The Company That’s Taking Over Crypto!!

There is a crypto company that’s backed By Wall Street Titans like BlackRock and Goldman Sachs it’s a crypto company that Has received more funding than almost Every crypto project in existence Not only that but this company has been Subsidizing the U.S government spending And has close connections to the Federal Reserve its stock is even scheduled to List on exchanges later this year Today I’m going to tell you all about a Company that’s slowly taking over the Crypto industry and explain why you need To pay close attention if you care about Financial Freedom Foreign If you’ve been paying attention in Crypto you’ll know that the crypto Company I’m talking about today is the One and only Circle the issuer of the Usdc stablecoin what many of you may not Know however is that Circle did not Start out as a stablecoin company and Its roots in the crypto industry go very Deep Circle internet Financial Inc or Circle Was founded way back in 2013 By Jeremiah And Sean Neville Jeremy and Sean have been working Together for decades to build and then Sell or IPO cutting-edge technology Companies notably the layer Corporation And brightcove One of Jeremy’s oldest videos on YouTube

Is a presentation he did shortly before Leaving brightcove to create Circle in This video Jeremy explains how the final Step of building a successful technology Company is to exit I.E cell to a bigger Company or list on a stock exchange more About that later On that note another of Jeremy’s oldest Videos on YouTube can be found on the World economic forum’s official YouTube Channel It appears that Jeremy has been a part Of the weft for many years and if you Watched our video about the wefts DeVos Conference you’ll know that he was there This year Jeremy has served as the chairman and CEO of circle ever since it was founded In 2013. Sean served as the president of Circle until late 2019 when he stepped Down to join circle’s board of directors Jeremy explained in a 2021 interview That Sean is still involved with the Company and working on secret stuff When Circle first began its focus was Bitcoin payments Like other payments companies such as MasterCard and Visa Circle wanted Bitcoin to become the base layer for the New Financial system now the financial System these entities envisioned was not Open and decentralized but closed and Centralized To that end these entities effectively

Tried to force Bitcoin to fit their Vision they pushed for all the altcoin Innovations such as tokenization and Smart contracts to be brought to bitcoin They also pushed for bitcoin’s Block Size to be increased so that it could Scale I.E B faster This is where things get interesting According to various coin Telegraph Articles from 2014 Circle was the first Gold member of the Bitcoin Foundation For those unfamiliar the Bitcoin Foundation was founded in 2012 by early Bitcoin developer Gavin Andresen who Pushed for bitcoin’s Block size to be Increased until he left the foundation In 2016. Those familiar with bitcoin’s history Will know that the efforts of these Entities to increase bitcoin’s block Size hit their Apex in 2017 with the So-called New York agreement the tldr There is that 60 corporations tried and Failed to convince the Bitcoin Community To increase bitcoin’s block size as a Fun fact the New York agreement was Reportedly overseen by digital currency Group or dcg now dcg owns grayscale and Coindesk and holds stakes in top crypto Projects including coinbase and you Guessed it Circle naturally coinbase CEO Brian Armstrong also wanted to increase Bitcoin’s block size Now as almost all of you will know 2017

Saw crypto’s previous Bull Run by that Time Circle had raised around 127 million dollars from Goldman Sachs And others Circle had used this Capital to create a Suite of crypto services including an OTC trading desk Circle also purchased The polinex exchange Around this time Jeremy became a part of The international monetary fund or imf’s High-level Advisory Group on fintech for Context the purpose of the IMF is to Ensure that the current U.S Centric Financial system continues without Interference from cryptocurrencies and Other such Technologies Now I wouldn’t be mentioning this were It not for the fact that Circle and Other Wall Street funded crypto Companies held a closed-door meeting With the IMF that same year obviously This meeting was met with lots of Scrutiny from the crypto community and It looks like there have been many Meetings since Now Jeremy explained in multiple Interviews that by this point Circle Could see that Bitcoin wasn’t the future Of payments that said Jeremy still Believes that BTC is digital gold and Could someday serve as the world’s next Reserve currency In a 2020 interview Jeremy said he holds Mostly BTC and cash

