Peter Brandt: I would never hold assets in Tether

An experienced trader said that USDT has no place in the financial system and this stablecoin will simply die in the near future.

Peter Brandt commented on a recent Bloomberg report, where analysts said Tether (USDT) stablecoin holders are increasingly looking to sell off their holdings. According to Brandt, he would never keep his capital in USDT. The trader is “amazed that crypto-maniacs are scolding the US dollar,” although they themselves own assets denominated in the Tether stablecoin.

According to Bloomberg, the so-called liquidity pool, which allows traders to switch between the three most popular stablecoins, showed on Friday that USDT’s share of the pool is 65%. This, the report says, means that some investors are still wary of keeping Tether in their investment portfolios.

According to the trader, USDT is a kind of misunderstanding that is waiting in the wings to die. The expert is convinced that the Tether coin is just another fiat currency that has no place in the financial system, since it has many more efficient counterparts.

Brandt has the exact opposite opinion about bitcoin. The trader said that he currently sees every chance for the growth of the main cryptocurrency. To do this, there are certain recovery scenarios after a 70% drop. As for the ether, the expert predicts a further fall to $300. Brandt stated that he would not buy Ethereum “even with the money of his worst enemy”.

Meanwhile, amid distrust from crypto-skeptics towards USDT, Tether CTO Paolo Ardoino said that the company will allow auditing of its reserves with the participation of 12 third-party companies.