Tether’s Bank Announces It Has Invested In Bitcoin (BTC)
Tether’s Bahamas-based bank Deltec announced on Thursday that it has deposited customer funds in Bitcoin (BTC). The announcement made in the video by Deltec Bank & Trust Chief Investment Officer Hugo Rogers has raised questions in terms of announcing that the USDT stablecoin , which should theoretically be backed by dollars, is backed by cash and “cash equivalents”. Rogers used the following statements in the video:
“We bought Bitcoin for about $ 9300 for our clients , we found this pick to be a good choice for 2020. We expect to continue this for 2021. “
On the other hand, Tether’s general adviser, Stuart Hoegner, confirmed that Deltec is still Tether’s bank. Deltec made headlines after Tether announced in a letter that it was holding just over $ 1.8 billion in the bank. This mentioned amount was almost the same as the amount of USDT (-0.21%) in circulation at the time. A Deltec manager later confirmed that the unsigned letter was genuine.
7:20 in the video Deltecbank has a "large" position in bitcoin, but Tether absolutely has nothing to do with it, right ? @BennettTomlin @CasPiancey But great to hear tethers other assets also did well in 2020. https://t.co/xbT9bSR6wt
— lenne (@lenne0816) January 14, 2021