Tether CEO refutes claims that the firm sold Bitcoin and bought gold

CryptoSlate
CryptoSlate
BTC+0.84%
USDT-0.02%

Paolo Ardoino, CEO of Tether, the issuer of the largest stablecoin USDT, took to X on Sunday to refute claims about the firm selling its Bitcoin (BTC) to invest in gold. In his post, Ardoino wrote that “Tether didn’t sell any Bitcoin,” adding that:

“While the world continues to get darker, Tether will continue to invest part of its profits into safe assets like Bitcoin, Gold and Land.”

How the rumor started

On Sept. 6, YouTuber Clive Thompson claimed that “recently, Tether has been buying gold and selling Bitcoin.” Thompson’s assertion was based on an examination of Tether’s statements of assets.

According to Thompson, Tether sold over $1 billion BTC and purchased over $1.6 billion gold in the last quarter. This indicates that Tether is dumping Bitcoin in favor of gold, as per Thompson.

Flaws in Thompson’s claims

Jan3 CEO Samson Mow pointed out flaws in Thompson’s theory based on public data. In an X post, Mow explained that Thompson arrived...

Visit source
2.02K
0
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.