On-Chain Analyst Willy Woo Says Bitcoin (BTC) Price Being Suppressed by Political Agenda
In style on-chain analyst Willy Woo says that the worth of Bitcoin (BTC) is being suppressed by a political agenda.
Woo tells his a million Twitter followers in a thread that with futures contracts, it’s now theoretically attainable to promote an “limitless” variety of Bitcoin regardless that BTC’s provide is capped at 21 million.
“The door is open for futures markets to regulate BTC value.
Now alongside comes the CME, they launched a BTC on line casino the place you possibly can entrance USD to play.
Wall Avenue hedge funds beloved that.
What’s the bounds on promoting BTC now?
Limitless. Fiat is limitless.”
With the best way the futures markets are arrange, Woo says that large gamers now have the power to suppress the worth of Bitcoin, just by placing fixed promote strain on BTC.
“BTC doesn’t need to be killed. It simply wants sufficient shorts within the system to suppress value.
With out a big market cap, BTC doesn’t get to make international influence.
Presently, the arc of SEC coverage has been to extend futures liquidity and dominance by approving a number of futures ETF (exchange-traded funds), whereas rejecting all spot ETFs.
That is now a political sport.”
The U.S. Securities and Trade Fee (SEC) has accredited quite a few futures-based Bitcoin ETFs, whereas turning down numerous bids for a spot-based product.
Trade proponents have lengthy argued that futures-based ETFs are extra ripe for value manipulation in comparison with spot merchandise.
SEC Commissioner Hester Peirce has been a vocal proponent of a spot-based ETF and has stated that the regulatory company is holding Bitcoin to a distinct normal than different tradable belongings.
“It’s time for the Fee to cease denying categorically spot crypto exchange-traded merchandise. The Fee’s resistance to a spot bitcoin ETP is turning into virtually legendary…
The explanations for this resistance to a spot product are obscure aside from a recognition that the Fee has decided to topic something associated to Bitcoin – and presumably different digital belongings – to a extra exacting normal than it applies to different merchandise…
The reasoning underlying the Fee’s denials of spot Bitcoin ETPs (exchange-traded merchandise) is itself normal and conclusory, which makes it troublesome to know the way approval could possibly be achieved.”
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Featured Picture: Shutterstock/Marina Korniienko/Krasovski Dmitri
