According to Odaily Planet Daily, gold supporter and cryptocurrency critic Peter Schiff commented on Tether's purchase of 7,629 BTC worth $705 million as its reserves: "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 end well for Tether or Bitcoin."
It added: “By definition, the Tether (USDT) they use to buy Bitcoin is not backed by anything other than the Bitcoin they acquire through their purchase.”
