What happens if tether demand decreases? Who will part with their bitcoin for Treasury bonds unless they're a captured operation like Tether or held at gunpoint? How long can these Lutnick-type fiat fatcats pass the bag to each other until they demand payment in something other than dollars?

Fear and coercion should not be underestimated as a means of sustaining hegemony. After all, people handed white envelopes to the Gambinos for decades. However, when Bitcoin enables people to pave their way around any regime, that places people in new territory. So far it seems to me that this so-called bitcoindollar phase may just be another one of fiat's death-throes