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102 sats \ 1 reply \ @denlillaapan 18h \ on: Paper Bitcoin Summer - Economic Forces econ
True, very true. And Saylor is right there to hold their hand -- at a nice, cushy cost equal to the difference between bitcoin's CAGR return and what the prefs are paying paper investors.
Not sure why you disliked with this piece? It was funny, it was illustrative, and it got to something that critics haven't touched on yet: HOW exactly these schemes fall apart.
Strategy is conservatively-af financed: all the BTC is "unemcumbered"; they can print as many MSTR shares as they want to satisfy converts. Hendrickson points out the two ways that this play can fall apart:
1: bitcoin itself collapsing (which nobody here thinks)
2: the regulatory moat/arbitrage that Strategy is profiting off shrinks or goes away:
P.S.: very happy that Mr. Scoresby is taking over my role of covering Economic Forces for ~econ!
I'm not happy. I do a very poor coverage of economic things, most likely half of it is wrong. I'd much prefer to get my economic updates from a purple monkey.
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