Cryptocurrency for Beginners: with Crypto Casey

Bullish Crypto Regulations? (Mass Adoption!) - Last Week Crypto

October 10, 2021 Crypto Casey Season 2021 Episode 41
Cryptocurrency for Beginners: with Crypto Casey
Bullish Crypto Regulations? (Mass Adoption!) - Last Week Crypto
Show Notes Transcript Chapter Markers

This is another episode of a weekly cryptocurrency news series called Last Week Crypto.

We cover the latest global news stories affecting the cryptocurrency markets October 3rd through the 9th.

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This week we will discuss our sketchy stablecoin friend Tether, how potentially bullish US crypto regulations could be around the corner, and why more massive crypto adoption is on the horizon from both retail and institutional investors alike.


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Well, looks like Plan B’s bitcoin price prediction we discussed last week is still on track. 0 - Bitcoin is $55k now, only 15% to $63k.

Hello, I’m Crypto Casey and welcome to another episode of Last Week Crypto.

Every Sunday, we review the performance of the largest cryptocurrencies, top gainers, as well as the latest global news stories affecting the crypto markets this past week.

This week we will discuss our sketchy stablecoin friend Tether, how potentially bullish US crypto regulations could be around the corner, and why more massive crypto adoption is on the horizon from both retail and institutional investors alike.

This week’s episode is brought to you by Crypto.com, an exchange with over 100 different cryptocurrencies and over 20 different fiat currencies.

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Also, every Wednesday I conduct a weekly AMA or an “Ask Me Anything” at Instagram.com/CryptoCasey.

So use the link to my one and only official Instagram account listed in the description area to follow me and ask me anything you want, every Wednesday.

I’ve set up a Discord community where we can all chat daily about all-things-crypto together, so scroll down to click on the invite link below to join us.

Awesome. It’s time for Last Week Crypto.

1 - Looking at the top cryptocurrencies by market cap, bitcoin up 14.1%, ETH up 9.1%

Cardano up 2.3%, and Binance Coin steady sideways at 0%.

2 - Looking at the top gainers this week:

Shiba Inu up exploding, up a ridiculous 231%, Klaytn, up 63.7%, 

Fantom up 54.6% and ECOMI, up 34.5%

Cool. Well, Bloomberg is quickly becoming one of Tether’s adversaries, putting them back in the media spotlight with an article titled 3 - Anyone Seen Tether’s Billions?

And what about their CEO? Has anyone seen him since? 4 - Tether CEO Deletes Twitter Account Following Investigative Report

5 - Tether’s CEO has deleted his Twitter account following a recent Bloomberg report. The article makes several claims, including that Tether owes billions to Chinese investors. 

The outlet said that it had obtained documents showing an account of Tether Holdings’s reserves, which include “billions of dollars of short-term loans to large Chinese companies.”

Without going through the entire report, let’s just go through some takeaways from Bloomberg’s search for the billions of dollars supposedly backing the world’s most popular stablecoin:

6 - 1. Tether has invested some of its reserves in Chinese commercial paper. We obtained a document showing an account of Tether Holdings’s reserves. It said they include billions of dollars of short-term loans to large Chinese companies

7 - 2. Tether has made billions of dollars of crypto-backed loans. Some of those loans have Bitcoin as collateral. One is to Celsius Network, a giant quasi-bank for cryptocurrency investors, according to its founder Alex Mashinsky

8 - 3. John Betts, former CEO of Noble Bank International in Puerto Rico, which Tether used, says Tether’s top executive put reserves at risk by investing them to earn potentially hundreds of millions of dollars of profit for himself

9 - 4. Tether no longer keeps all of its assets at a bank in the Bahamas. Jean Chalopin, chairman of Deltec Bank & Trust in Nassau, says he has held only cash and extremely low-risk bonds for Tether. Recently, he says, the company started using other banks.

