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Tether announces it will buy Bitcoin with its profits: so how will this affect Tether and Bitcoin?

There has been a remarkable development for the cryptocurrency markets. One of the world’s largest stablecoins Tether (USDT) has announced that it has switched to a new investment strategy and will regularly buy Bitcoin (BTC) as part of this strategy. According to the statement made, the USDT team will will invest 15 percent of its profits in Bitcoin.

Tether is an $83 billion company today and has invested in several areas to date. So much so that part of the company’s reserves were already in crypto assets. Also Tether in the US stock markets There are also some investments. Now there will be a small change in this. Company, monthly He will take out his balance and see how much profit he has made. Suppose there is a profit of $100; Bitcoin is bought with 15 percent of it, which is $15.

Tether already has $1.5 billion in BTC!

Chain (USDT)

In fact, Tether is not a company that is far from investing in Bitcoin. According to a March 2023 statement, the team has already done so 1.5 billion dollars There is BTC. In the coming period, the amount of BTC held will increase regularly. Tether will not contract with any outside institution for its own Bitcoin reserve. store bitcoins own responsibility will be below.

So why Bitcoin and not Ethereum (ETH) or Ripple (XRP)?

bitcoin

The statement from Tether Chief Technology Officer Paolo Ardoino also explained why the company favored BTC over other crypto assets. According to Ardoino’s statement, Bitcoin, the world’s first and largest volume cryptocurrency, is characterized by its decentralized structure, limited supply and worldwide adoption It was chosen for investment. In addition, Polo Ardoino, Bitcoin’s over the years will continue to grow is thinking.

How will this decision reflect on the cryptocurrency markets?

It is not surprising that a crypto-focused company like Tether would store BTC. it’s not a bad thing. The company, which already has $1.5 billion in BTC, will have much more Bitcoin in the future and will be among the major investors. This benefits both USDT and BTC. As a result, any damage to BTC will be directly reflected in Tether. The company too conscious continues to work for the world’s largest stablecoin USDT.

This content cannot be considered investment advice.

Source: Web Tekno

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