Right, seems different getting people to trade their dollars (backed by nothing, large network effect) for shares (backed by bitcoin, large network effect.) The ICOs were backed by nothing and had a small network effect.
I do think the next leg down will be over leveraged forced-seller bitcoin companies, but I’d also expect big companies like AAPL or META to buy them in that case to acquire coins without moving the price as much as it would if they had to get them at the market.
Is any company buying Bitcoin with short-duration secured debt?
Seems like most companies are doing some form of ATM or low-interest long-duration debt to buy bitcoin.
Either way, a reckless company with a $ 1,000 BTC balance sheet having to liquidate will get eaten up by Strategy’s 4 ATMs in less than a week.
When Strategy is buying $1B a week with the ATMs, it won’t matter how many no-name companies are buying Bitcoin with credit cards and getting blown up.
By that point, MetaPlanet will be buying thousands of Bitcoin a month with their MSW program as well. And then you have the ETFs, Nakamoto, etc.
Nothing stops this train.
nostr:npub1vemf09ljxzeanx2ht7wzzenphchw3yvjzzp6a4pdp8k8v6qj58xs43mz3k BBRC
Those sats are forever gone. Forever
There are only a few now, but wait until 1000 companies pile in.
Strategy bought ~50,000 in the span of a month last fall. People underestimate their scale.
Assuming 1,000 companies will recklessly acquire Bitcoin when the playbook for success is open source is unrealistic, in my opinion.
What if all the 1,000 companies buy Bitcoin with ATMs? The stock prices may and will likely boom and bust, but no Bitcoin will be sold.
NOTHING stops this 🚂🍊🍊🍊
It's still a shitcoin that is "backed by Bitcoin"
