BitBoy Crypto Slams Chamath Palihapitiya's 'Crypto Is Dead' Claim: 'He Is Trying To Manipulate The Market'

Crypto YouTuber Ben Armstrong, popularly known as ‘BitBoy Crypto,' hit back at tech investor Chamath Palihapitiya, a day after the latter said that “Crypto is dead in America.”

What Happened: Palihapitiya, on Monday, pointed to Securities and Exchange Commission, or SEC, Chairman Gary Gensler's strict stance on crypto trading platforms following the banking crisis as a major factor in the decline of cryptocurrency in the U.S.

Armstrong called out Palihapitiya in a tweet, alleging that he’s trying to manipulate the market for his own gains. "That's because he [Palihapitiya] is trying to manipulate the market one last time for old time's sake."

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Why It Matters: This marks a significant shift for Palihapitiya, who previously predicted that Bitcoin BTC/USD would reach $200,000 and touted it as the new gold.

In separate news, Armstrong defended a tweet he posted from the Bahamas last week, saying it was intended as a joke and should not be construed as harassment or a threat. 

Armstrong made the comments on Monday during a federal court hearing where he was being sued in a class-action lawsuit for promoting now-defunct crypto exchange FTX. The lawsuit includes allegations that Armstrong and other influencers were paid to advertise the exchange, which subsequently went bankrupt. Armstrong was banned from tweeting threats at the lawyer who brought the case, Adam Moskowitz.

Price Action: At the time of writing, Bitcoin was trading at $27,410, down 1.33% in the last 24 hours, according to Benzinga Pro data.

Read More: Bitcoin, Ethereum, Dogecoin Decline Prior To FOMC Meeting: Analyst Foresees Deja Vu, Expects Apex Crypto To Reach $30K Soon