Backlash Hit on Fundstrat for Publishing Paid IOTA Report

Tom Lee’s stock market research company, Fundstrat, has supposedly been seen plugging the controversial IOTA cryptocurrency to its clients. This comes after Fundstrat published a report that was allegedly commissioned and paid for by the IOTA Foundation and its co-founder Dominik Schiener. 

The well-known Bitcoin bull hasn’t commented on the matter as of yet, however.

This news came from ‘Hasu’ on Twitter who posted:

Fundstrat, the “independent research boutique” publishes a bullish 71-page report on IOTA. Fineprint: commissioned by IOTA. @fundstrat pic.twitter.com/WuNv28EKi9

— Hasu (@hasufl) January 18, 2020

Nicely hidden away on page 71, the report has the following in it:

“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.”

This whole situation is a bit dodgy, to say the least. 

Tom Lee and Fundstrat have taken some hits in terms of their reputation. Lee predicted a $25k BTC price at the end of 2018, which definitely didn’t happen.

It will be interesting to see how this situation plays out and how the community will respond. For more news on this and other crypto updates, keep it with CryptoDaily!