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544 sats \ 3 replies \ @fiatbad 31 Oct 2023 \ on: Tether Now Holds 61,606 BTC (Q3 2023 Report) bitcoin
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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