My investment thesis has been the same for over a decade: "I think bitcoin could go up."

For those asking about @adam3us & OGs “selling” BTC to treasury cos like BSTR: It’s not always selling. Look up IRC Section 351 exchanges for tax-deferred contributions of appreciated assets (e.g., long-held BTC) in exchange for equity. Smart move to unlock gains while building more bitcoin products/services, partnering with pros, & scaling businesses. If this is Adam’s play, hats off! Hope more OGs use tax-advantaged strategies to fuel industry growth.

There's almost zero chance that the person who transferred 80k BTC to Galaxy was doing it to just dump the coins after hodling for 14 years.

Fixing the baklava at Austin Bitdevs at @bitcoinpark_ H/t @Mandrik

My Bitcoin Treasury discussion with @IIICapital. 0:00 – Intro 1:00 – First priority as Director of Bitcoin Strategy 3:11 – Should Bitcoin companies copy MSTR’s preferreds? 5:02 – Structuring credit: BTC Ratings from 2 to 10 6:25 – Long-term CAGR for Bitcoin vs. S&P 500 8:28 – Why Bitcoin has fewer risks than stocks 10:36 – The global index with no counterparty risk 15:14 – Is Bitcoin a global productivity index? 16:56 – Will MSTR join the S&P 500? 18:14 – Why Vanguard owns MSTR 19:23 – Unlocking passive capital for Bitcoin 21:14 – Why BTC companies magnetize capital 23:24 – Mag 7 adoption playbook: fast vs. slow 25:47 – Most CEOs don’t want the money 27:15 – Who should adopt Bitcoin—and who won’t 29:20 – Why MSTR is going all-in on preferreds 31:21 – Preferreds are better than convertibles 32:32 – Will BTC companies still trade above NAV in bear markets? 34:09 – Why 2022 was a crypto-catalyzed bear market 35:14 – The difference between 1.1x and 100x leverage 37:07 – How to defend BTC NAV with credit instruments 39:14 – How to create a Bitcoin short squeeze 41:20 – Why shorts don’t have the courage 43:20 – The future of BTC-backed credit and equity 45:04 – A new theory of Bitcoin corporate finance 49:30 – Copy MSTR: it’s good for everyone 50:26 – Harvard’s outdated Bitcoin case study 52:16 – Why the smartest firms are making bad moves 54:16 – Why academics ignore Strategy’s success 55:15 – How the world could look in four years 57:09 – Final thoughts and wrap-up

Every BTC-TC needs to watch this. Saylor is giving all the answers to the test. Don’t try to reinvent the wheel.

Not a bad view from the office today

This was a great rip. A few highlights: 1. First question out the gate, Joe receives a masterclass in how to run Semler's bitcoin strategy. 2. @saylor speaking about the Harvard MBA program (and more generally about all business schools). Their curriculum is hopelessly out of date already and will have a hard time catching up. 3. Adopting bitcoin as a public corporation is not this cycle's ICO scam, for the fundamental reason that bitcoin is the best form of money and everyone needs good money. The first movers will have the most to gain, but all will gain.

I demand a statement from @potus about how much bitcoin the US Government holds.

Passive capital is chasing bitcoin to $1,000,000+ with @saylor. - Long-term CAGR for bitcoin (~20%) vs S&P 500 - The rise of bitcoin treasury companies - Will treasury companies trade below 1x mNAV? - MSTR to join the S&P 500? - Bitcoin gold parity