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

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  • Yuri Molchan
    📰 News

    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

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

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.

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‘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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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.

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Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies

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  • Alex Dovbnya
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    Holding Bitcoin as a collateral is the next big use case for the top cryptocurrency

Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies
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According to cryptocurrency influencer Chris Burniske, both Bitcoin and Ethereum already represent formidable collateral economies.

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Moving beyond a medium of exchange

In his earlier tweet, Burniske also predicts that holding Bitcoin as a collateral could eclipse its medium of exchange (MoE) use case.  

He even goes as far as claiming that Bitcoin could morph into an off-chain collateral for the world. 

Burniske states that Ethereum has already created a burgeoning collateral economy around it. Apart from extending its utility beyond a pure MoE, this could also drastically decrease the coin's volatility because of all DeFi use cases.   

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The next big thing in crypto

As reported by U.Today, Genesis Capital, a subsidiary of Digital Currency Group (DCG) that rules the roost in the cryptocurrency lending sector, had a record-breaking third quarter with a whopping $870 mln in new originations. 

In Q3, Bitcoin remained the best collateral for crypto with fiat money and altcoins breathing down its neck. The share of USD loans increased by 25 percent quarter-over-quarter.

However, a group of Wall Street traders made a dire warning about crypto lending, claiming that the breakneck speed of its growth could result in another crypto bubble. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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