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Governments and banks once mocked Bitcoin. Now they want in on it (www.aljazeera.com)

submitted 2 months ago by nulluser@lemmy.world to c/bitcoin@lemmy.world

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Once widely derided as a speculative asset with no intrinsic value, Bitcoin is being taken increasingly seriously by governments, financial institutions and investors alike.

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[–] banghida@lemm.ee 1 points 4 days ago (4 children)

It's '25. Bitcoin has been debunked as anything but a pump toy back in ’15 already. A decade ago. It's literally not getting any adoption. Nobody uses it for anything but trading. It has been proven that it is being pushed up and made liquid by Tether since '16 at least. There are court records with evidence, just Google it.

[–] turnip@sh.itjust.works 1 points 3 days ago (3 children)

What do you mean its made liquid by tether?

Tether is a stable coin made of treasuries, somehow that's buying Bitcoin?

[–] banghida@lemm.ee 1 points 3 days ago (2 children)

Deliberately dense?

https://letmegoogleforyou.com/?q=tether+bitcoin+price+manipulation

[–] turnip@sh.itjust.works 1 points 19 hours ago* (last edited 19 hours ago) (1 children)

After looking at it it seems as though tether has treasuries to back all its tether coins, which means its essentially lending out its coin backed by short term treasuries with 0% interest. So in a way its turning treasuries into a liquid form of money, like cash.

They do buy a small amount of Bitcoin with the profits, which doesn't seem nefarious, MicroStrategy does the similar with its bonds. Its no more nefarious than mortgage backed securities, which let's a buyer inflate the money supply by taking a low interest loan, which is approved by the Fed in order to increase aggregate demand to push a 2% inflation target.

[–] banghida@lemm.ee 1 points 6 hours ago

You missed the part when they print unbacked tokens to pump with?