๐ Update: The Polkadot community is divided over the proposal to convert 500k $DOT to Bitcoin! ๐ฃ๏ธ
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๐ณ๏ธ Controversial Proposal:
The Polkadot community is experiencing a sharp division over a proposal to convert 500,000 of the treasury's $DOT tokens to Bitcoin ($BTC) through a dollar-cost averaging (DCA) strategy over the course of a year. ๐๏ธ The goal is to build a Bitcoin reserve for the treasury.
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๐ค Why the division?
* Supporters: They believe that Bitcoin provides a hedge against market volatility and enhances the long-term stability of the treasury, in addition to diversifying assets. ๐ก๏ธ
* Opponents: They express concerns about the timing of the sale, as $DOT is trading near its annual lows, while $BTC is at high levels. They fear that selling could increase downward pressure on $DOT. ๐
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๐ก Goals of the proposal:
The proposal aims to enhance the financial resilience of the Polkadot treasury and ensure operational continuity, away from attempting to time the market. ๐
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โ Do you think building a Bitcoin reserve is essential for protocol treasuries, or is the current timing a risk for $DOT? ๐ค
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