See also

• chain@credibility .. a bigger picture

三人成虎 .. if the 三人 include credible, reputable people, then the story becomes less suspicious. Here are some players who could help legitimize a cryptocurrency, even if they only hold a tiny bit to gain exposure, while holding 100,000 times more in hard currencies like gold.

• player: central banks
• player: financial exchange listing bccy ETFs
• player: professors or PhDs
• player: professional investors, businessmen including prestigious/iconic companies
• player: celebrities
• player: major newspaper/magazine/television networks showing positive articles. Note such articles, often with _appearance_ of balanced reporting, is more trust-worthy than plain endorsements.

— player: commercial banks .. may have to hold bccy (or “support” bccy) simply because the banks want to facilitate bccy transaction of their clients. Comparable to trade financing.

Consider POSB/DBS/OCBC (or another conservative bank). I guess they don’t take any position in any bccy. To support a bccy client, they may build systems to support bccy transactions. They may even buy a bit of bccy as hedge. At the same time, they may be suspicious of the bccy.