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Bitcoin Whales Are the Smart Money. Don’t Be the Dumb Money

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By CCN: Owners of “whale wallets” scooped up 450,000 BTC as the bitcoin market hit bear-market lows in late 2018. It appears whales now control 25% of all BTC. Is this good or bad for bitcoin? Whales are smart money These private, non-institutional buyers decided an 85 percent decline was a buying opportunity. The market sent BTC prices higher. Now they hold bitcoin, hoping to exploit the law of supply and demand. By hoarding coins, liquidity dries up, theoretically forcing prices higher. Been here before This is the same tactic used by DeBeers, the UK-based diamond cartel to control prices in the

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* First published on ccn.com

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