Gold supporter and cryptocurrency critic Peter Schiff commented on X regarding "Tether purchasing $705 million worth of 7,629 BTC as its reserves" saying: "Yes, more manipulation. They created Tether (USDT) out of thin air and used it to buy Bitcoin. This is Tether's version of quantitative easing. This will not result in anything good for Tether or Bitcoin." He also added: "By definition, the Tether (USDT) they used to purchase Bitcoin has no backing other than the Bitcoin acquired through the purchase."