On-Chain analyst Willy Woo says Bitcoin (BTC) price is being suppressed by political agenda
Popular chain analyst Willy Woo says the price of Bitcoin (BTC) is being suppressed by a political agenda.
Woo tells his one million Twitter followers in one thread that with futures contracts it is now theoretically possible to sell an “unlimited” number of Bitcoins even though BTC’s supply is limited to 21 million.
“The door is open for futures markets to control the BTC price.
Now comes CME, they launched a BTC casino where you could front USD to play.
Wall Street hedge funds loved it.
What are the limits for selling BTC now?
Unlimited. Fiat is unlimited.”
With the way the futures markets are set up, Woo says that big players now have the ability to suppress the price of Bitcoin, simply by putting constant selling pressure on BTC.
“BTC doesn’t need to be killed. It just needs enough shorts in the system to suppress the price.
Without a large market capitalization, BTC does not gain global impact.
Currently, the arc of the SEC’s policy has been to increase futures liquidity and dominance by approving multiple futures ETFs (exchange-traded funds), while rejecting all spot ETFs.
This is now a political game.”
The US Securities and Exchange Commission (SEC) has approved a number of futures-based Bitcoin ETFs, while rejecting countless bids for a spot-based product.
Supporters of the industry have long argued that futures-based ETFs are more ripe for price manipulation compared to spot products.
SEC Commissioner Hester Peirce has been a vocal proponent of a spot-based ETF and has said the regulatory agency holds Bitcoin to a different standard than other tradable assets.
“It is time for the Commission to stop categorically denying spot crypto-exchange-traded products. The Commission’s opposition to a spot bitcoin ETP is becoming almost legendary…
The reasons for this opposition to a spot product are difficult to understand apart from a recognition that the commission has decided to subject everything related to Bitcoin – and presumably other digital assets – to a more demanding standard than it applies to other products…
The grounds for the Commission’s rejection of spot Bitcoin ETPs (Exchange Traded Products) are themselves general and conclusory, making it difficult to know how approval might be achieved.”
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Featured image: Shutterstock/Marina Korniienko/Krasovski Dmitri
