Bitcoin’s Structural Problem in a Fragmenting Monetary Order

Bitcoin | The Reserve That Sells Itself Bitcoin’s Structural Problem in a Fragmenting Monetary Order

This week’s Bitcoin drawdown — roughly eighteen percent, into the low $60,000s — will be read by most desks as a sentiment story: exchange-traded fund outflows, a liquidation cascade, capital rotating into the artificial-intelligence equity complex. That reading is not wrong, but it is shallow. The more durable signal sits one layer down, in the structures through which institutions actually hold Bitcoin. A single disclosure — Strategy selling thirty-two coins to meet a preferred-stock coupon — matters not for its size but for what it exposes about whether Bitcoin can occupy the role its proponents claim for it: a neutral reserve asset for a fragmenting monetary order. Our view is that it cannot, and that the reason is structural rather than directional.

#Bitcoin, #ReserveFragmentation, #DigitalGold, #DAT, #Strategy, #mNAV, #StrategicBitcoinReserve, #Gold, #MultipolarOrder, #ReserveAssets, #CapitalAllocation, #PunjabCapitalResearch, #CapitalInsights, #FundamentalsThroughTheNoise