The financial markets have become a giant game of speculative rotations (AI stocks, metals, crypto, etc..). A relatively small groups of speculators now have an amplified impact on markets due to passive flows and algos.
BTC is just one asset in this game that isn’t going away. I believe It will be back on the menu before the end of the year for no particular good reasons other than speculators driving flows are back in.
Tesla bought in January 2021 at ca. 38k USD. They have not sold at 16k USD in 2022.
Unfortunately with all that derivatives the number of bitcoins is not limited to the existing ones. As with gold or worse with silver, where there are estimated 400 ounces of paper silver for every ounce of real silver. The CME bitcoin February future alone has an open interest of 25’000, around 75’000 bitcoin and there are other futures, options, ETF and so on. If banks start to give credits in Bitcoin the number will even get much higher.
The money supply is only limited on level 1 (central bank level), for the rest it is just like any other FIAT currency.
They might not need to write off but I think a lot of new companies started adding BTC to their balance sheet later. But anyhow let’s see how it goes. Looks like the price stabilised around 65-70 K