With #gold, the price was kept below $2,000 for a long time using paper gold. The paper-to-gold ratio is about 132, meaning there are far more gold contracts than physical gold, which allows price manipulation.
Bitcoin faces a similar issue with ETFs and futures. Many are not backed by actual Bitcoin but rely on cash-settled contracts. This creates a “paper Bitcoin” market that can manipulate prices, just like with gold. The limited supply of Bitcoin helps in the long run, but unbacked ETFs can still distort prices, especially around key levels like $100,000.
After this bullrun Bitcoin will be a boring asset.