Re: This is the last chance to exchange stablecoins for Bitcoin
⭐ Merited by Popkon6 (1)
I thought that since the bitcoin market is currently down, I converted some stable coins to bitcoins. Some time ago I saw a news that the USDC price went up and down. But I am dependent on Bitcoin. Circle said in a tweet on Friday that Silicon Valley Bank (SVB) has only $3.3 billion of the $40 billion in USDC reserves. The company mentions this in a blog post. That's why I think stablecoins hold 4-5% of the dollar. And the rest of the assets I converted into bitcoins and a small amount I mentioned in my post.
So I want to know from you guys, am I on the wrong/right track?
So I want to know from you guys, am I on the wrong/right track?
Well converting stablecoin especially USDC to Bitcoin is not a bad idea to avoid possible risk of losing in case bank run from customer will happened tomorrow. The tomorrow action of bank user will be the decision maker on whats gonna happened on crypto market since USDC collapse will surely give a negative impact too on Bitcoin on short term due to the panic on crypto market.
Im currently holding on fiat that sits on my bank account and avoid crypto as much as possible except for my initial investment on crypto that I purchased on lower price. Theres no guarantee that Bitcoin will be safe on the price dump but theres a chance that Bitcoin will pump too if user use it as a safe haven against this stablecoin FUD.
Atleast on Bitcoin you can sleep peacefully rather than risking your money on USDC that just have a 5% profit margin when its repeg to 1$.