Everyone knows a debt -> BTC -> stock rehypothecation loop is a bad idea. It was always perfectly obvious that it would implode. And no one with a brain cell fell for the hype.

When the pundits call a debt-BTC-stock loop a horrible scam, remember that they were the only ones really sellling it.

They were the ones shilling a particular stock rehypothecation loop where the company borrows money to buy BTC to allow investors in cooked markets a supposed vehicle to own BTC through its shares.

Nobody with a brain cell actually believed the financial press that it was a sound financial idea. The financial press shills scams and ponzis so much they have effectively zero credibility with the general public and knowledgeable investors.

It was mostly banks, and people who loaned money to the company that pumped the price of BTC and the stock. Normal people weren't that dumb.