One Cryptocurrency Claim I Don't Buy ...

... at least as a general principle, is the claim that "governments can't manipulate e.g. Bitcoin."

Now, granted, what the people saying that usually mean is that governments don't control the issuance of cryptocurrency and therefore can't inflate it by just "printing" more.

But that's not the only way governments can manipulate things.

You may have noticed the large drop in BTC and other major cryptocurrencies overnight.

At least one explanation I've read ties that drop to a statement from the Russian state's central bank calling for regulation and/or banning of cryptocurrency.

Now, if I was born yesterday, I might evaluate that as a natural sequence -- Russian regime considers regulating/banning cryptocurrency, there's some panic selling.

But if I was cynical, and I happen to be very cynical, I might think it looked something more like this:

Oligarchs: Yo, Vlad!

Vladimir Putin: Yeah, 'sup?

Oligarch: We're thinking of buying a crap ton of Bitcoin, but the price looks higher than we'd like it to.

Putin: No problem, I'm on it.

Ringgg .... Ringgg ...

Head of Russian Central Bank: Hello?

Putin:  Announce that we're thinking about regulating/banning cryptocurrency so our friends can buy the dip.

Head of Russian Central Bank: Consider it done.