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Why Bitcoin Fell:
24 hours ago, there was news that China clamped down further on their regulation on Bitcoin, and that sent a blow across the markets, causing the price to go down.
Now, in all fairness…this information is NOTHING NEW, it happens on a REGULAR BASIS…and even though many of these policies were ALREADY IN PLACE…the worry is that China might continue to ACTUALLY CLAMP DOWN even further, driving markets away from the region, and that would have an impact on future pricing.
Instead, we have an even bigger concern: TETHER
Watch CoffeeZilla video here: https://youtu.be/-whuXHSL1Pg
Tether is what’s known as a “Stable Coin,” which means its value is always pegged and redeemable 1-to-1 to the US dollar. For cryptocurrency, this actually serves a REALLY USEFUL purpose of being able to digitalize your money, send them around exchanges instantaneously, and keep them easily accessible for whenever you need them.
HOWEVER…over the last few years…there’s been the growing suspicion that there’s not actually any PROOF that Tether is REALLY backed by USD…and that, perhaps…there’s nothing stopping them from creating as much Tether as they want, buying up Bitcoin, and essentially creating the illusion that’s it’s backed by USD if…in fact…it’s NOT.
The worry is that, if it turns out that Tether has been artificially created to drive up the price of bitcoin…that has the potential to break people’s trust in cryptocurrency, and – potentially send prices downward. When this happens is ANYONE’S guess…but, it’s certainly something to be made aware of.
But, overall…in the big picture…I think it’s more important to understand your risk tolerance, and if you have the money to accomplish your goals…there’s no shame in taking profits. I think it’s unhealthy to have the mindset of “diamond hands” at all costs, because it promotes a narrative that it’s disgraceful to sell…when, in reality, these are all investments – and there’s going to be a time where you cash out. It’s about understanding when you’ve won, don’t get greedy, be objective, and take profits along the way to hedge your position.
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*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice. Public Offer valid for U.S. residents 18+ and subject to account approval. There may be other fees associated with trading. See Public.com/disclosures/