Supply Shock Is The Bitcoin Treasury Trade Dead? | John Fakhoury
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Dec 9, 2025 John Fakhoury, CEO of Stacking Sats, dives into the evolving landscape of Bitcoin as a global macro asset. He discusses how major institutions like Vanguard and BlackRock are reshaping market dynamics, compelling others to embrace Bitcoin. Fakhoury examines the harsh realities facing corporate treasury firms and the potential paths for survival. He forecasts a quieter but impactful future for Bitcoin, underscoring the importance of passive investment flows and the role of stablecoins in infrastructure. A thought-provoking conversation on Bitcoin's next chapter!
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Cycles Aren't What They Used To Be
- John Fakhoury argues Bitcoin cycles as popularly framed are largely illusory for large institutional allocators.
- He says Bitcoin now sits among the world’s largest assets, requiring different expectations than early speculative cycles.
Institutions Can No Longer Ignore Bitcoin
- Institutional adoption forces traditional financial firms to have an answer, even if they dislike Bitcoin.
- De-risking from ETFs, banks, and legal clarity makes Bitcoin accessible to massive passive flows over time.
Protect The Operating Company First
- Make sure your operating company is a healthy, profitable business before using corporate Bitcoin accumulation.
- Run an efficient, profitable engine that accumulates Bitcoin without diverting operational dollars.