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1138 sats \ 1 reply \ @ez 31 Oct 2023
How did you come to this precise number? I can't find it anywhere in the blog post or the PDF
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10 sats \ 0 replies \ @kr OP 31 Oct 2023
took the dollar value reported as of sept 30, 2023 and divided it by the bitcoin price on the same day (used coin metrics data)
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1027 sats \ 3 replies \ @blocktock 31 Oct 2023
Pretty convinced both Tether, Microstrategy and many mining companies will be swallowed-up by the US Government, or what remains of it.
One of the only ways besides (or in addition to) 6102 that a country the size of U.S. could acquire a large stack, without making it public in advance and seeing markets run away from them.
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10 sats \ 2 replies \ @elvismercury 31 Oct 2023
Hard to figure how that would happen w/ Tether, since they're not a US company, and they've been explicitly flying in the face of regulatory pressure this whole time. It would be quite a grab.
Tether is like the cockroach of the ecosystem, they'll be hard to put in the jar.
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152 sats \ 1 reply \ @blocktock 31 Oct 2023
I hear you, on the face of it.
But Tether is actively helping expand the reach of the US Dollar (stablecoin), consolidating market share and all without providing off-ramps. Buying US treasuries, providing liquidity there. This all benefits the U.S. They should be under more scrutiny in truth than they are right now, but they're not - potentially for those reasons.
Just a hunch and nothing more, but to me it's the playbook if the United States wants to get truly into the game.
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0 sats \ 0 replies \ @elvismercury 31 Oct 2023
I'm afraid the "egregious tax policy" playbook will be inevitable, but eventually I suppose they'll need to move to something else. Will be interesting, in the Chinese sense of the word.
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544 sats \ 3 replies \ @fiatbad 31 Oct 2023
Roughly 35% of what Microstrategy holds, if I'm not mistaken.
This is a very small amount overall. Why do so many people seem to think that Bitcoin's price is entirely propped up by Tether? They seem to think there is zero retail interest... wtf?
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21 sats \ 0 replies \ @tolot 31 Oct 2023
The key is probably not the amount of bitcoin owned by an exchange/stablecoin provider, but is related to the volume of transactions and value that goes through its rails.
And Tether is somehow relevant in that regards, having +50 billion USD redeemable 'credit promises' outstanding.
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0 sats \ 0 replies \ @skreep_ 31 Oct 2023
a lot of misunderstanding comes from the volume related to BTC/USDT trading pairs on exchanges offering levered derivatives.
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0 sats \ 0 replies \ @kr OP 31 Oct 2023
You’re right about the MicroStrategy numbers, but 61,606 BTC is not a small amount of Bitcoin for a company to own.
Not saying Tether is responsible for propping up the Bitcoin market, in fact the price dropped by over 10% from Q2 to Q3.
Still, they are a steady buyer of BTC at a very large scale, and are a net-positive for Bitcoin demand going forward.
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313 sats \ 0 replies \ @bitcoin_rationalist 31 Oct 2023
🐳
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338 sats \ 0 replies \ @harrr 31 Oct 2023
Tether: Trust us, don't verify.
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42 sats \ 0 replies \ @kr OP 31 Oct 2023
This is up from 54,987 BTC in Q2 2023
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0 sats \ 0 replies \ @LowK3y19 25 Sep
That’s one way to keep your stable coin stable
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0 sats \ 0 replies \ @Zepasta 31 Oct 2023
Even shitcoiners know BTC is the superior asset to hold.
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0 sats \ 1 reply \ @cyberpunk02 31 Oct 2023
The current usd value is 2billion, sorry parts of me still suck
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0 sats \ 0 replies \ @kr OP 31 Oct 2023
correct, the USD values in the report are as of Sept. 30, 2023
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0 sats \ 0 replies \ @2bithits 31 Oct 2023
Tether can go to zero & they'll be happy
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