Summary
- Tether CEO Paolo Ardoino said that Bitcoin and gold will last longer than any currency.
- Tether has been steadily accumulating Bitcoin, and said it will use up to 15% of net operating profit to purchase Bitcoin.
- Tether issues a gold-backed stablecoin, and said it is also considering investments across the gold value chain.
Tether (USDT), the world's largest stablecoin (a virtual asset whose value is linked to fiat currency), has received positive comments from its CEO Paolo Ardoino about Bitcoin (BTC) and gold.
On the 13th (Korean time), according to crypto news outlet CoinDesk, CEO Ardoino said via X (formerly Twitter), "Bitcoin and gold will outlast any currency."
Tether has been steadily acquiring Bitcoin and gold as a reserve management strategy for its business. In May 2023, Tether said it would use up to 15% of net operating profit to purchase Bitcoin. This is a measure to strengthen its financial structure by holding Bitcoin as a long-term store of value separately from issued Tether.
Tether also issues a gold-backed stablecoin, 'Tether Gold (XAUt)', and as of June 30 it backs it with 7.66 tonnes of physical gold. In September, it was reported to be considering investments across the gold value chain, including mining, refining, and royalties.
Ardoino had earlier said, "Bitcoin, gold, and land are means of preserving value," and he also denied market suspicions that he sold Bitcoin to buy gold.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
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