And 10 - 5. Tether executives are the subjects of a U.S. criminal investigation. The FBI is examining whether Tether CFO Giancarlo Devasini and other  executives deceived banks years ago to open accounts

Yikes… kind of. Tether has been a source of FUD, or fear uncertainty and doubt, in the crypto world for years now. In fact, people have coined the term “Tether FUD,” to describe news like this.

That doesn’t necessarily mean it isn’t coming to a head soon, so if you’re interested in learning more about the serious implications of Tether’s lack of underlying assets in the crypto markets, check out this video I made by clicking on the link above.

So in the end, 11 - Tether Responds to the Bloomberg BusinessWeek Article saying the Bloomberg BusinessWeek piece published today is a one-act play the industry has seen many times before, 

taking snippets of old news from various places and dubious sources, and making it fit a pre-packaged and pre-determined narrative.

Basically they denied all the allegations and reiterated that all tether tokens are fully backed. So the plot thickens and the beat goes on… for now.

That is until we achieve that regulatory clarity the crypto industry so desperately needs in the United States. And is it finally around the corner? And is it going to be bullish? It’s possible as 12 - Pro-Crypto Senator Lummis Discloses Bitcoin Purchase Worth Up to $100K.

Lummis executed her latest purchase on Aug. 16 from the brokerage firm River Financial, according to a filing on Thursday.

So as we all know, US Senators are privy to information before the general public and sometimes make financial decisions based on it before the market can react. Basically they are allowed to insider trade.

So in the midst of all this regulatory FUD, what do you think US senators stacking fat stacks of sats means? Well, for one, 13 - Wall Street Could Get Four Bitcoin Futures ETFs by Month-End.

14 - It’s all raising hopes in the $6.7 trillion U.S. ETF industry and beyond that after years of delays, the world’s largest market may finally be ready to join the party. 

In that time, dozens of cryptocurrency exchange-traded products have already launched in Canada and across Europe.

Nice. And then on a more macro level 15 - The crypto chapter of the IMF, or international monetary fund’s, new Global Financial Stability Report is worth a read, to see where regulations are headed.

Here’s the Too Long, Didn’t Read version? 1, DeFi is okay. 2, But volatility huge, so watch out for spillover into the financial system, and 3, stablecoins accelerate US Dollar takeover. Countries need to counteract. 

Sweet, super bullish. But wait, Casey what about 16 - White House Weighing a Wide-Ranging Push for Crypto Oversight?

17 - The Biden administration is weighing an executive order on cryptocurrencies as part of an effort to set up a government-wide approach to the white-hot asset class, according to people familiar with the matter.

My take? Executive orders for the most part are usually just recommendations made by the president on what government agencies should do or how they should operate.

And since no one really knows how to handle crypto and what to make of it right now, and in light of the bullish regulatory clarity we just covered together that is slowly emerging, this particular order doesn’t really mean anything.

So personally, I don’t think we should worry about it, but savage sven henrich, northman trader brings up a good point to keep in mind on the matter in this tweet:

18 - Not predicting anything here, but since everybody was so excited about Powell & Gensler talking about “no plans to ban crypto”:

1. That does not equate to a commitment as plans can change
And 2. It was not the Fed or the SEC that banned gold ownership in 1933, it was the White House via an Executive Order.

So yeah, good to keep a pinch of bear seasoning on our bullish outlooks just in case. Let’s wrap up this section about regulations with this insightful tweet by macro economist Natasha Che that puts this all into perspective timeline-wise:

19 - The New York Stock Exchange was created in 1817. But the US didn't have a Securities Act until 1933.

It took 116 years for regulation to catch up with a new asset class. With  21st century speed, I budget 10 yrs for the US to create a crypto law. Meanwhile the asset class continues to grow 200% a year.

Amazing. So while the great crypto regulation debate rages on, make sure you are transferring crypto you’re planning to hold for the long term off of exchanges and onto a cold storage hardware wallet.

If you haven’t gotten a hardware wallet yet, you can scroll down to the description area below to access the correct and official sites of my recommended hardware wallets.

BC Vault is my personal favorite, another option is the Ledger nano backup pack. So Scroll down to check them out.

