That is the price we have to pay when we always want bitcoin to be legalized by the government, want bitcoin to become popular globally, and when those things happen, large organizations or governments will also invest in bitcoin and manipulation is inevitable.
Every time people see bitcoin going up in price and people get excited and excited about the bitcoin ETF being approved and being the catalyst, but they forgot to think about the prospect that one day these large funds will sell bitcoin to the market. Then it will cause a big drop and panic, and this is the downside when we want bitcoin to become bigger.
As others have touched on I think that due to the policies of the government favoring the continued devaluation of the dollar, corporations see it as currency hedge, inflation hedge, and a store of value not particularly correlated to any other asset. So it seems for them a good place to allocate a portion of the cash on their balance sheet since it has limited supply coupled with apparent increasing demand.
To see whether Bitcoin is a good investment as a crypto digital asset, we can see the movement of the Bitcoin price since the early stage at around 2009/2010 up until now in April 2024. I am sure that one can agree that Bitcoin is the best investment going back to the last 10 years. But, how about the next 10 years? This is where one has to do their own research even though there is no guarantee that bitcoin will keep going up in the price. Since bitcoin is a limited “commodity” and the demand keep increasing , we can safely say that the probability is high that the price of bitcoin is going to go sky high in the future. As the anonymous founder of bitcoin Satoshi Nakamoto said ( in my own words of course) buy some bitcoin just for the taste of it so that if the price is shooting to the moon in the future, at least you got some.