This sounds crazy until you realize that The US dollar is on the decline and that Central banks are increasingly holding Alternative currencies as part of their Balance sheets Jeremy believes BTC will be a part of That alternative currency Basket in the Next 10 to 20 years which is consistent With our predictions more about that Using the link in the description Anyways thinking that Bitcoin could not Be the future of payments Circle and Others turned their eyes to the next Best cryptocurrency on the market this Was of course ethereum which grew Significantly during the previous bull Market cycle and established eth as the Second largest crypto by market cap Jeremy mentioned in many interviews that Circle started considering ethereum as Early as 2016 and settled on the Decision to build a US dollar stablecoin On ethereum in 2017. in 2018 Circle Raised 110 million dollars from Chinese Crypto Mining Company bit Main and Others to build its stablecoin that same Year coinbase and circle founded the Center Consortium to set standards for Stable coins issued on public Blockchains and to govern the issuance And Redemption of the usdc stablecoin Now it’s important to note that any Entity that’s part of the center Consortium can mint and redeem stable

Coins The usdc stablecoin officially launched In September 2018 and got off to a rough Start this was because September 2018 Was the middle of the crypto bear market And there wasn’t much demand for stable Coins As a result usdc’s market cap remained Mostly flat during this period In 2019 Circle subsequently sold its Suite of products and services to focus On its stablecoin buyers included Kraken Which purchased circles OTC trading desk And Tron founder Justin Sun who Reportedly purchased poloniex from Circle that’s a whole other rabbit hole And speaking of rabbit holes circles Head of trading also left the company in Mid-2019 to establish CMS Holdings CMS Holdings is a well-known crypto Investing company and recently confirmed To our research team via email that There are also defy whales Now this is significant because defy Seems to have been the primary demand Driver of usdc’s market cap growth This growth appears to have begun around The time that coinbase began investing Usdc in D5 protocols in late 2019 namely Compound finance and dydx really gets The Noggin jogging Now in early 2020 Jeremy attended the Wefts annual conference in Davos where He preached about the power of

Programmable money he also talked about The importance of a partnership between The public and private sector to quote Support the development of global stable Coins backed by Central Bank money Circle even published a stablecoin white Paper for the weft which I honestly Didn’t have the time to read because There are just so many rabbit holes There What I did have time to do however is Listen to an interview with Jeremy where He explained the assets back in usdc Will inevitably be held at the Fed If you watched our video about the Assets backing stablecoins you’ll know That most stable coins are backed by U.S Government debt this means that when you Buy a stable coin you are essentially Subsidizing the US government spending a Scary thing considering that many use Stable coins for safety This also makes it possible for Circle To make billions of dollars in passive Income but let’s not go there just yet All you need to know for now is that Jeremy’s repeated prediction that usdc’s Reserves will be held at the FED relates To something called a synthetic Central Bank digital currency or synthetic cbdc As the name suggests synthetic cbdcs Involve a partnership between a private Company in this case Circle and the Central Bank of a country in this case

The Federal Reserve to issue a de facto Cbdc in this case a de facto digital Dollar As you might have guessed the IMF and The wef are particularly interested in This synthetic cbdc setup it seems the Only disagreement is about which Blockchain will power a synthetic cbdc Will it be a private and permissioned Blockchain created by a big bank or a Cryptocurrency more on that in a bit You know this reminds me another thing That Jeremy has mentioned in many Interviews is the prospect of a global Stablecoin that will be modeled on the Imf’s special drawing rights or SDR The SDR consists of multiple National Currencies and Jeremy believes it will Eventually include BTC spooky now where Were we are yes 2020. As you can see usdc’s market cap went Parabolic during the defy summer of 2020 And continued to grow as usdc expanded To new exchanges and smart contract Cryptocurrencies any algo holders in the Audience will know that algorand was the Second blockchain that usdc expanded to If you watched my recent altcoin update On coin Bureau Clips you’ll know that Algorand seems to have a very close Relationship with both Circle and the Federal Reserve Circle is based in Boston Massachusetts a stone’s throw From MIT where algorand founder Silvio

