- Tether CEO Paolo Ardoino expects further inflows into spot bitcoin-ETFs.
- He predicted the integration of bitcoin into traditional finance.
- The number of companies publicly holding bitcoins in their portfolios will also increase, Ardoino said.
Tether CEO Paolo Ardoino expects further capital inflows into spot bitcoin-ETFs in the US. This is reported by The Block with reference to the speech of the CEO of Tether at one of the online conferences.
According to Ardoino, fund managers are interested in further adding bitcoins to their portfolios. Tether CEO predicted the integration of the first cryptocurrency into the sphere of traditional finance. In doing so, hedge funds, various corporations and even pension funds will show interest in digital gold, he said.
In addition, companies will start to publicly store bitcoins on their balance sheets. Right now, there are few such firms. According to CoinGecko, they include MicroStrategy, Tesla, as well as mining companies Riot Platforms, Marathon Digital, Hut 8 and others.
Earlier we reported that Tether holds 66,465 BTC on its balance sheet, while MicroStrategy holds 193,000 BTC. That said, the latter’s founder Michael Sailor said that he is not interested in selling bitcoin in the short term.
“Now every company can start adding some bitcoin to their balance sheet. I think that number will grow over time,” Ardoino said.
At the time of writing, spot bitcoin-ETFs in the U.S. have already accumulated over 300,000 BTC. Meanwhile, on two consecutive days, February 26 and 27, 2024, the daily trading volume of spot bitcoin-ETFs exceeded $2 billion.
On February 28, the bitcoin rate broke through $58,000 on the back of increased volumes and then soared to $59,000. Note that within a day the first cryptocurrency rose in price by more than 5%, for a week – by more than 15%.
Recall, Incrypted editorial staff collected the opinions of experts on the possible reasons for this rapid growth:
