I. The Forgotten Blueprint

In July 2014, when Bitcoin was trading near six hundred dollars and most executives dismissed it as an internet novelty, Pierre Rochard published an essay titled Speculative Attack. It was a dense, Austrian-leaning treatise that argued Bitcoin would not be adopted because it was “better technology,” but because economic reality would force adoption. People, he wrote, would eventually borrow weak money to buy strong money, and in doing so, trigger a chain reaction that undermines fiat itself.

A decade later, that mechanism has quietly migrated from individual investors to corporate treasuries. Public companies are now issuing debt and equity not to expand…

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