Bloomberg Says Tether Poised To Overtake Ethereum

Bloomberg Says Tether Poised To Overtake Ethereum

Bloomberg Says Tether Poised To Overtake Ethereum in the near future.  Bloomberg is a major media house that has recently become more and more interested in cryptocurrency. They have been consistently researching and reporting on bitcoin and other cryptocurrency. Recently they released a report predicting that Tether could overtake Ethereum. This is in terms of market capitalization. It would make Tether the second most popular cryptocurrency in the world.

Many in the cryptocurrency industry believe that for cryptocurrency to go mainstream, there needs to be a de facto stablecoin. Tether has slowly built itself to serve that purpose. Just recently, it overtook XRP (Ripple) to become the third most popular cryptocurrency in the world. Now, Bloomberg says it is only a matter of time that it will rise to the second position. More and more people are starting to buy on cryptocurrency exchange and Bitcoin ATMs that offer it.  It seems like the industry is maturing after all and real use cases are being explored.

The Digital Dollar – Tether (USDT)

Around the globe, people are clamoring to transact in cryptocurrency. Merchants, traders, investors, and retail players all want to begin using cryptocurrency in daily life. However, the historic volatility of cryptocurrency has stopped them in their tracks. For real-world transactions to take place, there was a need for something stable. There was a need for something like a dollar but in cryptocurrency form.

Tether (USDT) fulfills that demand. And the adoption by regular people is proof that it simply works. As more and more people bring fiat into USDT, its market capitalization keeps on increasing. At the beginning of 2020, USDT’s market cap was just above $4 billion. Now, at the time of writing, its market cap stands at $9.2 billion. That’s a significant rise in just five months. And unlike other cryptocurrency, it hasn’t been due to a price rise, but due to new fiat coming in.

It seems like Tether has taken on the role that Bitcoin was designed for. It has become an e-cash network that people use without any intermediary. That’s how the industry has matured and evolved so far. And from the looks of it, this might just be a start. If USDT truly becomes the preferred cryptocurrency for daily transactions, it could achieve a market cap in the trillions. It’s just a matter of time.

Tether (USDT) to Rise

Bloomberg went on to say that they don’t see much upside in the ETH price. In the report, they said, “We see little upside in the ETH price absent a rising tide from Bitcoin. The pre-eminent cryptocurrency is breaking away from the pack in terms of adoption and is supported by almost-ideal macroeconomic conditions for stores-of-value amid quantitative easing.”

The relative strength of the dollar despite the endless printing by the Federal Reserve could have helped USDT rise. People could be wanting access to the dollar and the best way to do is to buy Tether. It is literally linked to the dollar and so, people get easy exposure. Such use cases are what could propel Tether to new heights.

Bloomberg Says Tether Poised To Overtake Ethereum