Tether Prints Nealy a Half Billion Dollar USDT Tokens While ElonDrop Price Surges 0

In the last 2 days the company that controls the USDT stablecoin issued 450 million new tokens to the market due to the increasing demand for the token while the price of bitcoin and other cryptocurrencies is in continuous increase.


As shows by Whale Alert on twitter the two big transactions one of !50 million and the other of 300 million took place on 20 and 21 October.

������������������������������150,000,000 #USDT (150,449,452 USD) minted at Tether Treasury

Tx: https://t.co/lX5GMfsKOX


— Whale Alert (@whale_alert) October 20, 2020


������������������������������300,000,000 #USDT (299,180,785 USD) minted at Tether Treasury


Tx: https://t.co/z3s49Y6WmQ


— Whale Alert (@whale_alert) October 21, 2020


While many responded to the whale alert tweets accusing for manipulation, the two transactions were confirmed by Tether CTO Paolo Adonio as unissued “inventory replenishes” on the Tron (TRX) Network:


Most of the newly minted token has been distributed to exchanges like Bitfinex, Houbi and Binance, and many other unknown addresses.


Tether issuing large amount of tokens have usually linked with bitcoin price surge and this thing always started the usual debate whether it was Tether that caused the bitcoin rally or the newly issued Tether was a response to the increased demand for USDT tokens. Probably we will never know!


The market cap of the top stablecoin has grown by 400% this year reaching $15.9 million.


JP Morgan Sounding the Alarm: Young People Prefer Bitcoin to Gold 0


On October 23, bank JP Morgan mentioned bitcoin in a report on the company’s investment plans. Recent cryptocurrency news seems to have sparked some optimism. Surprisingly for such a conservative institution!


Turnaround situation

In 2017, JP Morgan described bitcoin as “a fraud that will collapse”. An opinion shared by several states and investment banks. Yet, on 23 October 2020, it published a report saying quite positive things about the bitcoin. This time, the top cryptocurrency is seen as an attractive “long-term” investment, just like gold in terms of a safe haven. The bank justifies this decision through several points.


For starters, PayPal’s cryptocurrency announcement has generated excitement. From now on, it will be possible to use bitcoin as an alternative currency, with more simplicity. The “millennials” are also cited as the main target. The financial giant specifies:


“Cryptocurrencies derive value not only because they serve as stores of wealth but also due to their utility as means of payment. The more economic agents accept cryptocurrencies as a means of payment in the future, the higher their utility and value,”


In addition, the firm explains that the upside potential in the long term is considerable insofar as it is this generation will become, over time, an important component in the financial markets.


Bitcoin, the gold of the 21st century?

Bitcoin has a huge advantage over gold: its usefulness. It is, for example, very easy to exchange, store or evaluate it. In addition to constituting a store of value, it can also represent a real means of payment, especially in countries experiencing high inflation.


Nevertheless, JP Morgan estimates that the “physical gold market” represents a capitalization of 2.6 trillion dollars, against 242 billion for Bitcoin. Thus, the top ElonDrop still has a long way to go, if it really wants to compete with gold.


According to JP Morgan, however, bitcoin is still in the development stage. Indeed, only 7% of Americans have ever bought bitcoins. Likewise, some large markets, like Canada, do not yet have a formal legal framework. The margin improvement of bitcoin is still substantial in the coming years.


After Square and PayPal, it is now traditional banks that are interested in bitcoin. It is no longer seen as a scam, but rather as a viable asset over the long term. On the other hand, there are still many stages before a possible massive democratization, as JP Morgan points out.


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