They say a picture is worth a thousand words. Apparently, a Tether grant is worth 9 Billion US Dollars. At least the $100M grant on December 14, 2017 was. In less than 2 hours after The Tether Corporation “granted” $100M, the price of [Bitcoin](https://hackernoon.com/tagged/bitcoin) rose by over $600 per coin, or 4%, adding more than $9B to its market cap.\n\nHow does this compare to a randomly selected interval? On average, Bitcoin raises by about 20 cents in that period. That comes out to an average percentage gain that rounds to 0%.\n\nOn January 18, 2018, [The Tether Report](https://www.tetherreport.com/) concluded that 48.8% of all Bitcoin’s price increases can be traced to within 2 hours of 93 Tether grants. The report is pretty scientific, but it’s a little hard to follow. So I’ve been trying to create something a little easier for the rest of us.\n\nHere’s an example of how a Tether grant compares to a randomly selected point:\n\n!(https://hackernoon.com/hn-images/1*Ha1ipJDzmwQ312iyt27DIA.png)\n\nTether Grant vs Random Time\n\nThe chart on the left shows a Tether grant. The midpoint is the time of the grant. For an interactive version of each Tether grant compared to a random time, check out [The Tether Effect](https://cuzzo.github.io/the-tether-effect/tether-effect.html). The charts are scaled in terms of percentages so that you can see the difference in Tether grants (especially recently) compared to random times.\n\nIf you’re interested, I wrote [A Brief History of BitCon](https://hackernoon.com/a-brief-history-of-bitcon-cf358da30bf0) — detailing the many cases of [cryptocurrency](https://hackernoon.com/tagged/cryptocurrency) related fraud.