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Adrian Morris @Adrian_R_Morris on x 28K followers
Created: 2025-07-28 15:19:40 UTC
Well, this isn't a bubble by any means. The $BTC is universally being purchased via equity issuance, convertible bonds (unencumbered debt paid in equity at a future date) and in the case of Strategy they also use Preferred Offering IPOs. There's very little leverage, and if there's a drawdown the equity absorbs that "shock" not the BTC. Also, the multiples and frenzy we saw then were market wide and due to a completely different macro environment. Not even remotely the same dynamics or situation as the Dotcom crash.
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Related Topics theres a ipos debt $btc bubble bitcoin coins layer 1 coins bitcoin ecosystem