The uncertainties surrounding Tether (USDT) have worried some market participants.
Michael Saylor remains committed that nothing can shake Bitcoin, not even USDT’s FUD
Meanwhile, a notable gold investor shows growing interest in Bitcoin during a conversation with Saylor.
Michael Saylor has always spoken a lot about the doubts and fears (also known as “FUD”) around Bitcoin. He thus firmly affirmed that digital currency remains unstoppable.
The debacle of Tether (USDT) lasts for some time and market players generally love scandals about crypto-currencies.
Tether: the market guideline?
Michael Saylor, CEO of MicroStrategy, maintains his firm belief in Bitcoin. In a recent interview , he said Tether was “unnecessary” because of how companies‘ investments in BTC work.
Mr. Saylor explains:
“I spoke to hundred billion dollar strong companies. I know of at least ten of them who have bought at least 500 million bitcoins or more. They all transferred money to regulated exchanges. They buy bitcoin, then put it in a cold room. “
However, some cryptocurrency enthusiasts have shown opposing views to this view. Some believe that closing Tether can have disastrous effects on the entire crypto market.
The uncertainties expressed here are based on the premise that the USDT is a major ramp for entry into bitcoin. Currently, Tether is the most used.
With a market capitalization of $ 25 billion , it has become the most important stablecoin . Perhaps this explains why many cryptocurrency investors see it as a lifeline for the survival of the cryptocurrency exchange.
Meanwhile, Saylor backed up his point by explaining that he bought bitcoin worth $ 1.3 billion by simply sending money to a regulated exchange. He then sent bitcoins to a cold room. He added that USDT is ultimately useless, saying „nobody uses Tether“.
It is not known if Saylor is referring to trading (OTC) transactions, although this is likely how he bought BTC. According to him, Tether is simply a “successful FUD” effect and will not affect Bitcoin if withdrawn.
He argues that stable cryptocurrencies; or stablecoins, exist primarily for international trade with the need to settle. From Saylor’s perspective, institutional investors buy the main cryptocurrency with the dollar treasury bills they already have.
Bitcoin is monetary energy
In a separate interview, Anthem Blanchard, the co-founder of blockchain company AnthemGold Inc, also spoke with Saylor about Bitcoin. Anthem is the son and successor of Jim Blanchard, the man responsible for legalizing gold in the United States .
Blanchard asked Saylor what he thought of Bitcoin and its independent value compared to gold. In response, Saylor presented an example by saying that money carries energy and BTC has the best ability to store that energy.
As a result, bitcoin is a better currency than gold and will outperform the gold market as it goes.
“Basically you have a lossless energy battery. Bitcoin works like a network to collect monetary energy, to store monetary energy, to channel monetary energy. You can think of this analogy as being similar to the price of bitcoin, or monetary strength. „