#021 Game Theory Begins
Dear subscriber
The world has changed since my last newsletter. In Nov 2020, the last parabolic bullrun was fuelled by companies such as Microstrategy and Telsa announcing their Bitcoin position. As it turned out, few copied Microstrategy, and then Elon Musk helped end the bullrun by tweeting environmental concerns about Bitcoin. The confidence that is driving the current Bitcoin bullrun has a very different feel to it. Here’s seven things that have changed.
Now, many other companies are copying Microstrategy’s playbook, and adopting a Bitcoin corporate treasury position. At the time of writing, there are now 59 companies that hold a Bitcoin treasury position. The majority of them are Bitcoin mining companies like MARA (25,945 coins) or Bitcoin companies like Exodus Movement (1792 coins). However there are now an increasing number of non-Bitcoin companies with corporate treasuries. They include Metaplanet, Kontrol Technologies, Reddit, Meitu, Mogo, SpaceX and Telsa. Below is a list of the top 20 companies with a Bitcoin corporate treasury. You can see a full list here.
source: bitcointreasuries.net As the weight of evidence and public opinion starts to get behind Bitcoin as a technology for social, financial and environmental good, Organizations are now realizing that an anti-Bitcoin position is potentially damaging to their reputation. On 12 Nov, Environment America published an anti-Bitcoin post that contained many factual errors about Bitcoin’s environmental impact. I wrote to them pointing out the errors and giving the evidence. They removed the post, almost immediately. This would not have happened even a year ago.
