Bitcoin: The Bubble You Were Never Meant to See

Let’s Get Real About Bitcoin

Bitcoin was pitched as the future—decentralized, deflationary, the antidote to fiat. But that vision is a carefully curated illusion. Behind the scenes, a small group of players are manipulating the narrative and fueling a trillion-dollar illusion. Let’s pull back the curtain.

Bitcoin in El Salvador: Adoption or Performance?

A Marketing Trick in Disguise

Remember 2021? El Salvador made headlines by declaring the digital asset as legal tender. But nearly all of its 6,114 coins didn’t come from open-market buys—6,111 were moved from Bitfinex and Tether wallets. It wasn’t grassroots—it was PR.

The Chivo Wallet Failure

The Chivo Wallet, meant to give Salvadorans access to crypto, flopped. Usage dropped by 98.9%. Trust was low. Infrastructure was broken. The experiment collapsed quickly.

Who Benefited?

Why put on this display? Simple. Tether wanted legitimacy. Bukele needed attention. Bitfinex needed liquidity. Everyone gained—except everyday Salvadorans.

Bitcoin’s Poster Child: Jack Mallers

Manufactured Demand

Jack Mallers launched Twenty One Capital with $3.6 billion in digital assets. Dig into the origins—25,812 coins came from Tether and Bitfinex. This wasn’t investor confidence; it was engineered.

Strike’s True Backbone

Strike, Mallers’ earlier venture, promotes peer-to-peer payments—but runs entirely on Tether. It markets decentralization, but it’s actually centralized and dependent.

Saylor’s Strategy Without the Oversight

Mallers wants to “Saylorize” the market with Twenty One Capital. But unlike MicroStrategy, his firm is private, with Bitfinex and Tether pulling strings. It’s a risky copycat move dressed in sleek branding.

Bitcoin and the Saylor Feedback Loop

Borrow, Buy, Hype, Repeat

Saylor’s company, Strategy (formerly MicroStrategy), holds 580,000 coins. The model? Borrow billions, bulk buy, amplify hype, raise more money—and loop. This isn’t long-term vision; it’s tactical speculation.

No Real Use

Strategy doesn’t develop infrastructure or tools. It’s a massive holder, relying on price movements. Much like dot-com era shell firms, it’s valuation over value.

A Familiar Blueprint

There’s no proven link between Saylor and Tether—but the playbook is similar: simulate demand, inflate the price, ride the wave.

Bitcoin and Tether: The Engine Behind the Scenes

The Printing Cycle

Tether prints USDT, uses it to buy crypto, sells for real assets like fiat or gold, then lists those assets as reserves. It’s a loop that looks solid but isn’t.

A Dangerous Echo of Mt. Gox

This resembles the Mt. Gox debacle—but on a much bigger scale. If Tether crumbles, the fallout won’t be a dip—it’ll be a market-wide crash.

Even True Believers Are Worried

At a 2025 event, Saifedean Ammous predicted USDT could outshine the dollar. Meant to boost confidence, it only showed fragility. A “stablecoin” backed by high-risk assets? That’s explosive.

Bitcoin ETFs and the Institutional Pullback

The ETF Outflows

On June 2, 2025, $267.5 million exited crypto ETFs. Institutional involvement is down 91% since 2021. This isn’t cautious optimism—it’s a strategic retreat.

Bitcoin Faces Regulatory Caution

Even with a crypto-friendly administration, the SEC keeps stalling approvals. Concerns remain: fraud, manipulation, and Tether.

Three Big Myths of Bitcoin

The Decentralization Lie

A handful of entities dominate the market: Tether, Bitfinex, Binance, Coinbase, Mallers, and Saylor. Over 90% of coins are held by 1% of addresses. That’s not decentralization—it’s consolidation.

Scarcity Isn’t Value

Yes, the cap is at 21 million. But if demand is fake—driven by Tether printing—then scarcity becomes irrelevant.

Real-World Use Is Tiny

It’s slow and expensive. It’s barely used for payments. The Chivo Wallet failed. Daily usage remains low. It’s an investment product, not a currency.

Bitcoin Culture and the Mind Trap

HODLing as Dogma

Crypto maxis don’t tolerate doubt. Challenge the narrative? You’re spreading FUD. It’s no longer strategy—it’s blind belief.

Led by the Wrong Voices

Mallers. Saylor. Bukele. They sell volatility as freedom. They win by feeding your faith.

History Repeats Itself with Bitcoin

Echoes of the Dot-Com Era

No utility. Overvaluation. Inflated expectations. It mirrors the dot-com bubble—only larger.

Bigger Than Mt. Gox?

If Tether implodes, the damage will dwarf Mt. Gox. Trillions could disappear.

Bitcoin Collapse Is Closer Than You Think

Retail will take the hit. Institutions will exit early. Regulation will step in. Insiders will protect themselves. Most won’t.

Time to Ask the Hard Questions

This isn’t just another cycle. It’s a structure built on synthetic demand, unbacked coins, and tightly held power.

So ask yourself: Who really benefits from your belief?

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