The post Tether CEO Paolo Ardoino Chooses Bitcoin Over Ethereum Due to Immutability and Limited Supply appeared on BitcoinEthereumNews.com.

Tether CEO Paolo Ardoino recently rebuffed the notion of investing part of Tether’s profits in Ethereum. Ardoino has consistently favored Bitcoin due to its immutability and finite supply. In May, Tether announced it would allocate 15% of its profits toward purchasing Bitcoin to bolster its reserves. Tether CEO Paolo Ardoino dismisses Ethereum investment, highlighting Bitcoin’s stability and limited supply as key factors. Ardoino’s Stance on Bitcoin vs. Ethereum Tether’s CEO Paolo Ardoino recently dismissed the idea of allocating a portion of the company’s profits to Ethereum, the second-largest cryptocurrency by market cap. Ardoino has made it clear that his preference lies with Bitcoin, citing its immutable nature and capped supply of 21 million coins as primary reasons. According to Ardoino, these attributes make Bitcoin a more secure and valuable long-term investment option. In a move to diversify and strengthen Tether’s reserves, the stablecoin issuer announced in May that it would invest 15% of its profits into Bitcoin, a decision underscoring Ardoino’s confidence in the cryptocurrency’s potential for growth. Tether’s Financial Strategy Tether recently reported a record-breaking net profit of $1.3 billion. Despite this impressive financial performance, the company’s Bitcoin reserves remained stable. Ardoino later clarified that Tether did purchase Bitcoin through its investment arm in 2024. This strategic allocation aims to diversify Tether’s holdings and leverage Bitcoin as a long-term store of value. Ardoino’s earlier criticisms of Ethereum, especially following its much-anticipated Merge upgrade, further highlight his commitment to Bitcoin. He emphasized Ethereum’s shifting narratives and criticized its inability to rival Bitcoin’s stability and consistent value proposition. Ethereum’s Performance Against Bitcoin In his assessment, Ardoino pointed to Ethereum’s declining performance against Bitcoin over the past few years. Since peaking at 0.088 in December 2021, the ETH/BTC pair has dropped by 45%. Despite a significant price spike in May due to…

---

Filed under: News - @ August 4, 2024 4:58 am