Allen Farrington just posted a killer thesis on NOSTR.
Many Bitcoiners argue stablecoins accelerate hyperbitcoinization.
Allen agrees—but not for the reasons you’ve heard.
His view flips the whole discussion on its head. 🧵👇
He starts by conceding what few Bitcoiners will:
Stablecoins have real product-market fit.
Today, only three crypto use cases truly work at scale:
• Bitcoin as savings tech
• Mining as monetizing energy
• Stablecoins as better fiat
Objection 1: Dollar hegemony.
The critique is that stablecoins keep the dollar’s dominance intact—propping up the very fiat system Bitcoin was built to replace.
If the goal is to end central bank money, why help build rails that make it stronger?
Bitcoin Treasury Companies: The Quiet Superweapon Reshaping Global Capital 🧵
To the untrained eye, Bitcoin treasury companies look like fiat-finance cosplay.
Leverage? Debt? Derivatives?
Sounds like Wall Street LARPing with Bitcoin branding.
Then Preston Pysh explained what they really are. Everything changed.
He didn’t just explain how they work.
He explained what they are.
Not scams. Not distractions. Not detours.
Bitcoin treasury companies are super spreaders - engineered to infect legacy capital markets with Bitcoin.
These aren’t get-rich-quick shells.
They’re transmission systems.
Multi-gear machines designed to accumulate BTC across every macro cycle:
• Loose credit? Issue debt.
• Tight credit? Raise equity.
• Always stack. Always adapt.
Saylor’s strategy isn’t improvisation - it’s mechanical design.