Bitcoin Magazine
How a 2014 Essay Shockingly Predicted the Era of Corporate Bitcoin Treasuries
I. The Forgotten Blueprint
In July 2014, when Bitcoin was trading near six hundred dollars and most executives dismissed it as an internet novelty, Pierre Rochard published an essay titled Speculative Attack. It was a dense, Austrian-leaning treatise that argued Bitcoin would not be adopted because it was “better technology,” but because economic reality would force adoption. People would eventually borrow weak money to buy strong money, and in doing so, trigger a chain reaction that undermines fiat itself.
A decade later, that mechanism has quietly migrated from individual investors to corporate treasuries. Public companies are now issuing debt and equity not to expand factories or fund acquisitions, but to build Bitcoin treasuries. Bitcoin treasury companies, whether they realize it or not, are executing the playbook Rochard outlined a decade before any of them existed.
II. The Austrian Premise: Good Money Drives Out Bad
Rochard’s argument rests on a cornerstone of classical monetary theory: Thiers’ Law, the inverse of Gresham’s Law. When markets are free, good money drives out bad. History confirms it—Persian darics, Roman denarii, Florentine florins, British pounds—all displaced inferior currencies through sheer consistency and quality.
Austrian economics frames this as spontaneous order. Sound money outcompetes debased money because actors seeking to preserve value migrate toward scarcity and credibility. Bitcoin represents the culmination of that process:
- Perfect scarcity – a terminal supply of 21 million units.
- Decentralized issuance – no discretionary authority to expand it.
- Verifiable integrity – every unit auditable in real time.
Under Thiers’ Law, corporations holding melting cash reserves face the same decision individuals once did: retain inferior currency or reprice reserves in the superior one. The market’s invisible hand has become a balance-sheet force.
III. The Speculative Attack, Explained
In finance, a speculative attack traditionally refers to traders shorting a currency they expect to fail, famously, George Soros versus the British pound. Rochard re-engineered the term. His version was not adversarial but adaptive: borrow the weaker currency, acquire the stronger one, repay later with devalued money.
For individuals in 2014, that meant taking a mortgage or car loan in fiat while buying Bitcoin on the asset side. The logic was simple, if Bitcoin’s expected appreciation exceeds the cost of borrowing, the trade is rational.
Today, corporations have industrialized the same maneuver:
- Debt issuance: low-coupon convertible notes denominated in dollars, yen, or euros.
- Equity offerings: shares sold into markets priced in weakening currency.
- Reserve conversion: proceeds deployed into Bitcoin.
Each step mirrors Rochard’s thought experiment. The balance sheet becomes the instrument of a speculative attack, not on a single nation’s currency, but on fiat money as a system.
IV. The Balance Sheet as the Battlefield
The first modern execution came from Strategy Inc. (formerly MicroStrategy). Beginning in 2020, it issued billions in convertible debt to acquire Bitcoin, reframing its equity as a leveraged claim on digital scarcity. Its reporting evolved beyond GAAP: metrics like Bitcoin per share and Bitcoin Yield replaced conventional ratios.
In Japan, Metaplanet Inc. repurposed a struggling hospitality business into a pure-play Bitcoin treasury company, using public equity raises to accumulate over 5,000 BTC. In Europe, Capital B listed on Euronext Paris, issuing Bitcoin-denominated convertible bonds to fund perpetual accumulation. Others, from Semler Scientific in the U.S. to Smarter Web in the U.K., have followed the same trajectory.
Across jurisdictions, the blueprint is identical:
- Leverage low-yield fiat liabilities.
- Acquire the highest-integrity monetary asset.
- Translate appreciation into stronger equity and lower cost of capital.
Corporate treasurers are, in effect, waging monetary arbitrage through accounting.
V. Reflexivity: The Feedback Loop Rochard Anticipated
Rochard described a process in which Bitcoin’s rising value validates its own demand. Once participants perceive its superiority, they act on it, and the resulting price increase confirms their thesis, a textbook case of reflexivity.
That dynamic now plays out through capital markets:
- Bitcoin’s appreciation boosts the equity valuations of treasury companies.
- Higher valuations enable further capital raises at favorable terms.
- New proceeds purchase more Bitcoin, tightening supply and sustaining appreciation.
Each cycle strengthens the monetary migration. It is no longer retail speculation—it is corporate reflexivity accelerating Thiers’ Law.
VI. Praxeology in the Boardroom
Austrian economics begins with praxeology, the study of purposeful human action. Every economic choice is an attempt to preserve or increase value under uncertainty. When executives choose to hold Bitcoin instead of cash, they are performing praxeology in real time.
This is not ideology; it is rational adaptation. The fiat system penalizes saving and rewards leverage. Bitcoin reverses the incentives: it rewards prudence and long-term orientation. Corporations, like individuals, respond to those incentives. What looks radical through a Keynesian lens appears inevitable through an Austrian one.
Hayek once imagined the denationalization of money, predicting that private forms of sound currency would outcompete government paper. What he could not foresee is that the first agents to operationalize his vision would be public corporations, not central banks.
VII. The CFO’s Calculus
For financial officers evaluating their next decade of capital policy, the question is no longer whether Bitcoin fits their brand, but whether their balance sheet can survive without it.
Key strategic considerations:
- Cost of capital vs. Bitcoin appreciation
When debt markets offer sub-5 percent yields and Bitcoin’s compounded appreciation dwarfs that, holding fiat becomes mathematically inefficient. - Reserve diversification
Treat Bitcoin as a long-duration treasury asset, less liquid than cash but vastly more durable against inflation. - Reporting innovation
Adopt performance metrics like BTC Yield or mNAV to measure strategic execution in Bitcoin terms, not just fiat accounting. - Custody and audit
Distribute keys across institutional providers; schedule regular security audits to mitigate counterparty and operational risk. - Investor communication
Frame the decision as a capital-preservation strategy, not speculation. The market rewards clarity of thesis and discipline of execution.
For CFOs, the philosophical becomes practical: ignore the speculative-attack dynamic, and your treasury remains on the wrong side of it.
VIII. The Institutional Speculative Attack
Rochard ended his essay with a prediction that “good money drives out bad” through waves of adoption culminating in hyperbitcoinization, a phase where “your money is no good here.” He expected it to begin in unstable economies. Instead, it began on Wall Street and Euronext.
Public corporations have become the transmission mechanism of monetary change. Each convertible note, each equity raise, each treasury conversion represents a small speculative attack on fiat, a voluntary exit from soft money to hard.
Unlike the currency crises of the past, this one is peaceful, permissionless, and cumulative. No government needs to devalue; corporations are doing it pre-emptively by repricing their reserves in Bitcoin.
The result is the same phenomenon Rochard envisioned, scaled and institutionalized: the speculative attack as a corporate function.
IX. Conclusion: Strategy, Not Rebellion
Bitcoin’s advance into the corporate treasury is not an act of defiance but of discipline. It is the logical endpoint of free-market monetary competition described by Austrian economists for a century.
Where individuals once front-ran fiat debasement from their laptops, CFOs now do so through bond desks and board approvals. The incentive structure is unchanged; only the scale has evolved. Each balance sheet that migrates to Bitcoin reinforces the thesis that money, like any product, is subject to competitive pressure and creative destruction.
Eleven years later, Rochard’s Speculative Attack reads less like theory and more like a playbook for the sound-money era.
Disclaimer: This content was written on behalf of Bitcoin For Corporations. This article is intended solely for informational purposes and should not be interpreted as an invitation or solicitation to acquire, purchase or subscribe for securities.
This post How a 2014 Essay Shockingly Predicted the Era of Corporate Bitcoin Treasuries first appeared on Bitcoin Magazine and is written by Nick Ward.