BTC’s systemic relevance does not arise from its technologi…

BTC’s systemic relevance does not arise from its technological content. It arises from the financial structures built around it: listed treasury accumulation, ETF redemption flows, collateralised leverage, miner credit, market-maker balance sheets, and correlated non-bank exposures. A sustained BTC price impairment therefore operates less like an isolated asset-price decline and more like a non-bank collateral shock with fire-sale potential.
Written by S. Tominaga