I’ve written a series of posts on the theme that investors have good reason for concern about cryptocurrency investments. The latest concern is Tether. Here’s what we know:
- Tether is the second largest cryptocurrency behind Bitcoin.
- Tether claims to be backed by US dollars, therefore eliminating market value fluctuation risk.
- Despite its massive market trading volume of about $3 Billion daily, the company has never been audited.
- Tether fired the accounting firm that was supposed to issue the first audit.
- Now Tether says it is having trouble finding a new accountant.
Under these circumstances, I think we have new reason for concern,