when you invest in Bitcoin you are de-facto investing in Tether. If Tether is a sham, Bitcoin price will be (potentially catastrophically) impacted.
this is not true. tether is used to buy other cryptos. You exchange usd for tether, then you buy bitcoin with the tether. If tether then is a fraud, it doesn’t matter you already bought the bitcoin now it’s reasonable to say x amount (I forget the number) of bitcoin is bought with tether. But this is a function of tether being the first/oldest/biggest stable and many exchanges (especially foreign ones) quote Bitcoin in btc/usdt pairs. there is nothing stopping them from just using another stable coin should tether fail.
I was being silly on purpose since you're coming from non-participant as if you're experienced and knowledgeable than all of us who've been around Obviously, Tether has built the positions they have over many years, and obviously Cantor Fitzgerald was not their custodian for a long time until recently and obviously, the $114 Billion worth of treasuries and assets grew organically over time as sales of usdt to qualified clients 2 years ago, usdt market cap dipped below $50 Billion during the bear market, and has since shot up due to bull market, so obviously as only qualified clients can purchase usdt from Tether, the $ came in, and they purchased treasuries accordingly whoa, did I just say Tether did not open a retail account at Robinhood or Charles Schwab and purchase $114 Billion of short term treasuries because as you say there are limits? And mr know it all, did you know I CANNOT give Tether money? You have to be a very big money entity, institutional investor, to give money to Tether (purchase usdt directly from them), and you think those people and their advisors are idiots? And obviously you think the ceo of primary dealer cantor fitzgerald is not telling the truth, a Fed-authorized partner, a company that has access to Fed facilities, iow money printers, trusted to create and manage Fed liquidity? And obviously you think the Fed would look the other way and be complicit if one of its primary dealers is acting improperly on record nonetheless to protect Tether? Perhaps you're the one being silly
Have you ever heard about the classic fable about the frog and the scorpion? Bernie Madoff banked with Jp Morgan. Cantor Fitzgerald gives this scheme 0 credibility, more so it creates a false sense of trust. If it turns out to be a fraud, could we be surprised that a banker has screwed everyone over? Could have never imagined that! Never!
Nobody cares about stables/utility coins. The OP is a hobbyist/HODLer who admittedly wants to mock the stupid no-coiners and to stir sht up. Tether a fraud and BTC drops 75%. Tether passes a legit audit and it trades up 20%. One or the other is going to occur at some point.
First it was for POS. V and MA took a hit. Failed. The blockchain of everything. Container ship logs on the 'chain. Failed. NFTs. So know you're stuck with $65K e-gold and you're desperate for a dot shot that isn't happening. Bitcoin Reserve. lol.
Respectfully disagree Bitcoin and crypto assets as an industry will continue to grow and gain worldwide mass adoption This revolutionary monetary system has no finite deadline, nor expiration, though at times it may experience downturns due to global liquidity changes I believe that by the end of this current decade, bitcoin will hit a price of $1M/btc, and there is a possibility it may happen by the end of this current epoch cycle (within 18 months as per previous cycles) but alas I will not be here to be told should I be wrong... about continued adoption and growth, nor about the $1M prediction I'll become an ET lurker when btc hits $100k/btc or by the end of this year 12/31/2024.... one or the other is going to occur gla
And fuck the argument that it rallied. I missed out on nothing. I used it as source of funds for eq-vol and did a quad in 22 months. BTC did not. It's analogous to stating that GME went from 20 to 400... why didn't you hold? Oh, bc it got faced. Hindsight FTW.