The demand of Tether gold-backed stablecoin has risen up in demand. It was valued at $1,902 on July 24. The price has put the gold in reach of the commodity’s all-time high set in September 2011.
According to The Wall Street Journal, the commodity set a new record for closing price at $1,897.50 on July 24, but has yet to reach its record intraday high of $1,921 from 2011.
“In times of uncertainty, people like having accessibility to gold,” said Paolo Ardoino, Tether Chief Technology Officer (CTO). “Tether Gold is clearly a product that resonates in these times.”
The price of Bitcoin (BTC) briefly rose above $10,000 today after a particularly long stretch of low volatility between $9,000-$9,500.
However, for gold bugs like Peter Schiff, traders who invest in Bitcoin are not looking for stability. He said that investors aren’t going to “get rich on gold” — or, consequently, gold-backed stablecoins — but they assume less risk in losing more from volatile crypto prices.
Today Schiff continued to push the idea that “a big drop” in BTC price was inevitable:
Meanwhile, Tether’s USD-backed stablecoin (USDT) reached a market capitalization of more than $10 billion on July 22.
