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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Surging Demand and Seized Supply Spark Rapid Growth in Tether’s Digital Gold

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read

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As fears over the coming economic recession continue to mount, demand for gold continues to surge. And as mining operations have frozen due to the coronavirus outbreak, there’s a recipe for dwindling supply that could have an astronomical impact on the asset’s value in the months ahead.

The surging demand and lack of supply, however, has resulted in the rapid growth of digital versions of the precious metal. And we’re not talking about Bitcoin – it’s Tether’s version of digital gold as well as other stablecoin competitors who are taking advantage of the gaping hole in the market that currently needs filling.

Coming Recession Sparks Demand For Gold, Coronavirus However Cripples Supply

At the start of March, coronavirus concerns reached peak panic, causing a massive selloff of all asset types, including gold, Bitcoin, and the stock market.

Records were broken for the steepest collapse in decades across most assets, while newer, speculative assets like Bitcoin and other cryptocurrencies were decimated in the collapse.

Gold, however, absorbed the impact better than most assets and has already reclaimed highs prior to the selloff.

Related Reading | No Haven Safe: Silver, Gold and Other Precious Metals Nosedive Alongside Bitcoin

Gold has been used in trade for thousands of years, has been historically used as a currency, store of wealth, and a flight to safety for capital during a time of crisis.

One of the biggest crises the world has ever witnessed is here, and now is the asset’s time to truly shine – no pun intended.

The glittering and glistening precious metal may be used in ornate jewelry and to show off success, it’s also used to protect capital from the impact of inflation during economic downturns.

Due to the asset’s limited supply, its value remains relatively stable and often increases during recessions.

That limited supply, while can have a dramatic effect on increasing the asset’s price, is also causing issues now that mining operations have ceased or slowed due to lockdowns related to the pandemic.

It’s caused many banks to struggle to deliver physical bars to investors. To fill the hole left by this supply shock and the growing demand for gold, Tether, and Paxos – two competing stablecoins – have launched digital tokens representing ownership over physical gold.

Stablecoin Tether Satisfies Need With Digital Token Representing Physical Bars

With investors are struggling to gain access to physical gold, Tether or Paxos version of digital gold isn’t just the next best thing, it’s all-around better than physical gold.

The biggest benefit Bitcoin has as the digital gold counterpart over the precious metal itself, is the fact that it only exists digitally and therefore can be easily transferred from owner to owner, or wallet to wallet.

Related Reading | Crypto Analyst: Digital Gold Narrative Out The Window Amidst Crisis 

However, these actual versions of digital gold represent physical gold bar allocations that can later be redeemed for physical gold bars so long as the investors hold at least 1 gold bar’s worth of the tokens.

Digital versions of the precious metal can more easily be broken down into smaller demonizations as well, encouraging more small-time investors to dip their toes into the asset.

The demand for this type of asset has exploded during the coronavirus outbreak.

tether gold xaut

Tether launched its XAUt token in January 2020 and has already grown its supply to over 30,000 tokens or over $48 million in market cap.

And with the recession not even really getting started yet, and the supply of gold likely not set to increase until after quarantines end, demand for the digital gold Tether tokens will only continue to increase from here.

Featured image from Shutterstock
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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