Core Viewpoint - The recent 35% price decline of bitcoin has led to increased skepticism and critical articles from major financial publications, particularly the Financial Times, which has historically been critical of the cryptocurrency sector [1][2]. Group 1: Bitcoin's Currency Viability - A Financial Times article argues that bitcoin has a 900% annualized inflation rate during its recent decline, asserting that its fixed supply prevents it from functioning effectively as a currency [3]. - The article contrasts bitcoin's supply inelasticity with central banks' ability to adjust money supply to manage inflation, highlighting a structural flaw in bitcoin's design [3]. Group 2: Impact on Companies - Another article critiques the business model of Strategy (MSTR), stating that the reliance on issuing shares or debt to purchase bitcoin is now unsustainable, especially with the introduction of spot bitcoin ETFs that have diminished the premium on MSTR stock [4]. - The report suggests that this situation could lead to a "death spiral" of forced bitcoin sales, although it notes that this perspective may not be entirely accurate [4]. Group 3: Broader Market Implications - The third article discusses how digital treasury companies, following similar strategies as Strategy, are now selling tokens to fund buybacks or service debt, with many trading below the market value of their crypto holdings [5]. - The Financial Times warns that most of these firms are likely to be wiped out, which could redirect capital back to bitcoin itself rather than to the management teams of these companies [5]. Group 4: Long-term Perspective - Despite the recent downturn, bitcoin remains up over 350% over the past five years, indicating a long-term growth trend [6]. - The timing of these critical articles coincides with the U.K. government's proposal for higher taxes, suggesting a broader economic context influencing the narrative around bitcoin and cryptocurrencies [6][7].