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I'm not really sure I understand this, neither finance nor crypto is my strong suit, but I think it's saying that most bitcoins are purchased with tether, and i
by ALittleLight 6y ago
I'm not really sure I understand this, neither finance nor crypto is my strong suit, but I think it's saying that most bitcoins are purchased with tether, and if the tethers are fake then that means most of the demand for bitcoin is fake. If the demand falls a lot, the price will too.
Not sure if I'm misunderstanding this though. It's hard for me to believe people buying and selling bitcoin wouldn't notice this somehow.
- jimmydorry 6y agoI don't believe any significant number of people buying Bitcoin are using Tether. Tether was aimed at the exchanges, institutional level investers, and day traders that wanted to move between dollars and crypto without creating taxable events (this loophole has since been closed). Its primary purpose was touted as allowing exchanges to move US dollars between themselves quickly and without using the banking systems directly. Things may have changed in the last two or so years though, so maybe Tether's role radically changed.