Renowned economist and Bitcoin critic Peter Schiff has come for the USDT issuer Tether. He accused the crypto firm of manipulation following its recent 7,629 BTC purchase.
Peter Schiff Accuses Tether Of Manipulation
In reaction to Tether’s recent Bitcoin purchase, Peter Schiff accused the USDT issuer of “more manipulation.” He stated that the crypto firm simply creates USDT out of “thin air” and uses it to buy Bitcoin.
The renowned economist further described this USDT minting as Tether’s version of quantitative easing (QE). He added that this will not end well for Tether or Bitcoin.
USDT issuer Tether recently added 7,629 BTC to its reserve, which sparked Schiff’s remarks. The crypto firm now holds $7.68 billion worth of Bitcoin.
Meanwhile, Schiff’s accusation that USDT was created out of thin air is unfounded, as the stablecoin is backed by the USD and other Tether reserve assets. The firm also releases independent audit reports of its reserves.
However, Peter Schiff
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