Are Bitcoin Treasury Firms Just the Latest Bubble? Experts Can’t Stop Laughing!

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Oh, the world of Bitcoin—where every whisper in the wind seems to carry a new “innovation” that’s really just another speculative frenzy in disguise. This week, Bitcoin aficionados, including the pseudonymous Stack Hodler (@stackhodler), decided to drop a truth bomb on the so-called Bitcoin treasury firms. According to him, these companies are no better than “shitcoins,” dressed up in suits and ties. Their real business? Creating shares out of thin air and then selling them to folks hoping that somehow, they’ll beat Bitcoin itself. Spoiler alert: It’s just traditional finance’s worst nightmare masquerading as progress. And it’s all about to crash and burn. 🔥

Sure, these firms are soaking up liquidity that would’ve otherwise found its way to some shady altcoin in a back alley. But guess what? Eventually, they’re going to have to sell off their Bitcoin stash when their shareholders realize they’re holding on to a proxy, not the real thing. And don’t even get Stack started on how this is “fiat shenanigans” in the making. Those who are stacking Bitcoin in ways that actually add value to the economy? That’s where the real future lies, not in these “flash-in-the-pan” treasury firms. 💸

And enter Stephan Livera, Bitcoin podcaster extraordinaire, who decided to chime in. He referenced MicroStrategy’s recent Q1 2025 earnings call, where Michael Saylor explained why his company is worth more than its net asset value (NAV). Because, apparently, Bitcoin is a $2 trillion asset in a world swimming in $1,000 trillion of assets. You know, not all large capital allocators can just stroll into Bitcoin for breakfast because of pesky little things like regulations and taxes. Some treasury firms might stick around, but only if they play it smart. Smart being the keyword here, something these new upstarts might not have mastered. 🧠

The Bitcoin Treasury Copy-Cat Surge

But wait, Stack Hodler wasn’t talking about MicroStrategy. He’s too busy throwing shade at the hordes of copycats popping up faster than you can say “blockchain.” These are the firms looking to ride on MSTR’s coattails—kind of like how altcoins try to hitch a ride on Bitcoin’s success. But while regulatory loopholes might help some of these firms survive a little longer, Stack’s not convinced. Printing shares to buy Bitcoin? That sounds more like a recipe for disaster than a sustainable business model. He’s all for companies that generate real value, not the ones just playing “fiat engineering” with everyone’s money. 🤑

Enter Scott Melker, a.k.a. “The Wolf of All Streets” (not to be confused with your average wolf). He, too, has a bone to pick with Bitcoin treasury companies raising debt to buy Bitcoin. If you didn’t know, that could very well be the next big bubble. Dave Weisberger, market structure analyst and eternal optimist, thinks we’re not there yet. “Bubbles have to inflate first,” he says. But don’t worry—Bitcoin is far from bubble territory. Yet. 🤷‍♂️

Now, FiboSwanny, a market veteran who’s seen more than one bubble pop, is pointing fingers at leverage and financial instruments around Bitcoin. “If there’s a bubble forming, it’s probably in the ETF and derivatives space, not in actual Bitcoin,” he declares. Meanwhile, Lark Davis is more bearish: “This cycle’s going to be our GBTC nightmare, just wait for the massive unraveling—especially with altcoin-hungry companies.” 😬

Cory Klippsten, CEO of Swan, isn’t holding back either. “It’s already jumped the shark,” he says. His crystal ball’s been predicting this for a year, and now it’s all too inevitable. So, no surprise there. 🙄

Right now, we’ve got a bunch of public companies holding Bitcoin directly. MicroStrategy’s still the big fish, holding more than half a million BTC. Then there are firms like Metaplanet in Japan, Semler Scientific, KULR Technology, and others who’ve suddenly become all about Bitcoin. They’ve gone from being businesses with actual models to just Bitcoin hoarders. And yes, these companies are trading at billion-dollar valuations—without much to back it up. Oh, how sweet it is to watch. 🍿

But let’s face it, the model’s shaky. These companies are relying on inflated equity to fund more Bitcoin purchases, creating a vicious cycle where rising BTC prices boost share prices, which then fuels more buying. It’s all fun and games in a bull market, but when things go south, it’ll be a different story. And Stack? He’s just sitting there saying, “Bitcoin will always be the best risk-return asset. Don’t get distracted by the ‘better Bitcoin’ that’s bound to pop up. Stick to the original.” 🙃

At the time of writing, Bitcoin is chilling at $103,709. Don’t say we didn’t warn you when it all comes crashing down. 🏚️

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2025-05-14 02:37