- Aaron Arnold of Altcoin Daily claims Wall Street institutions may be suppressing Bitcoin prices for strategic accumulation.
- He cited the U.S. government’s preparation to establish a Bitcoin reserve.
- Arnold predicted this might be the last chance to buy Bitcoin under $100,000.
Wall Street faces allegations of deliberately manipulating Bitcoin prices to accumulate the asset at lower rates, according to Aaron Arnold, host of the popular crypto YouTube channel Altcoin Daily.
BlackRock and Bitcoin Price Manipulation Allegations
In a recent video, Arnold highlighted claims that major financial institutions, including BlackRock, are coordinating efforts to suppress Bitcoin’s value. These alleged tactics involve market manipulation and media-driven narratives designed to influence public sentiment.
The report points to BlackRock’s Bitcoin ETF experiencing significant outflows totaling $330 million, a situation widely covered in the media. According to Arnold, this could be part of a deliberate strategy by major financial players, such as Larry Fink, to suppress Bitcoin’s price.
Adding to the skepticism, he cited Jim Cramer’s concerns about Bitcoin, predicting a potential decline in its value. However, Arnold reminded viewers that Cramer has admitted to influencing markets in the past, suggesting his recent comments might be aimed at swaying public perception of Bitcoin.
U.S. Government Eyes a Bitcoin Reserve
Furthermore, Altcoin Daily highlighted the U.S. government’s preparation to establish a Bitcoin reserve. The proposal suggests that over 200,000 Bitcoin confiscated by the U.S. government could be used to enhance the dollar’s value and secure its status as the world’s reserve currency.
Read also: IRS Delays Crypto Tax Rules as BlackRock Joins Stablecoin Race
This initiative, championed by Senator Cynthia Lummis and endorsed by President-elect Donald Trump, would rely on converting Federal Reserve assets into Bitcoin, eliminating the need for additional tax revenue.
BlackRock’s Bitcoin Allocation in Focus
Despite concerns about manipulation, Altcoin Daily noted the bullish sentiment surrounding Bitcoin. He cited BlackRock’s potential impact on Bitcoin’s adoption, noting the asset management giant plans to allocate 2% of its portfolio to Bitcoin through its ETF.
Arnold emphasized the significance of BlackRock’s strategy, noting that even a small portfolio allocation by such a large institution could reshape the cryptocurrency market.
Read also: BlackRock’s Spot Bitcoin ETF Now Holds Over 2% of Total Bitcoin Supply
Arnold also suggested that Wall Street’s alleged efforts to push negative narratives about Bitcoin might be a calculated move to enable cheap accumulation. He warned that this could be the final opportunity to purchase Bitcoin under $100,000.
As of press time, Bitcoin is trading at $98,000, recovering from a December dip to $91,000.
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