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Bitcoin (BTC), which is currently 5% lower than its previous high price of $111800 reached just last week, has prompted predictions for further price drops. Unexpectedly, an expert has claimed that the entire history of BTC is unreliable. “staged illusion,” This could be the first dip below $10,000 in almost five years.
Expert Alleges Bitcoin’s Rise As ‘Largest Bubble In History’
Jacob King took to the social media platform to discuss the issue. assert Bitcoin’s path is an illusion carefully constructed to create the impression of institutional support and government approval, thus creating a market thriving on genuine demand.
King’s claim that Bitcoin is in a state of flux was bold. “largest bubble in human history,” The financial crisis is about to explode into a massive scandal. This is King’s analysis and opinion.
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In his narrative, King delves deep into the network of entities that are alleged to be manipulating the cryptocurrency market. King, in bringing attention to El Salvador’s purported Bitcoin investments, highlighted the discrepancies of the story, claiming that a large portion of El Salvador’s Bitcoin reserves were not acquired by legitimate means, but had been transferred from Bitfinex or Tether.
This alleged manipulation, according to King, extends to the very core of the industry, with entities like Tether orchestrating alleged schemes to bolster liquidity and fabricate a façade of institutional backing.
Bitcoin Market Manipulation Alleged
King asserts that King has uncovered these supposed machinations which cast doubt on Bitcoin’s authenticity and legitimacy.
The King narrative highlights a web of networks “intertwined interests,” where figures like Michael Saylor, founder of the Bitcoin proxy firm Strategy (previously MicroStrategy), are depicted as integral players perpetuating a cycle of “leverage and speculation” Instead of genuine investment, BTC.
King’s thoughts also extend to stablecoins, like Tether’s USDT, which are used as a support for the Bitcoin markets, thus creating an unstable market. “fragile ecosystem” The value of the stablecoins may surpass the traditional fiat currency.
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According to King the complex interplay of Tether’s activity and Bitcoin’s stabilty forms a fragile foundation vulnerable to collapse when regulated scrutiny is applied and institutional interest diminishes.
Around the world, King has issued a warning against a possible nosedive of Bitcoin’s value. He suggested that cryptocurrency could plunge to the $10,000 threshold, for the first half-decade.
King expressed skepticism about the future of Bitcoin’s price level, describing a market that is on the brink of collapse. substantial correction. This ominous prediction would indicate a radical shift in Bitcoin’s value, away from its lofty heights.
At the time of writing, Bitcoin is trading at $105,788, which represents a 3% drop in the week-to-week chart. Bitcoin has still managed to gain over 52% for the entire year.
Featured Image from DALL E, Chart by TradingView.com
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
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Source: www.newsbtc.com
