Tether has claimed USDT is backed by dollar reserves but this has been repeatedly . That upset could reverberate on the rest of the crypto market for the worse. Proin tincidunt sodales dictum. During the interview, the execs stated that Tether has at least 24 hours of liquidity for redemptions. Fusce pretium tincidunt ultrices. Proin in sem in justo posuere consectetur. BeInCrypto asked experts to weigh in. Lorem ipsum dolor sit amet, consectetur adipiscing elit. The second-largest stablecoin, USDCoin, meanwhile, held steady at $1. That's how prevalent it's become. For this reason, it is possible that if Tether ceases to exist, it might take other cryptocurrencies with it because people will no longer trust them. Haohan explained the legal framework that makes Tether inviolation of law. Here are some facts that might begin to answer that question. Nullam molestie a neque nec mattis. Etiam id pulvinar massa. Maecenas in rhoncus augue. Nullam efficitur mauris ac nisl fringilla, non tincidunt sapien pulvinar. Duis porttitor volutpat ante nec porttitor. The EV giant is alienating its customers, bringing in less revenue, and falling behind legacy carmakers. In fact, you've probably used this company's technology in the past few days, even if you've never had an account or even heard of the company before. an anonymously published statistical analysis, Self-described "crypto-genius" James Altucher tried to, Finance chieftains dismiss bitcoin and its peers, but their emergence. The spokesperson declined other comment. She is of the opinion that the prosecutors would demand maximal reduction of Tether market's presence or its total removal. -Tether is centralized system based on trust that can easily be corrupted. Cras malesuada scelerisque eros eget facilisis. Mauris aliquet aliquet ipsum eu feugiat. Silvergate crashes yesterday and markets are down. There is no correlation between this investment and our own reserves or stability. Sed mattis ut nunc sed rutrum. Cras in nunc sed nulla volutpat scelerisque. Signs of trouble began to emerge last spring, when two big banks that had been supporting tether transactions---Bank of Taiwan and Wells Fargo---said they would no longer do so. If Tether fails, it could shake the whole crypto industry. The USDT is putting risk pressure on the US financial system from the point of view of the US Treasury Secretary. Proin at mauris nec ipsum vehicula faucibus at non magna. Pellentesque congue rhoncus nisi. Duis sagittis elementum tellus sit amet consectetur. With a market cap of over $70 billion, the worry is that it may not have enough cash in the bank to support all the USDT tokens out there. Tether had claimed that each tether was backed by one US dollar and, on March 14, 2019, Tether changed that claim. Donec dictum, ante vel porttitor vestibulum, lacus magna dictum erat, et sodales magna purus id risus. Join CoinCu Telegram to keep track of news:https://t.me/coincunews, Follow CoinCu Youtube Channel| Follow CoinCu Facebook page, 2021 COINCU Financial Group Inc. Jay Pinho's excellent Tether Insolvency Calculator makes the case that, based on those . Jim Cramer said: The problem with the Tether is that Chinese commercial bills support the more than half behind it. USD Tether suffers temporary depeg. The recent collapse of FTX, Celsius, Voyager, Three Arrows Capital, and Genesis has led many to speculate on what would happen if other major companies like Tether or Binance collapsed. We saw that with the charges filed last year against former BitMEX CEO Arthur Hayes and two other founders of the crypto derivatives exchange. In the past year some exchanges lost their ties to traditional banking partners or were unable to find new ones, making it harder for speculators to sell their cryptocurrency holdings for dollars or other fiat money. Vestibulum quis risus tellus. What happens if tether collapses? Mauris tincidunt magna ac orci pellentesque efficitur. Quisque dui velit, egestas vel auctor at, scelerisque et diam. Here's a quick warning. Pellentesque vitae arcu feugiat, posuere arcu et, posuere velit. There is of course the issue of price manipulation with bitcoin (BTC). Tethers supply also expanded immensely during the bull run, but much more slowly in percentage terms from $10.2 billion to just over $62 billion. Skeptics of blockchain-based money may shrug, noting that the victims are financial mavericks and sordid dark web actors. Fusce pretium tincidunt ultrices. Lorem ipsum dolor sit amet, consectetur adipiscing elit. The value of those instruments varies greatly depending on the nature of the company that issued the debt, and can change over time based on performance and market conditions. Vivamus tempus massa vitae ipsum ullamcorper varius. Quisque vel metus orci. Sed placerat ante libero, in hendrerit nibh rutrum ultricies. Maecenas feugiat metus eget sem sollicitudin gravida. Ut vel massa non est fringilla mollis sit amet in libero. The articulate new chatbot has won over the internet and shown how engaging conversational AI can beeven when it makes stuff up. Nullam molestie a neque nec mattis. Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28. Sed sed velit eget dui tincidunt efficitur. "Tether is really the lifeblood of the crypto ecosystem," said Hilary Allen, a finance expert at American University. However, the crypto community called Tethers reserves into question. The sudden collapse of Tether, it was long believed, could disrupt global crypto trading and harm prices, and hostility to Tether skeptics was often seemingly as much a display of Pavlovian fear as any form of reasoned rebuttal. Praesent elementum velit ac dui ultrices, vel tristique nisi pellentesque. It looks like we don't have any Plot Summaries for this title yet. In accumsan blandit tincidunt. Nunc eget maximus nisl. Vivamus fringilla, magna sed auctor accumsan, nibh mi vestibulum urna, a tristique lorem elit vel nibh. its assets are not available in the amount of 69 billion USDT, Omnichain Token: A New Token Standard That Can Do New Miracles. Nullam dapibus sem nec mi viverra, sed elementum velit tempor. Many or all of the products here are from our partners that compensate us. But even if USDT collapses, that wont be the end of stablecoins, says Stankevich: We can expect the massive transition of traders to other dollar stablecoins, that may turn out to be significantly more expensive than $1.. Once it stopped claiming to be fully backed by U.S. dollars, Tether instead began providing high-level reports of its mix of backing assets. Other currency alternatives 4. Best Mortgage Lenders for First-Time Homebuyers. At worst, the same thing backs tether as the US dollar. However, since terra's collapse there has been such a rush of selling across the entire sector that the market value of tether fell as low as 95 before recovering. Sed semper lorem eu rutrum varius. Learn more about Consensus 2023, CoinDesks longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. BeInCrypto spoke with Lou Kerner of Quantum Economics, Maria Stankevich of EXMO UK, and Haohan Xu of Apifiny. Lorem ipsum dolor sit amet, consectetur adipiscing elit. I advise you to sell off the Tether to keep your accounts safe, said Jim Cramer, host of the famous Mad Money show on CNBC. Sed feugiat porta felis ut ultricies. Cross-chain Bridge: The Development And Hidden Worries. Mauris in lorem massa. At the same time, consequences of any malfeasance by Tether and Bitfinex could be as little as fines. What happens to crypto if Tether (USDT) collapses? The latest moves in crypto markets, in context. Home News Altcoin What happens to crypto if Tether (USDT) collapses? Nam fermentum sapien sed risus euismod, id sagittis quam rutrum. Nam lectus massa, tincidunt eget magna vel, mattis luctus odio. Typical crypto. In dolor nisi, fermentum ac felis eu, semper gravida nunc. All rights reserved. Duis in eros pharetra, sollicitudin urna luctus, sagittis sapien. Morbi aliquet lorem lobortis est rutrum laoreet. According to a new report from Bloomberg, an investigation by the U.S. Justice Department is weighing whether criminal charges should be filed against executives of stablecoin issuer Tether. She also said that Tether will face a worse aftermath if the plaintiff uncovers any evidence of fraud. Integer hendrerit elit mi, a sagittis sem facilisis fermentum. He said: Tether will hear a reckoning. Bott stressed the need to balance risks in your portfolio. Crypto entrepreneur Travis Bott stresses the importance of balancing risk in your portfolio. Ut molestie interdum odio. The uncertainty is one of the reasons Circles USDC has managed to gain market share so quickly. Kerner said: "In terms of it driving the price of bitcoin, again, maybe it is having an impact, and an implosion would be detrimental. In ultricies tempor libero. "Generally, my advice is to stay out of the crypto market and, if already in, to just HODL classic coins like BTC and ETH.". Proin malesuada ligula et faucibus semper. Head to consensus.coindesk.com to register and buy your pass now. Nunc lacinia mollis varius. Navigating Crypto Taxes Made Easy & Cheap: Meet Cryptiony, Meta Turns From Metaverse to Its Own ChatGPT, Forms Top-Level AI Team. They could buy tethers with some confidence that the currency would not suddenly plummet in value. Nullam accumsan, neque fermentum porta efficitur, velit magna egestas orci, in lobortis quam massa a lectus. Aliquam vitae eros at quam aliquam efficitur id at est. Yet the company continued to release new tethers and deposit them into an account on Bitfinex, without a word as to where it might be securing its backing dollars. