Age of Abundance is emerging ⚡️

This is a fundamentally self-contradictory statement: "That is the value that Saylor is creating. He is building Bitcoin's yield curve."

Bitcoin has no yield, so building a yield curve just means reintroducing the credit-money stack that bitcoin was designed to retire: someone, somewhere, is now taking leverage and credit risk so that "bitcoin" can pay a coupon it cannot natively pay.

With MSTR and the preferreds, we are very much on a path towards what Jeff is describing:

1. Over time, more of the money that would've just bought bitcoin buys
the yield product instead, because it pays income and feels safer. At
the margin, the preferred quietly becomes a substitute for buying
bitcoin. Not in today's snapshot, but that's the direction every year
this thing grows.

2. Strategy doesn't lend its coins, but the preferred itself becomes
collateral out in the world. One coin sits reserved while the claim on
it gets pledged and borrowed against again and again, in margin
accounts and structured products.

3. Even if none of that happened: moving more and more coins off the
network into a handful of company balance sheets, parked at two or
three custodians, is centralization on its own.

These all contribute to the centralization of bitcoin when you have infinitely expanding claims on top of a fixed base. Eventually, when there is a bank run, the system tries to change the rules to stay solvent. Because of the nodes and the protocol, it will not succeed this time.

And they just scored! ⚽️

There’s no limit to how much we can learn - individually and collectively - and we’re all on different points of our own paths

Once I truly understood this part of what Jeff was saying, it all clicked for me.

One will stand the test of time.

Entered!

We’re all here, executing daily 🫡