Bannon's Bitcoin Bet Goes Up in Flames
Nakamoto Holdings, a company associated with former Trump advisor Steve Bannon, saw its stock plummet by 99% after adopting the 'buy and hold' strategy for Bitcoin. This drastic drop forced the company to sell off 600 BTC just to pay its debt.
The collapse of Nakamoto Holdings' market value wiped out $80 billion across the sector, with many companies now trading below the value of their own assets.
Experts are questioning whether the Bitcoin treasury model is a legitimate strategy or just a failed experiment in financial engineering.