This is the story that's missing here. When one of the major exchanges is starting to look insolvent and USDT is getting scarier and scarier by the day, a flight from USDT into Bitcoin is not surprising...
That makes no sense; if institutional money were to come into cryptocurrency (that is, fiat to crypto) -- which is a taxable event -- why would they be going into USDT when the main goal of USDT is to be stable?
Essentially, that means people will be losing money.
Indeed. When that happens the people that did not exchange their USDT for BTC on time, while BTC and other cryptocoins are crashing as well, will be the ones holding a worthless USDT not backed by actual dollars.
