| Criticising the slumping Bitcoin treasury space? Well, Michael Saylor wants to have a word. On a January 12 What Bitcoin Did podcast, Strategy’s founder and the creator of the digital asset treasury trade went berserk when the interviewer, Danny Knowles, asked him whether the market can handle the more than 200 treasuries that are currently tagging themselves as treasuries — and if their model of issuing debt to buy Bitcoin is actually sustainable. “Who are you to say that they are just issuing debt to buy Bitcoin?” replied Saylor. “That’s just an ignorant and offensive statement on your part.” Saylor’s outburst comes at a troubling time for treasuries. Nearly 40% of the top 100 Bitcoin treasuries are trading at a discount — the key metric that permits them to raise more capital to fund their Bitcoin buys — and more than 60% have bought Bitcoin at higher prices than today. [link] [comments] |
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