So ridiculous, the causality couldn't be simpler: people buying Bitcoin need dollars to buy, is highest volume asset just behind Bitcoin itself, so ofc tether inflows precede Bitcoin price increases. The conspiracy FUD is just 🤡 stupid.
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I'm wondering why large amounts of money would bother to go through Tether in order to buy Bitcoin. I'd just wire to an exchange or OTC desk. Seems like Tether only adds extra friction and costs here, not value add.
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If you want to avoid having to wire in and out each time, you could wire into USDT once, and then just trade BTC <> USDT when you want to buy/sell BTC
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Also this depends on what country you're in. If you're in the US or Japan, wiring money to buy BTC is pretty easy. If you're anywhere else it's significantly harder.
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There are also crypto only exchanges, which don't have wire transfers, and only take tether. is both a stable coin and a wire in/out service for crypto only exchanges.
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I'm having a hard time understanding why someone who wants to buy BTC would use such a combination rather than an exchange which does take wires. Again, possible in some cases but seems extra friction and not attractive.
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I don't by any means know all crypto investors, but I know some and not one has ever said to me that their process to buy BTC *with outside funds* involves Tether.
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Some have claimed this to be common in China though. Maybe that's enough.
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yeah it's pretty regional--in US and Japan there's pretty good support for fiat exchanges, but outside of them it's way harder.
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I wouldn’t say it’s just US and Japan. I’d definitely add South Korea and the EU. But you are righ that everything else is not as developed
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yeah--though I think SK is getting a bit harder over time.