I'm not a fan of buybacks in equities and especially not in crypto with buyback burns. Imagine you are a steward of an organization and you are looking after other people's money or think about needing to ensure their capital is protected over the long term. Then buying back equity/tokens and burning makes no sense. It's great for the short term, but inevitably if there are any issues with the business, you have nothing as you burned all your capital - the buyback burns are only useful as long as the revenue keeps going up. Think about how many companies disappear that were once successful - if they had acquired assets over time rather than buybacks, instead of bankruptcy, they could have continued to exist and steward long-term owners with quality assets, whether it be real estate, gold, and now bitcoin. Modern company management, like tracking CPI, GDP, and other short-term metrics, has caused very short-term thinking. Two examples: If IBM had bought even gold instead of stock buybacks, their total company value today would be more than 3x the current market cap. In crypto, the protocols that raised bitcoin, i.e., Tezos, and kept treasury, even if they failed as projects, have large holdings - the problem with Tezos, as is most crypto protocols, though, is unlike a company, token holders don't have a claim to the foundation's assets - most tokens are faulty and not tied to any of the underlying assets or revenue. However, if there was a more equity-like relationship, you can see how these would have made great on-chain treasury companies. As we move forward with further disruption of AI, I think it's even crazier, and good stewards of capital will buy and own assets, not get rid of them to benefit the shorter-term holders.