According to a recent report, Tether has become the largest purchaser of US Treasuries. This news comes as a surprise to many in the financial world, as Tether is a stablecoin that is often used as a substitute for the US dollar in cryptocurrency transactions. The report suggests that Tether’s move into US Treasuries is a way to diversify its holdings and mitigate risk. The news also highlights the growing influence of cryptocurrency in traditional finance.
Tether Becomes the Biggest Buyer of US Treasuries, Says Report
Gurbacs observed that, should Tether be regarded as a sovereign nation, it would undoubtedly rank among the top 30 possessors of U.S. Treasury bonds.
As per the latest analysis by Bloomberg, overseas central banks have been disposing of their Treasury assets in order to obtain cash from the Federal Reserve as a measure to alleviate banking disruption.
The latest data suggests that foreign investors have reduced their exposure to Treasury securities, with holdings declining by $76 billion during the week ending March 22, resulting in the most significant weekly drop since 2014.
Joseph Abate, the Managing Director of Barclays, a British multinational universal bank, notably stated that the borrowing was simply a precautionary measure.
The central bank wanted to build a war chest of available dollars in case the banking crisis deteriorated but did not want to fire sell its Treasuries.
According to Gurbacs, Tether has acquired the most significant portion of U.S. Treasuries. He emphasizes that the U.S. should acknowledge Tether’s contribution in purchasing and retaining these assets. To support his claim, Gurbacs presents a chart that illustrates the foreign central banks’ sales of U.S. Treasuries, which was previously shared by renowned investor Willem Middelkoop.
Foreign banks have been offloading Treasuries, with Russia already having sold its entire holdings and China continuing to sell. Middelkoop predicts that the FED will soon have to step in as a buyer and warns that debt monetization should be seen as a last resort, akin to a nuclear option.
The creator of Dogecoin recently made a statement that if DOGE is considered a security, then Bitcoin should also be considered a security. This comes amid ongoing discussions and debates within the cryptocurrency industry about the classification of various digital assets. The Securities and Exchange Commission (SEC) has been taking a closer look at cryptocurrencies, and the outcome of their investigations could have significant implications for the industry as a whole. The debate over whether or not Dogecoin and other cryptocurrencies are securities is likely to continue, as regulators and industry experts grapple with the complex nature of these emerging assets.
‘If Dogecoin is a Security, Bitcoin is a Security,’ Says DOGE Creator
“Analysis of Billy Markus’ Response in the Cryptocurrency Community”
Shibetoshi Nakamoto, the co-creator of Dogecoin, has recently responded to claims made by a Bitcoin maximalist, stating that DOGE shares the same codebase as Bitcoin and was created as a parody without any pre-mined tokens or profit expectations.
Markus opined that in the event dogecoin is classified as a security, it follows that bitcoin would also fall under that classification.
McShane must divert his offensive efforts towards more suitable targets, such as Senator Elizabeth Warren, who has employed crypto-critical rhetoric as a central aspect of her political agenda. The co-founder of Dogecoin has issued a plea for McShane to reconsider his focus.
dogecoin is almost 100% bitcoin code, with a dog on it. fairly released, no premine, made as a literal joke.
if dogecoin is a security, bitcoin is a security.
if you don’t want to self-own, maybe don’t attack doge and attack elizabeth warren.
— Shibetoshi Nakamoto (@BillyM2k) April 4, 2023
Furthermore, it has been suggested by others in the field of cryptocurrency analysis that DOGE may also fall under the category of a security.
“The DOGE Case: A Multi-Billion Dollar Analysis”
It is worth noting that Musk is currently embroiled in a $258 billion lawsuit, with the plaintiff claiming that DOGE is a security. Musk’s legal team has vehemently denied this assertion.
The investor is seeking recompense after claiming to have incurred losses by investing in the dog-themed memecoin, purportedly due to Musk’s tweets. As per Reuters’ report yesterday, the defendant’s counsel has implored a Manhattan judge to reject the lawsuit, contending that Musk’s tweets do not constitute financial advice.
Despite legal concerns, Musk remains undaunted in his promotion of Dogecoin, fueled by his well-documented affection for the cryptocurrency. The community eagerly awaits news of a potential integration with Twitter, which has been the subject of much speculation. While Musk has fanned the flames of this excitement, there is currently no concrete evidence that such an integration is imminent.
