With so much FUD floating the Bitcoin and crypto market, many have wonder if the recent price action was the result of a “coordinated attack”. Writer Rob O’Neill believes there are 4 potential main theories that could possibly explain recent events with institutions and “the ultra-rich” as the main catalyzers.
O’Neill claims these entities feel they “missed out” on the early days of cryptocurrencies and BTC. Thus, they are looking to gain more control over the space as they acknowledge that cryptocurrencies are here to stay. The new wealth created by BTC could be a threat against the establishment. O’Neill said:
(…) prediction 1. Over the next few years there will be numerous repeat efforts to crash crypto markets. These will be coordinated, and institutions + wealthy people will buy enormous amounts on the dips. We just saw one of these happen.
At this point, these institutions and wealthy could try to increase their crypto holdings for every major project, such as Bitcoin and Ethereum. In addition, they could receive government backing in exchange for the protection of fiat currencies. O’Neill said: