Home Altcoins News Banks refusing Crypto Purchases Is Tether (USDT) really a Safe Harbor for Crypto Investors?

Banks refusing Crypto Purchases Is Tether (USDT) really a Safe Harbor for Crypto Investors?

Tether USDT Safe

The argument about “Can you confirm that everyone is and will always be able to redeem 1 USDT for 1 USD? Not by some other ‘reserves’, but USD” continues.

Tether expressed, USDt is not “losing” its peg. Subject to our terms of service, Tether issues and redeems one USDt for one dollar: no more, no less. This is irrespective of market conditions. As the pioneer of the stablecoin model.

Tether represents a battle-tested technology that has been through many cycles. In this market, many are flooding into USDt as a safe harbor. On Bitfinex and Kraken, the market price closely reflects the tether to the dollar on USDt and on Coinbase, USDt is at a premium.

Sites tracking pricing and providing analysis should be approached with caution as they use exchanges as data sources, many of which were unreachable during the dip.

The overall cryptocurrency market is going south.  And, several investors are prospecting to invest in crypto. However, many of them are reporting that their banks would not allow them to convert fiat to crypto. And, several banks in different nations are not permitting transactions with cryptocurrency exchanges two ways.  They are refusing fiat to crypto and crypto to fiat.

Now, those who have USDt reserves will be able to buy the dip!

Twitter handle Walter Bloomberg expressed:  “TREASURY CALLS FOR CRYPTO TRANSFERS OVER $10K REPORTED TO IRS”

Others were like:  I report all. Are we not already doing this?

Some of them were like: Isn’t treasuries jurisdiction in fiat currency? What mandate gives them any authority to make such a claim? It is true that cryptocurrencies are owned by the people not banks. The treasury needs to worry about their dying asset called the US Dollar.

So, without banks how are they going to deposit for crypto buys and withdraw their profits to spend? While it is good to say good luck to tracking to the regulators, many of them are in to make profits and spend it real time. How are they going to make profits and spend?

Bankers Notice:  Man two banks Valley and Fargo are holding my funds.  They want proof how I got that money from Coinbase.  Like this is crazy they flagged two of my accounts. They don’t want us to make money so foul.

Giving proof of how money made is tricky because:  Today’s price? Yesterday’s? 5 mins ago? The price changes by seconds. Also, What happens if someone sends $5,000 worth over the blockchain to a friend, but by the time the transaction gets confirmed in the block (could be days) the price doubles to over $10,000?

About Privacy:  Imagine supporting grandfather tech that had 12 years to improve privacy. There is a 0% chance with Bitcoin’s privacy to catch up to this aggressive regulatory framework.

Regulatory firework is all set! Tether (USDT) will see people flocking in. People might want to buy the dip and so they will choose to forget the peg and reserve issue to just buy the dip! Better to buy with banks complicating the buying trend setting in.

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Maheen Hernandez

A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5

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