Is Tether Going To Destroy BITCOIN on January 15th!?

Well, I hate to say I told you so. But I told you so…last week, I said another
BIG crash was coming, when bitcoin had already dipped from 35k to 30k. And then in monday’s surprise live stream,
I said the PUMP we were experiencing was a dead kitty bounce, to sucker in a few more
over leveraged shorters…well yesterday, down we started to go again. As they start to play into a certain narrative….A
tether implosion, january 15th. So what’s gonna happen in the next couple
of days? Well find out in about 10 minutes, because
it’s time for Chico Crypto! So, here it comes the Narrative, which now
every other youtuber will talk about to get the views, because it’s going to be the
talk of the town. January 15th, Tether implosion, the end is
nigh!!!! Well luckily Chico Crypto was here to cover
it far before it was mainstream news, and understand if far more than these chumps youtube
is promoting to over 100k views, suckering in newbies to the worst people possible.

Go leverage trade with my BYBIT link puh puh
puh please…. Sooo, let’s do real & not fake as frick. Cuz I friggin hate fake like Ricky from TPB. So what is real!? Well, let’s take a look at a real volume
exchange within the united states that has been forced to play by the rules lately, and
one that got involved with Tether, during the first Tether bubble, back in 2017. This is the kraken exchange, and they added
support for Tether in March of 2017, as see from their blog post about. Now, from March through the bull run peak,
and into 2018, Kraken became a Tether hotbed. In October of 2018, coindesk covered it in
an article titled “Tether Floods Into Kraken Exchange, Where Crypto Traders Can Get Dollars
and the article says “The exchange’s wallet balance stands at nearly 47.8 million USDT
at the time of writing, making it the eighth-most valuable wallet holding this asset, according
to the Tether Rich List”…which using the way back machine, the internet time machine
to go back to October, and the rich list, we can confirm that yes, Kraken was #8 on
the tether rich list.

Well, if you look at the rich list today,
they are not near the top, have fallen and fallen steeply. Down to #35. So the question is. What happened? Well the manipulators couldn’t continue
to manipulate on Kraken, as regulators started closing in. Because Kraken is a US based crypto exchange…so
just before, Kraken reached #8 on the Tether rich list…bloomberg dropped this article,
“Crypto Coin Tether Defies Logic on Kraken’s Market, Raising Red Flags” And they analyzed Tether trading on the exchange,
and at the end of the article it says “The Tether trades he’s reviewed on Kraken are
unusual enough that, if they were happening on a stock exchange, regulators would be investigating
the trades, Weisberger said. “Is there manipulation? I don’t know, but I know they’d be digging
into it.” Such mysteries are probably keeping big investors
out of cryptocurrencies, he added. “Institutional investors, before they commit
their capital, want to see the market is fair.” So, that was nipped in the BUD. Regulators have come for the US based exchanges.

Kraken has distanced itself from Tether, it
fell off the rich list and if you go to coingecko’s statistics on trading volume today, its largely
fiat currencies, with only a small sliver of its USDT. The money flow of Kraken, dominated by fiat
and small slivers of tether…doesn’t look like the money flow of Bitcoin, dominated
by Tether and only small slivers of usd. So why am I showing this? Well those involved with Kraken, they understand
both sides of crypto. They played with the unregulated side from
2011 to 2018, and then they were forced to play by the rules from 2019 to today, with
regulators microscopes above. They understand what is going on… So Dan Held, is the head of business development
and growth for the Kraken exchange.

He recently put out a FUD crushing video,
titled worried about bitcoin, don’t be. And in it, let’s just hear what he had to
say about bitcoin manipulation and tether. His FUD crushing is, that yes it is going
on, but the reason it's OK, is it happens in other markets. That tis the worst thing I’ve ever heard
& it sounds like some reply from a troll on twitter.

Yes, markets are manipulated, but that does
not make it OK. Those banks were fined and punished for manipulating
markets, you showed that the punishments were into the billions upon billions of dollars. And for some manipulation, like HSBC and money
laundering in 2012, we can see from the DOJs release HSBC had to “replace almost all
of its senior management, “clawed back” deferred compensation bonuses given to its
most senior AML and compliance officers, and agreed to partially defer bonus compensation
for its most senior executives. Also they had to make significant changes
in its management structure and AML compliance functions that increased the accountability
of its most senior executives for AML compliance failures. A major restructuring for doing wrong. So do not think for one second, penalties
and restructuring could be coming to major crypto companies down the road. And they are coming this year…but we are
in the stage of the last hoorah. The last Tether hoorah, before it all comes
crashing down. So, I wanna go back to that Bloomberg article
on Tether manipulation on Kraken, they were actually talking to someone regarding this
and getting the information on.

As we can see, None other than Andrew Rennhack. Aint that a quinkidinkie as we just covered
Renhack, and his thoughts on the Tether situation today, just last week… So Rennhack, he has been on the ball with
this for a long time. So what is Rennhack saying today?? Well he put out this tweet January 10th, “People
seem to think my $5k price target is “ridiculous.” I know bitcoiners love math so let me explain
by looking at prior bubbles 2013 bubble $1,200 -> $200 = -85%
2017 bubble $20k -> $3.2k = -85% 2021 bubble $42k? -> $6.3k = -85%
But yeah, I’m sure “this time is different” He continued “I don't know if it's over
or not, but it's either over or getting close to being over. It's up 13x from the bottom. It either goes to 60k and pops or crashes
from here in my opinion. 50% upside with 90% downside is not favorable
odds to go long. So renhack has a feeling it’s about to be
OVER. So what are my personal feelings!? Are my views aligned with Rennhack’s? Well I’m eyeing the charts and January 15th
like a hawk, the AG’s next position against Tether is most likely revealed.

And i understand like Rennhack, that this
run isn’t built on institutional involvmenent, some is…but it’s mostly built on Tether
USDT. But I don’t think it's close to being over. The Tether talking heads, are pushing the
narrative, that their is natural demand for these tokens. January 3rd, a Santiago Capital on Twitter
tweeted “If anyone…anywhere….has redeemed USDT for USD and can show proof of this transaction
I would be happy to compensate you for your time and effort. Thanks!” Of which, a Ryan Salame replied with proof! Who is Ryan? Well from his twitter profile, he is head
of OTC at Alameda research, aka FTX with Sam Bankman Fried! So it was proof though, that Tether was created
and demanded. Not so far, as yes it was proof of a mint,
but not proof of USDT to USD transaction. Which you can see from the replies, as Salame,
got trashed on twitter. “moving USDT does not prove anything bro,
can you show anything real cash related, wire transfer, bank statement? which proves you
really wired tether cash? and more importantly got cash back after sending back USDT??….” No he couldn’t….

Then Francis Copolla tweets “So you haven't
actually redeemed USDT for USD at all, have you? Why are you giving people the misleading impression
that you have?” and at the bottom a david explains what the transactions is “You're
sending to Bitfinex, not to Tether with the link to redemption,
That is clearly a Bitfinex exchange account that handles lots of non-Tether business” He didn’t prove jack crap, he just fueled
the narrative even more that there is no transparency. Even the big OTC desks who should be involved
with Tether daily, cannot provide a single lick of proof of USD redemptions. BUTTTT the fact that they have these talking
heads putting out this misleading information, makes me think, they are going to mislead
the markets even more….just like Bitfinex CTO said…its business as usual after January

Cheers I’ll see you next time!.

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