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Sell Above Cost, Buy Below It: Lepard and Konstantinos on Miner Treasuries
The Big Print author and the People's Reserve founder on why a money print was coming, and why miners should sell above cost and buy below it.
"The stock market is down 10% off its high." That was Lawrence Lepard's warning to a room of Bitcoin miners at Mining Disrupt Fort Lauderdale, held March 25 to 27, 2025. Lepard has been an investment manager his whole career and wrote the book The Big Print. He shared the stage with CJ Konstantinos, founder of People's Reserve. Both have been in Bitcoin since about 2013.
Lepard's view was simple arithmetic. Debt cannot keep growing faster than the economy that supports it, so the Federal Reserve will be forced to print money. He described the stock market as a bubble starting to roll over, and he told miners something they did not want to hear: in the first part of a crash, Bitcoin falls with everything else. He expected a short drop below the price of the day, then a strong run once the Fed started printing.
Konstantinos agreed that printing could not be avoided. He called it a zombie economy, where borrowed money is spent and never earns back what it cost. His answer was to treat Bitcoin as collateral on the national balance sheet, not as a risky tech stock. He put proof of work this way: "Proof of work is really nothing more than the biblical saying of you reap what you sow."
Then the talk turned practical. Miners, Konstantinos said, have an advantage most holders lack. They know their cost of production. But they also have bills, so a strict hold-everything treasury only works for companies that can raise money in the capital markets. His rule: when the price is above your cost, lock in some profit. Keep that cash, and when the price drops below your cost, buy. Mine with your treasury, he said, not only with your machines. He learned it the hard way. He was knocked out of mining after the halving in 2016.
Lepard added his own tool. Compare the price to its 200-day moving average, a measure developed by Trace Mayer. When the price is stretched far above that line, sell some of what you mine. When it sits at or below it, draw on a line of credit instead of selling.
He closed with a forecast for the end of the year: "The good news is I'm pretty sure we're going to be at 140 by December."
When they spoke, Bitcoin was at $87,393. Today it is $81,466.
The full story, with the video of the session, is on Mining Disrupt at miningdisrupt dot com, and many more like it play around the clock on Bitcoin Radio.