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But we saved everything 🙂.
Adam Livingston raises the point that amplification during Bitcoin rallies matters significantly more than the specific dividend rate of treasury preferreds.
Livingston notes that while debate centers on whether Bitcoin treasury preferreds should pay 9% or 13%, such arguments overlook the outsized importance of exposure to Bitcoin’s appreciation, as illustrated by balance sheet analysis of 43 separate rallies of 20% or more since 2013.
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Livingston previously examined Bitcoin’s growth potential, running simulations that suggested its next cycle could be exponentially larger than previous ones (article). He has also highlighted the surge in U.S. national debt from $321 billion in 1966 to over $40 trillion today (article). Both topics have featured in his recent commentary on digital assets and macroeconomic conditions.