Earlier on 24th July, Tether Gold stablecoin was valued at $1,902, putting the worth of gold accessible of the commodity’s all-time high set in September 2011.
Gold has risen 22.7% from $1,550 USD to $1,902 USD since Tether Gold [XAUT] – a stablecoin permitting ownership of 1 troy of gold held during a Swiss vault managed by the corporate – was released earlier on 23rd Jan. Consistent with The Wall Street Journal, the commodity set a new record for price at $1,897.50 USD on 24th July, but has yet to succeed in its record intraday high of $1,921 USD from 2011.
The surge comes just three days after the United States government announced a second stimulus bill to counter the economic impact of the coronavirus outbreak.
“In times of uncertainty, people like having accessibility to gold,” said Paolo Ardoino, Tether CTO. “Tether Gold is clearly a product that resonates in these times.”
Bitcoin, Gold Or Tether Gold [XAUT]
However, for gold bugs like Peter Schiff, traders who invest in Bitcoin aren’t trying to look forward for stability. He said that investors aren’t getting to “get rich on gold” – or, consequently, gold-backed stablecoins — but they assume less risk in losing more from volatile cryptocurrency prices.
Today Schiff continued to push the thought that “a big drop” in BTC price was inevitable.
Meanwhile, Tether’s USD-backed stablecoin [USDT] reached a market capitalisation of over $10 Bln on 22nd July.