Cryptocurrency craze is real. It is no different than the Gold Rush of 1849 in a lot of ways. It is very much alike in terms of risk, reward and potential. People starting with a very small investment can hit it big if they are lucky or lose it all if they fail. Just like the Gold Rush, this kind of craze attracts all kinds of people. There are those who play by the rules and there are those who consider themselves outlaws. When there is no law or regulation, it becomes easy to trick and manipulate.
Proponents of the case of crypto suppression mafia argue that banks and big financial institutions are deliberately trying to keep the price down for a number of reasons. The most obvious reason is that they do not want competition, not until they are prepared. Another reason they argue is that these large financial institutions want to dominate the space and are looking to scare off mainstream investors so they can buy low. This does seem plausible if we look at the chart and see how the price has been rejected every time it tried to breach the trend line. This has also been made easy by BTC Futures offered by CME and CBOE. Proponents of this scenario argue that there is a stark similarity to the unrealistic rise and then fall of Uranium prices in 2007. However, I personally believe that this analogy is misleading because Uranium demand was nothing like the rise in price, which was based solely on hype and fear of missing out. Bitcoin on the other hand has a growing demand and is a lot more in use today than it was 5 years back.
Opponents of the case of crypto suppression mafia argue that BTC has already breached the trend line and is now in a phase of consolidation before its next bull run. Meanwhile, some altcoins will register growth as we have seen in the case of cryptocurrencies like Stellar and Verge which have spiked astronomically during the past few days. This has also been true in the past when altcoin run started while Bitcoin was consolidating. Another argument opponents of the case make is that it is not in the interest of neither the government nor big financial institutions to pull the plug. Instead, they will join it once they see some stability and will pass regulations like the crypto tax bill to attract serious investors and allow the space to grow.
Whether you believe the suppression case or not, we will see very soon in the upcoming days what the actual case is. Bitcoin is now at a point where it has to make a critical decision. The near future of all cryptocurrencies hinges on that. There was a lot of propaganda against the internet during the 90s. Those of us who grew up in the dot com area know exactly how the internet was labeled as absolute evil by some groups with vested interests but the space continued to grow regardless and today we understand and realize what an accomplishment that has been.