Mark Yusko, a big name in the hedge fund world, thinks Wall Street is messing with Bitcoin’s price. He believes that Bitcoin ETFs, which let people invest in Bitcoin through the stock market, are giving Wall Street more control over the price.
Wall Street’s Shorting Strategy
Yusko says he doesn’t see a ton of people selling Bitcoin right now, but he thinks big institutions are shorting Bitcoin in the futures market. This means they’re betting that the price will go down.
Yusko thinks these institutions are doing this to artificially push the price down so they can buy Bitcoin at a cheaper price.
How ETFs Play Into This
He explains that ETFs don’t trade all day long, they only trade in a small window at the end of the day. This means that if a big company like BlackRock wants to buy a lot of Bitcoin through an ETF, they might try to push the price down first.
“It’s like they’re saying they hate Bitcoin so they can buy it cheaper,” Yusko says.
The Bottom Line
Yusko believes that Wall Street is using these tactics to manipulate Bitcoin’s price. He thinks this is a common practice in the financial world, and it’s something to keep in mind when investing in Bitcoin.
