Looking back on the 10th anniversary of the “Great Recession” New York Magazine put it this way: “The older folks hoovered up gold, which basically doubled in value in the four years after the crash. Younger folks dove into cryptocurrency.”
Tether, the company behind the world's most popular stablecoin, is doing its best to assure us that it is legitimate—and nobody is using tethers for any kind of funny business.
The lead academic in that (in)famous study postulating that Bitcoin prices were manipulated by Tether updated it with this added doozey: a single “whale” was behind most of it, trading large amounts of bitcoin against tether on Bitfinex, Tether’s sister company.
The union of cryptocurrency and Wall Street is much like a Medieval arranged marriage: A little bit of wealth is at stake but everyone seems miserable and most people involved are in need of a bath. Few are as upset about the whole thing as those who are involved in crypto for ideological reasons—or, at least, those who say they are.