\n<\/p>\n
As summer now turns to fall in the northern hemisphere, the stonkcoiner dream of bitcoinizing finance<\/a> is rapidly becoming a nightmare. The bitcoin paper summer<\/a> of issuing shares to clueless financial markets at (extreme) overvaluations to thereby buy bitcoin on the cheap is ending, not with a bang of success but with a pretty unimpressive whimper.<\/p>\n The bitcoin treasury dream was nice; I even openly admit<\/a> that it made some<\/em> sense.\u00a0<\/p>\n For a few months, Wall Street merrily entertained<\/a> the froth and fuelled the fires. But at last, financial gravity is reasserting itself: We\u2019re all waking up from our summer fling with financial delusion, where things traded for more<\/em> than what they\u2019re objectively worth. It\u2019s both wonderful and tragic to see standard corporate finance once more hold firm.<\/p>\n Earlier this year, our own David Bailey, CEO of BTC Inc, the owner of Bitcoin Magazine, told Bitcoin for Corporations, another arm of BTC Inc<\/a>, that \u201cif you can sell a dollar for more than a dollar, you do that trade all day long.\u201d<\/p>\n Turns out, that free-lunch strategy(!) wasn\u2019t free\u2026 wiping out investor money<\/a> in the process has been a painful journey in learning that lesson.\u00a0\u00a0<\/p>\n