1. “The fatal flaw in using bitcoin as a currency” Argues that Bitcoin’s fixed (or deflationary) supply becomes a catastrophic liability during price crashes: deflation can turn into hyperinflation of prices measured in BTC (annualized rates as high as 900% in sharp drawdowns). Unlike central banks, Bitcoin cannot shrink supply to fight inflation, making its “downward supply inelasticity” a structural death sentence for any real-world currency use.

2. “Infinite money glitch, meet arithmetic” A direct attack on MicroStrategy’s playbook. The thesis: MSTR’s ability to issue equity/debt at a premium to NAV to buy more BTC has collapsed now that spot Bitcoin ETFs exist and trade at virtually no premium. With MSTR at risk of being kicked out of indices and facing debt maturities in the next 18 months, the piece predicts a potential death spiral of forced BTC sales.

3. “Crypto hoarders dump tokens as shares tumble” Extends the critique to the dozens of public companies that copied the MSTR “corporate treasury” model. Many now trade below the fair value of their crypto holdings and have begun selling tokens to repurchase shares or service debt. FT frames this as a one-way bet that will wipe most of these firms out.

CoinDesk Author’s Take (and Mine)

The CoinDesk author essentially treats the FT’s synchronized hit pieces as a gigantic contrarian indicator. The Financial Times has been consistently wrong—and aggressively bearish—on Bitcoin for over a decade. When they roll out a coordinated broadside like this, it has historically marked emotional capitulation points rather than fundamental endings.

My view aligns closely with that interpretation:

• A 35% drawdown after a multi-year parabolic move is normal, not terminal. Bitcoin is still up ~350% over the past five years despite the recent carnage.

• The MicroStrategy-style leveraged corporate treasury trade was always a bull-market phenomenon; its unwind is painful but healthy. Forced sellers (MSTR and copycats) clearing out removes a major overhang and returns capital directly to Bitcoin itself rather than middlemen and bankers.

• Extreme mainstream media pile-ons of this magnitude almost always coincide with generational buying opportunities (2018, 2022, and very likely now).

Bottom Line

The FT just handed the crypto market one of the clearest capitulation signals of this cycle. When the most prestigious legacy finance publication feels confident enough to declare total victory with a front-page trifecta, the bottom is typically in or very close.

1. Visit the official event page:

https://www.bitlayer.org/guess-to-earn

2.Connect the wallet and sign in

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6. Waiting for the final result

7. Participate in other tasks in the racer center https://www.bitlayer.org/me , accumulate more points, and join other exciting guessing activities.

About Bitlayer

Bitlayer is the first Bitcoin Layer 2 solution based on the BitVM paradigm. Bitlayer’s core objective is to address the trade-off between security (trustlessness) and Turing completeness in BTC layer 2 through cryptographic innovations and blockchain protocol engineering.

Bitlayer is committed to becoming the computation layer for Bitcoin, aiming to introduce ultra-scalability to Bitcoin while inheriting its security, providing users with a high-throughput, low-cost transaction experience.

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Even if the digital assets issued by these companies are not decentralized, if they do not involve the company's debt, equity or other economic interests, they can be presumed to be commodities, making the assets subject to commodity law, but they will still be required to Information about the asset was disclosed to the U.S. Securities and Exchange Commission (SEC) for the first time.

Founded in 2018, Los Angeles-based LunarCrush initially collected social media data on digital assets, non-fungible tokens (NFTs) and stocks to help users make trading decisions based on trends. Next week, LunarCrush will launch a beta version of its social search tool.

According to Blockdata, as of April 2023, more than 120 custody providers, including Citigroup and Deutsche Bank, are in the digital asset custody business

The South Korean government spent about two months collecting opinions from stakeholders such as listed companies, virtual asset operators, and accounting firms, and then finalized the revision of regulatory guidelines and standards. After deliberation and resolution by the Accounting System Review Committee and the Securities and Exchange Commission, it will be announced and implemented between October and November. The "Guidelines for Accounting Supervision" will come into effect on the date of promulgation.

At the same time, Bank of China’s official WeChat account stated that on July 11, Bank of China, China Telecom, and China Unicom will jointly launch SIM card hard wallet products on the digital RMB APP, realizing another innovative achievement in cross-border finance and communication. Provide more universal and convenient payment methods and experiences for digital RMB applications. The product will be launched in some pilot areas for invited user experience in the near future, and will be promoted to other pilot areas in stages (currently only Android phones with NFC function support the use of SIM card hard wallets).

According to previous news, Nansen, a blockchain analysis platform, recently released a report on changes in the CEX pattern. The report pointed out that due to the impact of multiple black swan events at the end of 22, users need CEX to provide more transparency and protection measures to ensure the security of assets. Among the mainstream centralized trading platforms, Binance and Bitget are the only two platforms that disclose their protection fund wallet addresses.