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Arthur Hayes on Why Bitcoin Is Money and ETH Is a Shitcoin He Loves - Ep. 587

Unchained

NOTE

The Profitability and Niche of Tether

Tether operates by effectively creating an interest rate on dollars stored in a bank account, generating significant free cash flow. Its profit margin per employee exceeds that of traditional banks, which is attributed to its ability to utilize the US banking system for its operations. The speaker questions why banks do not emulate Tether's business model, noting that if large banks were to offer a similar product, Tether's niche would diminish significantly.

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