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Treasury Wars: A New Paradigm for Bitcoin?
Recorded: June 25, 2025 Duration: 0:32:49Space Recording
Short Summary
The discussion highlights a significant trend of corporate adoption of Bitcoin, with companies like MicroStrategy and MetaPlanet leading the charge in accumulating substantial Bitcoin treasuries. The conversation also touches on the potential impact of regulatory changes, the resilience of Bitcoin in the current market, and the evolving dynamics of bull and bear cycles in the crypto space.
Full Transcription
Thank you. Thank you. Music Thank you. Thank you. Music Thank you. Music Thank you. I'm going to go to the next video. Thank you. Thank you. Music Thank you. Music Thank you. Music Thank you. Thank you. Music Thank you. Music Thank you. Thank you. Thank you. I'm going to go to the next video. Hello, everyone.
Michael Saylor put up a post today.
I'm trying to find it, let the games begin, just a list of all these companies that are
jumping on the bandwagon and adding Bitcoin to their treasuries.
It is a bit, I'd say, jarring to see the amount of Bitcoin
that companies like MetaPlanet are adding at close to all-time highs.
at close to all-time highs.
Their, I guess, more recent purchase was 1,111 BTC
at a 106K Bitcoin price, which is kind of nuts.
You know, if you look at the Bitcoin chart,
you can see that it looks like the previous cycles kind of double top.
I'm not a chart guy, nor do I think that chart reading, technical analysis is a reliably consistent way of making and sustaining money over a long period of time.
I haven't seen many do it.
But it is interesting to see all these companies ape into Bitcoin.
I know Pompiliano is doing the same thing with his new Bitcoin company.
Yeah, I don't know.
Let's see.
Let me bring...
Gotcha.
Yeah, no, it's interesting because I would think that Pomp has so much Bitcoin that he
wouldn't feel the need to be buying this much at this price.
But yeah, I'm kind of holding my breath a little bit just to see what happens because I always
said that the narrative around this time,
it's different is going to evolve each time we have these sorts of bull cycles.
There's a, there's a stronger narrative than the previous cycle, which pushes Bitcoin up
to all-time highs or even beyond what anyone else thinks. So the top Bitcoin treasury companies
right now are MicroStrategy, Moral Holdings, XXI, Riot, Galaxy Digital, CleanSpark.
A lot of these also, I believe, are mining companies.
I know that Marathon and Riot and Galaxy, these are all mining companies.
Tesla is number six.
And by the way, just to give you some context, MicroStrategy is number one with $592,000
Bitcoin.
And number two, Mara Holdings is at $49,000 Bitcoin.
So MicroStrategy has more than 10x the amount of Bitcoin as the next treasury that's on
that's on this list.
this list.
So Tesla's at number seven.
So Tesla's the number seven.
Metaplanet is slowly, or rather, excuse me,
Metaplanet is quickly gaining on them.
They're at 11,111 Bitcoin.
And they're the only Japanese company.
The rest of the companies are U.S. companies.
They're Canadian, German, Chinese.
And then you have Hutt8 Mining Corp, Coinbase Global,
Block, Next Technology Holding, ProCap, BTC,
GameStop has been buying Bitcoin.
GameStop has been buying Bitcoin,
Semler Scientific, Congo Inc., Bitcoin Group SE, and Boya Interactive International Limited, MicroCloud Hologram, and Hive Digital Technology.
So a lot of these companies are Bitcoin mining companies, which makes sense.
The ones that interest me are the ones that are not Bitcoin mining companies,
particularly the ones that have nothing to do with crypto at all.
So we'll see how this goes.
I don't, I mean, I don't know.
You know, these, these treasury funds,
I know a lot of these companies aren't using leverage.
They're not using convertible notes the way that MicroStrategy is. But I do wonder if we see a price correction in Bitcoin, how many of these companies are going to be diamond-handed holders?
Um, it's interesting. So I'm really bad at predicting. I'm really bad at predicting the
future. Take everything I say with a grain of salt. But I'm not buying Bitcoin at these levels.
Like, that's just not me. I can't bring myself to do it. I know that, you know, people say,
I can't bring myself to do it. I know that, you know, people say in the long run, it's not going to matter. But for, you know, for someone like me or for most people, they want to be able to get as many sats for their buck.
Like I just I'm trying to envision a world where Bitcoin would just go up only for the first time in history and not have a correction.
So that's just me.
And I know everyone's waiting for alt season to come.
I'm concerned about alt season because I just don't, you know, I'm sort of positioned for it, but I just for some reason don't know if we're going to get an alt season like we got in 2021.
However, if I was to counter myself, I would say that the Genius Act, which we covered last week, is going to allow for a lot of money to potentially flood into the industry.
I don't know what the time period is for that, right?
So let's say the Genius Act is approved.
Let's see.
Has the House approved House Genius Act?
Genius Act. So once the House approves the Genius Act, I think for the last time, the president
is going to improve it. Yeah. So the U.S. House still needs to go to the U.S. House again.
The president approves it, and then we're off to the races. And so the question is,
Well, you know, once it goes through, which I believe it will go through, how quickly are we going to see companies like Bank of America, rather banks like Bank of America and companies like Walmart not just implement?
once it goes through, which I believe it will go through,
Well, they're probably already – I'm sure they're ready to go out of the gate.
A lot of these companies, they're just waiting for the bill to pass. But how quickly do these products find product market fit? These stablecoins
find product market fit within the user base of those respective companies, right? How quickly are people interacting with stable
coins, using stable coins, but more importantly, how quickly do we get user interface that
would function as an onboarding ramp for people that want to play in DeFi. You know, certain, I could see DeFi having a second coming
because it is, in my opinion,
and I'm sure in the opinions of others,
the most exciting product in crypto at the moment.
