Do corporate #Bitcoin treasuries make you bullish… or do they just smell like fiat ponzi tactics wrapped in orange? Here’s my take: most of these companies are going to fail. Why? Because they’re not holding Bitcoin from a place of conviction. They’re playing the same old fiat games: issuing debt, overleveraging balance sheets, chasing yield. Same tactics that blew up banks, hedge funds, and “crypto” casinos. Bitcoin doesn’t care about their corporate finance gimmicks. It doesn’t bend to quarterly earnings calls. And it sure as hell doesn’t guarantee survival for companies trying to cover up bad fundamentals with “orange coin go up.” Stacking Bitcoin on a rotten balance sheet doesn’t make you strong. It just delays the collapse. The difference is simple: individuals who stack sats in self-custody will still be here in 20 years. Most corporate treasuries won’t.