Bitcoin treasury companies, despite being a very stupid idea are incredibly bullish for Bitcoin (long term) by virtue of showing that the old orange coin can still generate massive amounts of religious hallucination.

"all that matters is the mass hallucination?"

Pragmatism (Security) at OP Labs.
Prev: ConsenSys & Coinbase.

Attribs: Friendly, curious, introverted, mid-witted.
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Agree, long btc, short treasury companies (other than $strategy which is its own meme now).

Ah, so you don't mean companies that use btc as the treasury asset, but rather companies that make this their main purpose?

It’s not that holding bitcoin is stupid, so much as the idea that it is a viable business model for hundreds of companies, and that their stock should sell at a multiple of the underlying assets.

USD has hallucination value by now and works.

It’s dumb in design, genius in signal. Bitcoin still has the cult juice. 🟧