I've been surprised that the news that Strategy (formerly Microstrategy) bought 3x the total amount of mined bitcoin in the past year didn't cause bigger waves.
A single corporation is issuing debt at 11% interest to buy all the bitcoin being produced and a huge chunk of the additional sales. That's such an obviously precarious situation that I figured the news would cause a crash as people tried to get out of bitcoin before Strategy has to start liquidating, but it looks like there's still some runway left.
chistev 1 days ago [-]
Are they still buying?
swarnie 1 days ago [-]
Still buying, currently 12.5 billys underwater.
If they sold today it would be comparable to the largest banking losses from the 2008 kerfuffle
DANmode 1 days ago [-]
The broader market still sees it as a speculative investment.
&
This is a recession period.
rndjdifi358 1 days ago [-]
Has anyone calculated what effect swapping AI datacenter calculation to bitcoin mining would have? They’re not asics, but this is a lot of hardware that’s been bought
iamleppert 1 days ago [-]
Outflows into AI. I wouldn’t be shocked if it goes down to $20k soon.
icf80 1 days ago [-]
at least with AI you produce some results
cyanydeez 22 hours ago [-]
probably has more to do with them using the same hardware basis. You can't talk to your AI Girlfriend about how to take over the world and mine bitcoin.
rdwrrr 1 days ago [-]
Just a little bit lower before it can go up again.
phendrenad2 1 days ago [-]
I wonder how much of this is investment flowing out of everything and into factories and mining other industries that the current regime is de-regulating.
Rendered at 11:38:25 GMT+0000 (Coordinated Universal Time) with Vercel.
A single corporation is issuing debt at 11% interest to buy all the bitcoin being produced and a huge chunk of the additional sales. That's such an obviously precarious situation that I figured the news would cause a crash as people tried to get out of bitcoin before Strategy has to start liquidating, but it looks like there's still some runway left.
If they sold today it would be comparable to the largest banking losses from the 2008 kerfuffle
&
This is a recession period.