Consider it such: there is a company that wants bitcoin to stay above 15k. Every time the order books show a significant decline below 15k, that company issues new tokens that are treated as dollars by exchanges in order to buy bitcoin.
This stays very much viable. Right up to the point that it isn't. Then, people will wonder what is backing those tokens, and if they want to risk the event that they aren't worth their advertised value. Then, a liquidation crunch happens and the company collapses in onto itself.
