well, i been thinking for a while about who actually controls the bitcoin price.
among the following below, which one do you think has the major influence regarding the bitcoin price?
i. bitcoin whales
ii. the banks
iii. wall street
iv. hedge funds
v. crypto exchanges
vi. crypto influencers
Mostly, the law on supply and demand primarily dictates the value of bitcoin in the market.
Due to the nature of bitcoin having a determined amount in circulation (21 million bitcoins), the price may be dependent upon its supply/demand depending on the circumstance. Given this circumstance, whales, who own majority of the amount of bitcoins, have the potential of manipulating the price to their liking. In addition, you may also include external factors (i.e. government prohibitions, country regulations, etc.) on what drives its value on the market.
When a country accepts/prohibits the circulation of bitcoin, it may indirectly affect its price on the market.