Alex Kruger Conducts a Twitter Poll on The Possible Tether Collapse Effects on Bitcoin

High profile crypto twitter analyst holds a survey to see what the community thinks would happen to the price of bitcoin should the USDT stablecoin collapse.

To understand the effects of a possible collapse of Tether (USDT) on Bitcoin, Alex Kruger conducted a Twitter poll. The Poll’s question was, “What would probably happen to $BTC if USDT went down?” over 2,600 people responded by sharing their opinions on what would happen to the cryptocurrency industry if Tether were to collapse. The results of the poll show that the crypto industry is split on that question.

Different individuals voiced different opinions; a total of 3,248 individuals voted on the question. 24% opined that Bitcoin would pump if Tether were to collapse, 16% opined that the price of Bitcoin would first shift up then down, 38% said Bitcoin would suffer a 10-40% crash, and 22% predicted Bitcoin to suffer a disaster of new losses.

Looking at the poll, only 22% thought that Bitcoin would suffer a real disaster while the rest believed that BTC would only incur temporary minor losses. Interestingly, some predicted that the cash in Tether would be invested in Bitcoin, causing a significant upward movement of BTC price.

The collapse of Tether would be less consequential today compared to 2018 because there are other numerous regulated stablecoins. Money in Tether would, therefore, shift to other stable currencies, which will act as the offloading point for Tether. Tether is not expected to collapse anytime soon, but the increasing court matters are a severe headache for the crypto industry.

However, there is a precedent that should be considered; the last time USDT dropped below $1, BTC spiked. When Tether lost Noble Bank, its banking partner, in October 2018, the stablecoin significantly lost value against the U.S Dollar. USDT was trading at $0.9 per U.S Dollar, which caused terror in the entire market. Surprisingly, Bitcoin was not affected by the Tether issue. Instead, BTC price shot up from $6,450 on October 3, 2019, to $6,600 on October 6, 2019.

BTC’s current market movements, though not much, tend to suggest that Bitcoin can stand independently amidst a Tether crisis. It has also been noted that whenever there is tension around USDT, investors tend to invest their funds on Bitcoin. However, USDT issuances strongly correlate with Bitcoin rallies.

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Denis Miriti
Denis Miriti
Denis Miriti is an excellent writer that perfectly understands financial markets, which allows me to provide great quality of writing on the niche. I have 3 years of experience as a freelance Forex writer, creating educational articles, strategies, news re-written articles, forecasts and much more. Other skills include Bitcoin, Blockchain and Cryptocurrency writing.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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