Yesterday @ $122, Bitcoin was the 5th largest global asset (now 6th). https://companiesmarketcap.com/assets-by-market-cap Funny old world we live in.
Curious how this will ultimately collapse. Treasury companies getting a margin call? Technical issues? A zero cost put back spread looks good.
bitcoin is the most undervalued global monetary asset in the world we are all very lucky that we are alive during this time everyone in the world has an opportunity to buy bitcoin and hold until it goes up 1000%, 5000%, 10,000% and higher against their local fiat currency It's quite simple, but others want to make it more difficult by overthinking it
It all depends on how they are structured. I have read that MSTR is very safe because Bitcoin has to drop to incredibly low levels before anything happens. Same thing for Metaplanet I think. If you consider that these bonds that are issued to raise capital are convertible to equity, all that happens is that more shares are issues, which is easy to do since its only paper. Yes the shareholders suffer, but no bitcoin needs to be sold. The only issue is paying yearly bond payments in fiat. If you have a business like Strategy, that will cover it. If you don't, then its possible that at one point you might have to sell some bitcoin. Now the whole idea of mNAV I think will blow up. At some point, people wont want to pay 5x per share to the equivalent Bitcoin value, so these might all drop to 1x. But even in this scenario, the Bitcoin doesn't need to be sold. If you buy MSTR at $700 and it drops to $200, you lose, but it doesn't. I'm not sure either what will happen, but whatever it is, it will be at a much higher price from here. If anything, these companies are buying up way more bitcoin than we ever could have imagined. My worry is why price isn't higher given all this buying. But perhaps we have to work through all the OG selling (although Samson Mow did say he doesn't know any OGs selling) I'm personally not comfortable with Coinbase having over 3M coins in custody for so many entities. And although it they lost some, it should make the price go up because lost coins or paper coins means that more have to be bought in order to replace what it sold, it can also have some people give up because fear sets in. Many people want their hand held and they want someone at the top to control and manipulate things because it makes them feel safer.
Momentum will come and all the traders and bots will pile on shorts and market will crash hard. And then everyone will be instantly down -XX% and then the liquidations and selling will begin from people and treasuries in loss and it will all avalanche down. The situation is doomed.
The unfortunate truth is that the bears are fucken retarded . Tether keeps printing, pushing the number higher. Might as well mortgage the house and buy dogcoins. That's the current state of the market, unfortunately.