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I debated macro veteran Andy Constant on the topic of bitcoin treasury companies, exploring their risks and opportunities. And at the 68-minute mark, we switch to discussing the macro implications and financial plumbing details of stablecoins as a second topic.

Mentioned on : 08/11/2025

@Christopher_01 @mikealfred @SantiagoAuFund @UrbanKaoboy @TheMichaelEvery @JoeCarlasare Bitcoin is great for the United States. It’s not so great for the politician class in the long run. And yet in the short run, ironically there’s plenty of money for pro-Bitcoin politicians and little for anti-Bitcoin ones. Useful game theory.

Mentioned on : 08/03/2025

@carlabitcoin It’s so over. But really, it was about the memes we made along the way.

Mentioned on : 08/01/2025

Saylor has made this comparison in the past: people lever Manhattan real estate and repeatedly refinance it for a century. That's what they're intending to do with BTC. The difference is (and the part that understandably gives some people anxiety) is that rather than service that debt from cashflows, they intend to service that debt basically from appreciation of the asset (since a rising asset price lowers the debt/asset ratio and makes it justifiable to issue more credit). Now, if the thesis is that bitcoin is a finite money that's going through an adoption phase with above-average returns during that process, and if they keep their leverage conservative, then that unconventional strategy can work (and has worked for 5 years thus far). If we're talking like 20% of leverage relative to assets, then yes I think that's a reasonable thesis. If bitcoin becomes larger and less volatile and the cost of leverage decreases, then ratcheting that a bit higher is also justifiable. If the leverage is too high such that the company is unable to withstand cyclicality or has unreasonably high growth expectations for bitcoin, I'd become concerned.

Mentioned on : 08/01/2025

@Doge4Faithful Nah, it’ll come out of reverse repos.

Mentioned on : 07/08/2025

@VladTheInflator I want bitcoin.

Mentioned on : 07/17/2025

@lite_hause @VladTheInflator @MacroMinutes @GeorgeGammon I’m not criticizing Litecoin proponents. Someone specifically asked me if Litecoin can do what Bitcoin can, and my answer is honest and clear: no. It can’t safely be held for the long run and is more of a hot potato currency. Weak network effect, no moat.

Mentioned on : 07/16/2025

@litecoin @VladTheInflator @MacroMinutes @GeorgeGammon The question is whether LTC can serve the same purpose of long-term portable capital. Answer: No, because it means holding an asset w/ a declining value & weak network effect. LTC (and any crypto) can do the transfer part. Can't reliably do the holding part.

Mentioned on : 07/16/2025

@omieds @litecoin @VladTheInflator @MacroMinutes @GeorgeGammon Holding is using. Liquid optionality. But then you can also send it if you’d like. With other cryptos, holding deteriorates in value.

Mentioned on : 07/16/2025

Precious metal enthusiasts could buy a bitcoin position of like 5% of their metals position. That hedges their risk of bitcoin gradually taking market share, so they can go to the beach and forget about the asset forever. Plenty of folks have recommended that for years.

Mentioned on : 07/12/2025

@LiWardoggy Given bitcoin's massive outperformance vs gold, it's harder to convince someone to dilute/diversify in that direction. (I've owned precious metals longer than bitcoin.)

Mentioned on : 07/12/2025

@TheBCHPodcast The difference is I don’t post about BCH, and BCH underperforms vs BTC, whereas BTC outperforms gold.

Mentioned on : 07/12/2025

@henslowedaniel I am long stocks and gold. In my public portfolio for years, and mentioned in hundreds of interviews. They don't perform as well as bitcoin but they provide some nice diversification and volatility reduction.

Mentioned on : 07/10/2025

@SRSroccoReport Did the same thing at the lows. Was happily talking about it on stage at Pacific Bitcoin back in Nov 2022 while FTX was imploding and the price fell to $16k. Made sure to get my book out in a bear market as well.

Mentioned on : 07/10/2025

@SRSroccoReport There is always stranded energy because there is always a mismatch between production and consumption. Orders of magnitude more than the bitcoin network could ever consume. You’re mixing up individual miners and overall network nuances again.

Mentioned on : 07/08/2025

@SRSroccoReport Bitcoin operates independently of energy prices, because it has a difficulty adjustment and miners seek out cheap, stranded energy. You keep making the same mistake of mixing up individual bitcoin miner profitability with network operation.

Mentioned on : 07/08/2025

Ego Death Capital closes $100M fund for bitcoin companies

Mentioned on : 07/08/2025

My latest article covers the topic of bitcoin treasury companies, as well as the overall store-of-value vs medium-of-exchange debate:

Mentioned on : 07/06/2025

@TripleNetInvest Bitcoin.

Mentioned on : 07/01/2025

You enjoy your day, too. But for context, you and Jim entered my thread to debate, not the other way around. Nor am I criticizing your experience (or even Jim's short MSTR vs long BTC trade per se, which works for periods of time when initiated at sufficiently high mNAVs; hopefully he times it well). I would say that if someone has either missed this trade or repeatedly criticized the company's activities or those investing in it, they might have missed something about the arbitrage of this particular company and the scale of the market (and unmet demand) they have spent years offering it to. -MSTR offered bullish BTC products that fund managers could buy on a major exchange. Hence, a premium. -Even when the spot bitcoin ETFs came out, MSTR still uniquely offered fund managers with a stock-only or bond-only mandate the ability to buy a long BTC product (they couldn't generally buy the ETFs, not in their mandate). Hence, a premium. -MSTR's multi-year non-callable debt is differentiated and attractive vs levered ETFs, margin debt, etc. Hence, a premium. Eventually when that ability is ubiquitously diffused everywhere, the premium will dry up, much like how once everyone has a cell phone, it's not exactly great to buy the cell phone company.

