Debunked: One Whale Caused 2017’s Bull Run

Honey Badger doesn’t care about whales!

Researchers debunk theory that single whale caused 2017’s Bitcoin bull run

Specialist blockchain researchers have debunked an academic paper that claimed Bitcoin‘s astronomical price surge during the infamous 2017 cryptocurrency bull run was caused by a single whale.

The paper, which Hard Fork previously reported on, claimed a whale on cryptocurrency exchange Bitfinex was allegedly able to spike Bitcoin‘s price when it dropped below specific levels.

Written by the University of Texas professor John Griffin and Ohio State University’s Amin Shams, the paper’s thesis hones in on the theory that Tether tokens are created without the dollars to back them, then used to purchase Bitcoin, thus driving up its price.

Now, a study by LongHash says that the paper’s only supporting evidence about Tether being unbacked by cash “is a circuitous hypothesis related to how cash management works for Tether auditing.”

https://thenextweb.com/hardfork/2019/11/18/researchers-debunk-theory-that-single-whale-caused-2017s-bitcoin-bull-run/

Master Asked on November 18, 2019 in Bitcoin.
Add Comment