Bitcoin Bulls Reject Theory of BTC Price Manipulation in 2017, Calling It ‘Bitcoin Conspiracy’

Tue, 11/05/2019 - 13:50
Yuri Molchan
An angel investor Anthony Pompliano and eToro’s Mati Greenspan are not taking seriously the recent study about a whale manipulating the BTC price back in 2017
Cover image via

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!

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at

Top 10 Best Cloud Mining Sites in 2020
TOP 20 Best Bitcoin Trading Bots in 2020

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy