#MetaplanetBTCPurchase

**Arguments "For" (Protection Potential):**

1. **Hedging against inflation:** Bitcoin is positioned as "digital gold" — an asset with limited issuance, potentially preserving value better than fiat currencies during high inflation. By borrowing fiat *now* to buy BTC, the company insures itself against their future devaluation.

2. **Zero-coupon debt:** The absence of periodic interest payments reduces cash flow burden. The company only needs to repay the principal at maturity, which is convenient when betting on long-term BTC growth.

3. **Strategic positioning:** This signals the market of deep faith in BTC as a reserve asset and attracts the attention of investors who share this belief.

**Arguments "Against" (Risks):**

1. **Extreme volatility of BTC:** The price of bitcoin can drop sharply. If at the bond maturity date BTC is worth significantly less than the purchase price, the company will incur losses *and* will be obligated to repay the debt. This is a **double blow** to the balance sheet.

2. **Liquidity risk:** In a crisis situation, selling a large volume of BTC without significant price slippage can be difficult, complicating debt repayment.

3. **Interest rate risk:** If market rates...