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- A market analyst is convinced that the broader Bitcoin ecosystem is filled with manipulative billionaires.
- There is a plan to boost the value of Bitcoin to make it more attractive as a strategic reserve asset.
The past few days have seen Bitcoin (BTC) struggling to reclaim key support levels. The dwindling Bitcoin prices have raised concerns among investors, and several analysts are speculating about market manipulation by billionaires.
How Billionaires Maybe Driving BTC Price Down
In an X post, David Wolfe, a crypto trader, detailed how billionaires are manipulating the market for their gains. He posted a video about billionaire Jamie Dimon, CEO of JPMorgan Chase, who promised to fire any of his traders buying Bitcoin.
Jamie called Bitcoin a “fraud” and a “bubble” on September 12, 2017, during his appearance at the Delivering Alpha conference. The billionaire’s speech greatly impacted the market, leading to a 24% decline in BTC’s price at the time. This initial comment marked the beginning of his highly publicized skepticism toward Bitcoin.
Shockingly, Jamie reportedly turned out to be the largest buyer of Bitcoin that weekend. This purchase implied Jamie manipulated the market to accumulate Bitcoin at lower prices. The idea is that as prices climb higher, he would sell his BTC stash to accumulate huge profits.
Wolfe pointed out that billionaires are currently manipulating the price of Bitcoin in almost similar ways.
“How billionaires manipulate crypto (and almost every other market). This is happening in crypto now,” says Wolfe.
He added that some billionaires plan to drive BTC towards the $60,000 range to buy it all up. According to Wolfe, the main aim is to seize control of Michael Saylor’s MicroStrategy stock. Meanwhile, Saylor remains a strong BTC proponent.
As highlighted in our previous article, Saylor announced plans to raise $2 billion through convertible notes to purchase more BTC. Saylor has also encouraged tech giants like Amazon and Microsoft to use Bitcoin to preserve cash reserves.
Wolfe’s statement has sparked mixed reactions from the crypto community. While some agree with him, others disagree that market manipulation is a myth.
BTC Crosses Over $80,000
The price of BTC dropped drastically in February, trading as low as $79,000 on February 28. The price soon increased in the first week of March after President Donald Trump released a crypto reserve executive order.
This rally only lasted a while, and the price of BTC soon dropped below $80,000 again. As noted in our earlier post, the price drop comes as Japan’s yen strengthens alongside rising government bond yields.
At the moment, BTC has jumped above this mark, trading at $82,433 following a 0.86% increase in the last 24 hours. Bitcoin traded as high as $83,479 the day before dropping to current levels. However, the trading volume has decreased by 20.9% to $47.1 billion, suggesting investors’ dwindling interest.
Now that the yen rally has faded, the market anticipates a renewed risk-on sentiment that would benefit Bitcoin.
