The uproar around Tether and Bitfinex, accused of wrongdoings in the management of resources, has caused volatility to the stablecoins. The cryptocoin which is paired to the dollar, reached a deal at US$ 0.91. That is to say, 91% of the fiat money value. Some critics say that this issue can affect the market as a whole. Others think it doesn’t matter.
In light of this controversy, we gathered the opinions of some crypto influencers, to know what they think about it. Here´s what they have to say:
For Anthony Pompliano, co-founder and partner at Morgan Creek Digital, the news concerning Tether and Bitfinex don’t matter to the crypto market in general. According to him, only a small group of enthusiasts really knows what´s going on. Which means that, for the general public, the news have no impact at all.
Dependence of banks
Ameer Rosic, founder of Blockgeeks, in a tweet posted last year, therefore before the current crisis, drew attention to the dependence of the cryptocoins from the formal banks arrangement. He had affirmed that such dependency was more than a puzzle with a lot of controversies.
Pair BTC/USDT represents 40% of the market
According to Fernando Ulrich, Chief Analyst of Xdex, the situation is worrying as the pair tether/bitcoin represents 40% of the market. Additionally, the turmoil highlights a weakness in the relation between the blockchain industry and the banking system. However, he believes that it is a problem that will end up being resolved sooner or later.
The market was not affected
According to the Crypto Godfather profile, in view of the bitcoin upward trend, the uncertainties regarding tether show that the market was not affected by them.
Uproar far from over
The ethereum’s co-founder, Joseph Lubin, thinks the uproar around the tether and bitfinex is far from over. For him, the issue is relevant, because the tether is quite used to give greater fluidity to trades in crypto exchanges.