Tether (USDT) announce their first purchase of Bitcoin, a total of 33,980.56 BTC

On September 30, 2022, Tether, the company behind the popular stablecoin USDT, made its first major purchase of Bitcoin (BTC). The company acquired a total of 33,980.56 BTC.
 

This marked a major shift in Tether’s investment strategy. Prior to this, the company had primarily focused on maintaining a reserve of traditional fiat currencies to back its USDT stablecoin. However, with this purchase, Tether began to diversify its reserves by including Bitcoin, the world’s largest and most well-known cryptocurrency.
 

The decision to invest in Bitcoin was driven by a number of factors. Firstly, Bitcoin had proven itself to be a resilient and valuable asset, with a track record of impressive returns. Secondly, Bitcoin’s decentralized nature and global reach made it an attractive investment for a company like Tether, which operates in the digital space.
 

This purchase was not without controversy. Some in the crypto community questioned the wisdom of a stablecoin issuer investing in a volatile asset like Bitcoin. However, Tether defended its decision, arguing that the purchase was a prudent move that would help to diversify its reserves and protect against potential risks.
 

In the years following this initial purchase, Tether continued to invest in Bitcoin, further cementing its position as a major player in the bitcoin space.