Happy Tuesday, Blockfolians
Well, here’s a beautiful resolution. Tether, as we’re sure you know, has been under investigation by the New York Attorney General surrounding dubious banking practices and a questionable $850m loan between Bitfinex and Tether.
This created some (very reasonable) skepticism around Tether for many. Unfortunately, this healthy skepticism turned into unhealthy, unhelpful conspiracy theories regarding bitcoin price being just one big manipulation by tethers being printed out of thin air. This FUD has been one of the big blockers for certain institutions during this cycle.
Today, the case was announced as settled and we couldn’t agree more with the interpretation here:
This has been an albatross around the industry’s neck. Perhaps now we can move on to more important things.
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Highly Relevant Reading
Square sold $4.57B worth of Bitcoin via Cash App in 2020
Yesterday was the biggest day for liquidations in crypto’s history
CryptoMom says the SEC should provide clarity and freedom to experiment for DeFi
Galaxy is launching a research unit
More on how Tether settlement de-risks Bitcoin for institutions
…and one more take on Tether
A Really Big Number We Should Be Paying Attention To
That’s the amount Square spent to buy more bitcoin last quarter - bringing their total ownership of BTC to about 5% of their assets
He said it, not us!