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"The question is being put forth by bitcoiners in an attempt to put people’s minds at ease about Tether. The thesis is that if tethers were to vanish—something that could happen if the U.S. Department of Justice were to give Tether the Liberty Reserve treatment—it would have little impact on bitcoin’s price, so you should stop worrying and keep buying bitcoin."
Only about $30M worth of Bitcoin is issued daily. So a $24B can buy up all issuance for about 24 months, which obviously has a huge effect on price. It was easier yet to move the price when Bitcoin was much cheaper.