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Nope. Not even remotely similar.
Or, put in that analogy: would it be a good idea to do that, if dude has been out of work for two years and is rolling over credit cards?
No one's disputing that buying BTC on credit involves risk of liquidation. The question is what is a reasonable amount of risk to take.
Should a multinational corporation take out a 0% interest loan to buy Bitcoin? Should I have taken out 30% interest loans to buy Bitcoin while unemployed? Both questions depend on a lot of other factors and numbers, not least of which is the average price of a whole coin in 2026 which is probably a lot. But a knee-jerk negative reaction to any usage of credit at all (as though any individual or business could even compete and survive in the economy as it is without using credit) is silly.
What is even the criticism here? What do you mean by destroying capital? Is the critique "well this company would be broke if it weren't for the Bitcoin gains"? And? What's the problem?? I was smart enough to get Bitcoin on credit while it was cheap. That in itself is a form of productivity. The market agrees with me. I'm performing a service for the people that prefer to pay a higher price. This is the real economy at work, at last.
Would you consider it "destroying capital" for an individual to take out the maximum loan possible to buy a huge house during times of extremely low interest rates?
I see it as a very similar concept. If a company has the ability to issue shares in order to buy Bitcoin, they should, even if they are cash-flow negative. It's the broken system that even allows such a thing to happen.
Shit, as long as we're living in a fiat-denominated world, I'm not sure that I even acknowledge the concept of "destroying capital" as a real thing. It's all manipulated. Winners and losers are chosen arbitrarily. There is no such thing as "capital" in such a system at all.
So what's wrong with a company taking advantage of such a broken system?
"Real economics" already stopped being relevant the second we allowed a central bank into the U.S.