Bitcoin is booming. Hitting new highs, finding new friends, and touted shamelessly by the crypto cheerleader in the Oval. What could possibly go wrong? In fairness, the latest bang of the boom is the loudest yet. The raging success of crypto treasury stocks is truly historic. As summarised recently by Matt Levine of Bloomberg: “The basic situation is that the US stock market will pay $2 for $1 worth of cryptocurrency. If a small public company has a $100 million pot of Bitcoin or Ethereum or Trumpcoin or what have you, its stock will be worth at least $200 million.…

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