If the US ever repealed capital gains taxes on bitcoin sales, it would have to kill the treasury companies, right? Who’s gonna buy MSTR or MTPLF is you have to pay cap gains on stock sale, but no cap gains on the underlying?

Now if they instead just repealed cap gains on *spending* bitcoin, it might have the opposite effect — people would spend and replace way more, shoot the price up, and both the underlying and the treasury companies would have no comparative advantage when traded for dollars.