In this read, I dive into Bitcoin TreasuryCos & The Roaring 20s: Speculative Attack! Part II by Be Water - a fascinating comparison between today’s Bitcoin Treasury mania and the wild investment trust bubble of the 1920s. What can the speculative pyramid schemes of Goldman Sachs’ Trading Corporation teach us about MicroStrategy’s leverage play? Are we witnessing a repeat of history’s most spectacular financial illusions - or the birth of something fundamentally different? I explore the eerie echoes between leverage cycles past and present, from GBTC’s modern fallout to the gold trusts that came before ETFs. And of course, I bring my own thoughts on whether Bitcoin’s unique properties might break the cycle - or just reshape it for a new age. Could Bitcoin Treasury companies be building a new future of financial independence, or setting the stage for the next roaring crash? Let’s find out. Check out the original article Bitcoin TreasuryCos & The Roaring 20s: Speculative Attack! Part II by Be Water (Link: https://bewaterltd.com/p/bitcoin-treasurycos-and-the-roaring) Links & References The Flight into Fake Values by Be Water (Link: https://bewaterltd.com/p/the-flight-into-fake-values) Speculative Attack by Pierre Rochard (2014) (Link: https://nakamotoinstitute.org/mempool/speculative-attack/) Speculative Attack Season 2 by Pierre Rochard and Allan Farrington (2023) (Link: https://www.axiombtc.capital/attack) Broken Money Revisited: Advancing Lyn Alden's Gold & Bitcoin Thesis (Memetic Monetary Theory) (Link: https://bewaterltd.com/p/broken-money)  Cypherpunks: Freedom and the Future of the Internet by Julian Assange (Link: https://tinyurl.com/y33tr22c) Check out our awesome sponsors! Ledn: Need fiat but don’t want to sell your Bitcoin? Ledn offers secure, Bitcoin-backed loans with no credit checks, flexible repayment, and fast turnaround—often within 24 hours. With $10B+ in loans across 100+ countries and transparent Proof of Reserves, Ledn is a trusted option for unlocking liquidity without giving up your Bitcoin. (Link: https://learn.ledn.io/audible) HRF: The Human Rights Foundation is a nonpartisan, nonprofit organization that promotes and protects human rights globally, with a focus on closed societies. Subscribe to HRF