Core Conclusion: Lack of Direct Evidence

Jason Calacanis is a well-known tech investor and a long-time critic of Tether.

He has warned on multiple occasions (such as on the 'All-In Podcast' or 'This Week in Startups') about the risks of using Bitcoin as a reserve asset.

He has stated that if the price of Bitcoin plummets, companies like Tether may be forced to sell Bitcoin to maintain liquidity, which could trigger a 'death spiral'.

So it is possible that there were relevant comments in the podcast, but they are not factual.

As of the third quarter of 2025, Tether's Bitcoin holdings reportedly approached 11,000 (approximately 109,410 BTC), valued at over $10 billion.