Lone whale behind Bitcoin (BTC) rise to $20K, claims Professor from Texas
In 2018, Texas University Professor John Griffin and Ohio State University’s Amin Shams published a paper that sent shockwaves across the cryptocurrency community. Griffin and Shams claimed that the 2017 Bitcoin Rally (which saw Bitcoin reaching $20K) wasn’t organic but rather a price manipulation.
Now Professor Griffin is doubling down on his claim by making a new claim – a single market whale was likely behind the misconduct, seemingly with the power to move prices at will, reports Bloomberg.
“Our results suggest instead of thousands of investors moving the price of Bitcoin, it’s just one large one,” Griffin said in an interview. “Years from now, people will be surprised to learn investors handed over billions to people they didn’t know and who faced little oversight.”
Community rejects the claim
Cryptocurrency community leaders have rejected Professor Griffin’s claim by stating that even the traditional financial industry works the same.
Ari Paul attacked Bloomberg’s article by tweeting,
“Their “research” is based on an elementary misunderstanding of how financial assets work. It’s like saying that GLD (gold ETF) is traded mostly by 1 person because it has a single custodian and a single entity handling creations and redemptions.“
Ugh. Their “research” is based on an elementary misunderstanding of how financial assets work. It’s like saying that GLD (gold ETF) is traded mostly by 1 person because it has a single custodian and a single entity handling creations and redemptions. https://t.co/X8noHzMwcy
— Ari Paul ⛓️ (@AriDavidPaul) November 4, 2019
Anthony Pomilano rejected the claim stating its false.
Su Zhu, the CEO of Three Arrows Capital, asked the real question,
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