On Bitcoin Treasury Companies
While it is correct that Bitcoin's progress will need an institutional
layer, this cannot and will not be the passive Bitcoin Treasury Company of today.
These merely centralise Bitcoin as balance sheet investments, as store of value, in hope of a financial flywheel, which however will peter out when net total inflows stop.
It always stops, look at history.
The institutions REALLY needed are those which put Bitcoin to work in the real economy, as medium of exchange for trade and industry.
This will produce sustainable Bitcoin returns and unlock Bitcoin's monetary premium for a last price increase before stabilising.
This needs not some company pushing "digital credit". It needs a decentralised "Bitcoin Credit Money" layer.
