The Chief Market Strategist of the World Gold Council, John Reade, stated that Tether's purchases will have an impact on gold prices, but they are only a small part of the reason for the astonishing rise in gold. "They are a component of the increase, but by no means the whole story," he said. However, he also pointed out, "What’s really interesting is that one of the major players in the cryptocurrency space views gold as a primitive dollar devaluation trade."