Crypto: Tether Buys $379 Million Worth of Bitcoins!

As the crypto market gently starts the year 2024, a resounding event has shaken the sphere this week. Tether, the stablecoin giant, has undertaken a massive purchase of 8888.88 bitcoin for a total worth exceeding 379 million dollars. A spectacular transaction that speaks volumes about market sentiment. 

A Remarkable Transaction Infused with Confidence 

The company behind this colossal purchase is none other than Tether, based in the British Virgin Islands. The exchange platform Bitfinex is said to be the intermediary that provided the bitcoins. It now ranks among the top 10 largest BTC holders. 

With this acquisition, Tether has increased its bitcoin reserves to a total of 66,465 BTC, valued at over 2.8 billion dollars. The average purchase price comes out to 25,176 dollars, which would already represent a latent profit of 68% compared to the current price. 

This extraordinary transaction clearly reflects Tether’s optimism regarding Bitcoin’s outlook for 2024 and beyond. The stablecoin giant is aggressively positioning itself ahead of a potential surge in price. 

A Favorable Context for Bitcoin

This massive purchase indeed comes in a generally favorable context for Bitcoin. After having dipped below 16,000 dollars in November 2022, the price has embarked on a solid recovery in recent weeks. BTC is now trading around 42,600 dollars, approaching its all-time high. 

This positive momentum is explained partly by the renewed interest generated by the potential approval of a Bitcoin ETF in the United States in the coming months. Many analysts believe that such an investment product would attract billions of dollars of institutional money, propelling the price to new highs. 

This is why Tether is clearly intent on establishing its position while bitcoin is still trading at a relatively low price. The stablecoin giant evidently anticipates an upcoming rise and does not want to miss it.

Towards New All-Time Highs in 2024?

With this transaction, Tether joins other major players in the crypto sphere with cautious optimism for 2024. Figures like Michael Saylor remain convinced of bitcoin’s potential to generate massive returns in the long term.

Saylor even believes that BTC could surpass its previous all-time high of 69,000 dollars and aim for the mythical million-dollar mark in the long term. Such a scenario would obviously involve a growing institutional adoption in the years to come.

The massive purchase of bitcoin by Tether at the start of 2024 marks an important milestone. It demonstrates the increasing confidence of major crypto players in the future of bitcoin. It remains to be seen whether the optimistic predictions of experts will materialize, but such large-scale transactions send a strong signal. The queen of crypto doesn’t seem ready to relinquish her crown.