Seems like a big part of the treasury company playbook is about creating credit instruments for institutions that can't buy bitcoin directly. So I think its less about them being rich and stupid, but rather, them being rich and restricted. Plebs buying any of that stuff doesn't really make a lot of sense in my opinion.

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I affectionately refer to anyone as a "rich dummy" who has enough money to invest in things they really don't understand. In a sense, without those instruments, you're describing more of a pure treasury company. There's no financial engineering, just productive capital management.