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Peter Schiff criticizes Tether, stating that its increase in BTC reserves is a manipulative behavior.
Odaily Planet Daily News, gold supporter and cryptocurrency critic Peter Schiff commented on the issue of 'Tether purchasing 7,629 BTC worth $705 million as reserves' in a post on X, saying, 'Yes, more manipulation. They created Tether (USDT) out of thin air and used it to buy BTC. This is the Tether version of quantitative easing. It will not end well for Tether or BTC.' It also added, "By definition, the Tether (USDT) they use to purchase BTC is not backed by anything other than the BTC obtained through the purchase."