Peter Schiff has taken to Twitter to share his take on Tether’s USDT prospects in becoming the second largest digital currency and sitting next to Bitcoin.
Will Tether surpass Ethereum by market cap?
He has reminded his half a billion followers that Tether’s market cap is over 50 percent higher than that of the fourth largest crypto – BNB.
In order to take Ethereum’s place, Schiff continues, USDT, the most popular stablecoin pegged to the USD, needs to increase its cap by another 40 percent. The gold bug Schiff reckons that USDT moving to the second spot in the top ten is even more likely if Ether loses its 2021 gains.
Schiff believes that Bitcoin is certainly bound to drop below the highs reached this year.
In December 2020, Schiff was acknowledged a Bitcoin influencer by Lunarcrush platform.
Bitcoin retreats below $30,000
The flagship cryptocurrency has just declined below the $30,000 level, which has not been seen since January this year.
The reason for the continuation of the BTC drop initiated by Elon Musk’s environmental concerns is the fact that the Chinese government has been clamping down on Bitcoin miners recently.
Having forbidden them to access various energy sources, including renewable ones, China is forcing miners to leave for friendlier jurisdictions, such as Canada and Kazakhstan.
Due to this, Bitcoin hashrate has seen a major dump.
At the time of writing, the king crypto is changing hands at $29,592 per coin, as per CoinMarketCap. The second largest crypto Ethereum has been sitting below the $2,000 mark for a while already.
At press-time, ETH is trading at $1,762, showing a 10-percent decline in the past 24 hours.
BNB, fourth largest crypto, has lost 22.13 percent over the same period of time. So have Cardano’s ADA and XRP that follow BNB in the top-ten list of coins.