It's "backed" by an entirely fraudulent coin called "Tether", which is run by world-class criminals and totally protected by the highest government authorities. It's literally a "car wash token". They print Tether daily - OUT OF THIN AIR, now at a rate of literally BILLIONS per week.

It's a total joke. Back in 2017 they couldn't get a single reputable accounting form to audit their books. So they did their own, lied some more and here we are. Their original "promise" was that they held one dollar for every car wash token printed. Then in 2018, they stated in their "self-audit" that they had "invested" some of those dollars in more crypto as well as shady Chinese construction companies that have since gone bankrupt. It's a total joke.

The original "need" for Tether was that there were tons of international crypto exchanges popping up all over the world and they of course wanted American customers. But no American banks would work with them to exchange $USD back and forth between crypto coins and dollars. And it should be obvious that the American banks wouldn't work with them because they were shady operators that couldn't be vetted.

So Tether was born. For a while they even had their own website but that vanished quickly. And instead, a few US crypto exchanges like primarily "Kraken", which is based in the US and has a partnership with an American bank, was the place to join and go to buy Tether so that you could then transfer it over to these large international crypto exchanges, like "BitFinex" which was the biggest one back in the day. So big in fact, that BitFinex and Tether were basically one and the same. Both are massive scam operators that have "lost billions" with "hacks" to their exchanges. It hasn't happened just once either. More like 3 times in the past 10 years. Could it be the owners who are "hacking" their own exchange?

Anyway, enough history. Today, there are huge crypto exchanges all over the world that anybody can join in their home country. In the US, it's Coinbase or Gemini (among others). So if you wanted to buy Bitcoin (or any other coin they sell), you join Coinbase, and transfer your $USD funds into their US bank, and do your buying/selling/trading, etc. You don't need any "Tether" in the mix.

And this is true all around the world. The point of Tether was to turn your home currency into a "stable coin" so that you could then use this stable coin to buy the crypto you wanted (BTC, ETH, XRP, etc.).

So who in their right mind would want to FIRST buy "Tether" with their currency, only then to buy the crypto coin that they really want? It makes no sense. Zero sense. If you had $100 million dollars, you'd just wire it into Coinbase and buy BTC or whatever.

But that's not what's going on in the world. Every week, somebody, somehwere, SOMEHOW is buying BILLIONS of Tether car wash tokens. Nobody knows who they are. No popular figures in the crypto space buy it or use it...because they don't need it.

So who "needs" Tether exactly? Some people say drug/child traffickers are buying it and using it to try and "hide". But that's no way to "hide". There would be a record of their transactions wherever they are buying it. It's really a ridiculous idea and makes no sense. It's very, very hard to "hide" crypto purchases, even when using "crypto mixers".

So that only leaves one final possibility. Somebody is printing Tether out of thin air to pump the crypto markets. It's the only thing that makes sense.

Want to check it out? Go to CoinMarketCap and lookup Tether -> https://coinmarketcap.com/currencies/tether/

Choose "Market Cap" and then look at 7D, 1M, 1Yr, etc. You can see that somebody has bought $42 BILLION dollars worth of Tether in the past year. That's nearly $1 BILLION PER WEEK!!!!. And it's been accelerating in recent months to this level.

It's a joke. Crypto is a joke. You can tie the whole explosion of crypto in 2017 to the rise and exponential growth of the Tether carwash token. Now there are several other "stable coin" carwash tokens that are also in the mix.

Crypto is a giant scam, just like the Federal Reserve and $USD. But that being said, if it's supported and protected by the world's largest governments, intelligence agencies, media, etc. then hey, the sky is the limit as an investment I suppose. I've been wrong for nearly 7 years about it blowing up and the scam being exposed. Apparently that's not going to happen any time soon. But it will one day.

Caveat Emptor!