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Government allocates GH¢22m for the rehabilitation of forts and castles - Nsemkeka
Government allocates GH¢22m for the rehabilitation of forts and castles – Nsemkeka The government has made available GH¢22 million for the rehabilitation of six forts and Castles across the country. The rehabilitation works would focus on repairing cracks and tears, reroofing and transforming portions of the existing facilities into museums and tourism sites to tell the African story. Mr. Kwesi…
Allocates Up To 15% Of Profits For BTC Purchases
Allocates Up To 15% Of Profits For BTC Purchases
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Tether, the company managing the reserves of the world’s largest stablecoin USDT, has announced a new investment strategy aimed at strengthening its reserves portfolio. Tether will now allocate up to 15% of its net realized operating profits toward purchasing Bitcoin (BTC) regularly. This move is expected to diversify Tether’s reserves, which currently hold approximately $1.5 billion in BTC.
Tether’s Q1 2023 Assurance Report highlights the company’s commitment to maintaining a strong shareholder capital cushion while increasing its Bitcoin holdings. The report also notes that Tether takes possession of the private keys associated with all of its Bitcoin holdings, reflecting the company’s philosophy of “not your keys, not your Bitcoin.”
Tether To Boost Bitcoin Reserves
According to the announcement, under this new approach, Tether will disregard unrealized capital gains generated by price increases and will focus solely on the tangible gains from its operations. The company will consider the difference between the purchase price and net proceeds from the sale or the reimbursed amount in case of a maturing investment.
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Paolo Ardoino, CTO of Tether, said Bitcoin has continually proven its resilience and has emerged as a long-term store of value with substantial growth potential. Bitcoin’s limited supply, decentralized nature, and widespread adoption have positioned it as a favored choice among institutional and retail investors alike.
What’s more, Tether’s investment in Bitcoin is not only aimed at enhancing the performance of its portfolio but also at aligning itself with a transformative technology that has the potential to reshape the way we conduct business and live our lives.
Furthermore, Tether believes that Bitcoin has demonstrated its investment potential with a track record of impressive returns over the past decade.
Bitcoin’s performance, combined with increasing recognition and adoption by major financial institutions, has cemented its position as a key component in diversified investment portfolios, which reflects the company’s confidence in the cryptocurrency’s long-term potential.
Moreover, Tether’s decision to allocate a portion of its net realized operating profits toward Bitcoin highlights the company’s confidence in the cryptocurrency market and its belief in supporting the broader ecosystem. The move is part of Tether’s strategy to diversify its reserves portfolio and maintain stability in the ever-evolving digital asset landscape.
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In addition to investing in Bitcoin, Tether is focusing on building communication, energy, and Bitcoin mining infrastructure. These investments are aimed at enhancing the company’s operations and supporting the broader digital asset ecosystem.
Overall, Tether’s new investment strategy demonstrates the company’s commitment to transparency, stability, and prudent decision-making. By focusing on realized profits and increasing its exposure to Bitcoin, Tether aims to strengthen its position as a leading player in the stablecoin market while maintaining a strong and diversified reserves portfolio.
As of this writing, the largest cryptocurrency by market cap is currently trading at $26,800, down by 0.8% in the last 24 hours.
BTC’s sideways price action on the 1-day chart. Source: BTCUSDT on TradingView.com
Featured image from Unsplash, chart from TradingView.com
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