Fiat-🧠 & high time preference are back in play.

The Bitcoin Treasury 🫧:

✅Equity-funded BTC flywheels.

🏁Securitized hype.

💸mNAV mania.

BTC is sound money. BTC-TCs are a risk wrapper, a speculative attack.

The Bitcoin Treasury Bubble: Reflexivity, Metrics, & the Coming Unwind

👇 Read + Download: 🔗 https://open.substack.com/pub/kanemcgukin/p/the-bitcoin-treasury-bubble-reflexivity