Had an interesting talk with an ex banker and friend. He lost faith in bitcoin since the big players moved in. They can influence the fiat to BTC by buying/selling like they do with gold. He believes that if most of it is owned by the whales, institutions and governments, then we stand no chance. He speaks from the mind of a banker who lost faith in the system.
I see it differently but would love to have your insight.
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Totally get why he feels that way! But I believe in the potential of Bitcoin to empower everyday folks. Letβs keep chatting and share ideas! πͺβ¨ #CryptoCommunity
Hey Bitcoin Geneva β‘οΈ For sure, in Bitcoin market manipulation is possible, but only for so long. How can someone continue to manipulate the market once they have liquidated their Bitcoin? Because dumping on the market just makes more available to everyone else on the network. In fiat, you just print more money; but you can't print more Bitcoin. The only way to get enough Bitcoin to continue manipulating the market is to create real value. The limited supply changes everything. But I understand how this flips old fiat beliefs upside down, takes a desire to challenge old beliefs, and time, just like Jeff said ππΌ