In a bit of a conspiracy theory mood today. I was thinking about t the founder of Bitcoin.
I presume when Bitcoin became public, the founder made sure they were loaded up with coins.
Isn’t it possible this was invented as a massive pump and dump to the tune of billions of dollars?
It couldn’t have been, because there was no way to anticipate that Bitcoin would take off into a speculative bubble the way it has. It certainly is true that the inventor of Bitcoin is believed to own a large fraction of the early coins mined, if so that would be worth billions as of 1/10/2018 12:46 PST. If he could sell them without crashing the market.
Where your theory fails is the “pump” part. How do you pump up the value of Bitcoin other than by promoting Bitcoin? And if you were going to dump it once it reached ludicrous levels, you would have dumped it a year or two ago when it reached ludicrous levels, and missed out on the super-mega-ultra-ridiculous values of the last few months.
However, as far as can be told, it doesn’t look like the founder ever really sold any of the bitcoins he presumably holds. Maybe he died. If he did those bitcoins are lost forever.
A decade-long pump and dump? Strains credulity.
Now, day to day, the market may be influenced by people attempting shot-term pump and dump scams. But that can’t reasonably describe the whole history of Bitcoin.