Popular crypto analyst Willy Woo says that the price of Bitcoin is being suppressed and manipulated by opponents via the futures market.
Woo made his argument in a series of tweets, in which he explained that the futures market for Bitcoin has opened the door for price manipulation. According to Woo, Bitcoin’s hard cap of 21 million $BTC can be circumvented via the futures markets, which Wall Street and hedge funds are using to control the price of $BTC.
Woo compared the launch of CME’s Bitcoin futures exchange to a “BTC casino where you could front USD to play.” He noted that Wall Street hedge funds have been the primary supporter of CME’s Bitcoin futures market, which removes the intrinsic hard cap on BTC’s supply:
What’s the limits on selling BTC now? Unlimited. Fiat is unlimited.
Woo compared the market cap of Bitcoin to USD, noting that $1.1 trillion in U.S. dollars has been printed over the last 12 months compared to $BTC’s total value of around $0.37 trillion.
The on-chain analyst continued, arguing that $BTC “doesn’t have to be killed,” but could instead die a slow death via shorts and price suppression. Woo argued that Bitcoin requires a large market capitalization in order to achieve its global impact.
He concluded by pointing to the U.S. Securities and Exchange Commission’s role in Bitcoin’s price suppression, including the regulatory body’s reluctance to approve and exchange-traded fund (ETF), saying it is “now a political game.”
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