What Bitcoin Did

Bitcoin Treasury Companies, Mining & The Slow Grind to $1 Million | Mitchell Askew

20 snips
Jul 14, 2025
Mitchell Askew, Head of Research at Blockware and author of The Conservative Case for Bitcoin, dives into the evolving world of Bitcoin treasury companies and mining strategies. He discusses how miners are transforming into treasury plays and the tax benefits affecting company decisions. The conversation highlights Bitcoin's market dynamics, the generational divide in adoption, and the future price trajectory, with Mitchell asserting the four-year cycle is over and predicting a 'stair-step' journey to $1 million.
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INSIGHT

Role of Bitcoin Treasury Companies

  • Bitcoin treasury companies provide fiat capital bridges to Bitcoin exposure where direct buying is limited.
  • They offer diversified Bitcoin exposure with varying risk profiles beyond just spot Bitcoin holders.
INSIGHT

Mining's Bitcoin-Denominated Cash Flow

  • Mining offers Bitcoin production at a discount plus tax advantages.
  • Mining cash flow denominated in Bitcoin may increase with Bitcoin price upswings, unlike fiat cash flows.
ADVICE

ASICs Over Full Infrastructure

  • Invest in ASIC miners rather than full infrastructure to reduce capital intensity and operational burden.
  • Partner with service providers who operate miners to accumulate Bitcoin daily at a discount.
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