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Protecting your ability to generate income so you can buy more crypto is another important thing to consider. So if you’d like to learn more about the advanced technical concepts of blockchain and become a developer in the space, check out Ivan on Tech’s academy.

If you use the link below, you can access the academy at a discounted price, so scroll down, and check it out.

Nice. Let’s wrap up this episode with a couple more bullish stories from the press this week: 20 - Wall Street Giants Are Suddenly Piling Into Bitcoin And Crypto Amid A $500 Billion Price Pump

21 - This week, Bank of America, the second-largest U.S. bank by assets, analysts launched coverage of digital assets, branding the nascent bitcoin and crypto market simply "too large to ignore."

"It's difficult to overstate how transformative blockchain technology, digital assets, and the thousands of decentralized apps that have yet to be created could potentially be," wrote the bank's analyst team, led by the bank's head of cryptocurrency and digital asset strategy Alkesh Shah.

Sweet. We’ve got banks on board helping with crypto adoption and now we’ve also got 22 - Google to Help Digital Asset Platform Bakkt Introduce Crypto to Millions of Consumers.

23 - Bakkt explained that “users will be able to add their virtual Bakkt Visa Debit Card into Google Pay to purchase everyday goods and services online, in-store, or wherever Google Pay is accepted.” Cryptocurrencies, such as bitcoin will be converted to fiat currency for these payments to occur, the company clarified.

Several other cryptocurrency platforms have added Google Pay, including Bitpay and the Nasdaq-listed crypto exchange Coinbase. The former added Google Pay for U.S. cardholders to spend cryptocurrencies in August while the latter enabled Coinbase Card users to pay via Apple Pay and Google Pay in June.

Excellent. We’ve got banks onboarding people, we’ve got big tech giants onboarding people, and now big advertisers are targeting big retail businesses. 

24 - Hearst launches a blimp in the metaverse in a bid to show advertisers virtual co-branded opportunities

25 - The virtual blimp as a “marketing tool”

While there may be opportunities down the line to invite an audience or influencers onto the Airship, the goal for now is to get clients aboard and show how they can build immersive, custom co-branded experiences in the metaverse. 

Berger wants clients to play in and explore the space — which features rooms branded with each of the publishing titles in Hearst’s Youth & Wellness Group — and “talk to them about other opportunities that they can build out in other gaming platforms,” Berger said. 

“The Airship isn’t necessarily an opportunity to engage from a consumer standpoint,” she said. It’s more of a “marketing tool.”

26 - Inside the Airship - Once you don your VR headset and create an avatar (Berger’s has blue hair and eyes), you can teleport onto the Airship. It takes you to a lounge, where you can meet editors from each publication in Hearst’s Youth & Wellness Group. 

It’s “a place where we could have clients come and meet with our staff,” Berger said. Then you can move around and travel through each magazine’s branded room with distinct custom experiences.

Awesome.

Well that was Last Week Crypto, with me Crypto Casey.

If you enjoyed the episode, please make sure to like this video and subscribe to my channel for more crypto content.

So what do you think about the ongoing Tether situation?

Which way do you think crypto regulations will sway?

Would you want to hang out in a virtual blimp in the metaverse?

Let me know in the comments below.

Be safe out there.


Introduction
Crypto.com Exchange
Join Our Discord Chat!
Market Movements
Bloomberg Sets Sights on Tether
Bloomberg's Findings on Tether's Assets
Tether FUD
Tether's Response to Bloomberg's Article
US Crypto Regulatory Clarity Around the Corner?
Pro-Crypto Senator Loads Up on More Bitcoin
Bitcoin Futures ETFs Incoming Fast
International Monetary Fund Crypto Comments
White House Executive Order on Crypto
Realistic Crypto Regulatory Timeline
Get a Hardware Wallet ASAP!
Earn Interest from Idle Crypto with BlockFi
Protect Your Ability to Generate Income
Wall Street is Piling into Crypto
Google with Bakkt Bringing Crypto to Consumers
Advertisers Bringing Crypto to Retail Businesses
Outro