On October 29th, NIA became the world’s first organization to publicly expose how Bitcoin’s entire 2017 price gain was caused by manipulation from Bitfinex printing Tether tokens that are supposedly backed by U.S. dollars held in a bank account – but in reality has no U.S. dollar backing at all.
Here is what NIA explained on October 29th, at a time when nobody in the mainstream media had ever mentioned the Cryptocurrency Tether:
“Tether is a Crypto version of the U.S. Dollar that is supposed to be backed by real U.S. dollars, but in reality NIA has inside knowledge that it is a complete fraud with no U.S. Dollar backing. It is the printing of fake Tether tokens that has fueled Bitcoin’s entire 2017 rise in price. With today’s latest printing of $25 million in new USDT tokens, NIA decided that it was too risky to remain short on Bitcoin at this time. Every time that USDT gets printed, we know that Bitcoin will rally afterwards – as these counterfeit Crypto U.S. dollars get lended out on margin to be used for wash trade manipulation.
Tether was created by a Cryptocurrency exchange that became insolvent, blaming it on a hacking theft of Bitcoin worth about twice as much as the inflation adjusted value of the largest bank robbery in U.S. history (in Crypto land nobody ever admits to insolvency due to incompetence or criminality). Afterwards, this Bitcoin exchange was kicked out of the global banking system, and began printing hundreds of millions of USDT to repay its creditors – without possibly having access to the actual USD needed to back them.
Eventually when investors realize there are no dollars backing these tokens – it will cause the price of Bitcoin to collapse. NIA is currently producing a documentary about this upcoming time bomb.”
One week ago, Bloomberg reported that the CFTC issued a subpoena to Bitfinex and Tether back on December 6th and Bitfinex has fired their accounting firm Friedman LLP who they had hired to conduct an audit of Tether. At the time, Bitcoin was trading for $11,212 – but it immediately began to collapse as investors read the Bloomberg article. Unlike previous Bitcoin sell-offs that saw the price of Tether rise above $1 allowing Bitfinex to print new Tether tokens – causing Bitcoin to bounce and traders to “buy the F’N dip” and drive Bitcoin to new all-time highs – Tether remained below $1 for the following week, due to dozens of articles in the mainstream media spreading word about what NIA was first to publicly expose three months earlier.
With Bitfinex unable to print more Tether tokens, Bitcoin collapsed by 45.3% to 6,135 – Bitcoin’s largest one week decline in nearly five years!
However, Bitfinex last month launched a new version of Tether called EURT, which they claim is tethered to the Euro. Approximately 24 hours ago, Bitfinex printed 71,553,556.56 EURT tokens – causing the supply of EURT tokens outstanding to increase by 493.97% in a single day! Not surprisingly, Bitcoin immediately bounced by 38.37% to a high today of $8,488.90.
Despite today’s bounce, the gravity on Bitcoin remains downward. Since 2013, Bitcoin’s volume weighted average price (VWAP) has been $2,323 and we expect to see Bitcoin return to its VWAP in the near-future.
Bitcoin peaked in December at a price that was 1,130.2% above its VWAP, before returning yesterday to being only 164% above its VWAP. After Bitcoin’s late-2013 rally to a price that was 876.38% above its VWAP, it eventually bottomed at a price 24.52% below its VWAP.
NIA is getting ready to release ‘Decentralized Deception’ the most important documentary ever produced in history exposing the facts/truth about Cryptocurrency!