Will Bitcoin Conform?

Hey everyone, Heidi here with a conversation on price manipulation.
This was a great article covering Willy Woo’s opinion on the future of BTC price. Take this with a grain of salt. Remember he was also pushing hard for the super cycle narrative in 2020-2021 which definitely did not come to fruition.

Some have long expected the financialization of BTC, whether they think it’s a good thing or bad thing is a different conversation. Woo has some good points about price movements since 2018 when the futures ETF was first passed in the US. However, is this really a surprise? When old systems and methods are applied to new assets, I think it’s a given that the price of the asset in question will start behaving like traditional markets.

Bitcoin has grown significantly since its inception, but it still is a tiny market compared to equities, precious metals, real estate, etc. This means BTC is an easy target for market manipulation. It’s lack of market cap and volume makes it easy for big money to use a tiny percentage of their monetary influence to affect change in BTC price.

Willy Woo seems to be disappointed that BTC price will behave much like TradFi. He’s saying that the Futures contracts, paper bitcoin, Spot ETFs, will all contribute to BTC price behaving in terms of those off-chain influences.

Here’s another idea: as BTC market cap and trading volume grows naturally it will become less volatile. That’s been the universal understanding of the crypto market since day one. If this phenomenon of “more of the same” will be attributed to a growing market, or the typical manipulation from Wall Street will be apparent as the years tick by.
Will there be a divergence from BTC prices and the stock market?
Will BTC finally be recognized as a risk-off asset?

I want to stress here that BTC has far more utility than it’s valuation in fiat currency. The underlying network cannot be manipulated by Wall Street and will continue to serve in the peaceful fight against censorship and state control over money.
Always remember that 1 BTC = 1 BTC 🙂

https://www.cryptoglobe.com/latest/2023/09/on-chain-analyst-concerned-over-bitcoins-financialization-and-its-impact-on-market-behavior/

On-Chain Analyst Concerned Over Bitcoin’s ‘Financialization’ and Its Impact on Market Behavior