4 ms·
I've been surprised that the news that Strategy (formerly Microstrategy) bought 3x the total amount of mined bitcoin in the past year didn't cause bigger waves.
by Newlaptop 3mo ago
I've been surprised that the news that Strategy (formerly Microstrategy) bought 3x the total amount of mined bitcoin in the past year didn't cause bigger waves.
A single corporation is issuing debt at 11% interest to buy all the bitcoin being produced and a huge chunk of the additional sales. That's such an obviously precarious situation that I figured the news would cause a crash as people tried to get out of bitcoin before Strategy has to start liquidating, but it looks like there's still some runway left.
- chistev 3mo agoAre they still buying?
- swarnie 3mo agoStill buying, currently 12.5 billys underwater. If they sold today it would be comparable to the largest banking losses from the 2008 kerfuffle
- DANmode 3mo agoThe broader market still sees it as a speculative investment. & This is a recession period.