As a seasoned crypto investor with a decade of experience under my belt, I find Tether’s recent Bitcoin move quite intriguing. Having witnessed the market’s volatility firsthand, it’s always fascinating to see big players like Tether making strategic moves. The fact that they’ve been accumulating Bitcoin since May and are now holding a substantial amount is a testament to their confidence in BTC‘s long-term potential.
However, I can’t help but feel a bit of unease about the MiCA regulation and the associated FUD. As someone who has seen many altcoins come and go, I know that regulations are a double-edged sword. On one hand, they provide stability and legitimacy to the market; on the other hand, they can sometimes squeeze out the smaller players.
That being said, I trust Tether’s CEO, Paolo Ardoino, when he says “USDT is safe.” After all, in this wild world of crypto, you need a good dose of humor to survive. So, I’ll end with a joke: If USDT ever does get delisted, I guess we’ll just have to “stablecoin” our way through the crisis!
Tether Holdings Ltd, the organization behind the stablecoin USDT, has once again made headlines, this time focusing on their Bitcoin strategic reserves. According to blockchain data from Arkham Intelligence, Tether has transferred 7,629 units of Bitcoin to its reserve wallet. This action reinforces their position as a significant supporter of Bitcoin.
Tether Bitcoin Bet is Growing
Based on the blockchain information, the Tether reserve wallet acquired approximately 705.25 million dollars’ worth of Bitcoin. These funds were transferred from Tether’s associated cryptocurrency exchange platform, Bitfinex, following a nine-month period of inactivity.
Presently, Tether’s Bitcoin reserves amount to a total of 82,983 Bitcoins. The company amassed this capital for approximately $2.99 billion, with an average purchase price of around $36,125 per Bitcoin. As per the on-chain data, these Bitcoin holdings are currently valued at roughly $7.68 billion.
Latest update: Tether’s Bitcoin holdings, which had been idle for nine months, have just received a transfer of approximately 7,629 Bitcoins valued at around $705.25 million from Bitfinex.
Presently, Tether’s Bitcoin reserves contain approximately 82,983 Bitcoins, amassed for a total value of around $2.99 billion at an average price point of roughly $36,125 each. At the current market prices, these Bitcoins are worth approximately $7.68 billion.
— Onchain Lens (@OnchainLens) December 30, 2024
Tether is currently leading the stablecoin market with a staggering $138 billion in value. In the past year, the company has been smartly investing its surplus funds, including Bitcoin and other assets. Beginning from May this year, they’ve been channeling some of these funds towards Bitcoin. Initially, their plan was to invest up to 15% of their monthly earnings into Bitcoin.
According to a previous report from Coingape, the stablecoin company intends to pour approximately $5 billion into developing their artificial intelligence (AI) system over the next year. Furthermore, they aim to unveil a working prototype of this AI platform by the end of Q1 in 2025.
Shunning the USDT MiCA FUD
Concerning the Bitcoin transaction update in the Beyond the Tether ecosystem, a significant worry for the stablecoin issuer revolves around the apprehension and uncertainty (FUD) it faces with regard to its worldwide activities. With the implementation of the Markets In Crypto Assets (MiCA) regulation today, the anxiety about potential delisting has intensified.
Despite increasing uncertainty (FUD), the market value of USDT dropped by a staggering $2 billion, now standing at approximately $138.7 billion. However, despite leaving certain centralized exchanges in the EU, USDT will still be accessible on Decentralized Exchanges (DEXs) and Peer-to-Peer (P2P) trading platforms.
In response to the worries, Tether’s CEO, Paolo Ardoino, stated that their competition is simply attempting to create a false impression about matters that do not truly exist.
Ardoino concluded his recent post, saying “USDT is Safe.”
A great thread re: MiCA regulations, how they apply to stablecoins and specifically to USDt.
In essence, disregard the unwarranted alarm or misinformation being spread by rivals.
USDt is safe.
Seguimos.— Paolo Ardoino (@paoloardoino) December 30, 2024
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2024-12-30 19:22