The Tether Treasury minted another 120 million USDT on Wednesday, adding more fuel to the growing concerns about whether or not the controversial stablecoin is actually backed by the correct amount of USD.
Meanwhile, the United States government is considering introducing a digital dollar along with a digital wallet to more efficiently tackle the financial crisis emanating from the COVID-19 pandemic.
These stories and more on today’s crypto news roundup for March 25.
Bitcoin as Insurance Rather than an Investment
Chart guru and financial analyst Peter Brandt has commented that assets such as gold and Bitcoin should be viewed as catastrophic insurance policies, not investments. The same cannot be said for silver though, as Brandt observed. The precious metal dumped back to an eleven-year low of around $11/oz last week following a 34% slide over the past month.
U.S. Government May Issue Digital Wallets for COVID-19 Crisis Payments
Reports were coming in early on Wednesday about a new legislative effort issued by the House Financial Services Committee Chairwoman Maxine Waters.
As it turns out, the bill would require large Federal Reserve banks and other financial institutions to provide unbanked Americans with digital wallets so they can receive financial aid from the government amid the ongoing COVID-19 crisis.
That also means that a digital dollar bill could be introduced to go with this new digital wallet.
Cardano Co-Founder Drags Wikipedia Into a New Controversy
On Wednesday, Cardano co-founder Charles Hoskinson alleged that Wikipedia was repeatedly removing the “single most cited proof-of-stake paper” from its article on the topic. Although there have been repeated attempts to include it, the paper keeps getting removed with the reason being “conflict of interest.”
How Long Will Tether Continue its USDT Printing Spree?
The largest stablecoin has been minting new currency at record numbers almost every day in the past week and it is making some people really uncomfortable.
In yet another “inventory replenish,” according to Bitfinex CTO Paolo Ardoino, the Tether Treasury has minted another 300 million USDT in two batches since Tuesday. As BeInCrypto reported last week, the printing spree has caused concerns that the Bitcoin market is being propped up by Tether’s supposedly unaudited stablecoin.
BTC Finds Itself at a Critical Make-or-Break Resistance Level
The BTC price has created two strong daily closes in a row. However, it has failed to break out above the significant resistance area of $6.900. In addition, it has created a double-top, which could lead to a breakdown and a decrease toward the support area of $5,750.
Bitcoin Could Emerge the ‘Long-Term Winner’ Once the Current Economic Crisis Subsides
The collapse of the global financial architecture will perhaps inevitably lead to a scramble for dollars and an expected devaluation of gold. However, some analysts also believe this changing landscape is creating new opportunities for the top cryptocurrency.
According to them, this financial crisis will uncover the faultlines within the current financial order and pave the way for something drastically different such as a decentralized digital economy.