I have to see more data on this but my understanding is that Tether is already exiting to BTC and has been the single largest buyer for several weeks/months. Ci

I have to see more data on this but my understanding is that Tether is already exiting to BTC and has been the single largest buyer for several weeks/months. Citation needed, this is a hypothesis that needs more evidentiary support for me to act on. Illiquid markets tend to be more price sensitive to the decisions of the marginal buyer. This is most visible, IMO, in real estate where wealthy marginal bidders move comparable prices en masse on low volume. Now let’s combine those ideas: if bitcoin is relatively illiquid and small group of wealthy buyers (banks, companies, other crypto assets) could issue treasury securities and roll the capital into BTC, what would we expect to see? I think we’d see a big price run in an otherwise low-growth broader market. This would tend to act as an M2 hedge for the early entrants and would be a very attractive move if their firm value was more or less “elastically attached” to the USD. Reminder: citation needed.