Bitcoin runs on narratives. Bitcoin maxis are once again pushing sketchy, deceptive campaigns to create the illusion that corporations and countries are buying BTC, hoping to spark FOMO and drive prices up. The X account, BitcoinTreasuries, owned and operated by Eric Weiss (Michael Saylor's mentor), posted at the peak, making it look like the New Jersey Pension Fund had increased its holdings by $16M. Today, after Bitcoin’s recent decline, they’ve made another post suggesting the fund just bought an additional $12M. The reality is very different. Both posts reflect the fund’s NEW position size, which continues to be at a massive loss. The fund got lured into buying $30M in MicroStrategy stock in Q1 2025. It’s now down about $24M, roughly 80% of that position. This marks the largest loss the fund has ever taken in its 70-year history.(Jacob King)