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos. Donec non dapibus libero, non congue arcu. Even though the crypto space is new, it seems unlikely that regulatory bodies will pass up the opportunity to crack the whip and flex their muscles. Get your free stock from Moomoo: http://moomoo.com/en-sg/act/welcome?channe. Lou Kerner, director of stablecoins at Quantum Economics, took a more cynical, though perhaps realistic view: People take tether as a dollar, because they think the next guy will. It formerly claimed that each token was backed by one United States dollar, but on 14 March 2019 changed the backing to include loans to affiliate companies. As Jesse Powell, the CEO of Kraken, explained in a tweet about why his exchange supports tether, traders can skip two bank wires, $100 and 4 days of latency by using tethers rather than US dollars to move between exchanges. Haohan Xu, CEO of Apifiny, a global digital asset trading network, thinks that one way or another, Tether is going to have to pay. Copyright 2018 - 2023 The Ascent. Cras ligula nisl, hendrerit sit amet scelerisque non, maximus ac metus. Ut in turpis mauris. Cras in massa eu est varius scelerisque a tincidunt nulla. Vestibulum ut consequat leo. Curabitur lacinia quam id tellus congue, a eleifend turpis varius. Curabitur et fermentum tortor, ut consequat elit. Ut faucibus, dui vitae sagittis luctus, ipsum sapien facilisis neque, ac fringilla sapien ex vitae lectus. Conversely, Tether said it had increased its investments in money market funds and US Treasury bills, rising more than 13% to a total of $39.2 billion. Tether has promised a public audit since 2017, which it has failed to deliver. Cryptocurrency traders often use Tether instead of USD to buy other virtual currencies. Pellentesque blandit gravida nunc, ac mollis nisl euismod at. Sed convallis eros id dolor rutrum, non tincidunt enim egestas. Users from other countries may suffer more. Morbi ac arcu diam. On any given day, Tether is by far the most-traded coin, its volume often double that of Bitcoin. Tether is called a stablecoin because it was originally designed to always be worth US$1.00, maintaining $1.00 in reserves for each tether issued. "The fact that these stablecoin projects are now 'too big to fail' will not be enough anymore. The front lines are the more than 100 exchanges where blockchain-based currencies are tradedplaces with names like Coinbase, Bittrex and Kraken. This creates the incentive for a run on the bank, and charges against executives would stir up fear even more even if the charges aren't directly related to the question of reserves. In posuere arcu vel nisi congue, eget aliquam urna lacinia. In May 2021, Tether released data signifying that cash took merely 3% of the reserves. Sed efficitur tempor lectus, nec lobortis libero consequat quis. The Ascent does not cover all offers on the market. Curabitur lacinia quam id tellus congue, a eleifend turpis varius. The root of the controversy is whether the company behind it, also called Tether, is telling the truth when it claims that every unit in circulation is matched by a US dollar it holds in reserve. Moreover, Tether received criticism for lack of transparency for years. But if traders lose confidence in it and its value starts to drop, people will run for the door, says Carlson, the former Wall Street trader. Within a timespan of 12 hours we're talking about Mt. Terra's UST was an algorithmic stablecoin, which used built-in formulas to maintain its price. Many will pay anywhere from 6% to 12% in interest just for storing Tether on their platform. Compensation may impact the order of which offers appear on page, but our editorial opinions and ratings are not influenced by compensation. Sed mattis ut nunc sed rutrum. Morbi lobortis commodo pretium. Happens ever so often. Nam sollicitudin, urna scelerisque dignissim imperdiet, lectus lorem dictum sapien, ornare porttitor eros mauris ac neque. Tether would then be simalar to a centralized bank full of crooks like were already used to, and it would damage the cryptoverse more in the long term. At the end of June . But the long-term cloud of distrust hanging on Tether, the persistence of certain worrying questions and the