It's the most exciting niche, right?
It actually does something.
People can earn yield.
People can earn yield.
People can play with financial tools that weren't available to the masses just five, six years ago.
And so that's really exciting to me.
I don't know if it's going to spark an alt season that everyone is hoping
and waiting for.
I mean, even ETH.
We're waiting for ETH to have its time in the sun.
And for the last year and some change, it's been the Bitcoin show.
I guess for the last year and a half, it's been the Bitcoin show.
In fact, ETH has failed to break its previous cycles all-time high, and the chart looks really weird. It looks like it double-topped
at around 4,000. It didn't even get back to the 47,000 price that it was at the previous
cycle. And then now it's just kind of looping down i will say though um we've been
in spaces on this i will say i've been waiting for eth to have its bitcoin moment i've been
waiting for eth to be especially with all the stable coins that are going to be coming
on chain i mean a lot of these are these are the majority of these are going to be sitting on the
evm i know that you have layer twos and they're parasitic and all that stuff,
but ETH being the base layer, I think that counts for something.
And I'd be eager to see how many companies at what point, at some point,
decide that they're going to want to add ETH to their balance sheet and have
that as a reserve.
So we'll see.
Let's see.
I know that the market has been rallying.
Thankfully, there's a ceasefire and resolution in the Middle East.
And now we are back to the races and Bitcoin's leading
the charge. Bitcoin does seem to be struggling to get kind of break past this. I think the
all time high was 111.5K or something. It does seem to be struggling to kind of break that for a while now.
I'm wondering what the catalyst is.
There's companies that are adding Bitcoin to their balance sheet and they're buying it at all-time highs.
And I think that's interesting because I'm sure there are companies at the same time that are sitting back and thinking to themselves, well, I'm not going to buy this asset when it's this close to all-time high.
And historically, we've seen it have 80% to 90% corrections.
I would have a hard time, I mean, at this point, I have a hard time seeing Bitcoin have an 80% to 90% correction.
I don't know if that's in the cards anymore.
But even a 50% correction from the all-time high, whatever that's going to end up being, I think is a reasonable downturn to wait for. You are a company that believes in the asset class but also thinks that we're in kind of a bit of a euphoric bull market, in my opinion, for Bitcoin.
Again, when companies are aping in this much at all-time highs.
I think Bitcoin has been in a bull market, right?
And everything else is just kind of meh.
So anyway, those are my thoughts.
We're going to be doing daily shows coming up over the next couple of weeks.
Got some stuff cooking with Ryan.
So keep an eye out for that.
And yeah, I think that this is a different bull cycle, much different bull cycle than we've had in the past.
And because of that, I think at the same time, it's hard to predict, oh, again, this is going to – the bull cycle is going to end at the end of this year just like it has in previous years.
I just think this time it's different.
So it's different.
It doesn't always mean that's good.
So far, different has not been great for alts, right?
But it's been great for Bitcoin.
But different can also mean that we may not get the insane, euphoric,
everything goes up, you know, a monkey blindfolded can throw a dart
and do a 10x kind of environment.
But at the same time, we might not get those bear markets of the past anymore either, where you have – there's going to be more opportunity, a higher floor in terms of how dark and cold the bear market can get.
So maybe some global warming, if you will, where the bear market's not going to be as cold as it used to be.
There'll be more opportunities because there's going to be more legitimacy and more players. At the same time, the bull markets, or rather the alt markets,
are going to be harder to navigate because of how much more saturated things are
and how many more coins there are.
But again, these are just my thoughts.
I've been wronged a lot.
I found that my best strategy would have always been,
and this is always going to be buying and holding Bitcoin, and hopefully being patient when I personally think prices are euphoric. If you have a long-term time horizon, if you believe in Bitcoin as the asset class, I've always said this, you have a 10-year time horizon.
You want to sleep well at night.
You just want to know that you are consistently stacking sats.
Then there's never really a bad time to buy.
Maybe that's what a lot of these companies are thinking.
We don't care if the price dips at some point.
Maybe if it does go to $50K.
We're just going to buy more and bring down our cost basis.
So I understand that philosophy as well.
And I think I struggle between both.
I think I struggle between, hey, I should just be stacking stats no matter what versus, hey, I should sit in some cash just in case we have a downturn.
sit in some cash just in case we have a downturn.
Bitcoin's resilience, to me, at a time where everyone was afraid of World War III and this
conflict or this war spreading to other regions, Bitcoin's resilience was incredible.
I just, I did not expect to see Bitcoin hold up so well.
And Bitcoin's resilience through the terrafores.
I mean, really, ever since Trump was elected president,
I just think Bitcoin's resilience has been different.
It's been different.
You know, you had the big dip,
and then Germany sold Bitcoin at 50K or something like that.
But I just feel like with the stuff that's been happening this year, Bitcoin should have – the Bitcoin in the past would have dipped much more.
We would have gotten a much cheaper Bitcoin.
But we'll see.
We'll see, guys.
Peter Schiff still thinks that it's overvalued and we're not going to see a million dollar Bitcoin just like he said we weren't going to see a hundred thousand dollar Bitcoin.
So you have people in that camp saying that this is the final hurrah as well.
So be careful with those guys too because Peter Schiff has been wrong a lot.
And I feel bad for people that follow him and take everything he says at face value because he's been wrong and the opportunity costs for his followers have been tremendous.
Has been tremendous, excuse me.
All right, everyone.
Thank you for joining.
Remember that everything you hear on these broadcasts meant for educational purposes only.
Nothing is financial advice.
So be safe out there.
And we will see you all on the next one soon.
Take care.
