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1279 sats \ 2 replies \ @Scoresby 18h \ on: Buffett's Lesson to the Bitcoin Treasury Companies (WSJ, Krystal Hur) econ
“There are people that have developed enormous confidence in Warren Buffett,” says Meyer Shields, who co-wrote the note. “For them, that’s where the investment thesis starts and stops.”
Sure you want to know about the fundamentals, but companies can change, so what's really important is who's in charge.
I'm no kind of seasoned investor, but this kind of heuristic is probably better than most.
In that sense, maybe we should understand the treasury mania this way: Saylor started it off and because of his particular qualities, there is a large group of investors who are willing to pay more for MicroStrategy than it is worth. It's not necessarily because of the Bitcoin, so much as it is because of the Bitcoiner.1
So the Treasury Company fervor during the summer was actuly people trying to copy the wrong thing: they should have been putting bitcoiners in charge of their companies, rather than solely focusing on putting Bitcoin on their balance sheets.
To be fair, a few of the treasury companies did try to copy this: Jack Mallets at Twenty One, Dylan LeClaire at Metaplanet, David Bailey at Nakamoto -- but I'm not sure the public followed the plot, nor that they were the "right" bitcoiners for the job.
Perhaps the real edge here isn't Bitcoin Treasury Companies so much as it is companies run by Bitcoiners.

Footnotes

  1. I have no opinion on how "good" of a bitcoiner Saylor is. If you buy, sell, or trade Bitcoin, you are a bitcoiner in my book. ↩
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102 sats \ 0 replies \ @BlokchainB 2h
Don’t forget Dorsey at block !! This is a fantastic comment!!
But I’m a Bitcoin hyper bull. Even if these companies play fiat games to get more Bitcoin. I’m all for it due to the limited supply. If we are right and the world wakes up and wants Bitcoin at all costs then even the shell game companies win.
We see this now with the AI and quantum trade. Wall Street gets stupid when trying to chase growth at all costs.
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102 sats \ 0 replies \ @denlillaapan OP 17h
So the Treasury Company fervor during the summer was actuly people trying to copy the wrong thing: they should have been putting bitcoiners in charge of their companies, rather than solely focusing on putting Bitcoin on their balance sheets.
nice observation, siiir. Agree with that; more Bitcoin companies, less financial engineering
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