Best Crypto to Buy Now 17 May – Conflux, Render, Litecoin
Tether, the largest stablecoin issuer and one of the most controversial companies in crypto, announced a new investment strategy today: the company will allocate up to 15% of its reserves to buy and hold Bitcoin.
The strategy moves away from Tether's long-held conservative investment approach and shows that the company believes that Bitcoin is the future and offers more upside than any other cryptocurrencies.
In light of this new development, what are the best cryptos to buy now?
Tether's new approach to diversifying its reserves is not without deep consideration seemingly.
The company's Chief Technology Officer, Paolo Ardoino, cited Bitcoin's robustness, decentralized nature, and escalating popularity among both institutional and retail investors as the motivating factors behind this decision.
Reflecting on Bitcoin's inherent limitations on supply, he acknowledged the pivotal role the digital asset plays in the current financial market.
As the end of March came into focus, Tether's reserves stood at approximately $82 billion.
It had also revealed, in a recent first-quarter attestation, that it held $1.5 billion worth of Bitcoin and $3.4 billion in gold.
However, the lion's share of Tether's reserves, amounting to $69.3 billion, is held in liquid assets like short-term U.S. Treasury bills, which have been yielding substantial returns over the past twelve months.
The company has clarified that the newly procured Bitcoin tokens will be managed and stored by Tether itself.
These tokens will be supplemental to the main, essential assets kept in reserve to support the USDT.
The firm's Bitcoin holdings are also expected to remain within the boundaries of its shareholder capital buffer, which Ardoino divulged stands in excess of $2.5
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