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@ Brunswick
2025-04-25 02:34:00
The people that are flooding into strategy and GameStop have bought into Warren Buffett's theory that Bitcoin is worth nothing because it doesn't produce anything unlike a security.
As an aside; the truth is most public securities are leveraging operating companies and don't actually produce anything of themselves. They skim off existing companies that they purchase and distribute the profits to the shareholders, which we are learning, may be largely public pension funds and foreign institutions controlled by adversarial governments. This explains why established public companies tend to produce no new technology.
Regardless, Buffett successfully confused the world with this mind virus and people think companies holding bitcoin will somehow be more profitable than companies holding gold. Great for Saylor, but quite risky on the part of investors in a company with no solid business plan around the holdings other than "maybe we'll lend it out someday."
No matter what Saylor says about "never selling his bitcoin", this is not fully under the control of Saylor no matter how creatively he structures his debt. If the company goes belly up because of a prolonged dip in price like we saw in 2023, the shareholders (and the SEC) could demand liquidation which will be disastrous for bitcoin adoption and could push it out another 4 to 12 years.