Mikali is based cbdc reports by the FED Note that the Central Bank partnered With MIT to develop its digital dollar Meanwhile a 2021 report by accounting Firm price Waterhouse Coopers noted that The FED would begin testing Quantum Resistance on its would-be blockchain This year as it so happens algorand Recently achieved Quantum resistance Through the introduction of State proofs The total supply of usdc on algorand is Also a whopping 18 trillion which Happens to be eerily close to the M2 Money supply of the US dollar Probably nothing Shortly after Circle announced its Multi-chain push former CLS Bank CEO David puth became the CEO of the center Consortium now don’t worry if you don’t Know these names Jeremy mentioned in the 2021 interview that CLS bank is the Quote biggest bank that nobody knows CLS Bank apparently settles more than Two trillion dollars of transactions per Day between the 70 largest banks on the Planet As per circles blog post David’s job is To ensure quote the most significant Transformation of the international Monetary system since the formation of The Bretton Woods system Oddly enough David recently stepped away From the center Consortium to become a Senior advisor to Circle

This might have something to do with the Exponential growth of circle which Really began in 2021 that’s because Circle raised a staggering 440 million dollars from various crypto VCS including dcg and FTX All the while Circle was offering High-yield usdc accounts to Institutional investors that were Returning between 8 and 11 per year According to an interview with Jeremy From February 2021. This eventually led to allegations by Skeptical journalists that Circle was Engaging in extremely high risk defy Activities behind the scenes to earn This high yield note that this is the Same kind of stuff that crypto platforms Like Celsius and Voyager digital were Doing before they went bankrupt Following the collapse of the crypto Market and the appointment of SEC Chairman Gary Gensler stable coins began To experience lots of scrutiny including Usdc It didn’t take long for stablecoin Issuers to publish details about the Assets backing all their billions of Tokens in circulation if you watched our Aforementioned video about the assets Backing stable coins you’ll know that Paxos took the top spot for collateral Quality Circle has since changed the composition

Of the assets back in usdc to match Those of paxos’s busd let’s just say Tethers reserves are still well not Quite at the same level In case you’re wondering around 80 Percent of the usdc in circulation is Currently backed by short-term U.S Government debt and 20 is backed by cash Now assuming short-term U.S government Debt means two-year treasuries this Means that circle is earning a yield of Around four percent on almost 40 billion Dollars of reserves if you crunch those Numbers that works out to well over 100 Million dollars in pure passive income Every single month as I mentioned in one Of our recent weekly crypto reviews There is a lot that you can do with that Kind of money particularly during a bear Market and especially in the crypto Industry This incredible potential for Passive Profit is probably why Circle managed to Secure a special purpose acquisition Company or SPAC deal for its stock to List on U.S exchanges Circle stock is expected to list by the End of this year but given the current State of the markets this seems unlikely In my view at any rate Now towards the end of 2021 circles Started to call for reasonable crypto Regulations and seems to have lobbied to That end the company also continued to

