Re:U.S. regulators exploring how banks could hold Bitcoin – ...
by graeme on Tuesday October 26, 2021 @06:22PM
(#29007125)
USD money supply increased 9.7% in 2021.
What about crypto? 70-80% of the trades are denominated in USDT. The USDT money supply increased 227% in 2021.
So you have hyperinflation of the currency used in crypto. It makes sense that the price of bitcoins denominated in USDT has gone up, this reflects the money supply increase.
Very little Bitcoin trades against USD and likely those at the center of inflation in crypto are paying out money to preserve the USD-USDT peg and preserve the illusion that crypto is priced in USD.
What about crypto? 70-80% of the trades are denominated in USDT. The USDT money supply increased 227% in 2021.
So you have hyperinflation of the currency used in crypto. It makes sense that the price of bitcoins denominated in USDT has gone up, this reflects the money supply increase.
Very little Bitcoin trades against USD and likely those at the center of inflation in crypto are paying out money to preserve the USD-USDT peg and preserve the illusion that crypto is priced in USD.
https://mobile.twitter.com/knmjohansson/status/1453084661043...