Ex-Circle Manager Explained Active Release …
Ex-Circle Manager Explains Active Tether Release During Bitcoin’s Rapid Growth
Former Circle head OTC trading Dan Matuszewski spoke Monday with Castle Island Ventures partner Nick Carter on a podcast where he outlined his views on the events surrounding the stablecoin Tether..
Matushevsky said that while working at Circle he had no incentive to disclose this information. According to him, the opinion that Tether is being used to manipulate the bitcoin rate is not consistent with the realities of the market..
“I speak of this as the person who created and paid off billions of Tethers during my life, in particular, creating them in 2017,” he said..
In the past, various commentators have suggested that manipulation of Tether played a key role in Bitcoin’s rise in 2017. The company itself strongly rejected all speculation.
Matushevsky claims that Tether did not push the price of Bitcoin – it grew even without his help. Retail investors were actively buying cryptocurrency through Coinbase, resulting in a significant spread between this exchange and Bitfinex. It opened up arbitrage opportunities and encouraged many traders to issue large volumes of Tether in order to buy Bitcoins at a lower price on Bitfinex and then sell them on Coinbase..
“I can tell you that billions of dollars have been invested in it this way. I 100%, no questions asked, reliably guarantee that this happened. I did it, I was there. Money did not come out of thin air, “added Matushevsky.
He possessed this information during the time of the most severe criticism of Tether, but such transparency was not in the interests of Circle, which issued its own stablecoin and did not want to enter into the company’s proceedings with the New York prosecutor’s office. The same position was held by other industry participants.
Since then, many alternatives to Tether have emerged, giving market participants the opportunity to choose.
“We are seeing interest in Tether among users in Asia. In particular, this is due to the fact that if something goes wrong with USDC, Coinbase and Circle will not fight regulators. They will surely give up. Tether will fight, they should. They probably won’t transmit information or establish blockchain-level identification. At least they will try to appear in court, “he said..
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