Paolo Ardoino said at the Token2049 conference in Dubai that over time, the reduction in rewards for miners should cease to have a strong impact on the market. Reason: More than 19.5 million bitcoins out of a possible 21 million have already been mined, and the reduction in reward is now less significant compared to the times when miners began to receive 25 BTC for a mined block instead of 50 BTC. Crypto traders and investors are preparing for halving in advance, and the event is already factored into the price.
As for spot Bitcoin ETFs, which appeared in the United States in January, Ardoino called them the most favorable factor for the development of the cryptocurrency ecosystem. Even 1-2% of large hedge funds or traditional financial institutions can contribute to a significant increase in the BTC rate, the head of Tether believes. ETFs have made it easier for retail investors to buy cryptocurrency, who until now lacked the knowledge and interest to buy Bitcoin on crypto exchanges.
“Cryptocurrency-linked exchange-traded funds are making it easier for investors to get into Bitcoin. Beginners can use Bitcoin ETFs as a starting point and begin to explore the real benefits of the world's largest cryptocurrency, rather than just looking for a quick profit,” Ardoino emphasized.
The existence of spot Bitcoin ETFs will not lead to a decrease in interest in USDT and other stablecoins, the businessman insists. Since January, USDT's market capitalization has grown by about $20 billion and is now $110.4 billion. According to Tether's CEO, stablecoins are designed for people who do not have access to banking services, and not for citizens of developed countries like the United States.
Previously, Paolo Ardoino suggested that Bitcoin would soon be included in the portfolio of every major investment company. According to Arkham Intelligence, Tether increased its bitcoin holdings by $627 million.
Source: Bits
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