Was a Lone Whale Really Behind Bitcoin’s 2017 Bull Run? Don’t Bet on It
“Ignorance is the parent of fear.” — Herman Melville, Moby Dick In July 2019, John M. Griffin and Amin Shams, academics from the University of Texas and the University of Ohio, respectively, published the cleverly titled report “Is Bitcoin Really Un-Tethered?” Their “findings” echoed through mainstream and cryptocurrency media alike. The duo boldly claimed that bitcoin’s 2017 price rise was fueled by unbacked USDT; in essence, their argument goes, Bitfinex/Tether issued the stablecoin without having any dollars in the bank to back them up, meaning bitcoin’s price […]
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