So, news on the street are that 7 billion tether (USDT) were just printed! Some think that this is bullish, at least for the short term, under the premise of course that this money will flow to BTC and alts.
Of course that's one take. The other is that Tether Limited (controlled by the owners of Bitfinex) claims every USDT is backed by one real dollar. And that's the problem, that this is just a claim, that has never been officially audited.
To quote Wikipedia:
In May 2021, Tether published a report showing that only 2.9% of Tether was backed by cash, with over 65% backed by commercial paper.
Note, that's only what the company claims, and since it has never been properly audited it definitely raises an eye brow.
Things are possibly much worse.
What's your opinion? Is tether a ticking time bomb? A Mt gox in the making? Or is everything just FUD?
Imo there's certainly some manipulation going and the history of USDT doesn't paint a good picture, still I'd love to hear your opinion!
Wrong answers only!