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Rain on the Paper Bitcoin Summer (Bitcoin Magazine, Joakim Book)bitcoinmagazine.com/markets/the-end-of-paper-bitcoin-summer
425 sats \ 2 comments \ @denlillaapan 9h econ
Out here ridiculing the death of the treasury company phenomenon. Heavy of flowy words and metaphors: enjoy!
Here’s a bold prediction: In a year’s time, bitcoin treasury companies won’t be a thing. Most of the lower-tiered ones won’t survive, and will instead spit out the coins they so gluttonously and recklessly gobbled up.

"At the tail end of paper bitcoin summer, we see reality reasserting itself, dramatically recovering from the collective delusion that market prices on the world’s most liquid markets could veer so far off mNAV course."

The paper bitcoin summer has ended, and I for one couldn’t be more excited to see these nightmares go back to the ethereal dreamlands from whence they came.
And yes, Mr. Car, Bailey's financial misadventures are featured.
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7 sats \ 1 reply \ @Undisciplined 9h
Nice to have the world get back in line with our expectations
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0 sats \ 0 replies \ @Solomonsatoshi 7h
If the four year cycle continues these BTC treasury companies and the BTC ETFs can be expected to accentuate the bear market next year. They are not so much institutional adoption as institutional parasites, mediating retail speculative demand and playing on NGU ignorance and the lowest common denominator...they also endanger the integrity of the protocol and substantially shifted the narrative away from P2P MoE toward speculative commodification. They are concentrating custody and control in the hands of a few who would be much more prone to an Order 6102B than individual citizens. May they all go bust and this corporate capture and control - commodification circus end.
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