Working on book version but will be a while
Biased but https://bewaterltd.com/p/table-of-contents
Bitcoin on the balance sheet can be a superpower, or a potential slow motion disaster.
The difference isn't the price of bitcoin, it's the model. Some companies build disciplined, transparent treasury models that will stand the test of time. Others will chase hype, relying on leverage and share dilution while mistaking noise for signal. Many sit somewhere in between, combining elements of both approaches.
This recent FT piece on Bitcoin treasury companies makes some fair points but misses the real nuance. It opens with a nod to Charles Ponzi and blurs Bitcoin with the broader crypto world (quelle surprise), overlooking Bitcoin’s fundamentally different monetary principles. This framing leads to shallow conclusions, lumping disciplined treasury strategies together with speculative frenzy.
Look at what Strategy, formerly MicroStrategy, has become. Once a software firm, it now exists primarily to accumulate Bitcoin. That "infinite money glitch", issuing equity for Bitcoin, works for them because they are disciplined and capital rich.
Swapping soft money for hard money is an obvious move for any company. It's a rational move in a free market, but in my view, businesses built solely around holding bitcoin, without a solid underlying business, are far from ideal.
Beyond Strategy, some companies build a narrative around Bitcoin, raise significant capital, and drive aggressive marketing to ride the wave of rapidly rising valuations. They may claim a profitable history, and sometimes that is true, but much of the growth comes from momentum rather than proven fundamentals.
This model can work if execution matches ambition and risk is managed well. When the underlying business is not the core driver and Bitcoin is the main attraction, the lack of discipline, resources, or long term credibility leaves these companies speculative and highly exposed to shifts in market confidence.
There will be companies that get it right, solving real problems with a strong risk framework. In a space surrounded by so much hype, it is up to investors and observers to do their own due diligence to understand which strategies are built to last.
The media often misses this distinction. Money alone doesn't equal sustainability.
Bitcoin on the balance sheet can be transformative when it is done with substance and discipline. When it is just noise, it risks collapsing under its own weight and dragging the conversation with it.
And while the FCA continues to force many of us in the UK into proxies, I must admit that watching MicroStrategy's performance has been incredible. It saved my portfolio.
Some companies will stand the test of time because they are solving real problems with sustainable models. Others will fade when the hype dries up. It will be interesting to see how this plays out in the next bear market. Investors will need to do their homework, as not all bitcoin treasury companies are the same.
But hey, at least the FT is starting to notice what's going on. We can't expect them to make a complete 180 turn on Bitcoin overnight.
Read the full article here:
https://www.ft.com/content/478ea5bc-ea18-44f7-9da1-602ebe283fca
Written from a pro btc point if view. https://bewaterltd.com/p/bitcoin-treasurycos-lessons-from
If you haven't seen this yet you might enjoy. https://bewaterltd.com/p/bitcoin-treasurycos-lessons-from
This might frame the debate more fairly. https://bewaterltd.com/p/bitcoin-treasurycos-lessons-from
Depends on dose and path. Look at what happened in 1920s. https://bewaterltd.com/p/bitcoin-treasurycos-lessons-from
Who has the senior claim to the assets of a bitcoin treasury company in the case of a systemic collapse in the fiat chain of custody?
Hint, its not you the share holder. Its DTCC the Depository Trust & Clearing Corporation and the fucking bankers. Fade Saylor and all these fiat scammers and hold your own keys!
https://en.m.wikipedia.org/w/index.php?title=Depository_Trust_%26_Clearing_Corporation&wprov=rarw1
thegreattaking.com
You might enjoy our series comparing treasuries to 1920s investment trusts before the 1929 crash. Part III here. https://bewaterltd.com/p/bitcoin-treasurycos-lessons-from
No one noticed because housing was mooning.
We've been writing a series comparing the TreasuryCos to the 1920s investment trusts preceding the 29 crash. https://bewaterltd.com/p/bitcoin-treasury-companies
Navigating #Multiflation. Why CPI conceals the real economic damage, and what to do about it in your portfolio: the Five Archetypes framework.
We've been writing a series comparing BTC treasuries to 1920s investment trusts leading up to '29 crash. https://bewaterltd.com/p/bitcoin-treasury-companies
The Reorg, Episode 20: nostr:npub1j4u5gjzjyggr3h96x3gjy4akdgwxuk7mgvumv72gym2qyje7fn5s47d6x9 and nostr:npub1hxwmegqcfgevu4vsfjex0v3wgdyz8jtlgx8ndkh46t0lphtmtsnsuf40pf discuss Pierre's 2014 article "Speculative Attack."
Links below.
We just wrote on Speculative Attack, too: https://bewaterltd.com/p/bitcoin-treasury-companies
#BitcoinTreasuries like $MSTR: monetary attack dogs, or leveraged pyramid scheme like the "investment trusts" leading up to the #1929crash? #Multiflation #bitcoin #btc
Amp it up to 11. People are beginning to integrate neurolinguistic programming and other persuasion techniques as well.
IMF? The one started by communist spy Harry Dexter White? Pretty sure that's unamerican
We've also been extending Cantor's work on fiat and hyperreality here (and updating it for fiat ai and algorithms): https://bewaterltd.com/p/table-of-contents
If you havent read Paul Cantor on this yet it's worth a read. https://cdn.mises.org/rae7_1_1_2.pdf
Yet this entire AI and Big Data revolution ultimately rests on a foundation of quicksand. As companies and governments worldwide join tech giants and AI startups in the race to capture, store, and process ever-larger quantities of data, we fear that they all overlook the most fundamental question: what if we are degrading the most important information required for a functional society—including that which is required for further AI development itself? And what if this corruption is being accelerated by the ways in which we are deploying algorithms and AI into the economy and markets—as replacements for, rather than complements to, human judgment—even as financial markets surge to unprecedented heights, feeding off the very distortions that threaten to undermine their success?
"Like central bank manipulation of interest rates—indeed, in conjunction with it—the replacement of human economic judgment by algos corrupts the flow of information that markets need to function effectively."
https://bewaterltd.com/p/silicon-sorcery-codes-captive-markets

