China Dump, Robinhood Pump

The China FUD has probably had its last chance to touch Bitcoin in any way. Any fool reacting to whatever ban coming from China for Bitcoin in the future deserves to stay poor. According to smarter than I crypto investors, it seems that during this latest ban of China on Bitcoin, the no.1 crypto by market cap has dipped 5% in one day.

Whenever the communist ghost tool was taken out of the closet, in the past, we used to have some 10% drop for Bitcoin, but gradually the market is starting to become immune to a country that's been banning everything from video game consoles to Brad Pitt himself.

We still have a long way to go before we can call ourselves a mature market in this regard...

Five days ago Cointelegraph announced that Robinhood will allow its users to finally withdraw actual crypto from their Robinhood accounts. We don't have an exact date for when the wallets will be ready to use and apparently there's a waitlist for that matter, but there's a question we should ask ourselves...

Does Robinhood have actual Bitcoin available for withdrawals for when that happens?

I bet not... Or at least my intuition tells me that most of the theoretical holdings some are having on their Robinhood accounts are pretty similar to cash into bank accounts. If all of a sudden all the users would decide to withdraw there wouldn't be enough funds to fulfil that. I believe the same goes for Revolut, PayPal and others...

It makes a lot of sense though that before Robinhood will enable withdrawals and probably deposits too on their app, they'll have to buy from somewhere all the crypto necessary to cover a potential mass withdrawals from the app.

That will probably lead to a pump on the price of Bitcoin, or they might use OTCs and avoid all of that. A pump has definitely come to my mind after all the dump the dumb money has engaged in once the China FUD came out. There's some place on earth though where Bitcoin is already seen as digital gold and that's Deutsche Bank official blog.

“I could potentially see Bitcoin to become the 21st century gold.”

-Marion Laboure, Analyst at Deutsche Bank Research

Well, of well, we are entering "an era" when most of the institutions that were bashing Bitcoin a few years ago are turning towards it. Have they already filled their bags? Probably... Does this narrative count as another potential catalyst for a super cycle? You bet it does and I'm more confident than ever we're in a super cycle. This bull market looks nothing like the past ones.

We're on a whole different level when it comes to mass adoption and acceptance for cryptocurrencies, the development taking place across the board is undeniable, and we can say we're still in the early days of this disrupting piece of technology. The next decades are going to be life changing for the ones using blockchain technology and seeing its potential.

Thanks for attention, Adrian

Posted Using LeoFinance ^Beta