8 November 2024 – Tether, the largest company in the digital asset industry today announced that its Investment division has financed a physical crude oil transaction between a publicly traded super-major oil company and a top-tier commodity trader. Completed in October 2024, the transaction was to facilitate the loading and transporting of 670,000 barrels of Middle Eastern crude oil, valued at approximately $45 million.
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We've had a ton of Tether FUD thrown around over the past couple of years, as much as Mt. Gox FUD honestly, and every time, it’s been proven that "number go up" despite the doubts cast on the crypto market. But it’s not just about "number go up." Utility matters too.
Tether’s latest USDT-for-oil transaction proves stablecoins are real money. Why shouldn’t they be? They may exist in the virtual world, but as long as you can redeem them for physical goods, they’re as real as any currency to me. I use crypto for daily payments.
Before I had the Crypto.com card, I used the Binance Visa card. While Crypto.com converts your chosen crypto to EUR or GBP on your behalf, the Binance card let you directly spend cryptocurrencies. I remember when Binance’s card was available worldwide; users could choose from various cryptos and even set a spending order.
Maybe Bitcoin maxis should ask why we haven’t seen any Bitcoin-to-oil transactions like Tether. Guess it’s because Bitcoin isn’t money, but...
"I am announcing that if I am elected it will be the policy of my administration, United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future. This will serve in effect as the core of the strategic national bitcoin stockpile."
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As Trump seems to imply in the above quote, Bitcoin has proven to be a reliable wealth-preserving asset. The dollar, like all fiat currencies, keeps devaluing over time, while Bitcoin steadily appreciates.
Currently, the U.S. government holds about 200,000 Bitcoin seized over the years—a nice addition to any treasury. Now, for those who've been following Trump, you might wonder, what happened to his stance from four years ago?
Well, probably the same thing that happened to Larry Fink, who did a full 180 on Bitcoin. It’s better to admit a shift in perspective on a relatively new idea and take advantage of its opportunities than to deny its value endlessly, like Peter Schiff, and miss out on generational wealth.
Mass adoption of crypto is underway, and we'll continue to see blockchain technology use cases grow over the years. While change may not happen overnight as we’d like, the momentum is building. Rebuilding a system takes time, but we’ll eventually get there.
Trump remains a firm believer in the dollar and was ultimately swayed to take a bullish view on crypto, and that’s a step in the right direction. That’s all from me for now—have a great day, and see you next time.
Thanks for your attention,
Adrian
