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The entire Bitcoin story is a scripted, staged illusion put together by insiders to convince you that states and corporations are “wholeheartedly committed to this” and that the market is growing on genuine demand. We are looking at the BIGGEST bubble in human history, one that will go down in the history books as the greatest financial scandal of all time. Just ask yourself: If Bitcoin is really so decentralized and powerful, why do the exact same handful of entities control the ongoing narrative, the mining farms, the wallets, and the legislation? Simply put, the whole thing boils down to smoke, mirrors, and pure deception. Here is my proof:
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El Salvador’s so-called Bitcoin “investment” was nothing more than a performative pipe dream. Neither proof of purchase nor proof of reserves has ever surfaced, and blockchain data revealed that out of the 6,114 Bitcoin sitting in their treasury, 6,111 were never even bought -they came straight via direct transfers from Bitfinex and Tether. Naturally, those vultures were pulling the strings behind the scenes. Tether was even drafting all of El Salvador’s Bitcoin legislation. So, forget any talk of genuine state and nationwide adoption. The whole operation served as a liquidity-laundering front dressed up to trick the market into thinking, “Governments are buying, so you should too.” Given his shady political track record, Bukele’s willingness to play along comes as no surprise; after all, Tether bribed his administration and used them as a tool. Bukele walked away from the deal with a successful PR win. Bitfinex secured its liquidity. And Tether bought itself another day of survival. For anyone who missed how that story ended, let me point it out: El Salvador quietly dropped Bitcoin as legal tender after the experiment forced upon them by Tether turned into an unmitigated disaster. The Chivo Wallet effectively went bankrupt and shut down after its usage rate collapsed by 98.9% following its launch. Even Tether and its insider network failed to keep it on life support, simply because genuine demand never existed.
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Jack Mallers belongs to this very same inner circle, with deep ties to the Tether-Bitfinex machine. When his new company, Twenty One Capital, hit the scene, it claimed to be making massive Bitcoin investments. Yet according to on-chain (Bitcoin’s base blockchain) data, those 14,000 BTC ($2 billion) came straight out of Tether’s own reserves. Mallers boasts about seeing overwhelming demand, yet the only “proof” of anyone investing in them comes from Tether -a company literally found guilty of lying to investors and committing fraud. Pretty sketchy... Calling that an investment insults your intelligence. In reality, we are looking at an internal accounting exercise -or to put it plainly, just another front operation within a broader liquidity circus. Mallers’ other company, Strike, has also maintained close, longstanding ties with Tether, routing 100% of its payments through them. Rather than any kind of innovation, all we are witnessing here is sheer consolidation.
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Michael Saylor is running the exact same smoke-and-mirrors Ponzi loop. I can guarantee you that Saylor is plugged into this very same insider ecosystem and actively propping the whole thing up. Strategy (Saylor’s company) produces zero innovation while running one of the riskiest, most heavily leveraged stocks on the market. Far from genuinely investing in Bitcoin, these companies are blatantly milking it dry. Their playbook is right out in the open:
Raise capital → Buy BTC → Pump the price → Raise more capital → Repeat endlessly
This circular scheme runs entirely on hopium (sedating people with false hope) and hype (frantic, overblown promotion and deception). Nor does Saylor’s narrative have anything to do with sound money -his entire game boils down to keeping the scam alive long enough to extract maximum value before the music stops.
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Tether and Bitcoin are locked in a vicious, circular support loop: Tether props up Bitcoin, and Bitcoin props up Tether. That entire contraption is a ticking time bomb. Back at the 2025 Bitcoin Conference, BTC maximalist and author of The Bitcoin Standard, Saifedean Ammous, finally said out loud what everyone had been thinking but didn’t dare voice:
“Tether is quietly accumulating Bitcoin and steadily growing its reserves. One day, its Bitcoin holdings might surpass its dollar reserves. At that point, Tether will go beyond merely maintaining its peg and will actually be able to appreciate in value. Imagine a stablecoin worth more than a dollar, backed by Bitcoin instead of Treasury bills.”
All of this echoes the collapses of Mt. Gox and Lehman Brothers: once liquidity dries up, the entire house of cards comes crashing down. Zero real assets exist underneath -only temporary, unstable claims propping one another up. So, brace yourself for a massive collapse.
