The Attack Hypothesis

The attacker’s playbook would look like this:

• Acquire a big stack of Bitcoin.

• Wrap it in every kind of financial claim possible: stock, preferreds, debt, ETFs, ETPs, structured products.

• Market those wrappers as “Bitcoin exposure without the hassle of custody.”

• Soak up demand that otherwise would’ve bought real Bitcoin.

The effect: fewer coins being bought and held in self-custody, more paper instruments circulating.

This artificially increases synthetic supply and suppresses the “number go up” dynamic.