Financial alchemy: Capital structure as the product

“Live by the mNAV, Die by the mNAV”.

What happens when financial alchemy meets the hardest money in history? In this episode, we explore how Bitcoin treasury companies may be repeating the speculative sins of the 1920s—where reflexivity, leverage, and overconfidence turned “innovation” into collapse. The question is: will Bitcoin break the curse, or amplify it?

Check out the original article Read_911 - Bitcoin TreasuryCos: Lessons From The 1929 Crash (Speculative Attack! Part III) by Be Water (Link: https://bewaterltd.com/p/bitcoin-treasurycos-lessons-from)

Links & References

• Read_909 - Bitcoin Treasury Companies (Speculative Attack! Part I) (Link: https://fountain.fm/episode/eShOXODGdCH3BD3M9Mzn)

• Read_910 - Bitcoin TreasuryCos & The Roaring 20s: Speculative Attack! Part II (Link: https://fountain.fm/episode/z21X5ypXXezxWQ1Y827s)

• The Flight into Fake Values by Be Water (Link: https://bewaterltd.com/p/the-flight-into-fake-values)

• The Great Crash 1929 by John Kenneth Galbraith (Link: https://www.amazon.com/Great-Crash-1929-Kenneth-Galbraith/dp/0547248164)

• Shelling Out: The Origins of Money by Nick Szabo (Link: https://nakamotoinstitute.org/library/shelling-out/)

• Read_882 - The Great Taking [P1] on Spotify (Link:https://open.spotify.com/episode/0CBszl5R5aWETQHN5wSgoo)

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