As summer now turns to fall in the northern hemisphere, the stonkcoiner dream of bitcoinizing finance is rapidly becoming a nightmare. The bitcoin paper summer 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.

The bitcoin treasury dream was nice; I even openly admit that it made some sense. 

For a few months, Wall Street merrily entertained the froth and fuelled the fires. But at last, financial gravity is reasserting itself: We’re all waking up from our summer fling with financial delusion, where things traded for more than what…

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