Tether CEO Ardoino: Bitcoin and Gold Will Last Forever

Tether CEO Ardoino's Emphasis on Bitcoin and Gold

Tether CEO Paolo Ardoino made a statement on social media platform X on Sunday, stating, "Bitcoin and gold will endure beyond all other currencies." Ardoino's remarks echoed Tether's reserve strategy over the past two years.

In May 2023, Tether announced that it would allocate up to 15% of its net operating income for the purchase of Bitcoin. This move aimed to assess Bitcoin as a reserve accumulation rather than a counterpart to the circulating USDT. Thus, the company aimed to strengthen asset value.

Bitcoin and gold emerge as the cornerstones of Tether's strategy. Tether supports allocated bars with a token called tether gold (XAUt), and as of July 24, 2023, it reported that 7.66 tons of metal were backed by these tokens.

Additionally, according to a report by CoinDesk on September 5, 2023, Tether has been in talks to invest in the gold value chain. This investment is part of a diversification strategy ranging from mining to refining. Ardoino has regarded Bitcoin, gold, and land as hedge assets.

In conclusion, Ardoino's statement emphasizes that Bitcoin is being increased as a strategic asset for profits, while gold is positioned as a support element through tokenization. The majority of Tether's reserves are still held in liquid instruments, particularly assets like U.S. Treasury Bonds. The upcoming reserve report expected by the end of this month or the beginning of next month will show whether the allocations to Bitcoin and gold have changed.

As of 20:10 UTC on Sunday, the U.S. Dollar Index (DXY) showed an annual decline of 8.88%, while Bitcoin and gold exhibited increases of 22.79% and 52.91%, respectively, through BTC-USD and XAU-USD.