Bitcoin’s value is subjective.

An individual values it for:

– Scarcity

– Decentralization

– Uncensored transactions

– Non-seizable property

– 24/7 global access

– Non-negotiable rules

A corporation values it for… what, exactly?

They can’t hold it without permission, can’t move it without approval, and can’t use it without regulation.

If value is subjective, then the corporate “Bitcoin” experience isn’t the same asset — it’s a derivative of freedom and should trade like an option contract, a fraction of the underlying.