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Peter Brandt Says Tether Is a 'Gigantic Mind Fart'

Veteran trader and charting expert Peter Brandt hit out at stablecoin Tether (USDT) in a recent tweet, but not for the reasons you might expect. Brandt, who founded trading firm Factor LLC, wrote: "Circular reasoning -- TETHER: The idea that we convert one fiat currency unit (USD, EUR, et al) into another fiat currency unit (tether) so as to protect the store of wealth of the first fiat currency unit is nothing but a gigantic mind fart." What does Brandt have against Tether?