👏 US SEC approves bitcoin ETFs in watershed for crypto market 👏
(www.reuters.com)
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I'm pretty ignorant about all of this and I'm super suspicious of these companies as well. Any chance this is a kind of back door to allow them to to track and control bitcoin? I'm not a fan of Crypto currencies but I am 100% certain that these financial companies can't stand the fact that they can't control them. Maybe someone here can educate me on this.
you are absolutely right. This is a way for them to get their algos controlling the price of bitcoin through derivatives.
The same way they do with gold, silver, GME, etc
The problem with your theory is that bitcoin is a very limited supply currency.
In order for them to gain enough control of the supply to play this game… they would have to quite literally drive bitcoin price up by many multiples of its current value.
The price value movement when a purchase of 1 BTC is made on the market, is much stronger than an equivalent purchase in gold.
I think you are underestimating the power and size of the derivatives market.
You could make the same argument for platinum or palladium. On a big enough scale a single buyer could manipulate the market, yet the value goes down even as inflation goes up.
Bitcoin doesn’t inflate.