I guess you saw the news that Elon Musk pushed BTC to another ATH. He did that before with Doge, which is still going up.
If a single person can affect prices in the cryptocurrency world that much, then how can you call these cryptocurrencies decentralized??
This is mind-boggling for me.
So, let's try to come up with some logical explanations.
1. The majority of investors and coin holders in the cryptocurrency world are doing that because of speculations, pumping of BTC is about the news, not because they understand the technology and how it is changing the world. This means in turn that if you really know what you're getting yourself in, then you are a special person (Real hodlers of XRP for example were not affected by the lawsuit of Ripple). I hope this is the real cause of why a single person can manipulate the whole crypto world.
2. The words of Musk mean the continuation of institutional investment in BTC, but that was happening before, and yes, it does have an effect, a major one. I do agree that more money invested in cryptocurrencies mean that their prices will see huge serge in the new future, but that does not justify a single person's manipulation of the whole crypto world. I hope this could explain what's happening.
3. There are forces that we don't see that play the markets. You and I and Elon himself are just pawns in this scenario. Nobody really controls anything, it is the powers that be that manipulate and dictate how markets go. I hope this scenario is not entirely true, but I know for a fact that there are forces that manipulate the gold and silver markets, so to think that there are no forces manipulating the crypto world is just an incomplete understanding of reality.
4. This is all a fluke or a gimmick and as the saying goes, "$hI][ Happens and things change". I hope this could explain what's happening.
5. The worst scenario is the last one: Cryptocurrencies were originally invented to draw in most of the money in the world , then lock it down , in order to usher a new age , where nobody really owns anything , all resources are distributed based on whoever invented this crypto space. I hope this is not the case. I hate to think about this scenario.
So, why do you a single person can affect the whole cryptocurrency world and pump it, when it is supposed to be the most decentralized space that ever existed in the history of mankind????
Please share your thoughts down and let's have a discussion.