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@ mike
2025-02-24 13:00:45
Most companies raise money to fund the growth of the useful thing they do for society.
(Micro)Strategy still does a useful thing at its core, but the vast majority of it is now a money making exercise for its shareholders. I think this is the problem I have with it. It doesn’t do anything useful.
That is, unless you consider it a giant publicity drive for Bitcoin. But if that is true, then why is Bitcoin not doing more?
Adam Back, who I respect immensely, had a public bet that Bitcoin would reach $100K by the halving. He lost and Bitcoin didn’t reach that target until over 6 months later. It is still hanging around this value 10 months on.
This despite ETFs, MicroStrategy and the huge swell of wealth funds and strategic reserves being built around Bitcoin.
What’s going on? We all know that Bitcoin should be significantly higher by now, even without any of the adoption currently under way.
Bitcoin will still do its thing, but I’m not sure the publicity is making any difference.
To quote a famous meme, “Change my mind”