Bitcoin treasuries divide crypto bros: Just a fiat disguise?
Bitcoin treasury companies — entities that accumulate the digital asset (usually through borrowed assets) — offer clients indirect exposure through their stock. Some believe that these companies bring Bitcoin to Wall Street. Others think that these treasury companies are doing the opposite: turning bitcoiners into so-called “fiat bros.”
From self-custody of private keys to indirect Bitcoin ‘exposure’
In 2021, billionaire and X owner Elon Musk famously replied “Your app sucks” to a crypto wallet that didn’t support user access to their private keys. Now, when Bitcoin ETFs and Bitcoin treasury companies get so much attention, it may seem that self-custody has silently left the scene.
Although the…
