Adam Back, CEO of Blockstream, posted on Twitter contribution proposing a bet: will BTC reach $ 100,000 first or stablecoin Tether (USDT) will reach a market capitalization of $ 100 billion?
Adam Back responds to Tether’s success
In his post, CEO Blockstream, a well-known cryptoinflucer and also one of the names mentioned as potential Satoshi Nakamoto, mentions a new milestone reached by Tether, which tweeted to thank its customers for reaching a market capitalization of $ 66 billion.
At the end of May alone, Tether reached $ 60 billion, an increase of over 600% in about a year. Recently, USDT has also been integrated as a stablecoin for Bitrefill gift cards through a partnership with Bitfinex.
Correlation between Tether and BTC price
The bet is based on the fact that, according to Back, there is a correlation between the price of BTC and the market capitalization of Tether.
For years, there has been talk of a close connection between Tether and BTC. At the beginning of the year, for example, a study by Sentiment was published, which stated that one of the main factors in the growth of BTC prices is Tether.
Contrary to what critics may think, this analysis did not claim that Tether generates large amounts of USDT from the air to artificially pump the price of BTC, but that when traders borrow large amounts of USDT, they speculate with leverage to increase the price of BTC.
The relationship between Tether and Adam Back is very close. At the end of August, Blockstream received $ 210 million in a Series B round, attended not only by British investment fund Baillie Gifford, but also by iFinex, the company behind Bitfinex and Tether.
