Tether is probably not backed 1:1, but at the same time I believe it is closer to 1:1 than it is to 0:1 just because the entity that runs it is literally a money-printing machine (Bitfinex is extraordinarily profitable) and there is evidence for some large quantity of people using Tether (they had 500m seized no?)
End of the day imo crypto is still a small fish when we look at the absolute numbers comparative to stocks. Manipulation is expected to a certain degree but I still lean towards a positive correlation in perceived value and price. Also I believe it is treated the same as every other market, fake it until you make it or implode.
I mean I view it very much like Tesla in that in only gets is value from the "possible end state", but the reality is that BTC doesn't need much capital in the schema of the financial world to multiple even at current levels.
End of the day imo crypto is still a small fish when we look at the absolute numbers comparative to stocks. Manipulation is expected to a certain degree but I still lean towards a positive correlation in perceived value and price. Also I believe it is treated the same as every other market, fake it until you make it or implode.
I mean I view it very much like Tesla in that in only gets is value from the "possible end state", but the reality is that BTC doesn't need much capital in the schema of the financial world to multiple even at current levels.