Controversial points I know, but here are my top 3 mistakes made in Bitcoin.
1. Industrial scale mining
2. ETF’s
3. Bitcoin treasury companies
I think the 4th will be strategic reserves.
From my point of view these are all state capture ,
Discussion
Agreed on 1,2, and 4 especially - a complete red herring if countries are running deficits - it’s far more instructive to make Bitcoin ownership as easy as possible for every individual who is not running a deficit themselves.
On Bitcoin Treasury Companies though - I think it pays to think long term. Corporations and potential investment in them will always exist. It’s only natural that investments in these companies pop up as an option (essentially priced in Bitcoin) relative to just saving in Bitcoin. You may end up with more or less Bitcoin than you invest - like any investment - buyer beware of course. But it’s a pretty natural state of things that these will pop up and try and acquire Bitcoin - especially when tapping into other capital pools (fixed income etc) that can’t otherwise access it, as Saylor is doing.
The theory on Bitcoin treasury companies sounds plausible, however from my perspective these are just dead companies racking up debt to purchase Bitcoin and hold it, and not actually providing any real value. Their value just seems to be access to a cold storage for debt. Nothing more meaningful and tangible than that
Yeah, I think long term most of these companies will fall by the wayside and won’t attract investment unless they provide real value in the world. For the time being though, as we are early even just offering exposure to btc in wider markets than previously available is being treated as valuable.
I acknowledge that point. However, I feel this will do nothing other than usher in a new form of feudalism. I’m sure peasants in the past may have felt similar to all gold been swooped up and horded by lords that it gave them indirect exposure to gold and that they had an interest in it, just as long as they played their part.
I’m very sceptical of any benefit that will come of these paper BTC treasury companies . I for one am extremely sceptical of Saylor actually holding the number of BTC he claims