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![ManuelSamuel Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::121774846.png) Manuel Gomes Samuel [@ManuelSamuel](/creator/twitter/ManuelSamuel) on x XXX followers
Created: 2025-07-19 15:20:36 UTC

"MicroStrategy = Bitcoin SPAC” — @AswathDamodaran warns against firms shifting treasury into BTC. But his X carveouts are just rational pivots in a new paradigm: 
X. Savant-led firms (à la Saylor): rare, but valid when shareholder trust in timing skill exists.
X. Crypto-native ops: PayPal/Coinbase must hold BTC—it’s inventory, not speculation.
X. Currency-hedgers: LATAM firms (e.g., MercadoLibre) use BTC as inflation armor.
X. Governance matters: Shareholder mandates + full disclosure = preconditions.
Outside these lanes, BTC ≠ cash. It’s volatility exposure masquerading as treasury strategy.

#BTC #CorporateFinance #MicroStrategy #CryptoTreasury #Governance #Damodaran #Web3 #Bitcoin #Saylor #AssetManagement #FiatCrisis @FT
@WSJ


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[Post Link](https://x.com/ManuelSamuel/status/1946591006490583256)