Hey, you what’s cooking, with my people, the Chicco Jarhead crew & if you’re new, looking for something to do, join us, by subscribing &dropping the title of the viewer of the tube. My name is Tyler, and like Gordon, Ill tell you how it is.
Smashing Gordon. Its time for Chico Crypto! Smashing isn’t it? BITCOIN and the price just busting right through level after level. 11k to 12k, the price spent 12 days in, 12k to 13k,a quick blow through just 4 days in that level.
13kto 14k, once again about 12 days in, 14k through15k, another quick blow through just 3 days in that level with its official breakthrough. And now the past 2 levels, things have been ramping up 15k to 16k 6 days in that range,16k to 17k just another 6 days in thatrange and then we almost blew through, the 17k to 18k range in a matter of24 hours earlier in the week & we could actually be above it today, as I shoot these videos 24 hours in advance.
Well it seems, these markets are really kicking into HIGH gear, wouldn’t you say But, Chico is the one who digs deep & there are warning signs that reality check may be coming soon. So let’s talk about it the big ole monkey on the crypto markets back. Tether USDT. So, if you didn’t know, Tether is the blood of the crypto markets, even though a large majority of the retail traders never touch it.
Looking at BTC trading volume by crypto compares, its largely USDT, barely any fiat-based volume these days And even with the launch of regulated stablecoins, which have swallowed up all the new and big institutional money, Tether still to this day is about 65 percent of monthly bitcoin volume.
So who in the freak is using it? Well LionelLaurent of Bloomberg knows, he tweeted with this chart This is a rally driven by trading, from punters in lockdown with stimulus checks, to hedge funds who reckon they’re onto Google-like tech trade, and Tether-driven activity in East Asia (the worlds biggest crypto market).
Merchants are only 1% of activity in N America So East Asia is using Tether. East Asia, is largely the bitcoin volume moving the bitcoin price & the bitcoin price controls the entirety of the crypto markets. RISKY to say the least Now Tether is the only stablecoin out there, which refuses to show its reserves we all know that, and there is a reason for it because it’s not there.
Those at Bitfinex, They are the cryptomarkets FED, which has had the power of a money printer and that is too much power. But where did their power come from? Well here is a picture of the Bitfinex CEO and large investor, shareholder, and partner Zhao Dong.
Their key, to the vast power of the Chinese.Now this January 2018 tweet from Whale Pandaexplains who zhao dong is perfect. Panda says According to Zhao Dong, Chinas biggest bitcoin OTC trader and investor in bitfinex, Tether has 1.8 billion USD in a USD bank account.
At this moment 1.6 billion USD have been printed, an additional 1.1 billion is held in a bitfinex USD bank account. Yes back then, Zhao was publicly vouching for Tethers reserves which were not there, but the thing we are focused on is he is Chinasbiggest bitcoin OTC, over the counter trader. Power over the counter, that’s what it was.
Zhao was connecting bitfinex and Tether, to Chinese who were looking to move tons of BITCOIN…who could that be? Those with a lot of Bitcoin in China?? Well, the large Chinese exchanges, the VCs, the miners, and the mining pools of course.
They are the ones And things started getting really freaking scary over the summer, for the blood of the crypto markets. Cointelgraphcovered it in July Bitfinex InvestorReportedly Detained by the Chinese authorities. Zhao Dong was taken in custody by the police with no official statement as to his detention. Which coincided with thousands of bank accounts of OTC traders being frozen throughout China it was the OTC crackdown.
That was news, and then it just left, went silent, we haven’t heard much about it since, Nor Zhao Dong. And the Caspian Sea has been covering it on Medium please join my crew Caspian! His article in September was Zhao Dong: TheFinal Word: Caspian said Despite repeatedly requesting cryptocurrency media to cover the Zhao Dong story more thoroughly, not a single one has decided to follow through even though many outlets have correspondents in China.
His article goes deep into who zhao dong is, and what is happening but just of what is happening? No oneknows he still isn’t heard from, it’s a mystery & if you want all the details Caspian seas full article is in the description. But the facts are this China has been cracking down on money laundering channels, including ones with Bitcoin and USDT.
Chinese miners, the VCs, Large whale traders including the exchanges cannot empty bags right now, as all OTC channels are blocked by the government. There is no getting into the Chinese Yuan easily. So large powerful entities have big ole bags of BTC & USDT, because of the Chinese government.
They can’t get out, so what are they gonna do? Play around with the two assets, and pump the price what I find hilarious, is the Chinese government, indirectly started another hype cycle for BITCOIN But, where there is a will, there is a way they will find a way to exit, to eventually get out of the large bags of BITCOIN, and USDT So doom and gloom? Well not necessarily in my opinion.
I hope you guys realize that this is bigger than just a large mining pool, whales, exchanges VCs, and even Tether. Let’s just listen in to what Brian Brooksour Acting Comptroller of the Currency, who was just nominated for a full another 5-year term, had to say about BITCOIN just 2 days ago.
It’s a regional battle for control, control of the future of money, the US is making geostrategic decisions, to remain competitive. Do they want to own internet 2.0 in the same way the US owns the internet 1.0??
Brians words, that China controls the hash rate it’s not necessarily untrue, and this technote article shows the US is fighting back. Is crypto mining really moving to North America? And the subheadline says Chinese miners are not fleeing, but North America is hitting the gas on a challenge to China’s mining dominance Yes the Chinese miners are staying put, but the is growing..from the article, it says The bulk of the orders for mining rigs in 2020 are from NorthAmerica, said several industry insiders, including an.
It is likely that major manufacturers will be occupied with delivering orders to NorthAmerica for the rest of the year, with little to no capacity to deliver new orders to China So why the fightback from the US? If this was just fugazimoney why the mass investment in mining hardware across the board to compete? Well here is the thing neither China nor the US, is going to ban BITCOIN as that would give them the opportunity to seal the deal for full control over it.
The only way BTC could be destroyed is the 1 in a billion, maybe trillion chance, that China & the US, sit down at the table and both decide to do it. That’s not gonna happen what we are in the beginning stages of…is the economic cold war, and BITCOIN can be compared to being the nukes.
Hey, why don’t you ban the nukes china, no you ban them the US, its a stalemate…which can only mean one thing… it’s not going away Because the US right now, actually loves BTC, because its a right no threat to the Chinese Yuan.
Obviously, the government thinks it’s a big enough threat for Yuan capital flight, that they will shut down OTC desks and arrest the leaders, but they still won’t ban it completely, shut down mining they never will Because deep down. China actually loves BTC as its a major eventual threat to the United States USD, that they have control over for now.