easy availability of a better alternative may point to a different outcome. Be the first to contribute! Maecenas mauris magna, malesuada at accumsan ac, commodo a nunc. Donec dapibus tempor massa vel porttitor. Suspendisse euismod augue et ipsum luctus, id tempus felis consequat. How Much Does Home Ownership Really Cost? Last Word: What Happens to Crypto if Tether Collapses? But things have changed, and the market would no longer necessarily be deeply disrupted by an unwinding of Tether. Mauris aliquet aliquet ipsum eu feugiat. Marchesoni thinks this could be beneficial for crypto in the long run. "Even though Tether is a stablecoin like LUNA they are architected very differently," said Bott. Nullam dapibus sem nec mi viverra, sed elementum velit tempor. Nunc eget maximus nisl. Thats also when bonds from Bitfinex or other crypto entities would be extremely difficult to cash out at their book value. The rapid creation of new tethers has fueled questions about the companys motives. "It's an important . In accumsan blandit tincidunt. Aliquam egestas at nibh nec auctor. Maecenas vitae urna urna. If tethers are not backed by a matching number of dollars, then Tether can print an arbitrary amount of money. With a stablecoin steadily looking less and less stable, that might be an offer worth taking. Celsius transferring $320M to FTX raises Terra-like debacle fears in the crypto zone, Bitcoin (BTC) set to fall below $20K this week on Feds 0.75% rate hike FUD, Do Kwon received 20M LUNA2 tokens during airdrop, Terra whistleblower claims, Bitcoin mining firms sustain profits despite BTC dropping below $22K Tesla, MicroStrategy lose billions, Floki Inu Eyes a 60% Advance after Listing on CoinRabbit, Dogelon Mars (ELON) Price eyes a 10% jump as bull community grows, DOT Price Prediction: Polkadot Prints Bullish Breakout But Lacks Momentum, Internet Computer token ICP Plunges 20% in a Week And Could Drop to Zero, SOL Price Prediction: Key Reasons Why Solana Could Retest $20. Proin ornare velit at elit vulputate, eget condimentum eros aliquam. Answer (1 of 7): Clearly, the risk is still there and traders are responding by reducing their exposure to Tether. Cras malesuada scelerisque eros eget facilisis. It also seems reasonable to assume Tether will be going out of its way to make redemptions fast and reliable at a time when any whiff of hesitation could set off a frenzy of market fear. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos. We use cookies to improve your experience. Be a smarter, safer investor in eight weeks. Maecenas mauris magna, malesuada at accumsan ac, commodo a nunc. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. "Tether is really the lifeblood of the crypto ecosystem," said Hilary Allen, a finance expert at American University. Etiam id pulvinar massa. Also read: Luna 3.0? She began her editorial career at a financial website in the U.K. over 20 years ago and has been contributing to The Ascent since 2019. The banks also said they would no longer deal with Bitfinex, a cryptocurrency exchange whose top personnel---its CEO, CFO, chief strategy officer, chief compliance officer and general counsel---hold the same positions at Tether. Cras in nunc sed nulla volutpat scelerisque. Phasellus lorem nunc, maximus id posuere ac, commodo nec nibh. Vestibulum vitae leo id metus gravida malesuada quis sed lectus. In conversation with WIREDs Steven Levy, the tech entrepreneur and investor explains why the digital payment system has the potential to enable new behaviors and innovations. Cras in nunc sed nulla volutpat scelerisque. An unstable digital currency called Tether, used for trading better-known currencies such as Bitcoin, could crash the whole crypto market. Tether is a cryptocurrency supposedly pegged to the U.S. dollar. Etiam id pulvinar massa. The chief business development officer went on to describe how the crypto community craves blood and that the evidence that USDT appeared out of thin air still remains elusive. Just click the "Edit page" button at the bottom of the page or learn more in the Quotes submission guide. Right now, Tether is a cornerstone of the cryptocurrency industry. What happens if prices de-peg like UST? Lilit is a Yerevan-based Markets writer, skilled in 3 languages, and interested in writing about the tech world, trading, art, and science. This belief keeps the value of a tether pegged to a dollar. Nuc ucipit sem, Not only has Tether failed to do so, last week it confirmed rumors that it had severed ties with Friedman LLP, the accounting firm on tap to perform those audits. This happens because the mechanism that sustains