Wares dealer and creator Peter Brandt contrasts holding the stablecoin Tether and holding naira. As per him, the individuals who hold Tether are holding a flimsy resource like the Nigerian Trinket.
Diminish said it is fools that are holding their riches even for the time being in the Tether stablecoin. He went further creation quip of the individuals who denounce the US dollar as a fiat cash yet hold tie.
It’s no uncertainty Tether has been associated with different discussions in any event, including it’s sister firm Bitfinex, for example, showcase controls, printing of new coins, absence of straightforwardness and so on.
Notwithstanding the discussions, Tether being the first stablecoin has kept on indicating quality and stay even pertinent in the crypto business.
But to Peter Brandt, whoever holds his wealth in Tether should sleep well because their wealth “will sit overnight with a patch-work of exchanges not subject to regulatory authorities and for whose financial strength you know little about.”
Peter Brandt’s statement presents some interesting topics of discussion about cryptocurrency exchanges and Tether. Consumer protection is a priority for regulators in granting regulatory licenses to businesses, however, not all exchanges where Tether is listed are regulatory compliant. Also, Tether itself not being transparent in an industry that takes pride in trust is somewhat inconvenient.
It’s no doubt the Naira has continued to fall in value against other fiat currencies. The inflation rate continues to run its course in the country thus weakening the purchasing power of the most populous black nation on the planet.
Over the past 6 years, the naira has lost over 50% of its value and this was even made worse with the global economic shutdown as a result of the coronavirus pandemic.
Though the government is implementing measures to protect the wealth of its citizens, at the moment, the case is still better than that of Venezuela.