Widely followed cryptocurrency analyst Willy Woo predicted Monday that stablecoin issuing company Tether USDT/USD would become the top holder of U.S. treasuries once Bitcoin BTC/USD hits $1 million a piece.

What Happened: Woo reacted to an X post showcasing Tether’s growing demand for U.S. Treasuries, which was surging ahead of many sovereign nations.

“The crazy thing is when BTC hits $1 million, Tether will likely be the #1 holder of U.S. treasuries,” Woo projected.

Dollar-pegged coins like USDT act as a bridge between the volatile cryptocurrency market and the traditional financial world. A rising Bitcoin price can signal increased interest in the broader cryptocurrency market,…

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