The appreciation of the RMB has led to a sharp correction in the exchange rate of USDT against CNY. It is best not to hold a large amount of USDT now.
If you come to the cryptocurrency circle to earn RMB, it is best not to hold a large amount of USDT, because the USDT exchange rate against the RMB will fall more sharply next year and the year after. Next year, the RMB exchange rate against the US dollar will definitely return to below 7. With the continuous interest rate cuts by the Federal Reserve, after it drops to 1.0 (the latest Federal Reserve interest rate is 5.5), the RMB exchange rate against the US dollar will most likely return to below 6.8. If you come to the cryptocurrency circle with a USD standard, continue to hold USDT. If you are RMB-based, you can exchange USDT for BTC, ETH, BNB... or RMB. However, I am an exception. I am neither USDT-based nor CNY-based. I am BTC-based, so I will not keep USDT in my hands.
This Bitcoin bull market cycle just overlaps with the Fed's interest rate cut cycle. The Fed's interest rate cut is expected to start in September and November, and will reach its lowest point by the end of 2024 or the beginning of 2025, which coincides with the high point of the Bitcoin bull market in this cycle. Therefore, Bitcoin is promoted by the Fed's interest rate cut and monetary easing policies. Bitcoin will definitely fly higher in this cycle.
All opinions are personal opinions and do not constitute any investment opinions
