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Tether market cap is 24bil, Bitcoin market cap is 714bil. Its just 3%. I think that Tether isn't inflating BTC that much. The institutions that buy BTC like Pay
by yeneek 6y ago
Tether market cap is 24bil, Bitcoin market cap is 714bil. Its just 3%.
I think that Tether isn't inflating BTC that much. The institutions that buy BTC like PayPal, Square, JPMorgan have much bigger effect on Bitcoin than Tether.
- yeneek 6y agoJackFr Fair point. Thank you. Well, it will be an interesting week for sure.
- JackFr 6y agoThat’s not quite how it’s gonna work. It doesn’t matter what the Tether market cap is. The BTC market cap is coins x price. If Tethers represent 70% of inflow and they disappear, price is gonna come down. Likely a lot more than 3%.
- ur-whale 6y agoThis is addressed in the article. Basically the market cap of BTC is not relevant here, but rather the daily volume.
- Bellamy 6y agoAnd from the 3% of tether, probably 74% is actually been backed.