Was Tether USD the Cause of the 2017 Bitcoin Bubble?

Written in response to a client who asked for my thoughts regarding this article by Paul Vigna, published in the WSJ in November of 2019 and headlined “Large Bitcoin Player Manipulated Price Sharply Higher, Study Says”

TL;DR: No. Retail FOMO was.

For some background, a “stablecoin” is a digital token issued by an institution against an asset, such as the USD, in reserve. As a result, the stablecoin trades at or near the value of the underlying asset. The subject of this article is the Tether USD (USDT) stablecoin…