Fair, but there are so many things pushing the Bitcoin price up and down: approvals and rejections of various ETFs, tax law changes around the world, corporate adoption and lack thereof, successes and failures of L2 networks, etc. And each of those can cause comparable long-term movement in the BTC than tether's or altcoin's adoption or collapse.

As a long-term BTC holder my primary reason is protection against debasement. It is a volatile asset, historically with 50-80% drawdowns from time to time. But as long as I think it still serves as a hedge against debasement I am happy to hold a portion of my net worth it in.

Growing up, I have seen fiat go worthless twice in my life: once the government zeroed out previous money overnight, once it hyperinflated fiat by over 1000x in two years. An 80% temporary drop is peanuts compared to that.