I'd assume at this point people want it as a hedge against inflation tbh. So people want it so their fiat money won't decrease in value is more accurate.

I thought it was more of a crypto lottery frankly. A whole bunch of people started buying it and it's become like this gigantic game of chicken, where you don't want to be left holding worthless BTC.

If we hadn't just had lots of institutional money moving into Bitcoin within the last year (see https://bitcointreasuries.org) I'd be inclined to agree.

However I don't think institutions of this size and nature buy millions of dollars worth without some sort of analysis and strategy.

I thought you were going to say: JPMC, Black Rock, Goldman Sachs, etc. The vast bulk of it are crypto currency companies.

Instead it's basically $186 million from Square and $5 billion from a questionable Microstategery investment decision.

JPMC has trillions under management, seems like they would want to invest, right? Or are they worried that Tether is currently untethered to reality?

who knows what those biggies do, I'm sure they don't publish their moves out in the open like this nor do I think they hold actual coin. They're probably just holding option positions on CBOE and CME.

Fuck tether though.