In our latest episode of “As the Bitcoin World Turns,” we find ourselves caught in an uncanny loop: the Bitcoin price, anchored stubbornly at $30,400. A gripping narrative, wouldn’t you say?
Here we are again. Bitcoin, that tempestuous force of the financial world, has decided to take a break from its usual volatility and enjoy a spell of stability. Our ever-diligent mainstream media can’t stop talking about it – ‘Bitcoin Holds Just Below $31K.’ To you and me, that roughly translates to, “Bitcoin is still doing nothing, but we’ve got to make it sound interesting!”
As we go deeper into this thrilling non-adventure, we find that the U.S. inflation rate has conveniently dipped from 4.0% to 3.0%. And amidst this backdrop, Bitcoin, in a monumental show of activity, crawls up to $30,900. It would seem as though every Bitcoin trader has their eyes trained on the Bureau of Labor Statistics. Because that’s how cryptocurrency works, right? Well, of course not.
The Puppet Master of Bitcoin’s Groundhog Day: Tether?
While we’ve been captivated by Bitcoin’s enchanting stagnation dance, we’ve missed the real player lurking backstage: Tether.
“But wait,” you might say, “Tether, the stablecoin, couldn’t possibly influence Bitcoin’s price, could it?” This is the narrative the financial sages want us to believe, a world where Bitcoin’s rise and fall with Tether’s actions is a mere coincidence, a happy accident of the crypto universe. But in our world, “happy accidents” usually have a puppeteer pulling the strings.
The truth is, each time Tether pumps into the market, Bitcoin decides to stretch its legs. When Tether retracts, Bitcoin takes a rest.
So, here’s a thought: next time you hear about Bitcoin’s ‘Groundhog Day’, remember the string-puller behind the scenes. Until Bitcoin can break away and decide its own fate, independent of Tether’s shadow, the real news story remains buried beneath layers of carefully constructed narratives.
And the day when Bitcoin steps out from Tether’s influence and makes its own way? Now, that will be a story worth telling.
