Everyone has to recognize that a small group of users on exchanges, representing a small percentage of circulating BTC, are basically choosing what bitcoin is worth while conducting wash trades.
What makes this better than the previous system?
This question intrigued me a lot? Would you mind offering your opinion on this?
Lol! I am sure someone from banking system made this statement. The trading volume of bitcoin runs in billions, so I am intrigued to know how small the group is! Also the group is spanning all over the world unlike the traditional markets which are closed for retail investors outside the national border.
So crypto market is an open market where people can participate from all over the world without any discremenation. That's how crypto market is better than the traditional systems.