Tether, the popular USDT stablecoin issuing company, has just made a new breakthrough in the crypto industry. In a surprising move, the stablecoin giant strengthened its portfolio by adding large Bitcoin holdings.
Who would have thought that a stablecoin company would now be one of the main players in the Bitcoin space? Tether made this massive Bitcoin acquisition decision just a few weeks before the important moment of the Bitcoin halving which will occur in April 2024.
The Bitcoin halving is an event when the reward for Bitcoin miners will be halved, from 6.25 BTC to 3.125 BTC per new block. This event occurs once every 4 years and is believed to increase scarcity and increase the value of Bitcoin in the long term.
Many large crypto investors and entities seem to want to secure their positions first before the halving occurs. Tether’s massive Bitcoin acquisition can be considered an anticipatory move to profit from this important moment.
With the amount of King crypto assets they have currently accumulated, Tether has the potential to be one of the biggest winners from the halving phenomenon later. Who would have thought that a stablecoin company would now be one of the main players in the Bitcoin space?
5 Latest Bitcoin Facts Tether
1. Recent Purchase 8,888 BTC
The first fact is the latest purchase of 8,888 BTC worth $618 million. On March 31, Tether made a major acquisition by buying 8,888 Bitcoin worth around $618 million. The number of crypto king coins is even symbolized by the number of blessings in Asian culture. This step can be considered as Tether’s strategy to secure their assets ahead of the halving momentum in April.
2. Total Tether Ownership Reaches 75,354 Bitcoins
After its latest transaction, Tether has held a total of 75,354 Bitcoins! With this amount, Tether immediately became one of the largest Bitcoin holders in the world, ranking 7th. These large Bitcoin holdings have the potential to benefit Tether in the event of a post-halving increase in value.
3. The average price for Tether to buy Bitcoin is IDR 430 million per coin
Surprisingly, the average price Tether paid to acquire these Bitcoin pieces was around IDR 430 million per coin! With this relatively low buying price for bitcoin, Tether has the opportunity to reap large profits if the price of Bitcoin soars high after the halving.
4. Tether’s BTC Portfolio Increase Reaches 128%
With its latest purchase, Tether’s Bitcoin holdings skyrocketed by 128% compared to before. This surge in investment saw Tether outperform many global giants in Bitcoin holdings. This position is profitable for Tether to reap maximum profits from the increase in Bitcoin prices after the halving.
5. Binance Still Leads With 248,597 BTC Even though it is in 7th place
In fact, currently Tether is still far behind the largest Bitcoin holder, namely Binance with a portfolio of 248,597 BTC in its cold wallet. However, Tether’s achievements deserve a thumbs up because they have correctly anticipated the opportunities of the halving phenomenon. Investors and other traders also have the potential to make a profit by buying Bitcoin before the halving occurs.
Who would have thought that a company like a stablecoin issuer would be able to become one of the key players in the Bitcoin space? Tether’s massive Bitcoin acquisition move ahead of the important halving moment gives a strong signal that the future of crypto, especially Bitcoin, is still very promising.
This aggressive decision may dampen some of the criticism that stablecoins are only an “entrance” to the crypto ecosystem. Tether has proven itself to be serious about sticking its finger in the crypto vortex, especially Bitcoin.
Not only Tether, many investors and other crypto entities are also said to be collecting Bitcoin ahead of the halving. They hope to reap benefits from the increase in value later. Retail investors are also thought to be hunting for Bitcoin in order to participate in making big profits from this phenomenon.
Tether’s big step in owning 75 thousand Bitcoins will certainly have an impact in the future. Will the initiative be able to boost wider acceptance of the USDT stablecoin?
Will its Bitcoin holdings give them a stronger influence in the crypto market? A number of questions still await answers. What is certain is that all eyes will continue to monitor the movements of Tether, the new giant that owns large amounts of Bitcoin.
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Author: iB & AL
