Directly or indirectly, Tether has helped Bitcoin gain traction and popularity in mainstream media. It has helped millions, if not billions, gain access to Bitcoin. Even Satoshi Nakamoto, the brains behind Bitcoin, couldn’t have possibly predicted this unprecedented market share that Tether has now captured.
Tether helped Bitcoin during a crucial time. The adoption of new technology isn’t easy and the same can be said about Bitcoin. When Bitcoin was getting famous among cypherpunks, dark web, and tech-enthusiasts, Tether was a much-needed on-ramp for people to get their hands on Bitcoin. Essentially, there was a symbiotic relationship between Tether and Bitcoin during the early days. Tether helped Bitcoin with adoption and USDT became the go-to stablecoin.
Fast-forward to a decade later, Tether enjoys a monopoly in the stablecoin market, with over 80% of the market share in its pocket. Tether’s share has grown to such an extent that its trading volume now surpasses that of Bitcoin. Bitcoin piggybacked on Tether in the early days. However, the tables have turned.
More often than not, there are always conspiracies around companies that have grown too big. This doesn’t necessarily mean that they have to be true. With a massive role as the one Tether plays, there are bound to be rumors. Speculations are rife that Tether’s biting the hand that fed it. Tether minting USDT to manipulate the price of Bitcoin and other cryptocurrencies is one such long-standing rumor and speculation.
A well-known critic who goes by the screen name “Giancarlo Van der Velde Potter III (LLC)” told AMBCrypto,
“I don’t know if it’s true that Tether manipulates markets, though clearly I believe it to be a reasonable concern. I want to see their books,