At the 2025 Bitcoin Conference, Tether’s management announced that they held over 100,000 Bitcoin and more than 50 tons of gold. Sounds pretty shady, doesn’t it? Here is how the game plays out:
- Tether prints millions out of thin air.
- It buys BTC with that newly minted Tether to pump the price.
- It sells off excess BTC to acquire USD and gold as “reserves.”
- It then parades those reserves around to prove its legitimacy.
- Meanwhile, the mindless crowd (made up of Bitcoin maximalist sheep) applauds this clown show, thoroughly convinced there is no scam going on.
Those who consistently called out the truth about Tether and sounded the alarm were right from the very beginning. Years ago, while everyone else brushed off the danger and looked the other way, we heard and saw Tether quietly buying up BTC. Now they can’t even hide it anymore. Tether stands as the single major buyer propping up the entire Bitcoin market, and the whole thing hinges on their endless money-printing and buying sprees. We are looking at the ultimate house of cards.
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Institutional demand (corporate demand) for Bitcoin has proven to be nothing more than a passing fad. On June 2, spot Bitcoin ETFs saw net withdrawals of $267.5 million, marking three straight days of capital outflows. Nor was that a one-off fluke -this bleed has dragged on for months, showing institutions rapidly pulling out of the Bitcoin market. Back in late 2021, Bitcoin ETF inflows hit billions at the peak of the hype. Since then, institutional interest has plunged by over 91%. These relentless, steady capital outflows expose mounting skepticism, tighter regulations, hyper-volatile markets, and the absence of any clear profit. Institutions were supposed to prop up Bitcoin’s price, yet they are heading for the exits instead. “Institutional demand” boiled down to pure hype and FOMO. Smart money has already started walking away. Worse still, even the new pro-crypto SEC has been treading carefully, reportedly hesitating to approve new spot Bitcoin ETFs from firms like Bitwise and Grayscale due to weak fraud protections.
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Ultimately, this entire Bitcoin ecosystem amounts to nothing more than a massive sham. Ruthless, relentless manipulation keeps the industry on life support, while insiders like Tether and Bitfinex run a carefully choreographed show -shuffling coins and liquidity around to manufacture the illusion of real demand and adoption. They construct this powerful brand narrative to fool investors and convince everyone that states and corporations are “on board and true believers,” whereas, in reality, the whole thing operates as an elaborate pump-and-shill scheme. If you refuse to fall for the hype, pay close attention, and cautiously look past the noise, you can see just how dangerous all of this truly is. Rather than stemming from organic growth or genuine institutional interest, Bitcoin’s price feeds almost entirely on Tether printing unlimited dollars and buying up BTC to keep prices artificially high. Over 90% of Bitcoin demand comes through these Tether injections. Once stablecoin regulations -like the ones being pushed into effect by the Trump administration- shut off that liquidity spigot, the market will face a brutal reckoning. Bitcoin will inevitably plunge well below $100k and could easily crash under $10k. So-called “institutional demand” has evaporated, and those leaking and trading on inside information have been exposed. This propping-and-pumping scheme cannot go on forever. What you have read here lays bare how this entire narrative is a fabricated fantasy. Don’t say I didn’t warn you: far from being the future of sound money, Bitcoin is a ticking financial time bomb. After all, if it weren’t such an absurd bomb, why would the US be so eager to embrace it...?
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And never forget that you have a sound option to protect yourself against the Bitcoin delusion, which has morphed into just another fiat and NFT illusion.
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All roads lead to Monero!
Great article. I agree that bitcoin is a bubble for the following reasons:
Michael Saylor's buying operation (debt funded purchasing highly dependent on price)
Tether and stables doing printing and price manipulation.
Bitcoin's false perception as private amongst their aloof consumer base (many buyers don't even know much about bitcoin honestly)
Its positioning as an asset not as a currency. It doesn't really have product-market fit in my opinion. Almost nobody needs a transparent ledger money. Money is opaque or private for good reason.
Bitcoin has never endured a serious prolonged macro crash like an 08 or even a 00s. When there is a secular multi-asset headwind I think a lot of "holders" will be selling out of necessity.
It's easy to play musical chairs when the music has never stopped.
The only question for me is will it even survive a macro crash?