Paolo Ardoino put a number on the frame the Fundamentalist tier has been holding for a decade. Tether is adding 30 million wallets every quarter. That is 120 million new offshore dollar-account creations per year on a single stablecoin issuer. The read on the mechanics is unambiguous. This is not crypto speculation. This is the eurodollar shortage getting a synthetic supply channel. Lyn Alden has been writing this thesis for years: the world needs dollars, the banking system is capacity-constrained, and Tether is the pressure-release valve for the emerging-market dollar shortage. The Fundamentalist implication for Bitcoin is upstream. Every dollar that gets onto a Tether wallet is one interaction away from a Bitcoin balance. USDT is the funnel. BTC is the sink. The dollar loses purchasing power on schedule; the wallet count keeps compounding; the sink stays capped at twenty-one million.