> Contrast this to Bitcoin where it has already been established in other comment threads that the vast majority of Bitcoin trading volume on dozens of exchanges might be fake ( see Bitwise/SEC presentation) and that a huge amount of volume is via the BTC/USDT pair and USDT may be fraudulent. Sounds pretty unhealthy.

You do realize that most gold and silver traded on the COMEX is also "fake" in the sense that they're trading in amounts of underlying gold and silver that could never ever be delivered at the COMEX prices?

JP Morgan even got a tiny "still worth it" fine for blatant metals price manipulation: https://www.nasdaq.com/articles/jpmorgan-to-pay-%24920-mln-f...

Note that the fine for JP Morgan was so tiny compared to profits made that there's 0 incentive for them !and others! to stop this behavior. Sounds pretty unhealthy.

All in all, I don't really see how "fake volume" on some exchanges would make Bitcoin any less valuable as an alternative to holding USD or other fiat?