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

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...

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