The Bitcoin price has been full steam ahead recently and although it makes me happy because I own Bitcoin, I am perplexed by the price movement in general.
Is Bitcoin Price Manipulated ?
It is virtually impossible to have a conversation about Bitcoin with a Bitcoin enthusiast because these mind controlled folks believe that Bitcoin is some sort of revolution in money when in reality it is a lot of hot air.
In my opinion the Bitcoin price is arguably manipulated to a point that renders it useless to the common man or woman in the world. After reading this article It has become abundantly clear to any relatively functioning brain that the price of Bitcoin is totally manipulated by a small pocket of day trading samurai Bitcoin flippers. The article is short and mostly benign to most, but this one paragraph basically sums it up.
“Mow also noted that Bitcoin passed the $800 mark for over a week in China, a country that controls approximately 93 percent of the global Bitcoin exchange market. In China, Bitcoin is being traded at around $835 on average, demonstrating the rising demand for Bitcoin.”
If this article is accurate and the writer of it is indeed on target a few important questions need to be asked immediately. First, if an astounding 93% of global exchange is controlled by China and its fancy army of distinguished wealthy trading teams, how can we honestly take Bitcoin seriously ? If you can not see the problem in having almost all of the global exchange trading of the Digital Currency coming from China than you can stop reading NOW.
Second, If so much of the global trading is coming from such a small number of people and one singular country, the common person is at the mercy of a shockingly low number of people who totally control the asset with hardly any regulations. Do you see what I mean here ? If trading tycoon “Johnny Chin” who hoards a ton of Bitcoin decides he wants/needs to sell 40% of his enormous holdings, Mr Chin could single handily crash a market. Add a few more rock star Chinese day trading sellers and you have a legitimate crash simply because a few trading syndicates decide to sell.
I realize this is a simple take on what could happen, but when I see the Bitcoin community claim its going to be the world reserve Digital Currency I truly have to laugh because in reality, Bitcoin is simply a private day trading club for mostly Chinese traders. I hope the Bitcoin price continues to soar, but I cringe the day when the institutional Bitcoin hoarders decide to throw in the towel.. Could get ugugugugly…
I am an independent marketing associate with Onelife and my writing and thoughts are my opinion only. I’ll take the slow and steady price movement of Onecoin any old day instead of manipulated Bitcoin price movements.
Beam Me UP HO HO HO