{"id":48764,"date":"2021-09-02T14:47:47","date_gmt":"2021-09-02T11:47:47","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=48764"},"modified":"2025-09-02T09:05:49","modified_gmt":"2025-09-02T06:05:49","slug":"bloomberg-strategist-rising-usdt-transactions-boost-the-dollars-value","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bloomberg-strategist-rising-usdt-transactions-boost-the-dollars-value\/","title":{"rendered":"Bloomberg Strategist: Rising USDT Transactions Boost the Dollar\u2019s Value"},"content":{"rendered":"<p>Dollar-pegged stablecoins bolster the value of the U.S. dollar. This was stated by Mike McGlone, Bloomberg Intelligence&#8217;s senior commodity strategist, <a href=\"https:\/\/blockworks.co\/bloombergs-mcglone-says-ethereum-will-flip-bitcoin-when-the-world-transacts-with-usdt\/\">writes<\/a> Blockworks.<\/p>\n<blockquote>\n<p>\u201cDigital-dollar transactions are only a matter of time. The U.S. government should start regulating this market, and then we will crush China,\u201d McGlone said.<\/p>\n<\/blockquote>\n<p>According to him, dollar-pegged stablecoins dominate among other similar assets.<\/p>\n<blockquote>\n<p>\u201cBitcoin is moving confidently toward becoming a global digital reserve asset. Through dollar-pegged stablecoins, such as Tether, crypto assets enhance the value of the dollar. Already, the most traded coins are the digital versions of the dollar,\u201d McGlone contends.<\/p>\n<\/blockquote>\n<p>The current market capitalization of USDT, according to <a href=\"https:\/\/coinmarketcap.com\/ru\/currencies\/tether\/\">CoinMarketCap<\/a>, stands at $65.77 billion, nearly five times higher than a year ago. In Bitcoin terms, this metric rose from 1.2 million BTC in 2020 to 1.38 million BTC in 2021.<\/p>\n<p>According to McGlone, since its launch, Tether\u2019s market capitalization has grown and, in the long run, has correlated with rising Bitcoin prices.<\/p>\n<p>Earlier, Mike McGlone called <a href=\"https:\/\/forklog.com\/en\/news\/bloomberg-strategist-says-ethereum-could-hinder-bitcoins-path-to-100000\">Ethereum an obstacle to Bitcoin&#8217;s rise to $100,000<\/a>.<\/p>\n<p>Subscribe to ForkLog&#8217;s news on Telegram: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog Feed<\/a> \u2014 the full feed of news, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog<\/a> \u2014 the most important news, infographics and opinions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dollar-pegged stablecoins boost the value of the U.S. dollar, according to Bloomberg Intelligence senior commodities strategist Mike McGlone.<\/p>\n","protected":false},"author":1,"featured_media":48765,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1569,1334,1138,807,1245],"class_list":["post-48764","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bloomberg","tag-digital-dollar","tag-opinions","tag-stablecoins","tag-tether-usdt"],"aioseo_notices":[],"amp_enabled":true,"views":"39","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/48764","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=48764"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/48764\/revisions"}],"predecessor-version":[{"id":48766,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/48764\/revisions\/48766"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/48765"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=48764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=48764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=48764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}