Tether, please have mercy on Bitcoin!
If you are a crypto trader and you mostly keep your crypto tradable assets on exchanges there are high chances that you use using USDT a lot and that you feel grateful for the existence of such a crypto...if we may call it crypto.
If you are a hodler or a similar type of investor then you don't get too much the point of USDT and you are probably never on tethers. Kind of like I am in this crypto game. Always on shitcoins.
Tether though has a very profound impact on Bitcoin's price and can manipulate it at ease. How? By printing USDT out of thin air. Well, theoretically every USDT is backed by real dollars but there's no proof for that, thus there is plenty of hate and scandals around it and that's its dark side. They also claim it is $ pegged, but sometimes it takes of by a few cents like it did today.
Recently it is being said also that Tether has printed 200,000,000 of fresh new tethers and some are saying we can expect a pump in the price of Bitcoin thanks to all that free money, but others are fearful because there are some court trials tied to that name and if Tether suffers, Bitcoin will suffer too. The company has yet failed to prove all the USDT that are in circulation are pegged by dollars. They themselves have even claimed that some of their holdings are assets such as Bitcoin.
How the hell do you peg something with assets which are volatile in price?
How can Tether harm Bitcoin? I'll let this guy explain, as he does the job way better than I, and I also encourage you to follow him on youtube. He has some good TA and insights on Bitcoin and crypto.
"Why Tether is a BIG RISK for the Bitcoin Market"
Thanks for attention,