Mentioned on : 06/29/2025

@RealJimChanos @dampedspring Both. Attaching multi-year non-callable debt to bitcoin offers a product that corps can do, but investors and most funds cannot do, so they pay a premium for it. From there, that premium is a measure of unmet or saturated demand for the product, depending on market conditions.

Mentioned on : 06/29/2025

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Recent Tweets by LynAldenContact

I debated macro veteran Andy Constant on the topic of bitcoin treasury companies, exploring their risks and opportunities. And at the 68-minute mark, we switch to discussing the macro implications and financial plumbing details of stablecoins as a second topic.

@carlabitcoin It’s so over. But really, it was about the memes we made along the way.

@Doge4Faithful Nah, it’ll come out of reverse repos.

@VladTheInflator I want bitcoin.

@omieds @litecoin @VladTheInflator @MacroMinutes @GeorgeGammon Holding is using. Liquid optionality. But then you can also send it if you’d like. With other cryptos, holding deteriorates in value.

Precious metal enthusiasts could buy a bitcoin position of like 5% of their metals position. That hedges their risk of bitcoin gradually taking market share, so they can go to the beach and forget about the asset forever. Plenty of folks have recommended that for years.

@LiWardoggy Given bitcoin's massive outperformance vs gold, it's harder to convince someone to dilute/diversify in that direction. (I've owned precious metals longer than bitcoin.)

@TheBCHPodcast The difference is I don’t post about BCH, and BCH underperforms vs BTC, whereas BTC outperforms gold.

@henslowedaniel I am long stocks and gold. In my public portfolio for years, and mentioned in hundreds of interviews. They don't perform as well as bitcoin but they provide some nice diversification and volatility reduction.

@SRSroccoReport Did the same thing at the lows. Was happily talking about it on stage at Pacific Bitcoin back in Nov 2022 while FTX was imploding and the price fell to $16k. Made sure to get my book out in a bear market as well.

@SRSroccoReport There is always stranded energy because there is always a mismatch between production and consumption. Orders of magnitude more than the bitcoin network could ever consume. You’re mixing up individual miners and overall network nuances again.

@SRSroccoReport Bitcoin operates independently of energy prices, because it has a difficulty adjustment and miners seek out cheap, stranded energy. You keep making the same mistake of mixing up individual bitcoin miner profitability with network operation.

Ego Death Capital closes $100M fund for bitcoin companies

My latest article covers the topic of bitcoin treasury companies, as well as the overall store-of-value vs medium-of-exchange debate:

@TripleNetInvest Bitcoin.

Stocks News

Recent Tweets by LynAldenContact

I debated macro veteran Andy Constant on the topic of bitcoin treasury companies, exploring their risks and opportunities. And at the 68-minute mark, we switch to discussing the macro implications and financial plumbing details of stablecoins as a second topic.

@carlabitcoin It’s so over. But really, it was about the memes we made along the way.

@Doge4Faithful Nah, it’ll come out of reverse repos.

@VladTheInflator I want bitcoin.

@omieds @litecoin @VladTheInflator @MacroMinutes @GeorgeGammon Holding is using. Liquid optionality. But then you can also send it if you’d like. With other cryptos, holding deteriorates in value.

Precious metal enthusiasts could buy a bitcoin position of like 5% of their metals position. That hedges their risk of bitcoin gradually taking market share, so they can go to the beach and forget about the asset forever. Plenty of folks have recommended that for years.

@LiWardoggy Given bitcoin's massive outperformance vs gold, it's harder to convince someone to dilute/diversify in that direction. (I've owned precious metals longer than bitcoin.)

@TheBCHPodcast The difference is I don’t post about BCH, and BCH underperforms vs BTC, whereas BTC outperforms gold.

@henslowedaniel I am long stocks and gold. In my public portfolio for years, and mentioned in hundreds of interviews. They don't perform as well as bitcoin but they provide some nice diversification and volatility reduction.

@SRSroccoReport Did the same thing at the lows. Was happily talking about it on stage at Pacific Bitcoin back in Nov 2022 while FTX was imploding and the price fell to $16k. Made sure to get my book out in a bear market as well.

@SRSroccoReport There is always stranded energy because there is always a mismatch between production and consumption. Orders of magnitude more than the bitcoin network could ever consume. You’re mixing up individual miners and overall network nuances again.

@SRSroccoReport Bitcoin operates independently of energy prices, because it has a difficulty adjustment and miners seek out cheap, stranded energy. You keep making the same mistake of mixing up individual bitcoin miner profitability with network operation.

Ego Death Capital closes $100M fund for bitcoin companies

My latest article covers the topic of bitcoin treasury companies, as well as the overall store-of-value vs medium-of-exchange debate:

@TripleNetInvest Bitcoin.

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