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Raoul Pal is currently addressing Tether fears on social media. Check out some of the tweets that he just dropped.
What I really don’t get about Tether fears is this:
Let’s say its right and Tether implodes to zero. What happens to Bitcoin or digital assets? Down 30% immediately? down 50%? down 60% down 80%?
Ok. Well, we just did that (many tokens were down 80%) and guess what? 1/
— Raoul Pal (@RaoulGMI) August 2, 2021
Someone said the following:
3/ We all get it but no one here has found a new source of risk the market didn’t know.
It has been talked about for 4 years – the people involved! Deltec! the illicit use! the backing isn’t 1:1 in cash in a vault guarded by Rottweilers! regulators! blah blah blah blah blah
— Raoul Pal (@RaoulGMI) August 2, 2021
Pal also shared the following post.
Really, you are just expressing your own risk aversion to BTC, not the actual risk to BTC.
Wildly different things.
It’s ok to not be comfortable with this new technology, but looking for bogeymen everywhere is an expression of your own fears.
The mirror is a scary place.
— Raoul Pal (@RaoulGMI) August 2, 2021
You should check out the complete thread on Twitter in order to learn all that he had to say about the subject.
Someone said: “If tether implodes and people cannot withdraw USD they may be inclined to move value into BTC – The idea BTC goes down initially is not a given – could do the opposite”
One other follower posted this: “If people cannot sell BTC and withdraw USD, doesn’t that prevent others from wanting to get in. All those who are already in Crypto are in a prisoner’s dilemma essentially : they can’t sell as they fear btc might go up in price and if they sell, they might drive down the price.”
Stay tuned for more news.