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Is the Bitcoin in Treasury Bubble starting to lose steam asks Matt Levine

Tom Winnifrith
Friday 18 July 2025
As with everything in finance the USA tends to lead the way. In light of that the latest note from Matt Levine should makes those rushing pay 7 x NAV for Smarter Web Company (SWC) think again if they are indeed capable of sensible thought at all. Levine is no dinosaur. He argues that such companies should trade at 2 x NAV. I think they should trade at closer to NAV. Anyhow...

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Tom Winnifrith is the editor of TomWinnifrith.com. When he is not harvesting olives in Greece, he is (planning to) raise goats in Wales.
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