With over half a million followers on Twitter, Peter Brandt is a well known career trader who often tweets valuable insights about the markets. In a recent tweet, Peter took a stance on Tether calling it a useless mind fart. Choice Words From Iconic Trader Peter Brandt According to Peter, the concept of converting a traditional fiat currency such as the dollar or the euro into a digital fiat unit such as Tether, just in order to protect its store of wealth against inflation, is a meaningless process as it serves no purpose. Circular reasoning – TETHER The idea that we convert one fiat currency unit (USD, EUR, et al) into another fiat currency unit (tether) so as to protect the store of wealth of the first fiat currency unit is nothing but a gigantic mind fart. — Peter Brandt (@PeterLBrandt) August 16, 2021 Though there are many who agree with Peter’s tweet, a few have valid arguments against it. One user argues that stable crypto assets exist to allow people to take their local currency digital in a somewhat trustless way. The trust is at the issuer level instead of having to worry about that risk at every digital platform one might use. Related Reading | Peter Brandt: 99% of Altcoins Will Be Forgotten in Five Years Another Twitter user argues that no one really converts traditional fiat into stablecoin to protect their store of wealth, that Tether and other stables are just a nonvolatile bridge asset between ...
