📈 Buy the floor forever

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With the diehard Bitcoin community all but lost to the minutiae of transaction filtering, chain bloat, and open-source governance, it’s much easier to make the case that Bitcoin has been captured.

No, not by JPEG enjoooyers. By the suits. After all, how many publicly-traded corporations own bitcoin now? 

202, altogether over a million coins (!). 

If that wasn’t enough, BlackRock is now arguably the number-one known bitcoin holder in the world, with its spot bitcoin ETF, IBIT, nearing $100 billion BTC under management.

BlackRock is on track to generate $250 million in revenues per year from bitcoin. 

At this rate, Wall Street is bound to soon receive the “Gulf of America” treatment — and be (un)officially renamed Coin Street. 

But there is hope.

⚙️ Perpetual trading machines

Crypto purists would be forgiven for feeling conflicted that Bitcoin has been so easily mainstreamed, led by the separate efforts of Larry Fink and Michael Saylor.

Same goes for those who might blink at the ICO-ification of the micro-and-nanocap equity markets by the corporate treasury folk: David Bailey and his progenitors, each one employing a variant on the Saylor playbook that has so far worked well for Strategy (and Bitcoin).

Remember: For every action, there is an equal and opposite reaction. 

Traditional finance has figured out how to apply their Suit-and-Tie Mind Tricks on crypto to maximize their fiat profits — but crypto is just as capable of financial engineering for the benefit of the masses.

This is precisely what NFTStrategy, the app that “turns any collection into a perpetual machine,” represents to me. A clear display of degenerate force.

Whereas Saylor’s method has grown into a mess of stock offerings and debt raises, NFTStrategy is a tad more streamlined.

1. You deploy a new coin tied to an NFT collection of your choice for 1 ETH ($4,370).

2. The protocol will automatically send 80% of the coin’s trading fees to a vault.

3. Another 10% of fees goes to buying back and burning the coin (the remaining 10% is sent as royalties to the owner of the collection).

4. As soon as the vault can afford to buy the cheapest NFT of its kind and add it to the collection, it will do so, and then immediately list the same NFT for 1.2x the price.

5. Profits are spent on buying the coin and then burning the proceeds, up to 1 ETH buybacks per block.

PunkStrategy (PNKSTR), a coin seeking out cheap CryptoPunks, is by far the biggest right now, with a market cap of nearly $130 million. ApeStrategy and PudgyStrategy only have around $5 million apiece.

And at least for PNKSTR, the machine is indeed working as intended: The coin is up more than 1,200% since the day before it bought its first CryptoPunk, and it has so far burned 4.2% of its total supply. If burned today, that would be the equivalent of almost $2.5 million PNKSTR.

PunkStrategy has altogether bought three CryptoPunks and sold three, generating 27.3 ETH ($119,700) in profit. The person who kickstarted the machine appears to have fed it more than two dozen Punks, altogether acquired for over 1,300 ETH ($5.7 million at current prices).

So perhaps it will take some time for the PunkStrategy to technically break even overall. 

No matter. All this is still cause for celebration.

Nature is healing.

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