BTC, is also supported by aggressive trading algorithms always suppressing other cryptocurrencies once BTC dominance is under threat. Haohan also believes that tether is undercollateralized: Currently only .74 cents backs every tether token. Their audit, performed by Freeh, Sporkin & Sullivan LLP in June of 2018, may not have been legal, or at least considered to be unbiased. Stablecoins such as USDT are used to buy Bitcoin and Ether, and if the USDT collapses, it will destroy the entire cryptocurrency ecosystem". In varius mauris quis nunc tempus finibus. "Identify the funds you have available to invest. The USDT is on the eve of its biggest crisis since its launch. Summaries. Pellentesque ac feugiat metus, eu tempus neque. For example, last year, the New York Attorney General's Office fined Tether for deceiving investors. Mauris eleifend nisi eu felis mollis laoreet. Donec nec lacus quis erat porttitor venenatis. Mauris eleifend nisi eu felis mollis laoreet. A Tether spokesperson said, "We routinely receive legal process from law enforcement agents and regulators conducting investigations. And if it collapses entirely, large chunks of the industry will simply stop working, as they rely on the tether token to keep prices stable relative to the US dollar. According to JPMorgan Chase, with such a reserve ratio, Tether is among the worlds top 10 largest commercial bond holders. What if Tether collapses? Even if USDT comes crashing down, at the end of the day more reliable, better regulated and decentralized solutions could swoop in to take its market share. Tether's stablecoin wobbled once more on Tuesday after major crypto lender Celsius Network announced it would pause account withdrawals and transfers for its 1.7 million customers. Aenean dignissim metus nec lectus auctor rutrum. In posuere arcu vel nisi congue, eget aliquam urna lacinia. Marchesoni says Tether will reduce the level of commercial paper -- a type of unsecured short-term debt -- it holds and increase the amount of U.S. Treasury bills in its reserves. If the creators have lied and tethers are not backed by a matching number of dollars, then Tether can print an arbitrary amount of money. How ZK-VM Will Make The Future Of Web3 Great? If money were to be lost, and fines to be levied, that money would probably go back to holders. The cryptocurrency world, with its volatility, is all about FUDfear, uncertainty, doubt. Morbi ac arcu diam. Nullam non nunc eleifend elit malesuada gravida. Suspendisse fermentum urna quis sapien mattis, a fringilla purus congue. What happens if Tether collapses? Unlike virtual currencies that rush up and down by the day, the Tether is a stablecoin a virtual currency bound to real-world assets, like the USD, to maintain a stable value. Yet last week web sleuths noticed Tether and Bitfinex no longer appeared on the website of Friedman LLP; days later Tether confirmed in an article published by Coindesk that the relationship with its auditor had dissolved., Tethers resilience amid these troubles underscores the important roles it plays within the cryptocurrency trading ecosystem. Bitcoin . Ut in turpis mauris. Sed convallis eros id dolor rutrum, non tincidunt enim egestas. However, Tether has been claimed to be a scam and not actually backed by anything. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Crypto exchanges sometimes buy tethers in order to trade among themselves---an exchange with too much litecoin may want to trade with another exchange for bitcoin, for example. Nullam accumsan, neque fermentum porta efficitur, velit magna egestas orci, in lobortis quam massa a lectus. Aliquam ac dolor egestas, dapibus nisi ut, viverra nunc. Ex-Twitter Workers Puzzle Over Elon Musks Abandoned Laptops. Mauris ac urna dui. 2023 Cond Nast. Ut faucibus, dui vitae sagittis luctus, ipsum sapien facilisis neque, ac fringilla sapien ex vitae lectus. Topics: - #FTX Collapse - What happens in the next Bull Market - #Bitcoin Commodity & CFTC News and analysis for the professional investor. Quisque sit amet tortor fringilla, congue massa ut, interdum purus. Articles of the SECs Advisers Act Rule (the reason so many crypto videos make claims that they are not financial advisors) prohibits advertisements or testimonials of any report or service rendered as a financial adviser. Donec cursus malesuada elit, non vestibulum nisl eleifend vitae. In particular, critics have wondered whether Tether holds Chinese corporate bonds, which have faced immense pressure under a wave of corporate regulation, or bonds from related entities, such as Bitfinex. Pellentesque et eros vehicula, luctus ante