Expand usdc to other blockchains and Started looking into stable coins for Other Fiat currencies notably the Japanese Yen and the New Zealand dollar Some of you will recall that late 2021 Is when terra’s algorithmic UST Stablecoin began to gain serious ground Especially in D5 protocols where usdc Had reigned Supreme for almost two years Interestingly Jeremy had predicted in a 2019 interview that decentralized stable Coins would surface This is simply because decentralized Stable coins are well decentralized This means that their creation and Destruction is done via voluntary free Market Arbitrage and that nobody can Freeze or confiscate these tokens note That all centralized stablecoin issuers Have Frozen tokens in the past this Occasional freezing of tokens is just The tip of the iceberg too because in a 2020 interview Jeremy confirmed that Circle has the power to freeze all its Sable coins in circulation This is a terrifying Prospect when you Remember that Circle has uncomfortably Close ties to Wall Street the IMF and The weft it’s also terrifying to Consider that supposedly decentralized Stable coins like make a Dow’s die are Backed mostly by usdc maker Dow’s Founder actually called for dye to drop Its Peg to get off of usdc after Circle

Throws a bunch of tokens related to Tornado cash more about what happened There in the description Anyhow this brings us to 2022 now in my Opinion the most important announcement From Circle this year was the release of The Verity platform in February this is Because it seeks to roll out digital Identities in cryptocurrency and it Looks like polygon was the first to sign On watch out Two months later Circle announced that It had received another 400 million Dollars of funding in a round LED by BlackRock the world’s largest asset Manager BlackRock and circle also entered a Quote strategic partnership which would See BlackRock managed circle’s cash Reserves BlackRock spine bought circle’s total Funding to well over one billion and Crunchbase suggests that this figure is Much higher though the details of all These Investments were apparently not Disclosed Then again it looks like coindesk made Up for the reporting shortfall not Surprising given the circumstances In any case the market cap of circles Usdc hit an all-time high of over 55 Billion dollars in the aftermath of the Collapse of terror’s UST and the Concerns around tether’s usdt that arose

During the chaos I’ll quickly note that Jeremy had admitted in previous Interviews that both stable coins were Competitors to usdc As expected Terrace collapse and the Temporary de-pegging of usdt led to Renewed calls for stablecoin regulation Around the world If you watched our recent video about The leak of Europe’s Mica Bill you’ll Know that it appears Circle has been Very involved in influencing these Regulations say did I mention that xrp Is a top competitor to the global system That Circle and the center Consortium Are trying to create Nah probably nothing Now if circle is leveraging regulations It would be nothing new incumbents have Long used regulation to prevent Competition Goldman sachs’s CEO actually Admitted this shortly after the bank Invested in circle back in 2015. it’s Not just regulations where stablecoin Issuers seem to be competing either Cryptocurrency exchange binance recently Announced it would be converting all Sable coin trading pairs except those Involving usdt into busd which I’ll Remind you is issued by paxos Jeremy said that this somehow benefits Usdc but I highly doubt that and the Proof is in the pudding usdc’s market Cap has been slipping over the last few

Weeks and it took a plunge when binance Effectively gave usdc the boot at the End of September This means that Circle has to sell Assets behind the scenes to ensure that The supply of usdc is in line with the Lower level of demand for usdc following Its de facto de-listing to be clear it’s Well within binance’s right to make this Move it just goes to show that crypto is Hyper competitive and every crypto Project and company has its way of Cementing itself in the industry in Circle’s case this involves working with Questionable Global organizations and Expanding on chain this includes issuing Stable coins denominated in other Currencies besides the USD to appease Foreign governments and Regulators make No mistake at this rate it’s more than Likely that every National currency will Have its own stablecoin issued by the Center Consortium a perfect synthetic Cbdc and as with usdc all these Synthetic cbdcs will be backed by the Government debt of their respective Regions This means you’ll have no choice but to Subsidize your government spending and Lower interest rates for institutions When the powers that be inevitably phase Out cash but wait there’s more Just the other day Circle announced that It will be expanding to five additional

