Tether CEO Paolo Ardoino has publicly favored Bitcoin over Ethereum for the stablecoin issuer’s strategic reserves, emphasizing Bitcoin’s immutability and fixed supply of 21 million coins. This preference was highlighted when Tether declared last May that 15% of its profits would be used to purchase Bitcoin to bolster and diversify its reserves. Ardoino praised Bitcoin as “a long-term store of value with substantial growth potential.”

Despite Tether’s record-breaking $1.3 billion net profit this quarter, its Bitcoin reserves remained stable. However, Ardoino clarified that Bitcoin acquisitions continued through the company’s investment arm in 2024, reinforcing their commitment to the leading cryptocurrency.

Ardoino’s support for Bitcoin over Ethereum isn’t new. Following Ethereum’s Merge upgrade in 2022, he criticized Ethereum for its inability to match Bitcoin’s performance, pointing out that Ethereum has significantly underperformed against Bitcoin, falling 45% since their peak in December 2021.