Bitcoin is being manipulated, says leading economist | Business
The value of bitcoin is surging because of a “massive amount” of price manipulation, a leading economist said yesterday as the digital currency rose above $52,000 for the first time.
Nouriel Roubini said that bitcoin was a “bubble” and that “a bunch of insiders and whales are controlling the entire system and manipulating it”.
Bitcoin, the world’s most popular digital currency, hit an all-time high of $52,358.97 in New York last night, a gain of 6.4 per cent, or $3,86.75. It has risen by 435 per cent over the past 12 months.
Talking to Bloomberg Television, Roubini, a professor at New York University’s Stern School of Business, said: “It’s surging because there is a massive amount of manipulation. I think it’s a bubble.” He said