Can the price of bitcoin go up and down at will?
Bitcoin is doing something extraordinary, trading in a somewhat free and open market. It goes up when the demand is there and pulls back to take the necessary breathers. But how long will it last before attempts are made to control this market? The rise of bitcoin is nothing sort of meteorite and you can bet that someone somewhere wants a piece of the action.
We only need to look at the physical gold and silver market to see how these markets can be played. The paper market is bigger than the physical market and the physicals did not stand a chance. However the end seems to be near and maybe it’s time to move on to a newer market but only time will tell.
Indeed an attempt has already been made to conquer the bitcoin market. The Winklevoss Twins missed out on the Facebook revolution and it seems they do not intend to sit this one out. Not long ago the Winklevoss Twins proposed the “Winklevoss Bitcoin Trust ETF (COIN)” and was rejected by the SEC but I am sure they will try again.
It seems that the Winklevoss Twins are not the only ones with bitcoin related ETFs. Ark Invest in the UK a few years ago beat the Winklevoss Twins to become the first company to introduce a bitcoin related fund. Whether they are the first or not is only good news to the Winklevoss Twins. A bitcoin related fund elsewhere in the world only means a loss of investment opportunity to the US markets and the approval of a US based bitcoin related ETF is only a matter of time.
The Winklevoss Twins are no bit players in the bitcoin world as they are reported to have amassed a large holding of bitcoin worth around $11million equivalent to 1% of the total bitcoin in existence in 2013. No doubt they will have more today and their worth will have substantially increased in today’s market.
Once their ETF is approved it will open the doors to more players to the bitcoin world and also to the alt-coins. This can only be good for the price of bitcoin and alt-coins as more money flood into this fledgling market.
Together with their sizeable holding and their bitcoin fund, is it possible that the Winklevoss Twins or others can make the price go up and down at will?
I wrote this article myself and it expresses my own opinions. To help me to write this post I researched all the information myself on the internet where you can further pursue if you desire.
yeah . i hope the bitcoin will up to 5000 usd
I think 5000USD will be easy to achieve at the current rate it is going. The more people who get in the higher it goes.