Thanks Ben, great info! Impressive how much liquidity sits just between $27-$30k.
I'm also stunned by the fact that the (excess) cash in the banking system isn't entering crypto. Instead they're doing reverse repo. Are there some regulatory hurdles that prohibit banks from that?
This is an argument full of holes. Unfortunately, this is a lot of the FUD that goes around. I personally think it's fine if Tether wants to hold paper instead of dollars. But they need to disclose the investment grade of their paper at the least.
And while everybody points the finger at Tether saying it's not backed, I don't really think that's an issue. If it were, then Tether would not be valued at $1. My thoughts on Tether merely relate to Tether not being back by dollars or treasuries, and regulatory officials are not ok with that. Additionally, it's not part of the Federal Reserve banking system. That's it.
You want to exist in a dollar centric world, then play the game according to the US rules. I hate saying that, but it's a realist approach.
Thanks Ben for your thoughts!!!
Thanks Ben, great info! Impressive how much liquidity sits just between $27-$30k.
I'm also stunned by the fact that the (excess) cash in the banking system isn't entering crypto. Instead they're doing reverse repo. Are there some regulatory hurdles that prohibit banks from that?
What would happen to crypto if Binance goes down due to the Tether mess?
https://mobile.twitter.com/GoldTelegraph_/status/1407323303900028932
This is an argument full of holes. Unfortunately, this is a lot of the FUD that goes around. I personally think it's fine if Tether wants to hold paper instead of dollars. But they need to disclose the investment grade of their paper at the least.
And while everybody points the finger at Tether saying it's not backed, I don't really think that's an issue. If it were, then Tether would not be valued at $1. My thoughts on Tether merely relate to Tether not being back by dollars or treasuries, and regulatory officials are not ok with that. Additionally, it's not part of the Federal Reserve banking system. That's it.
You want to exist in a dollar centric world, then play the game according to the US rules. I hate saying that, but it's a realist approach.