It’s awesome watching the ‘BTC purists’ and the new ‘BTC suits’ fight on here.

Here are my thoughts on these BTC treasury companies:

1. Not your keys, not your coins.

Nothing beats stacking sats.

I want to own a piece of the pie that cannot be debased.

2. Many will get rekt.

Every day, there's a new company/SPAC announcing a bitcoin treasury strategy.

I don't think there's room in the market for 100+ companies to copy Saylor's playbook.

Who's buying the 111th BTCTC? Degens. That's it.

3. MSTR is the gold standard.

They have a massive stack, are continuing to grow their stack, and actually offer a product to the market:

Bitcoin-backed fixed income products.

BTCTCs that solely rely on issuing common stock will have trouble sticking around.

Many will take on bad debt, sell coins, screw up custody etc, etc.

The bear market will likely eat these companies alive.

4. Is it fun betting on some of these companies? Yes.

5. This feels like a natural part of Bitcoin's financialization.

The more services and opportunities bitcoiners have, the better.

Some will be great, some will be horrible.

I like seeing the growth in the industry, whether that's BTCTCs, new or improved wallets, lending platforms, bill payment services, or anything else giving bitcoiners new opportunities.

It just proves BTC is winning. 🚀