Early Uber Investor Wants Tether to Ditch Bitcoin-But Does He Know What He’s Saying?

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Well, folks, here we go again. Jason Calacanis, the man who probably had a hand in Uber’s ride to riches, has decided to throw his two cents into the crypto ring. Apparently, he’s got a suggestion for Tether: “Get your act together and ‘Americanize’ yourselves!” Yes, that’s right-let’s slap a good ol’ American makeover on Tether’s operations and give it a nice, shiny coat of credibility. No more wild risks, just safe, cozy U.S. Treasuries. What could go wrong? 😏

So what’s the genius move? Calacanis is all in on Tether selling off its Bitcoin holdings. The man argues, with all the wisdom of a seasoned investor, that the stablecoin kingpin should be packing nothing but U.S. government bonds. You know, because nothing screams stability like bonds that pay you pennies on the dollar. 💸

The reasoning? Apparently, Bitcoin’s a bit too volatile for Tether’s comfort. Calacanis seems to think that replacing Bitcoin with government securities will create a smooth, risk-free ride for everyone involved. If that doesn’t sound like the most boring crypto strategy ever, I don’t know what does! 🔒

Now, Calacanis isn’t stopping there. Oh no, he’s got more pearls of wisdom. He’s recommending that Tether get itself audited-not just by any old firm, mind you, but by two American companies. Apparently, transparency is the magic word. Who knew? 🤔

It’s no secret that Tether has been the subject of some very skeptical eyes, and recently, S&P Global downgraded USDT’s dollar-peg stability to “weak”-and with good reason. The company’s Bitcoin stash, which now sits at around 87,296 BTC (worth about $9 billion), exceeds its safety buffer. And, of course, the company’s audits are about as transparent as a foggy night in London.

And that’s not even the worst part. On-chain tracking reveals that Tether’s Bitcoin reserve is a chunky 87,296 BTC-worth a cool $9 billion. Nice! But don’t get too excited. Bitcoin is just one slice of Tether’s complicated, mystery-meat reserve mix, which also includes U.S. Treasuries, cash, and other investments. Why is it always so complicated? Just give me the cash and call it a day! 💰

Calacanis: The Crypto Skeptic Who Knew Better

Back in 2021, Calacanis wasn’t shy about calling Tether a “potential black swan” in the crypto world. Fancy that! A guy who once made a fortune off ride-sharing now finds himself worried about the “opaque and risky” nature of Tether, the third-largest cryptocurrency by market cap. What a shocker! 🙄

Earlier this year, he warned of systemic risks posed by both Tether and MicroStrategy. Turns out, having too much skin in the crypto game might be a tad risky. Who would’ve guessed that? 🙄

So, where are we now? Tether’s flagship USDT token is still going strong with a market cap of $185 million. But will Calacanis’ advice actually make a difference? Only time will tell. And, let’s be honest, the only thing that’s certain in crypto is that nothing is certain. 😂

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2025-11-28 23:55