The simple fact is that the top 1% of society control by far the most expendable capital, and Bitcoin is heavily concentrated in the hands of big holders. Combine that with an almost mystic belief shared by many in the four year cycle, and it becomes a self-fulfilling prophecy.
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While I 100% agree that the top 1% control the overwhelming majority of capital, that’s a very very different subset than the top 1% of bitcoin holders. Price being as low as it is is good evidence for this split too: the real wealth in the world…the wealth that doesn’t even bother with small markets like gold…hasn’t put any substantial percentage of their capital in bitcoin…if they had, the price would be much much higher.