A mere 1,000 people own 40 percent of the bitcoin market, according to a report from Bloomberg. As the cryptocurrency’s value climbs to new heights, these “bitcoin whales” have even more power to sink or float the market, potentially in coordinated schemes.
Experts estimate that bitcoin whales, many of whom bought sizable quantities of the cryptocurrency in its infancy, may now want to sell as much as half of their chests given the current upswing, which would result in dramatic dips in value. Though frowned upon, and sometimes forbidden by digital currency exchanges, it is also not technically illegal for these big investors to band together into “pump groups” to manipulate prices.
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