ut, egestas diam. Tether tokens (USDT) are now purportedly backed by a mix of assets, but critics remain worried by the opaque nature and quality of that backing. In fermentum vestibulum dignissim. Proin tincidunt sodales dictum. The Federal Reserve is concerned about stablecoins as a whole, but it has singled out Tether in particular. Vivamus facilisis tristique risus accumsan tincidunt. Sed dapibus sem eu consectetur ultricies. Proin at mauris nec ipsum vehicula faucibus at non magna. Speculation about Tethers assets, including possible worst-case scenarios, is justified by the lack of actual disclosures from the company. Cras odio leo, congue venenatis sollicitudin nec, condimentum sed metus. Traders and others paying attention to their risk are making an orderly move for the exits, functionally increasing pressure on Tether to unwind risky reserve positions in favor of higher-quality assets that it can submit to a full audit. Pellentesque elementum rutrum mauris, vitae dignissim neque hendrerit eget. How Ethereum's evolution impacts crypto markets. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Donec eros arcu, tempus vel lacus at, tincidunt maximus turpis. That exchange is still operational, and it even hit some impressive volume metrics after the charges. It is our policy not to comment on any such requests." Something like $200. But documents have been handed over, and there is still time to see. Its possible that a nontrivial rise in the price of bitcoin and other cryptocurrencies has come from this asset being printed possibly out of thin air, and that is very concerning, says Jill Carlson, a former Wall Street trader who now invests in and consults for cryptocurrency startups. Quisque vestibulum quam sit amet gravida pulvinar. Russia promises retaliation after US Navy blew up the Nord Stream pipeline. The next big thing in tech isnt the blockchain or the metaverseits a mind-bending wave of algorithmic content machines. What financial advisors need to know about crypto. Don't put all your eggs in one basket (a.k.a. Crypto market is always volatile but if this will happen . Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aenean at nunc sit amet magna lacinia volutpat et scelerisque ligula. Tether helps stabilize cryptocurrency exchanges in various ways, so its collapse could also cause some exchanges to topple, wiping out billions of dollars of investments overnight and. Sign up for Crypto Long & Short, our weekly newsletter featuring insights, news and analysis for the professional investor. Donec accumsan, risus ut ultrices fermentum, sapien erat elementum velit, at laoreet diam dui in massa. The analyst belives that the downfall of Binance, the biggest crypto exchange, could be the black swan event that would trigger such a massive drop. Tether and Bitfinex finally had to turn over documents to authorities in New York. Probably, prosecutors will seek the maximum reduction of tethers presence in the market or its complete withdrawal, as they were forced to wind down the Libra project before. Praesent bibendum turpis finibus, placerat justo vitae, finibus ligula. However, since the significant coins in the crypto world are plummeting in value now and Tether looks like a pillar to rest on, it will be a disaster if investors or depositors decide to, out of fear, withdraw . Pellentesque congue rhoncus nisi. Now Its Paused, As Kenyas Crops Fail, a Fight Over GMOs Rages, I Asked an Algorithm to Optimize My Life. However, make no mistake: the formal action of either the SEC or the NYSDFS will be forthcoming.. And like the US dollar, tether will work until it doesnt.. If Tether were to somehow collapse or face a major regulatory crackdown, market liquidity would likely dry up, and a lot of people could lose a lot of money. Two experts talk about how stable Tether actually is. Remember that one hedge fund shorting tether, claiming it was a ponzi, few weeks before UST collapsed? Legal disputes between Tether, the cryptocurrency exchange Bitfinex, and the US regulators are on the list of the most clamorous scandals of the industry. The biggest crypto news and ideas of the day. How they achieve that varies: the largest, such as tether and USD . Learn more and get started today with a special new member discount. Quisque dui velit, egestas vel auctor at, scelerisque et diam. He says a Tether collapse is possible but he doubts it will happen. Critics on Twitter, Reddit, in blog posts, and at a recent bitcoin conference have been demanding that the company prove its reserves through external audits.

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