Senior Commodity Analyst for Bloomberg Mike McGlone reminded the audience at an event that the U.S. dollar is the most traded currency in the world. McGlone was a speaker at the Bitcoinday Miami this week with a panel of experts discussing Bitcoin, Tether, and cryptocurrencies.
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As the panel spoke about the global market’s volatility, an analyst highlighted the use of the Tether stablecoin USDT. The Bloomberg analyst quipped in and pointed out that Tether’s USDT trades twice as much as Bitcoin at any given point in the markets. For the uninitiated, the Tether’s USDT is pegged 1:1 to the U.S. dollar and is a stablecoin for transactions.
The Commodity Strategist appreciated Tether’s stablecoin and said that the U.S. dollar beats Bitcoin and the USDT every day. He said that the world trades in the U.S. dollar because it is the least worst of all fiat currencies.
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“Right now, I can have access to the U.S. dollar any place in the world from my phone (with) Tether,” he said. “Tether is the number one trading token. It’s the number one trading cryptocurrency. It doubles the value in a typical day over Bitcoin. It’s the dollar. The whole world has gone to the dollar. Why? Because it’s the least worst of all fiat currencies,” said McGlone during the panel discussion.
Currency: U.S. Dollar King, Not Bitcoin, Says McGlone
The Commodity Analyst later took to Twitter highlighting the importance of the U.S. dollar in the currency markets. “Bitcoin who? The dollar is the most widely traded cryptocurrency,” he tweeted referencing to Tether’s USDT. McGlone revealed that Bitcoin has more chances of a steep correction if the U.S. stock market crashes.
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“Bitcoin trades three times the volatility of the stock market on a normal basis. So, when—I didn’t say if—the stock market has a normal correction versus GDP, Bitcoin is more likely to go down initially. Gold is more likely to go up,” he said.