Some say that cryptocurrency prices can be manipulated by wealthy individuals. Despite being decentralized, it seems that price movements can be controlled by specific entities.
It depends on which crypto asset you are talking about. Altcoins are not decentralized but bitcoin is. It is still decentralized so no one can manipulate the market. Let's say a whale owns 51% of the total Bitcoin supply. Then he can manipulate the market. But it is not possible for one person to own that much. Even if you add all the whales available in the Bitcoin market, they won't come together because different people have different agendas. So not quite possible for the moment. But no one knows what the future holds. And currently, the total supply of Bitcoin stands at 19.5 million BTC. Let's calculate based on the current BTC rate, which is $25,000. Here are the results. This is just Elon Musk alone, but there are still many of the world's wealthiest individuals who could combine their fortunes if they genuinely wanted to manipulate BTC by buying up all available supply at the current price.
Just a bit more to reach 51%.
The challenging part would be the price increase when they make these purchases. However, they are individuals with immense power, and I believe they have the ability to leverage the media in their plan to shape a bearish market, ultimately securing lower prices.
So, do you still believe that Bitcoin cannot truly be manipulated in terms of its price?