House of cards = BTC priced in USDT → USDT has no upside but can go to zero → When it does, nobody will sell BTC for USDT → Exchanges will have "techincal problems" with redemptions → Everyone's money stuck
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Hypothesis H10013
BTC holders will try to sell for USDC or fiat and (1) for retail investors, exchanges will stop redemptions/withdrawals, and (2) for "partners" they will not honor their IOU agreements.