"We, the nerdy outsiders who were once dead-set on building a new and improved world have become cheerleaders for regulated, permissioned securities - neatly levered up and financially engineered for maximum bitcoin-per-share. The laws of financial gravity rudely shoved aside, even the staunchest rebellious hacker has given up most of their principles now that Wall Street is paying $2, $3, or $5 for a dollar of bitcoin."
"The balance sheet is becoming the P&L, said Alexandre Laizet, CEO of Europe's largest treasury company on stage. He wasn't merely saying that treasury companies are now banks, using their balance sheets to eke out profits; he meant that the only thing that matters to bitcoin treasury companies is the balance sheet itself. Profits are of no consequence when you've got bitcoin-per-infinitely printable share."
Institutional players and executives have transformed bitcoin from a cypherpunk protest into a mainstream financial play dominated by regulated, permissioned securities. Formerly rebellious communities have embraced leverage, financial engineering, and treasury-driven strategies to maximize bitcoin-per-share. Corporate treasuries and hundreds of companies are raising cheap fiat to buy bitcoin, prioritizing balance-sheet metrics over traditional profit measures. Conferences now attract political figures and financial engineers rather than self-custody advocates. Market behavior reflects a rush to capitalize on bitcoin via securities and engineered vehicles, with capital markets flooded by firms pursuing growth in bitcoin holdings at scale.
Read at Bitcoin Magazine
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