On December 5th, Tether CEO Paolo Ardoino attributed the rise in USDT's market value to the large amount of money flowing into bitcoin spot ETFs and the bitcoin buying boom led by Michael Saylor. Ardoino revealed that in the past 20 days alone, Tether's market cap has increased by about $16 billion, in part due to the large amount of money flowing into spot bitcoin ETFs, and many people started buying bitcoin at a very fast rate, especially after the US election.