Evergrande vs Bitcoin, Round 2

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Latest update on the Evergrande fiasco. It's looking like this could be much bigger than even the alarmists have been speculating so far.

tl; dr - the US media is very poor at covering foreign news, especially when it comes to money. Be wary of what you read out there.

China is likely to let Evergrande defaut, which will stand in stark contrast to what we did over here. Expect this issue to get political, especially from the Democratic side since people like Pelosi have made their fortunes in real-estate as well.

This could potentially be a very good thing for #crypto because it will shake people's confidence in traditional assets while also providing more liquidity. If they're going to sell or not purchase a home anymore, where is it going to go? Interest rates are pathetic right now and crypto is the only thing getting people decent returns as we speak.

The Federal Reserve is maybe-sorta-kind-of-thinking about doing the right thing (which is to increase interest rates) but their response is likely going to be too little too late. I think we should probably assume that the correction is going to run its course and adapt accordingly.

More to come with this stuff but it's one of the few things worth paying attention to in finance right now.