FUD

FUD suggests that a group referred to as "The Elite" understood the potential of Bitcoin around 2020 and began implementing strategies to accumulate as much Bitcoin as possible while keeping its price low and unappealing to the general public.

2020-2021

  • Understanding Bitcoin: In 2020, "The Elite" recognized Bitcoin's potential and started accumulating it.
  • First Bull Run: The first noticeable bull run occurred when the amount of Bitcoin on exchanges started to decrease, signaling that large holders were buying up Bitcoin and moving it off exchanges.
  • Tesla’s Purchase: Tesla bought 43,000 BTC in February 2021, causing the price to spike to $60,000.
  • China’s Mining Ban: To counteract this surge, China banned Bitcoin mining in May 2021, which led to a price drop to $31,000.

2021-2022

  • Futures ETFs Approval: In October 2021, the SEC approved Bitcoin Futures ETFs. These were seen as tools for shorting Bitcoin, which could suppress its price and make the market less volatile.
  • Bull Run Continues: Despite these efforts, Bitcoin’s price surged to $67,000.
  • Crashing the Market: To halt the bull run, "The Elite" orchestrated the crashes of key players like Luna, Celsius, and FTX between May and November 2022, driving the price down to $16,000, effectively ending the bull run.

2023-2024

  • Spot ETF Applications: In July 2023, BlackRock applied for a Spot Bitcoin ETF, signaling the readiness of institutions to enter the market.
  • Fair Value Accounting & Regulatory Wins: By September 2023, Fair Value Accounting was implemented, and in October 2023, Grayscale won its case against the SEC. In November 2023, Binance became regulated, further stabilizing the market.
  • Spot ETFs Success: By January 2024, Spot Bitcoin ETFs were approved and became the most successful ETFs in history.

2024 and Beyond

  • Market Control Tactics: After the Bitcoin halving in April 2024, "The Elite" continued trying to suppress the price. This included Coinbase outages, government sales of Bitcoin during all-time highs (ATHs), and the release of Mt. Gox funds to flood the market.
  • Running Out of Tools: The theory concludes that "The Elite" will eventually run out of tools to suppress the price, leading to an inevitable surge.

They may be driven by FOMO, just like early Bitcoin adopters, and are trying to accumulate as much BTC as possible before the price explodes.

The theory posits that "The Elite" have been strategically manipulating the Bitcoin market to accumulate wealth while keeping the price low. They are preparing for a massive institutional entry, and while they have been successful so far, they fear losing control as Bitcoin’s inherent price appreciation mechanisms could ultimately drive the price beyond their ability to suppress it.