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247 sats \ 9 replies \ @Scoresby 13h \ parent \ on: Who Are the Companies Hoarding Bitcoin? (Financial Times, Philip Stafford) econ
Here's an anecdote: my dad knows about bitcoin. Despite my offers to set him up with cold storage he never decided to do it. Here comes MSTR and he's buying it like crazy in his Fidelity or Schwab or whatever he uses. Doesn't want to talk about bitcoin. Wants to talk about MSTR.
A group of investors I know meet once a month to talk about potential deals they have heard about. They talk about bitcoin every single month. Nobody went further than one guy who holds it on an exchange. Here comes MSTR and now several of them are gobbling it up.
Both cases people knew about bitcoin, bitcoin self custody, and a general idea of the risks of not your keys...yet it wasn't accessible to them until they could buy it in something like this. Honestly, they weren't even as interested in the ETFs.
At least for retail, it's got something to do with making bitcoin accessible in a way these guys feel comfortable with. Maybe?
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38 sats \ 1 reply \ @denlillaapan OP 12h
Doesn't want to talk about bitcoin. Wants to talk about MSTR. That's funny because at this point, what's the difference??
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34 sats \ 0 replies \ @Scoresby 11h
in the case of my dad, he's heard me hammer on about censorship resistance, digital freedom money a little too much perhaps. MSTR is sweet gains, baby.
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59 sats \ 1 reply \ @SimpleStacker 12h
That was one of my hypotheses too, but are these people enough to move the market? Does retail really have that much influence? But I definitely think your observation is common, I know some people like that too
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42 sats \ 0 replies \ @Scoresby 11h
are these people enough to move the market?
That's the thing: surely they aren't, right? I mean, there can't be that many couch potato old guys with extra money hanging around to play the stock market (but who are not serious enough to bother learning what real self-custody looks like or to be concerned about actually using money the state can't wreck)!
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22 sats \ 3 replies \ @Undisciplined 13h
That’s basically a cousin of the trapped capital idea, right?
There are bitcoin believers who command a lot of capital that can’t easily be put directly into bitcoin, so they pay Saylor to do it for them.
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59 sats \ 0 replies \ @denlillaapan OP 12h
More like custom/custody/bitcoin-wrapped-in-SEC-regulated-equity
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47 sats \ 1 reply \ @Scoresby 13h
Yeah. But it doesn't explain the premium, because they could buy more "bitcoin" for their buck through the ETF.
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0 sats \ 0 replies \ @Undisciplined 13h
Then it might belong in my bubble category. Time will tell.
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21 sats \ 0 replies \ @optimism 13h
Their bull market comfort, our bear market cheap sats.
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