Kraken CEO: Bitcoin is benefiting from the inflow of legal tender as Tether increases supply

Jesse Powell, CEO of cryptocurrency exchange Kraken, said in an interview that Bitcoin is benefiting from the inflow of fiat money because the USDT has increased supply. Jesse Powell said, "Historically, when Tether supply increased, we also saw an increase in the supply of dollars in Kraken." In 2019, Tether's total supply more than doubled. At the end of April, when Tether first encountered legal problems, the market quickly got rid of this concern. Bitcoin hit a 15-month high of $13,800 last month. In addition, according to Coinlib's data, USDT is the main source of funds flowing into Bitcoin in the past 24 hours. As of press time, its trading volume was US$3.12 billion.