Tuesday, January 16, 2018

One person is probably responsible for almost 600 percent of Bitcoin's price rise

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Bitcoin is complicated. From what, exactly, it's good for to who created it, there remains a host of unanswered questions about the world's foremost cryptocurrency. 

But when it comes to what drove the monumental price rise over the last 9 years, we now have at least a partial answer — and it's not what you'd think. You see, it turns out that one person or one coordinated group is likely responsible for a massive increase in Bitcoin's value back in 2013. Yup, just one. 

That's the conclusion of a group of researchers in the Journal of Monetary Economics, who write that the price of Bitcoin has been (surprise!) subject to manipulation over the years.  Read more...

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