Researchers behind an earlier study claiming that the US Dollar Tether (USDT) was the cause of the 2017 Bitcoin bull market peak now claim that a single large holder drove the price upwards. However, an analyst at VanEck believes this to be nonsense.
Gabor Gurbacs claims that the rise was caused by “organic bitcoin and crypto demand”. Tether, the company behind USDT has also called the research “foundationally flawed” and that it was likely published to support a “parasitic lawsuit”.
Did Bitcoin Nearly Hit $20,000 Organically, or Was it Helped up by a Lone Whale?
According to a report on Bloomberg, University of Texas Professor John Griffin and Amin Shams from Ohio State University have updated their 2018 paper relating to the massive Bitcoin price rise in 2017. The two academics now claim that the manipulation was the work of a single large holder of Bitcoin, popularly known as a “whale”.
“Our results suggest instead of thousands of investors moving the price of Bitcoin, it’s just one large one.”