I think you’re quite misinformed.
This would take many many many billions, not “many millions” as you said.
The daily trading volume for bitcoin is $64 billion.
Buying “many millions” worth of bitcoin would not achieve what you’re proposing.
This would take many many many billions, not “many millions” as you said.
The daily trading volume for bitcoin is $64 billion.
Buying “many millions” worth of bitcoin would not achieve what you’re proposing.
>Buying “many millions” worth of bitcoin would not achieve what you’re proposing.
IIRC in 2019 "someone" supposed bough BTCs for about 100 million USD in a short time frame and it raised the price by several %. Its not the 100million that moves the market so much is the demand it creates when people see the price going up. No need to buy the bubble just manipulate the market into creating one.
Also 100 million may sound like a lot of money but for a large state this isn't especially if its printed anyway. And they can recover most by betting on falling prices when they let the bubble burst. The people who exits before the bust are the only people who actually have to be "paid" (they made profit) by the an attack. While those who stay in or join will lose everything in the end and cover most of the cost of the attack. Remember after the attack BTC would be almost worthless and the attacker would have sold it all while betting on lower prices. All the people who get liquidated indirectly payed for the attack. Everyone who holds BTC an bought it higher than the end price indirectly helped create the bubble.
You'd definitely need lots of money to do this but that doesn't mean it costs a lot in the end. Most of it is a zero sum game.