Stock market research firm Fundstrat published a bullish – page report promoting the IOTA cryptocurrency to its clients.
Something doesn’t add up when you compare this to a public disclosure found on its retail portal.
The IOTA project already has a shifty reputation, and Fundstrat isn’t doing itself any favors.
The stock market research firm founded by notorious bitcoin price prediction “expert” Tom Lee has been spotted promoting the controversial IOTA cryptocurrency project to its clients.
As first noted by independent crypto researcherHasu, the Fundstrat report was commissioned and paid for by IOTA Foundation co -founder Dominik Schiener himself.
The disclosure appears on page (******************************************************************, conveniently tucked away from clear view:
Dominik Schiener is both the Co-Chairman of the Board of Directors for the IOTA Foundation and Co-Founder of the IOTA Foundation. Dominik Schiener has commissioned / paid for this specific research project and has permission to distribute.
Fundstrat does not disclose who paid for the report and even goes so far as to claim the following in the “Disclosures” section:
FS Insight does not know of, or have reason to know of any material conflicts of interest.
Fundstrat claims there is no conflict of interest. | Source:fsInsight
It’s a Slippery. Slope
Despite Tom Lee’s frequent appearances on CNBC, Fundstrat’s credibility has already taken some justifiable hits.
After all, Lee has a long history of making bold bitcoin price predictions that never seem to come true
.
Source: TwitterAnd now his firm is promoting a questionable project to his own private clients. IOTA has a controversial reputation in crypto. And that’s putting it mildly.
Former Kraken programmer Andreas Brekken published in-depth research that concluded: “
IOTA: Cannot be used for IoT. Loss of funds may occur. ”
That’s certainly been true for investors:
****************************************************** IOTA investors have suffered enormous losses. Will Fundstrat’s paid report shift the tide? | Source: TradingView
Maybe Fundstrat’s “report” will shift the tide.
The whole debacle reminds me of formerBitconnect promoter Trevon James
Once a scammer, always a scammer, as they say. Or in this case: once a shill, always a shill.
Either way, Fundstrat isn’t doing its reputation any favors. If there’s money on the table, it seems clear the firm is willing to take a break from its “independent” research.
Disclaimer: The opinions in this article do not represent investment or trading advice from CCN.com
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