- Dan Matuszewski, Principal, and Co-founder of CMS Holdings present his views on the 2017 Bitcoin rapid price escalation.
- Bitfinex is having a dark history of hack and no loss guarantee which makes users unsure of using Bitfinex resulted in lower BTC price.
- On the other hand Bitfinex, due to its infamous hack-history and no loss guarantee invited a lower BTC price.
Dan Matuszewski, Principal, and Co-founder of CMS Holdings presents his views on the 2017 Bitcoin rapid price escalation and says that Ethereum was not concealed behind the bullish trend in 2017 and the studies stating the same is “not true whatsoever”.
The previous Head of Circle Trade, one of the largest OTC desks in the cryptocurrency industry, Dan uses his experience and his deep involvements to deny the Ethereum’s role in boosting BTC price.
He mentioned that Larger part of net purchasing inflow was on Coinbase. What’s more, that was simply because Coinbase was the fastest and most straightforward approach to get into the industry and purchase Bitcoin.
While Bitfinex is having a dark history of hack and no loss guarantee which, makes users unsure of using Bitfinex resulted in lower BTC price.
He then claims that his calculations on Tether not being the manipulator for BTC is precise as he is “someone who created and redeemed billions of tether.”
Moving profound, he says that people, to escape from the scammers turned to Coin base as it was the “fastest and easiest” platform accessible and this hiked up Bitcoin’s price.
“The majority of net buying inflow was on Coinbase. And that was pure because Coinbase was the fastest and easiest way to get into the industry and buy Bitcoin.”
On the other hand Bitfinex, due to its infamous hack-history and no loss guarantee invited a lower BTC price.
He then bespoke about the dollar’s role for the Bitcoin’s bullish run
” I can tell you billions of dollars were sent in, like to make Tether; I can 100% without question verifiably guarantee that it happened. “He said that he was there at that time and the money was not coming out of thin air.”
Dan eventually throws light on the change in Tether’s use since 2017 with the expansion of more regulated stable coins like USDC, but he believes the Coinbase and Circle will never fight any error with USDC but in such a case Tether will not pull itself back.
” Specifically people we have seen in Asia prefer them…Here is the deal, if something goes wrong with USDC there’s no chance that Coinbase and Circle are going to fight whatever regulatory body comes in. They are going to 100% give in. Tether is going to fight, and they have. Such people like that, like maybe they won’t just hand over or put KYC restrictions in the chain, or at least they will try to fight it in court.”