Re: USA prepare to give a new bill for Stable Coin - Shark tricks??
Today, I read a new in Decrypt.co about USA proposed bill would make it illegal to issue stablecoins in the US if not federal approval. It was proposed by 3 lawmakers: Rashida Tlaib, Rep. Jesús “Chuy” García and Rep. Stephen Lynch to manage the stable coin market. And it is aiming Tether (USDT) because as you know, USDT can't prove that behind 1 USDT is guaranteed by 1 real USD. And this news is released when Bitcoin is on a strong growth and want to break its old peak, this is quite similar to 2017 when Bitcoin reached 20k and after that , there were many bad news about Tethers at that time. And there is a speculation that it is a shark strick to other investors be fear and not dare to sell their Bitcoin at that time.
Am I too suspicious? Hope to receive opinions from you guys!
Quote
Am I too suspicious? Hope to receive opinions from you guys!
There are some facts -
1. It is a proposed bill and has not yet became a law
2. USDT couldn't prove that they are backed by 1:1 USD
However, USDT is the only cryptocurrency whose daily trading volume often exceeds its market cap. Even after people knowing the fact that USDT is not backed up by real USD at 1:1 ratio, people still uses this one and its adoption is increasing fast because of the convenience it provides to the traders. I don't think this is a shark trick just to make people worried about stablecoins because today we have many alternatives available. I know there are speculations because as soon as the market touches previous ATH, a lot of investors from 2017 will start selling -off their coins, especially those people who have burnt their hands investing in bitcoin. They are just desperate to recover their invested amount. So there will be a huge sell pressure which may drag the market down after reaching the previous ATH.
These kind of tricks can work on only US investors, remaining countries will have no effect! Unless they spread a FUD that bitcoin will reach 50k in few months, there's no way people will stop selling their 2017 holdings! The threat is real!