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The new currency that's backed by the old currency and uses a shit ton more electricity. What a time to be alive.
🎶 Meet the new ~~boss~~ coin
Same as the old ~~boss~~ coin 🎶
How is crypto backed by old currency?
Without old currency it is completely worthless.
They aren't paying these politicians off in Bitcoin.
Apparently you can pay off JD Vance with it
No that is BitchCouch ™
The entire crypto industry is basically propped up by the existence of Tether, which is (notionally) backed by the US dollar.
Without Tether you lose any remaining institutional investment. Big companies want to be able to trade in crypto but they don't want to hold crypto, because it's volatile, and convertong fiat to crypto takes too long for effective trading. Tether is the middle man.
So yes, since Tether basically facilitates all meaningful crypto trading, and Tether is supposedly just tokenized USD, their statement about crypto being backed by the old money is perfectly cromulent.
they keep it in the reserves
jk
Reserves = USDT, which is definitely backed by real USD.
That's the neat part, it isn't. USDT is a sword of Damocles hanging over the crypto industry.