Jessie Powell, Kraken cryptocurrency exchange CEO, expressed the view that the growth in Tether's supply of steylcoins can influence the price of bitcoin by attracting new money to the cryptoindustry, but is not the main reason for the growth. He stated this in an interview with TD Ameritrade Network.
#Bitcoin has the latest surge in #bitcoin . Watch as @krakenfx CEO @jespow details to @OJRenick why the controversy over the stablecoin is much ado about nothing. $ BTC $ USDT
– TD Ameritrade Network (@TDANetwork) July 1, 2019
So, Powell noted that often the growth of the price of the first cryptocurrency follows the issue of new USDT.
“Historically, when you see an increase in the supply of Tether, we see an increase in the supply of US dollars on Kraken. When new Tethers are printed, in 99% of cases tons of US dollars start to arrive at the exchanges at the same time, ”said the Kraken CEO.
At the same time, he stressed that Tether is one of the elements of the fiat supply on trading platforms, but not a tool for artificially raising the price of Bitcoin.
Powell also noted that the main driver of growth in the first cryptocurrency is the influx of new users into the digital asset market.
“The price is driven by the demand of retail investors, attention in the media, but not by Tether,” said the head of Kraken.
Recall that the idea that money flows into Bitcoin mainly through Tether is quite popular in the community .
It is also worth noting that in 2019, the total Tether offer more than doubled.
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