Re: [2021-01-20] Janet Yellen suggests 'curtailing' cryptocurrencies such as Bitcoin
~But Tether's market cap is 23 times smaller that that of BTC. ~
I don't think Bitcoin's MC and Tether's MC have the same dynamics.
Many bitcoins are either lost or haven't moved in the last 5-7+ years which means there are way less bitcoins in circulation than people think and that would mean bitcoin's actual marketcap is actually smaller than it looks and therefore it would also mean that bitcoin would get affected by the collapse of tether more than people think.~
Let's use an estimation made by Chainalysis, instead of saying "many".
Of the existing 18.5 million Bitcoin, around 20 percent — currently worth around $140 billion — appear to be in lost or otherwise stranded wallets, according to the cryptocurrency data firm Chainalysis.
If we subtracted those 20% from the current Bitcoin MC
636,382,757,275 - (636,382,757,275 : 5) = 509,106,205,820
we would still get a MC that 19 times higher than Tether's.