Gemini Director Warns: MicroStrategy’s Bitcoin Risk in 2026

Bitcoin treasuries dominated headlines in 2025, but will they survive 2026? In this episode of the Being Kept Up podcast, we sit down with Patrick Liou, Director of Institutional at Gemini, to unpack why most Bitcoin treasury companies may not survive the next market cycle, what consolidation will look like, and why simply holding Bitcoin is no longer a viable corporate strategy. Patrick explains why the market is moving away from passive Bitcoin treasury models, how leverage and capital markets define the real winners, and why companies like MicroStrategy, Metaplanet, and Strive are becoming the exception, not the rule. We also dive into: • Whether Bitcoin treasuries are a broken business model • If MicroStrategy selling Bitcoin could trigger a black swan • Why the digital gold narrative is still alive • Whether sovereign nations will sell gold to buy Bitcoin • How exchanges like Gemini are evolving into financial super-apps This conversation offers rare institutional insight into how Bitcoin, corporate treasuries, and global finance are colliding in 2026. Key Questions Answered • Why most Bitcoin treasuries won’t survive 2026 • Is passive Bitcoin exposure through stocks dead? • Could forced Bitcoin selling crash the market? • Will governments move reserves from gold to Bitcoin? • Is Bitcoin still digital gold? • Are crypto exchanges becoming banks? Timestamps (Mobile-Optimized) 00:00 Intro 00:42 Bitcoin treasuries explained 02:10 Why the model is breaking 03:55 Winners vs losers in 2026 05:05 Is holding Bitcoin via stocks dead? 06:20 Single-asset vs diversified treasuries 08:10 MicroStrategy black swan risk 10:45 Corporate Bitcoin adoption explained 13:05 Is Bitcoin still digital gold? 15:10 Will countries sell gold for Bitcoin? 17:05 Crypto and geopolitics 19:10 New York and crypto regulation 21:10 Are exchanges becoming banks? 22:40 Final thoughts Keywords (YouTube SEO) Bitcoin treasuries Bitcoin treasury companies MicroStrategy Bitcoin Gemini crypto Institutional Bitcoin Bitcoin adoption 2026 Corporate Bitcoin strategy Digital gold Bitcoin Bitcoin regulation Crypto market predictions Bitcoin black swan Sovereign Bitcoin adoption Hashtags (Max Reach – Use Only These 3) #Bitcoin #CryptoNews #InstitutionalCrypto ------------------------------------------------------------ BeInCrypto, Your Gateway to Blockchain & Beyond 🚀 BeInCrypto is among the Top 3 global crypto media platforms, delivering daily crypto news, updates, reviews, podcasts, shorts, memes, and analysis. With a team of 150+ people across 60+ countries, we publish in 25+ languages to make blockchain, Bitcoin, altcoins, and Web3 accessible to everyone worldwide. Our mission is to empower your Web3 journey, whether you’re a beginner exploring crypto or an expert seeking reliable insights. We share transparent, trustworthy, and accurate information to help you navigate the future of blockchain, digital assets, NFTs, and DeFi. 🌍 Why Follow BeInCrypto? 🔝 Trusted by 11M+ monthly readers 🌐 25+ languages, 4M+ new users every month 📊 News, Rankings, Learn, Bonus Hunter, Learn-to-Earn, Newsletters & Web3 Jobs 💡 A global team passionate about blockchain education & innovation We are more than a news platform – we build tools and products to help you explore opportunities in Web3 with confidence. 👉 Stay tuned for crypto podcasts, trending shorts, reviews, memes, Bitcoin & Ethereum price updates, altcoin analysis, and Web3 industry insights right here on our channel! 🔗 Explore BeInCrypto 🌐 Website: https://beincrypto.com/ 📰 News: https://beincrypto.com/type/news/ 📊 Rankings: https://beincrypto.com/price/ 📚 Learn: https://beincrypto.com/type/learn/ ✅ Subscribe to BeInCrypto and join millions worldwide learning, exploring, and building in Web3. 🚨 Disclaimer 🚨 Although BeInCrypto aims to inform and educate readers worldwide, it is important to remember that investing in cryptocurrency is risky. Neither this video nor its authors should be held responsible for any investment decisions, and nothing published here should be considered financial advice. We always urge our readers/viewers to do their own research and never invest more than they can afford to lose.