7qwgxp8y69h9y8vryk7yqq6rwxzs