Thread

My new op-ed in @Bitcoin Magazine, about Bitcoin Treasury Companies (BTCTC) and how my mind changed after interviewing @preston:
Bitcoin Magazine
Bitcoin Treasuries And The Bitcoinization Of Finance: How Preston Pysh Changed My Mind On
Companies with bitcoin treasuries are popping up everywhere. I sat down with Preston Pysh to learn more... and he completely change my mind on what...
 “For a while, I was skeptical of bitcoin treasuries. All these bitcoin companies felt like another fiat-financial stunt, another way to play games with debt and derivatives while co-opting Bitcoin’s name. I didn’t want bitcoin financialized. I wanted it to flourish — cleanly, directly and outside the grasp of Wall Street. But then I sat down for a conversation with Preston Pysh on my podcast “You’re the Voice.” That conversation changed everything for me. …“When you securitize Bitcoin through a public company, you’re creating a vehicle that can operate in the fiat world while accumulating sound money in the background,” Preston told me. So, that’s how bitcoin infiltrates the fiat world…? Not through a revolution, but through clever replication. Or as Friedrich Hayek once put it: through a sly, roundabout way. At first, I still hesitated: Isn’t that just more fiat games? Isn’t bitcoin supposed to be the exit? So I pressed Preston: What’s the product here? What are these bitcoin treasuries actually offering? Do they even have a product or a service — or is bitcoin itself on the balance sheet enough?..” image

Replies (2)

None of these companies can do what strategy is doing. They are creating new financial products because the market for their offering is deep and their products are liquid. Literally nobody else can say that. And they won’t be able to because strategy is too far ahead. Taking on debt to buy btc is not productive. That’s what nearly every one of these treasury companies is doing. Strategy is Bitcoin and everyone else is a shitcoin.