According to Tether’s CTO, amidst the current banking crisis and global economic uncertainty, Bitcoin’s exchange rate may exceed its previous record of $68,000.
Speaking at a conference in Paris, Paolo Ardoino noted that many traditional investors are now afraid of large banks collapsing.
He also added that while it has been said before that Bitcoin is an asset to hedge against inflation and traditional economic problems, it’s time to prove that the first cryptocurrency is capable of becoming such an asset.
Despite being skeptical about some colleagues’ statements about Bitcoin reaching $1 million in 90 days, Ardoino believes that the BTC rate could reach new heights within a year.
However, he also noted that if Bitcoin reaches $1 million in three months, it could lead to the collapse of the entire economy, which is not desirable.
Nevertheless, given the current economic and political uncertainty, he looks positively at Bitcoin and believes that it could easily surpass its previous peak and test these levels.
Paolo Ardoino also shared that Tether currently has excess reserves of $1.6 billion, ensuring the stability of their USDT stablecoin.