It will probably go down like this: Tether inevitably drops to $0, evaporating in the order of $100B of funny money. Crypto market collapses, trading is halted

It will probably go down like this: Tether inevitably drops to $0, evaporating in the order of $100B of funny money. Crypto market collapses, trading is halted on the large platforms, big exchanges go bankrupt. This shocks the regular markets to a significant degree. Calls for strict regulation will follow, ending the state of crypto as we know it today.