When bitcoin first lifted off the bear market bottom, the miner stocks outperformed bitcoin. The downside to that play is any money you put into it means you own less bitcoin for the duration of the trade. There is a difference between the real ownership of airgapped self custody validated by your own node and any paper asset like a stock. That difference has a value.

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It's a paradox.

You can own bitcoin without permission.

You can own ASIX's without permission.

You can't own bitcoin mining stocks without permission.

Mining stocks are a shitcoin with 100% downside.

Equity is a residual claim … bankruptcy wipes out all equity stockholders to zero. Applies to all companies, including publicly traded miners.