I’m not talking really about Bitcoin treasury companies, I’m talking about the major markets and specifically major financial institutions and governments. These are institutions that not only participate in the most horrific and absurd kinds and degrees of leverage, but that literally think *they are immune to its consequences.*

That is a dangerous combination. And it’s not totally out of the realm of possibility that as major shifts of capital happen into Bitcoin that we witness even banks that are “too big to fail,” failing hard.