Paolo Ardoino, the chief executive officer of stablecoin giant Tether, has in a recent X post shared a rare perspective on Bitcoin’s strength. The post comes amid the unstable market condition, sparking reactions from market participants.
According to the post, the crypto veteran has declared Bitcoin as “undefeatable,” establishing trust in the world’s leading cryptocurrency despite heightened uncertainties caused by the frequent market slump.
Bitcoin stands tall in the face of volatility
Although Bitcoin has continued to trade sideways in the past days, Ardoino’s bullish statement on the asset highlights its long-term strength and resilience against persisting macroeconomic hurdles.
While the post has sparked discussions across the crypto community, it has seen support from commentators who have highlighted Bitcoin’s unmatched resilience in the face of high market volatilities. Notably, market participants have expressed strong interest in Bitcoin's long-term potential, with beliefs that it can only be moved by short-term pressures.
However, other commentators have expressed caution regarding Ardoino’s Bitcoin statement, with claims that the idea of Bitcoin being undefeatable might be overconfidence among investors.
Other comments suggest that future innovations might beat Bitcoin’s strength, as nothing is guaranteed to last forever.
While Ardoino has long advocated for Bitcoin, his bullish stance on Bitcoin is evident in Tether’s significant Bitcoin reserve, as the firm has continued to stack up on the asset regardless of the broad market condition.
Following its latest Bitcoin purchase, the firm has accumulated nearly 80k BTC. As such, its total Bitcoin holdings are worth over $9 billion as of writing time, according to data provided by Arkham Intelligence firm.
Among reputable industry leaders who have amassed the highest amount of BTC over time, Tether joins the lead as one of the top 10 largest Bitcoin holders in the industry, with Bitcoin staying on the top list of its crypto portfolio.
Nonetheless, the leading cryptocurrency has shown a slight increase in its price over the last day as it is seen trading steadily around the $115,000 mark, according to data from CoinMarketCap.
The token has stayed on the positive side for the most part of the day and has continued to flag bullish signs as investors expect a rapid upsurge soon.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team