Bitcoin Audible Read_911 - Bitcoin TreasuryCos: Lessons From The 1929 Crash (Speculative Attack! Part III)
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Oct 29, 2025 The episode dives into the parallels between Bitcoin treasury companies and 1920s investment trusts. It discusses how structural similarities can mask deeper speculative dynamics fueling financial bubbles. The hosts analyze how explosive growth in treasuries mirrors past investment fads and the ethical erosion seen during market booms. They highlight the risks of leverage and pyramid-like dependencies, while questioning whether the current craze reflects optimism or impending collapse. Ultimately, it explores how Bitcoin’s nature may expedite the fallout from over-leveraged firms.
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Treasuries Mirror 1920s Trust Dynamics
- Bitcoin treasuries mirror 1920s investment trusts through MNAV premiums and reflexive feedback loops.
- These structural parallels reveal recurring human-driven bubble mechanics beyond surface differences.
Rapid Issuance Drives Speculative Growth
- Bitcoin treasury formation exploded like 1920s trusts as firms raced to monetize MNAV premiums.
- Rapid issuance can turn innovation into systemic speculative growth and opportunism.
Transparency Doesn't Fix Incentive Distortion
- Promoters and insiders extracted outsized value during trust booms through allocations and fees.
- Transparency today (SEC rules) doesn't eliminate incentive distortions that fuel abuse.
