On Thursday afternoon, NIA announced that it had shorted a large amount of Bitcoin at $5,950, prior to Thursday evening’s Amazon earnings conference call. NIA predicted that rumors of Amazon announcing that it will begin to accept Bitcoin as payment, would prove the be false – causing Bitcoin to decline in price immediately afterwards. NIA was right about the rumor being nonsense and that Bitcoin would sell off afterwards.
Amazon didn’t mention Bitcoin at all during its conference call and Bitcoin immediately declined by $100 to $5,850. In recent days, Bitcoin declined an additional $150 to a price of $5,700. NIA covered its entire Bitcoin short position today at $5,750 after discovering the printing of $25 million in new Tether (USDT) tokens.
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.
Besides covering its Bitcoin short, NIA has taken a long position in Bitcoin Cash at $450. We expect the Bitcoin Cash/Bitcoin price ratio to rise back to 0.10 in the upcoming weeks leading up to the B2X hard fork.