103: Michael Dunworth ON: The Treasury Game That’s Crashing Bitcoin Stocks

About this episode

In this episode, Scott Dedels and guest Michael Dunworth discuss the risks associated with Bitcoin treasury companies and the misconceptions surrounding Bitcoin investments.

Bitcoin hit $125,000 this week, and it felt like nobody cared. In this episode, I’m joined by three-time guest Michael Dunworth. He’s a longtime Bitcoiner and builder who helped roll licensing, on-ramps, off-ramps, and banking partners into an API for others to use. We dig into how Bitcoin treasury companies turned a smart idea into a dangerous illusion. Big promises, confusing language, and off-chain trades have investors thinking they’re buying Bitcoin when they’re really buying risk. Custodians hold too much power. Analysts still use the wrong metrics. And the people trying to shortcut their way to gains keep getting wrecked. You’ll Learn: [00:00] Introduction [01:06] Why Bitcoin treasury companies copied the Saylor playbook, and why it backfired [03:18] The reason “acquired” is used intentionally as opposed to “bought” when companies announce Bitcoin buys [04:49] What happens when investors chase Bitcoin exposure through stocks instead of self-custody [06:32] How traditional analysts miss the point by measuring treasuries in dollars, not SATs per share [14:11] The risk no one’s talking about when custodians hold a fifth of all Bitcoin [37:52] What OTC net settlement reveals…

People in this episode

Host: Scott Dedels

Guest: Michael Dunworth

Topics covered

• Bitcoin treasury companies
• investor risk
• custodians power
• off-chain trading
• Bitcoin exposure
• price suppression

Keywords

• Bitcoin
• treasury companies
• investor risk
• custodians
• off-chain trading
• price suppression
• Saylor playbook

Mentioned in this episode

Organizations: Bitcoin treasury companies, Saylor, custodians, OTC

Products: Bitcoin

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