From Legal Tender to Policy Reversal: El Salvador’s Bitcoin U-Turn
Tether reported $13 billion in 2024 profits, driven by Bitcoin, gold, and Treasuries. Meanwhile, El Salvador revoked Bitcoin’s legal tender status, citing volatility and adoption struggles. ETH is underperforming the market, with speculation of trading firm liquidations.
Tether earned $13 billion in 2024
Tether Holdings Limited released its assurance opinion by BDO for the fourth quarter of 2024.Key figures
- Yearly net profits exceeding $13 billion, where
- Gold and Bitcoin holdings generated unrealized profits of approximately $5 billion
- Treasuries and repo agreements contributed $7 billion
- Other traditional investments of the Group contributed another $1 billion
- Tether’s excess reserve buffer exceeded $7 billion
- Tether’s exposure to U.S. Treasuries reached $113 billion in direct and indirect holdings
El Salvador cancelled Bitcoin's legal tender status
President Nayib Bukele of El Salvador has reversed his government's landmark 2021 decision to adopt Bitcoin as legal tender, according to an article from El País dated January 30, 2025.
The move marks a significant policy shift, abandoning Bitcoin's status as an official currency alongside the US dollar. Potential reasons for the reversal include Bitcoin's extreme volatility, technical challenges in implementation (e.g., the Chivo wallet), limited public adoption, and pressure from international institutions like the IMF.
The reversal underscores the complexities of integrating cryptocurrency into a national economy, though the government’s Bitcoin reserves (if retained) could remain a contentious economic factor. This summary is inferred from the article’s title and historical context up to 2023.
ETH is done?
Whole market is dumping but ETH is dumping harder
Arthur Hayes is suggesting during the lowest point, there might trading firm getting liquidated on their ETH https://x.com/CryptoHayes/status/1886297358427906108
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