Crypto community is very active on social media platforms, and the best way to understand their expectations and hopes is by knowing their views and thoughts. Economist and Trader, Alex Kruger recently conducted a poll on his Twitter. In the poll, he asked the community about the possible outcomes if a sudden collapse of Tether (USDT) might happen in the future. The findings were surprising and explained that shed light on the fact that the crypto community is still confused about the possibilities.
The Reality Check Poll
The question that Alex asked for the poll was: “What would happen to BTC if Tether goes under?” and the reaction of the crypto community to this question was as follows:
- 38% predicted a temporary 10%-40% crash in Bitcoin
- 23% predicted a crisis and new lows for Bitcoin
- 15% predicted a rise and fall trend
- 24% believed the price would pump up
About 3,619 people participated in the poll (at the time of writing), and these were the results. The results made clear that almost 23% of the people believe that Bitcoin can entirely crash the market because of the collapse of Tether. Some thought that the investment from Tether might end up in Bitcoin.
What would happen to $BTC if Tether goes under?
— Alex Krüger (@krugermacro) November 7, 2019
Will history repeat itself?
Many users pointed out that when the last time Tether crashed below $1, and this had the opposite effect on Bitcoin’s price. The price went upwards instead of diving, and Bitcoin traded at around $6,500 during that time.
Tether is currently facing a downward correction in the charts as the price goes down to $0.9982, and the decline is expected to continue for the next 24 hours.