This week’s hot topics in crypto

Tether CEO Paolo Ardoino pointed to a strong correlation between BTC breaking $100,000 and USDT’s market cap surging. Over the past 20 days alone, the stablecoin’s capitalization increased by $16 billion. According to CoinGecko, Bitcoin is up almost 49%. “That required an injection of liquidity from the traditional financial world into the crypto trading world, and when there are these big inflows of liquidity, they end up being transformed into USDT, and that’s how our market cap grew so rapidly,” Ardoino said.

Former US Treasury Secretary Lawrence Summers believes that Donald Trump’s idea to set up a strategic BTC reserve is “crazy.” According to Summers, an oil reserve would be a more reasonable initiative. “This idea that we should have some kind of national Bitcoin reserve — is crazy. There’s no reason to do that other than to pander to [Donald Trump’s] generous special-interest campaign contributors,” Summers claims.

Coinbase CEO Brian Armstrong announced that his company would not work with any law firm that hired former SEC officials. The businessman criticized ex-SEC employees who had been reluctant to resign from their posts at the agency that had been anti-crypto for a long time. “We’ve let all the law firms we work with know, that if they hire anyone who committed these bad deeds in the (soon to be) prior administration, we will no longer be a client of theirs,” Armstrong posted.