Studies show that 40% of bitcoin is owned by 1000 people. (Source below)
Don’t you think it would be stupid for them not to work together and manipulate the price? It would be relatively easy for them to do. They go to the same conferences and events. There isn’t any authority looking over these whales to make sure they are acting morally or in your best interest. There is zero consequences for manipulating the price. What’s stopping them?
Much bigger financial scams involving more people have been orchestrated in the past for much less money involved in bitcoin.
Also, you can clearly see that I am pretty critical of bitcoin. I hope you can embrace this question and provide some insight. I’m not trying to troll with this post. It is genuine curiosity. I love the idea of a real decentralized. I don’t think bitcoin has made it.
Source: https://www.latimes.com/business/technology/story/2019-12-12/as-bitcoin-whales-volatility
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