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RE: Bitcoin Could Surge to $6,000 as Wall Street Firms Back it Up - NEWSBTC
Wall Street won't get fully behind bitcoin until they've crashed it and picked it up for very cheap.
Right now, in the usual PR process of encouraging weak hands to buy the top so they can hammer it down better - is my suspicion.
But long term I believe that cryptos have a very bright future as it becomes more widely established as a medium to exchange and store value.
This will not be so easy, since the majority (90%) of BTC are with major holders.
https://steemfollower.com/?r=4331
You don't necessarily need to own a lot of the market to make it swing wildly. You just need moments of low liquidity and some weak hands bought in near the highs. Bitcoin has both. Price is simple a function of what people are prepared to buy and sell at any moment in time. IN low liquidity you can make it do some real funny things.
Not saying it will happen, just that it's possible. But the usual banker protocol is to big up what your selling to bagholders, and to talk down what you want to buy. I think Jamie Dimon may have jumped the shark a little but he knows damn well his JP Morgan desks are trading bitcoin when he made his comments, he's not a stupid man.
But it's just a possibility
Thanks