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Well he doesn’t need to hold all cash but maybe enough that the juice isn’t worth the squeeze.
I still believe the best model for a bitcoin treasury company is have a business that makes heaps of profit and sweep it into Bitcoin. If lenders are throwing money at you at obscenely low interest rates use it to grow your core business to make more heaps of profit to sweep into Bitcoin.
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Holding cash is the most ironic solution, since that’s what sent Saylor down this path in the first place.
He’d need to start another treasury strategy to take advantage of that depreciating cash.