The recent hype surrounding Dogecoin, fueled by billionaire Elon Musk’s tweets, has brought attention to a mysterious wallet that once held $24 billion worth of the cryptocurrency. It is unclear who owns the wallet or why such a large amount of Dogecoin was accumulated. While some speculate it could be an early investor or a whale manipulating the market, others believe it could be a dormant wallet or even a lost fortune. Regardless, the wallet has piqued the curiosity of many in the crypto community and highlights the potential for large sums of money to be hidden away in the world of digital assets.
Elon Musk’s Dogecoin hype draws attention to mysterious wallet that once held $24 billion
Accusations of manipulation against Musk.
The current topic of discussion among the crypto community revolves around Musk’s connection with Dogecoin, which has resulted in a class action lawsuit in a federal court in New York. Those who purchased Dogecoin in this case have accused Musk of manipulating the market through his promotion of the coin, ultimately creating a pyramid scheme.
The complaint contends that following the debut and initial coin offerings of the dogecoin investment contract, Musk took charge of this multi-billion-dollar racketeering venture that purposefully manipulated the market to propel the dogecoin price from $0.002 to $0.73 in just two years, yielding a massive 36,000% surge.
Musk joined forces with the Dogecoin Foundation Inc. in 2018 and later tweeted, “Dogecoin might be my fav cryptocurrency. It’s pretty cool” and “Dogecoin Rulz,” causing the coin’s value to skyrocket in just three days. The lawsuit contends that Musk realized the power of his tweets and used them to manipulate the market.
In the coming years, Elon Musk tweeted optimistic quips about dogecoin, which eventually led to a staggering market cap of $95 billion by May 2021. The so-called “Musk Effect” is said to have triggered a 2,000-fold surge in peak daily trading volume and a nearly 400-fold increase in peak market cap, according to the lawsuit.
“Following Musk’s appearance on Saturday Night Live, where he referred to dogecoin as a ‘hustle’, the market capitalization of Doge plummeted by nearly 50% to $45 billion in just four days. Within a year, 90% of the gains made by Dogecoin had been lost. At its peak, the market cap of dogecoin approached $90 billion, as reported by CoinGecko.”
Analysis: Is DH5ya Elon Musk’s Cryptocurrency Wallet?
As per our analysis, it has been alleged by the plaintiffs that Mr. Musk initiated a dogecoin wallet in 2019 with an address that starts with DH5ya, based on the information and belief. These claims have also been previously brought to light on Twitter by an on-chain researcher who goes by the name “lookonchain.”
The plaintiffs contend that the wallet’s transactions are indicative of Musk’s ownership. Evidence includes a 28.061971 DOGE transaction that aligns with Musk’s birthdate and a transaction containing the message “Hi Elon.” The lawsuit asserts that the wallet was involved in six 69-coin transactions and two 420-coin transactions. Additionally, there was one transaction involving 80085 coins, an alternate spelling of “BOOBS,” which the suit alleges is consistent with Musk’s irreverent sense of humor.
The wallet under examination contains approximately 50,300 DOGE, valued at just below $5,000 based on the latest DogeChain explorer statistics.
In May 2021, the wallet boasted a staggering $24 billion worth of dogecoin.
Tesla and Musk have confidently moved to dismiss the case, deeming it a mere figment of the imagination. A motion filed last Friday affirms that the wallet in question does not pertain to Musk, but rather, to Robinhood.
It’s plausible that Musk may have conducted transactions through Robinhood via the wallet, as the social investing platform holds users’ private keys on their behalf. Consequently, the ownership of the wallet may not necessarily belong to Musk.
The Robinhood main wallet, which serves as the primary hub for consolidating its DOGE holdings, can be found at DPDLBAe3RGQ2GiPxDzhgjcmpZCZD8cSBgZ. With a staggering $3.3 billion worth of DOGE held within, this wallet represents 24% of the circulating supply according to data from Dogecoin Whale Alert.
“Analysis of Musk’s Dogecoin-Endorsing Tweets”
After a prolonged period of silence following the logo alteration, Musk took to Twitter to reference a prior tongue-in-cheek tweet he had made regarding the same matter. This post, which quickly amassed over 500,000 likes and nearly 50 million views, elicited considerable attention from the public.
Elon Musk has provided no further details regarding the aforementioned modification, and Twitter has also refrained from making any statements. The future of the new logo remains uncertain as of now, while the majority of the corporation’s branding strategies are still in line with the iconic blue bird emblem.
Tesla, the automotive company founded by Musk, has shown growing interest in dogecoin in recent years. Not only does the electric car manufacturer accept DOGE as payment for its merchandise, but it also holds a significant amount of the cryptocurrency in its reserves, although the exact amount has not been disclosed.
