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No one's disputing that buying BTC on credit involves risk of liquidation. The question is what is a reasonable amount of risk to take.
Should a multinational corporation take out a 0% interest loan to buy Bitcoin? Should I have taken out 30% interest loans to buy Bitcoin while unemployed? Both questions depend on a lot of other factors and numbers, not least of which is the average price of a whole coin in 2026 which is probably a lot. But a knee-jerk negative reaction to any usage of credit at all (as though any individual or business could even compete and survive in the economy as it is without using credit) is silly.
What is even the criticism here? What do you mean by destroying capital? Is the critique "well this company would be broke if it weren't for the Bitcoin gains"? And? What's the problem?? I was smart enough to get Bitcoin on credit while it was cheap. That in itself is a form of productivity. The market agrees with me. I'm performing a service for the people that prefer to pay a higher price. This is the real economy at work, at last.
I don't think anyone has formulated a "knee-jerk negative reaction" to using credit. What are you talking about?
No, the company should shut down and return the resources they're in possession of to others who can wield them better. That's the drag.
This is exactly what I'm talking about. If I have $10k and no job, should I just give away that $10k to someone more productive? Why? Is it unfair if I earn 0.1 BTC from a balance sheet decision while someone else had to work harder to get to the same place? That's just what happens when you introduce hard money onto the market. If you try to correct it with social engineering then you defeat the purpose.
If we're judging by who's wielding the capital most effectively, why don't you shut down and give your BTC to a company with a higher return on assets ratio than you?
Nope. Not even remotely similar.
Or, put in that analogy: would it be a good idea to do that, if dude has been out of work for two years and is rolling over credit cards?