As reported by Bloomberg, a study conducted by an academic from Texas shows that the all-time-high that Bitcoin hit back in December 2017 was the result of a manipulation by a crypto whale.
The angel investor and a co-founder of Morgan Creek Digital Anthony Pompliano finds this theory wrong, stating that one person would have been unable to achieve that impressive outcome for the crypto market.
The Bitcoin-related research
The study was conducted by John Griffin from University of Texas and by Amin Shams from the Ohio State University, as reported by Bloomberg. The authors say:
“Our results suggest instead of thousands of investors moving the price of Bitcoin, it’s just one large one. Years from now, people will be surprised to learn investors handed over billions to people they didn’t know and who faced little oversight.”
The research made by the aforementioned people claims that the manipulation was conducted via the use of USDT. They said that large amounts of Bitcoin were bought with Tether not backed by USD and that caused the BTC price surge. One person from Bitfinex was responsible for that, claim the authors of the study.
‘Pomp’ and Mati Greenspan dismiss the ‘Bitcoin conspiracy’
Pomp, with a high reputation of an expert in both traditional and crypto investments, states that one person could not have impacted the Bitcoin price to that degree and puts it down to a Bitcoin conspiracy theory.
The chief analyst of eToro Mati Greenspan also finds the results of the study doubtful, saying that in 2017 he personally witnessed millions of investor accounts opened on eToro whose owners traded Bitcoin.
Do you agree that one person from Bitfinex is responsible for the historical Bitcoin price surge in 2017? Share your thoughts in the comment section below!
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