Smart contract cryptocurrencies and Introducing a cross-chain Interoperability protocol for its stable Coins it even announced that it had Partnered with block to bring usdc to Bitcoin heck Jack Dorsey is a Bitcoin Maxi If that didn’t make it clear enough Circle is also quickly taking over every Single smart contract cryptocurrency I Reckon it won’t be long before we see Circle start to buy stakes in the Proof-of-stake blockchains its stable Coins are circulating on and it’s Possible this is happening already With its stablecoin reserves being held By the FED Circle could potentially have Access to unlimited liquidity aka the Money printer with the money printer in Its grip Circle will in fact have the Power to take total control of every Proof-of-stake smart contract Cryptocurrency in existence Case in point ethereum Creator vitalik Buteran recently admitted that Circle Will have the power to decide the future Of forks on ethereum due to its Stablecoin liquidity at the rate that Circle is growing this will soon be the Case for every other proof-of-stake Smart contract crypto on the market For what it’s worth it looks like Bitcoin’s BTC and physical cash will Offer protection from the upcoming

Dystopia that Circle and its Affiliates Are not so subtly rushing to roll out I Mean why else would Jeremy hold most of His wealth in cash and BTC maybe just Maybe he knows what’s coming now to Jeremy’s credit he wants stable coins to Be as cash-like as possible meaning Transaction privacy and no kyc The problem is that The Regulators will Probably never allow this and the Institution’s circle has aligned itself With explicitly want to take control of Every transaction you and I make forever This brings me back to something I Mentioned earlier and that’s circle’s Co-founders have a history of building Up and then exiting cutting-edge tech Companies this makes me wonder whether Jeremy and Sean will do the same with Circle once its stock has ipo’d via the Spec This is because Circle could Unironically become the most valuable Company on the planet if it succeeds in Its mission of literally recalibrating The whole Global Financial system around Stable coins the only issue with this Analysis is that Fiat currencies are Failing and stable coins probably won’t Help much this is something Jeremy seems To be hyper aware of and I reckon it’s Why he’s so bullish on BTC despite Circles having ditched Bitcoin half a Decade ago as such it’s probably wise to

Watch whether he leaves circle after its IPO if he does then it probably means he Knows that Circle will inevitably fail By now you’re probably wondering which Blockchain Jeremy believes will support All of circle stable coins well the Short answer is all of them the circle Team seems to be genuinely blockchain Agnostic and Jeremiah believes that each Smart contract cryptocurrency will have A piece of the financial puzzle even so It’s clear that ethereum is currently The favorite and that’s simply because Its security is unparalleled among smart Contract cryptocurrencies oddly enough Solana appears to be the official chain For usdc according to the center Consortium but this has probably changed After all the outages In some then Circle will probably become The most powerful company in Cryptocurrency maybe even the entire World but will arguably fail due to the Fact that it’s fundamentally leveraging Failing Fiat currencies The Silver Lining is that circles Domination will make the average person Comfortable with cryptocurrency and if I Had my tinfoil hat on I’d tell you that Was the end game all along Partner with all the international Organizations and the financial system Convince them to adopt stable coins Sneak BTC in through the back door with

An IMF SDR stablecoin and turn BTC into The world’s next Reserve currency That is an outcome I would love to see Because the alternative is eternal Slavery You can find out exactly what the people In power are planning by watching our Recent video about a new kind of social Credit score the link to that flick will Be down in the description And that’s all for today’s video about Circle if you found it as frightening as I did be sure to share this video and Smash that like button so others can Find it If you want to make sure you don’t miss My next deep crypto dive subscribe to The channel and ping that notification Bell while you wait you can check out Coin Bureau clips for more awesome Crypto content and tune in to the coin Bureau podcast for in-depth crypto Discussions You can also follow me on Twitter Tick Tock and Instagram for memes and behind The scenes and join my telegram channel For all the daily crypto updates you Need If you want to know how I’m handling the Ebb and flow of the crypto Market Subscribe to My Weekly Newsletter to Find out how I’ve been adjusting my Portfolio and if you want to support What we do head on over to the coinbure

Merch store and get some cool crypto Apparel that fits you and your crew Links to all these resources and more Will be down in the description thank You all so much for watching and I will See you next time till then stay cool Stay safe and stay crypto [Music]